N-CSR

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: 03/31/07

Item 1. Reports to Stockholders.

2007 Annual Report

Institutional Money Market Funds

March 31, 2007

     

TABLE OF CONTENTS

STI CLASSIC FUNDS March 31, 2007

Letter to Shareholders	1
Management Discussion of Fund Performance
Classic Institutional Cash Management Money Market Fund	3
Classic Institutional Municipal Cash Reserve Money Market Fund	4
Classic Institutional U.S. Government Securities Money Market Fund	5
Classic Institutional U.S. Treasury Securities Money Market Fund	6
Schedules of Portfolio Investments	8
Statements of Assets and Liabilities	19
Statements of Operations	20
Statements of Changes in Net Assets	21
Financial Highlights	22
Notes to Financial Statements	24
Report of Independent Registered Public Accounting Firm	31
Trustees and Officers of the STI Classic Funds	32
Additional Information	34

LETTER TO SHAREHOLDERS

March 31, 2007

Dear Valued STI Classic Funds Shareholder,

The equity markets struggled midway through the first quarter after a healthy start but finished in positive territory by March 31st. Anxiety about the pace of economic growth and fears of spillover affects from an already weakening housing market weighed on the stock market, increased its volatility, and sent some investors toward the relative perceived safety of bonds. The S&P 500 index gained 0.6% and is up 11.8% over the trailing 12 months, while the Lehman Brothers U.S. Aggregate Bond Index added 1.5% for the quarter and 6.6% over the previous year.

In previous letters, we emphasized our expectation that economic momentum would slow and the rate of growth would decelerate for a variety of reasons. We also relayed our view that inflation pressures would gradually ease. This forecast is playing out much as we expected. The challenge for investors and observers in this type of environment is that the individual bits of information and data points rarely move evenly or consistently and often leave investors with ambiguous results. A likely scenario for the upcoming quarter is a continuation of mixed reports.

Job growth was firm and hourly wages increased, but consumers also spent more money on energy, namely gasoline. The housing market became a focus of concern, weighed down by fears that increased delinquencies and foreclosures in the sub prime market would spill over into other credits and the broader economy. Government reports on capital spending also weakened as did estimates of first quarter S&P 500 operating earnings growth. Exports, however, continued to enjoy healthy gains amid a relatively strong global environment. Inflation reports remained stubbornly stuck at levels above the Federal Reserve’s unofficial 1-2% comfort zone, sparking central bank rhetoric about the need to remain vigilant in its monetary policy.

Stocks began and ended the quarter on a firm note, but the middle period was weak. In particular, a confluence of events sent global equity prices lower on February 27th and began a modest sell-off that extended into the first half of March. A sharp decline in Asian emerging markets, a more pessimistic economic forecast from former Fed chairman Alan Greenspan, and weak U.S. economic reports precipitated the drop. However, reasonable valuations and selective positive earnings news helped draw investors back to the market toward the end of the quarter. Mid-Cap and International stocks outperformed, while Growth and Value styles generated mixed performance. Merger and acquisition activity as well as leveraged buyouts were major catalysts that unlocked value in the market despite the softer economic undercurrent.

In the fixed income markets, bond yields fell and prices rose during the stock market’s decline, but at the end of Q1, yields drifted higher as confidence returned. Point to point, the yield on the 10-year Treasury note fell modestly to 4.65% from 4.71% at the end of the fourth quarter. Shorter maturity bond yields fell somewhat further causing the yield curve to return to a slightly positive slope between two- and ten-year maturities. Despite concerns over the health of the economy, High Yield bonds outperformed the Investment Grade market, though inflation-linked TIPS notes also outperformed.

Our outlook for the economy for the remainder of the year is unchanged: positive, sub-par growth, with a gradual decline in core inflation. This type of environment has and will continue to create stress on some companies with weaker business models and balance sheets. However, many of the stronger, well capitalized firms, whose stocks have lagged to date, are likely to be recognized by the markets. We expect a similar scenario for bonds, where credit quality becomes a greater focus in a range-bound market. To be sure, we expect some nervous indigestion from time to time, but on balance, we believe equities will move higher by the end of the year, while bonds will earn close to the coupons.

1

There are many exciting changes taking place in the STI Classic Fund family and at Trusco Capital that we believe will enhance our products and improve performance in the coming quarters. However, as we anxiously welcome the new, I wish to express a strong note of gratitude to Bob Rhodes, who retired from Trusco Capital Management on March 31, 2007. Bob was a founding member and Executive Vice President of Trusco and made significant contributions to the growth and success of Trusco and the STI Classic Funds. We are deeply indebted to him for his performance and strong personal integrity that has set a high standard for us all going forward.

I close this letter with thanks to you, our valued clients. We very much appreciate your support and confidence over the years, and we will strive to earn that trust again in 2007 and the years to follow.

Sincerely,

David H. Eidson
President and CEO
Trusco Capital Management, Inc.

2

CLASSIC INSTITUTIONAL CASH MANAGEMENT MONEY MARKET FUND

Portfolio Manager

• Robert S. Bowman, CFA

Investment Concerns

An investment in the Fund is not insured or guaranteed by the FDIC or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

Management Discussion of Fund Performance

What factors influenced the Fund’s performance for the period ended March 31, 2007?

The Fund was positioned for a steady rate environment by maintaining a mix of floating rate and fixed rate maturities. For the period the Federal Reserve has held interest rates steady at each Federal Open Market Committee (“FOMC”) meeting benefiting the performance of the Fund.

How do you plan to position the Fund, based on market conditions?

Our outlook is that the Federal Reserve will hold interest rates steady at the next FOMC meeting to guard against a further rise in inflation. We expect a slowing in economic growth led by housing for the second half of this year. This slowing in economic activity will alleviate the current inflation concerns and allow the Federal Reserve to begin lowering interest rates. The portfolio has been structured in an effort to benefit from a near term steady interest rate policy and then a flattening of the LIBOR¹ curve later in the year.

¹   LIBOR is an interest rate at which banks can borrow funds, in marketable size, from other banks in the London interbank market. The LIBOR is fixed on a daily basis by the British Bankers’ Association. The LIBOR is derived from a filtered average of the world’s most creditworthy banks’ interbank deposit rates for larger loans with maturities between overnight and one full year.

Yields and Maturity Distribution (%)

	Institutional
Yields (as of March 31, 2007)	Shares
7 Day Average Yield		5.24
7 Day Effective Yield		5.38
30 Day Average Yield		5.21

Investment performance reflects voluntary fee waivers, which may be discontinued at any time. In absence of such fee waivers, yield would be reduced. However, due to rounding, the yields were not materially affected.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.sticlassicfunds.com.

The yield quotation more closely reflects the current earnings of the Fund than the total return.

3

CLASSIC INSTITUTIONAL MUNICIPAL CASH RESERVE MONEY MARKET FUND

Portfolio Manager

• Robert S. Bowman, CFA

Investment Concerns

An investment in the Fund is not insured or guaranteed by the FDIC or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

Management Discussion of Fund Performance

What factors influenced the Fund’s performance for the period ended March 31, 2007?

The Fund was positioned for a steady rate environment by maintaining a mix of floating rate and fixed rate maturities. For the period the Federal Reserve has held interest rates steady at each Federal Open Market Committee (“FOMC”) meeting benefiting the performance of the Fund.

How do you plan to position the Fund, based on market conditions?

Our outlook is that the Federal Reserve will hold interest rates steady at the next FOMC meeting to guard against a further rise in inflation. We expect a slowing in economic growth led by housing for the second half of this year. This slowing in economic activity will alleviate the current inflation concerns and allow the Federal Reserve to begin lowering interest rates. The portfolio has been structured in an effort to benefit from a near term steady interest rate policy and then a flattening of the Libor¹ curve later in the year.

¹   LIBOR is an interest rate at which banks can borrow funds, in marketable size, from other banks in the London interbank market. The LIBOR is fixed on a daily basis by the British Bankers’ Association. The LIBOR is derived from a filtered average of the world’s most creditworthy banks’ interbank deposit rates for larger loans with maturities between overnight and one full year.

Yields and Maturity Distribution (%)

	Institutional
Yields (as of March 31, 2007)	Shares
7 Day Average Yield		3.46
7 Day Effective Yield		3.52
30 Day Average Yield		3.40

Investment performance reflects voluntary and contractual fee waivers in effect. Voluntary fee waivers may be discontinued at any time. In absence of such fee waivers, yield would be reduced and the 7 Day Average Yield, 7 Day Effective Yield and the 30 Day Average Yield would have been 3.43%, 3.49% and 3.20%, respectively.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.sticlassicfunds.com.

The yield quotation more closely reflects the current earnings of the Fund than the total return.

4

CLASSIC INSTITUTIONAL U.S. GOVERNMENT SECURITIES MONEY MARKET FUND

Portfolio Manager

• Robert S. Bowman, CFA

Investment Concerns

An investment in the Fund is not insured or guaranteed by the FDIC or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

U.S. Government guarantees apply only to the underlying securities of the Fund’s portfolio and not the Fund’s shares.

Management Discussion of Fund Performance

What factors influenced the Fund’s performance for the period ended March 31, 2007?

The Fund adapted well to the Federal Open Market Committee decision to stop raising the Federal Funds rate at the end of the first fiscal quarter. The Fund remained positioned for an extended pause in monetary policy action by the Federal Reserve Board (the “Fed”). The Fund increased exposure to callable securities in the flat and inverted yield curve environments.

How do you plan to position the Fund, based on market conditions?

Our outlook is for the Fed to remain on hold for an extended period of time. The Fed’s dual mandate for controlling inflation while accommodating sustained economic growth is continually challenged by conflicting economic indicators. We believe the Fund is well positioned to respond to any Fed action in the future.

Yields and Maturity Distribution (%)

	Institutional
Yields (as of March 31, 2007)	Shares
7 Day Average Yield		5.12
7 Day Effective Yield		5.25
30 Day Average Yield		5.10

Investment performance reflects voluntary fee waivers, which may be discontinued at any time. In absence of such fee waivers, yield would be reduced and the 7 Day Average Yield, 7 Day Effective Yield and the 30 Day Average Yield would have been 5.12%, 5.25% and 5.09%, respectively.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.sticlassicfunds.com.

The yield quotation more closely reflects the current earnings of the Fund than the total return.

5

CLASSIC INSTITUTIONAL U.S. TREASURY SECURITIES MONEY MARKET FUND

Portfolio Manager(s)

• E. Dean Speer, CPA, CFA
• Kimberly C. Maichle, CFA
• Greg Hallman

Investment Concerns

An investment in the Fund is not insured or guaranteed by the FDIC or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

U.S. Government guarantees apply only to the underlying securities of the Fund’s portfolio and not the Fund’s shares.

Management Discussion of Fund Performance

What factors influenced the Fund’s performance for the period ended March 31, 2007?

The Fund adapted well to the Federal Open Market Committee decision to stop raising the Federal Funds rate at the end of the first fiscal quarter. The Fund remained positioned for an extended pause in monetary policy action by the Federal Reserve.

How do you plan to position the Fund, based on market conditions?

Our outlook is for the Fed to remain on hold for an extended period of time. The Fed’s dual mandate for controlling inflation while accommodating sustained economic growth is continually challenged by conflicting economic indicators. We believe the Fund is well positioned to respond to any Fed action in the future.

Yields and Maturity Distribution (%)

	Institutional		Corporate
Yields (as of March 31, 2007)	Shares		Trust Shares
7 Day Average Yield		5.08		4.83
7 Day Effective Yield		5.21		4.94
30 Day Average Yield		5.08		4.83

Investment performance reflects voluntary fee waivers, which may be discontinued at any time. In absence of such fee waivers, yield would be reduced. However, due to rounding, the yields were not materially affected.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.sticlassicfunds.com.

The yield quotation more closely reflects the current earnings of the Fund than the total return.

6

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7

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Classic Institutional Cash Management Money Market Fund

		Principal
		Amount($)		Value($)
Certificates of Deposit (5.5%)
Banks (5.5%)
	Barclays Bank PLC NY, 5.320%, 06/04/07 (b)		35,000		35,000
	Canadian Imperial Bank NY, 5.375%, 02/27/08 (b)		50,000		50,000
	HBOS Treasury Services PLC, 5.400%, 08/27/07 (c) (d)		50,000		50,000
	Nordea Bank Finland NY, 5.300%, 06/15/07 (b)		75,000		75,000
	Total Certificates of Deposit (Cost $210,000)				210,000
Commercial Paper (40.4%)
Banks (8.1%)
	Allied Irish Banks N.A., Inc., 5.340%, 11/08/07 (c)		25,000		24,233
	Australia & New Zealand National Ltd., 5.395%, 05/15/07 (c) (d)		50,000		49,691
	Australia & New Zealand National Ltd., 5.541%, 07/11/07 (c) (d)		12,000		11,825
	Australia & New Zealand National Ltd., 5.272%, 09/27/07 (c) (d)		35,000		34,140
	DEPFA Bank PLC, 5.423%, 09/18/07 (c) (d)		50,000		48,802
	DEPFA Bank PLC, 5.321%, 12/17/07 (c) (d)		35,000		33,736
	Skandinaviska Enskilda Bank AB, 5.385%, 11/06/07 (c) (d)		25,000		24,234
	Societe Generale, 5.508%, 05/01/07 (c)		50,000		49,783
	Societe Generale, 5.374%, 06/21/07 (c)		35,000		34,595
					311,039
Diversified Financial Services (32.3%)
	Anglesea Funding LLC, 5.416%, 04/17/07 (c) (d)		35,000		34,919
	Anglesea Funding LLC, 5.339%, 08/15/07 (c) (d)		50,000		49,018
	Bear Stearns Cos., Inc., 5.518%, 04/05/07 (b)		35,000		35,000
	Bear Stearns Cos., Inc., 5.508%, 06/12/07 (b)		50,000		50,000
	Catapult-PmX Funding LLC, 5.320%, 11/30/07 (b) (d)		50,000		49,990
	Chesham Finance LLC, 5.431%, 04/12/07 (c) (d)		65,000		64,900
	Chesham Finance LLC, 5.430%, 07/09/07 (c) (d)		35,000		34,498
	Chesham Finance LLC, 5.310%, 08/02/07 (b) (d)		35,000		34,997
	Credit Suisse First Boston USA, Inc., 5.688%, 04/13/07 (c) (d)		25,000		24,955
	Danske Corp., 5.242%, 12/03/07 (c)		40,000		38,658
	Davis Square III Funding Corp., 5.409%, 04/03/07 (c) (d)		14,810		14,806
	Davis Square III Funding Corp., 5.414%, 04/11/07 (c) (d)		50,000		49,927
	East-Fleet Finance LLC, 5.442%, 04/02/07 (c) (d)		100,000		99,984
	Ebury Finance LLC, 5.430%, 04/17/07 (c) (d)		35,000		34,919
	Ebury Finance LLC, 5.300%, 10/19/07 (b) (d)		50,000		49,993
	Grampian Funding LLC, 5.395%, 05/22/07, LOC: HBOS Treasury Services PLC (c) (d)		50,000		49,631
	ING (US) Funding LLC, 5.680%, 04/05/07 (c)		35,000		34,979
	Ixis Commercial Paper Corp., 5.301%, 05/16/07 (c) (d)		40,000		39,738
	Ixis Commercial Paper Corp., 5.363%, 06/14/07 (c) (d)		35,000		34,629
	Merrill Lynch & Co., Inc., 5.449%, 05/15/07 (c)		35,000		34,778
	Mica Funding LLC, 5.334%, 04/16/07 (c) (d)		50,000		49,889
	Morgan Stanley Dean Witter, 5.403%, 07/09/07 (c)		35,000		34,501
	Nelnet Student Asset Funding LLC, 5.297%, 08/30/07 (c) (d)		30,000		29,367
	Nestle Capital Corp., 5.548%, 08/01/07 (c) (d)		55,000		54,030
	New Center Asset Trust, 5.310%, 06/28/07 (c)		40,000		39,489
	New Center Asset Trust, 5.416%, 07/11/07 (c)		35,000		34,488

See Notes to Financial Statements.

8

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Classic Institutional Cash Management Money Market Fund — continued

		Principal
		Amount($)		Value($)
Diversified Financial Services—continued
	New Center Asset Trust, 5.420%, 08/02/07 (c)		40,000		39,288
	Sigma Finance, Inc., 5.263%, 10/03/07 (c) (d)		25,000		24,342
	Tierra Alta Funding Ltd., 5.399%, 04/18/07 (c) (d)		35,860		35,771
	Westpac Securities NZ Ltd., 5.329%, 10/26/07 (c)		35,000		33,960
					1,235,444
Total Commercial Paper (Cost $1,546,483)					1,546,483
Corporate Bonds (40.8%)
Banks (1.3%)
	National City Bank Cleveland, 5.315%, 09/18/07 (b)		25,000		24,999
	Wells Fargo Bank N.A., 5.300%, 06/11/07 (b)		25,000		25,000
					49,999
Diversified Financial Services (39.5%)
	Atlas Capital Funding Corp., 5.350%, 07/16/07 (b) (d)		75,000		74,999
	Atlas Capital Funding Corp., 5.340%, 09/10/07 (b) (d)		30,000		30,000
	Bear Stearns Cos., Inc., 5.330%, 01/09/08 (b)		35,000		35,000
	Beta Finance, Inc., 5.315%, 07/25/07 (b) (d)		35,000		34,999
	Beta Finance, Inc., 5.305%, 09/28/07 (b) (d)		30,000		29,999
	Beta Finance, Inc., 5.300%, 10/23/07 (d)		30,000		30,000
	Beta Finance, Inc., 5.410%, 02/11/08 (b) (d)		25,000		25,000
	CC USA, Inc., 5.330%, 05/30/07 (d)		50,000		50,000
	CC USA, Inc., 5.310%, 10/23/07 (b) (d)		30,000		29,998
	Cheyne Finance LLC, 5.323%, 05/15/07 (b) (d)		50,000		49,999
	Cheyne Finance LLC, 5.315%, 11/26/07 (b) (d)		35,000		34,995
	Cheyne Finance LLC, 5.308%, 03/26/08 (b) (d)		50,000		49,994
	Cullinan Finance Corp., 5.320%, 10/25/07 (b) (d)		50,000		49,997
	Cullinan Finance Corp., 5.315%, 01/23/08 (b) (d)		35,000		34,999
	Cullinan Finance Corp., 5.315%, 03/12/08 (b) (d)		50,000		49,995
	Dorada Finance, Inc., 5.315%, 07/25/07 (b) (d)		30,000		29,999
	Dorada Finance, Inc., 5.305%, 09/18/07 (b) (d)		35,000		34,998
	Dorada Finance, Inc., 5.430%, 01/30/08 (b) (d)		40,000		40,000
	Five Finance, Inc., 5.310%, 05/25/07 (b) (d)		35,000		34,999
	Five Finance, Inc., 5.315%, 05/31/07 (b) (d)		21,000		21,000
	Five Finance, Inc., 5.310%, 08/15/07 (b) (d)		35,000		34,999
	Five Finance, Inc., 5.310%, 10/30/07 (b) (d)		25,000		24,997
	K2 (USA) LLC, 5.325%, 08/07/07 (b) (d)		30,000		30,000
	K2 (USA) LLC, 5.320%, 11/21/07 (b) (d)		50,000		49,997
	K2 (USA) LLC, 5.435%, 01/30/08 (b) (d)		40,000		40,000
	Liberty Light US Capital, 5.320%, 05/11/07 (b) (d)		40,000		40,000
	Liberty Light US Capital, 5.320%, 06/29/07 (b) (d)		15,000		15,000
	Liberty Light US Capital, 5.320%, 02/04/08 (b) (d)		75,000		74,994
	Merrill Lynch & Co., Inc., Ser C, 5.285%, 05/14/07 (b)		50,000		50,000
	Morgan Stanley, 5.400%, 03/04/08 (b)		25,000		25,000
	Sigma Finance, Inc., 5.320%, 08/06/07 (b) (d)		25,000		25,000
	Sigma Finance, Inc., 5.315%, 01/15/08 (b) (d)		35,000		34,999
	Sigma Finance, Inc., 5.315%, 01/15/08 (b) (d)		50,000		49,998
	Stanfield Victoria LLC, 5.300%, 04/16/07 (b) (d)		30,000		30,000
	Stanfield Victoria LLC, 5.325%, 08/20/07 (b) (d)		50,000		50,000
	Stanfield Victoria LLC, 5.320%, 01/25/08 (b) (d)		35,000		35,000
	Toyota Motor Credit Corp., 5.375%, 02/27/08 (b)		50,000		50,000

See Notes to Financial Statements.

9

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Classic Institutional Cash Management Money Market Fund — concluded

		Principal
		Amount($)		Value($)
Diversified Financial Services—continued
	Toyota Motor Credit Corp., Ser B, 5.340%, 07/16/07 (b)		50,000		50,004
	Whistlejacket Capital Ltd., 5.280%, 05/15/07 (b) (d)		30,000		30,000
					1,510,958
Total Corporate Bonds (Cost $1,560,957)					1,560,957
Master Notes (2.8%)
	Bank of America Corp., 5.014% (b) (e)		108,000		108,000
Total Master Notes (Cost $108,000)					108,000
Municipal Bonds (1.1%)
Colorado (0.1%)
	Colorado Housing & Finance Authority, RB, 5.350%, 11/01/35, LOC: Lloyds TSB Bank PLC (b)		5,080		5,080
Illinois (0.3%)
	Wheaton College, University Improvements, Ser A, RB, 5.350%, 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, 5.390%, 12/01/23, AMBAC, LOC: Wachovia Bank N.A. (b)		3,630		3,630
Virginia (0.6%)
	Newport News Economic Development Authority, Ship Building Project, Ser A, RB, 5.390%, 07/01/31, LOC: Wachovia Bank N.A. (b)		4,120		4,120
	Newport News Economic Development Authority, Ship Building Project, Ser A, RB, 5.440%, 07/01/31, LOC: Wachovia Bank N.A. (b)		20,405		20,405
					24,525
Total Municipal Bonds (Cost $43,235)					43,235
Short-Term Investment (0.0%)
	Brown Brothers Cayman Cash Sweep, 4.630%		171		171
Total Short-Term Investment (Cost $171)					171
Time Deposits (10.1%)
	Barclays Bank, 5.350% (b)		68,796		68,796
	BNP Paribas, 5.410% (b)		167,390		167,390
	Deutsche Bank AG, 5.350% (b)		151,138		151,138
Total Time Deposits (Cost $387,324)					387,324
Total Investments (Cost $3,856,170) (a) — 100.7%					3,856,170
Liabilities in excess of other assets — (0.7)%					(27,110	)
Net Assets — 100.0%				$	3,829,060

(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 March 31, 2007. 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 adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. These securities represent 63.0% of net assets as of March 31, 2007.

(e)  Perpetual maturity.

AMBAC	—	Security insured by American Municipal Bond Assurance Corporation
LLC	—	Limited Liability Corporation
LOC	—	Letter of Credit
PLC	—	Public Limited Company
RB	—	Revenue Bond
Ser	—	Series

See Notes to Financial Statements.

10

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Classic Institutional Municipal Cash Reserve Money Market Fund

		Shares or
		Principal
		Amount($)		Value($)
Commercial Paper (1.7%)
Florida (1.7%)
	Miami Dade County, 3.560%, 06/01/07, LOC: BNP Paribas and Dexia Credit		2,000		2,000
Total Commercial Paper (Cost $2,000)					2,000
Municipal Bonds (95.3%)
Alabama (0.5%)
	Alabama Special Care Facilities, Financing Authority Hospital, Depreciable Assets, RB, 3.610%, 04/01/15, FGIC (b)		600		600
Arkansas (1.8%)
	Pulaski County Public Facilities Board, Multifamily Housing, Ser PT-3772, RB, AMT, 3.780%, 02/01/43, LOC: Merrill Lynch Capital Services, Inc. (b) (c)		2,040		2,040
California (3.9%)
	California Housing Finance Agency, Home Mortgage, Ser U, RB, AMT, 3.810%, 02/01/31, FSA (b)		100		100
	Los Angeles Regional Airports Improvement Corp., Sublease, Los Angeles International Airport, RB, 3.800%, 12/01/25, LOC: Societe Generale (b)		4,500		4,500
					4,600
Colorado (7.3%)
	Arkansas River Power Authority, Ser PT-3550, RB, 3.710%, 10/01/26, XLCA (b) (c)		3,500		3,500
	Denver City & County Airport, Ser E, AMT, 5.000%, 11/15/07, XLCA		1,000		1,009
	Westminster, Ser PT-2784, COP, 3.720%, 12/01/25, Callable 12/01/15 @ 100, MBIA (b) (c)		4,000		4,000
					8,509
Connecticut (2.5%)
	Connecticut Housing Finance Authority, Mortgage Finance Program, SubSer B-2, RB, AMT, 3.690%, 11/15/38, AMBAC (b)		2,900		2,900
Florida (11.9%)
	Collier County Housing Finance Authority, Brittany Apartments Project, Ser A, RB, AMT, 3.700%, 07/15/34, FNMA (b)		2,050		2,050
	Florida Gulf Coast University Financing Corp., Capital Improvements, RB, 3.650%, 12/01/33, LOC: Wachovia Bank N.A. (b)		2,960		2,960
	Florida Housing Finance Corp., Multifamily Housing, Stone Harbor Apartments, Ser K, RB, AMT, 3.700%, 07/15/36, LOC: Amsouth Bank (b)		5,000		5,000
	Marion County Hospital District, Health Systems Improvement, Munroe Regional Health, RB, 3.680%, 10/01/30, LOC: Amsouth Bank (b)		960		960
	Orange County Housing Finance Authority, Multifamily Housing, Northbridge Phase II, Ser A, RB, AMT, 3.700%, 09/15/36, LOC: Southtrust Bank N.A. (b)		900		900
	Tampa-Hillsborough County Expressway Authority, Trust Receipts K13, Ser D, RB, 3.700%, 07/01/23, AMBAC (b) (c)		2,000		2,000
					13,870
Georgia (2.6%)
	Fulton County Development Authority, King’s Ridge Christian School, RB, 3.680%, 05/01/26, LOC: Branch Banking & Trust (b)		3,000		3,000

See Notes to Financial Statements.

11

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Classic Institutional Municipal Cash Reserve Money Market Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Idaho (1.7%)
	Idaho Health Facilities Authority, St. Luke’s Regional Medical Center Project, RB, 3.800%, 07/01/35, FSA (b)		2,000		2,000
Illinois (7.6%)
	Chicago Sales Tax, Ser PT-2866, RB, 3.720%, 01/01/26, Callable 07/01/15 @ 100, FSA (b) (c)		2,800		2,800
	Illinois Development Finance Authority, Lyric Opera Chicago Project, RB, 3.700%, 12/01/28 (b)		1,000		1,000
	Illinois Housing Development Authority, Multifamily Housing, Ser PT-3806, RB, 3.740%, 07/01/48, Callable 07/01/16 @ 100, AMBAC (b) (c)		5,000		5,000
					8,800
Indiana (7.0%)
	Baugo School Building Corp., Ser PT-3109, RB, 3.720%, 07/15/24, Callable 07/15/15 @ 100, FSA (b) (c)		2,000		2,000
	Indiana Bond Bank, Ser PT-2259, RB, 3.720%, 02/01/12, AMBAC (b) (c)		2,000		2,000
	Wayne Township — Marion County School Building Corp., Ser PT-2896, RB, 3.720%, 07/15/26, Callable 07/15/15 @ 100, FGIC (b) (c)		4,190		4,190
					8,190
Maryland (6.0%)
	Montgomery County Housing Opportunities Commission, Wisconsin Park Association LP, Issue I, RB, AMT, 3.690%, 06/01/30, FNMA (b)		5,000		5,000
	Montgomery County Housing Opportunities Commission, Oakfield Apartments, Issue I, RB, AMT, 3.700%, 10/15/39, FNMA (b)		2,000		2,000
					7,000
Massachusetts (3.0%)
	Massachusetts Development Finance Agency, Boston University, Ser R-2, RB, 3.810%, 10/01/42 (b)		3,500		3,500
Michigan (6.4%)
	Michigan Housing Development Authority, Rental Housing, Ser A, RB, AMT, 3.690%, 10/01/39, FGIC (b)		2,500		2,500
	Michigan Housing Development Authority, Ser C, RB, AMT, 3.690%, 06/01/30, FSA (b)		5,000		5,000
					7,500
Nevada (5.2%)
	Las Vegas, Ser C, GO, 3.800%, 06/01/36, LOC: Lloyds TSB Bank PLC (b)		4,000		4,000
	Washoe County, Ser PT-3452, RB, 3.710%, 12/01/35, LOC: Dexia Credit Local (b) (c)		2,000		2,000
					6,000
New Jersey (1.9%)
	Essex County Improvement Authority, Ser PA-648, RB, 3.680%, 10/01/20, FGIC (b) (c)		2,250		2,250
New York (2.6%)
	New York City Capital Resources Corp., Enhanced Assistance Program, RB, 3.620%, 01/01/26, LOC: Bank of America N.A. (b)		2,900		2,899

See Notes to Financial Statements.

12

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Classic Institutional Municipal Cash Reserve Money Market Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
New York—continued
	New York City Housing Development Corp., Multifamily, Manhattan Court Development, Ser A, RB, AMT, 3.690%, 06/01/36, LOC: Citibank N.A. (b)		100		100
					2,999
North Carolina (0.9%)
	Raleigh, Downtown Improvement Projects, Ser B, COP, 3.650%, 02/01/34, LOC: Depfa Bank PLC (b)		1,000		1,000
Pennsylvania (5.2%)
	Allegheny County, Pittsburgh International Airport, Ser A-1, RB, AMT, 5.750%, 01/01/08, MBIA		1,000		1,015
	Delaware County Industrial Development Authority, Airport Facilities, United Parcel Service Project, RB, 3.810%, 12/01/15 (b)		3,000		3,000
	Philadelphia Redevelopment Authority, Residential Mortgage Loan, Ser PA-1444, RB, AMT, 3.720%, 12/01/28, Callable 06/01/16 @ 100, LOC: Merrill Lynch Capital Services, Inc. (b) (c)		2,000		2,000
					6,015
Texas (5.4%)
	Gulf Coast Waste Disposal Authority, Pollution Control, Exxon Mobil Corp. Project, RB, 3.760%, 10/01/24 (b)		1,500		1,500
	Mesquite Industrial Development Corp., Championship Rodeo, RB, 3.950%, 12/01/10, LOC: JP Morgan Chase & Co. Texas N.A. (b)		760		760
	Texas Municipal Gas Acquisition & Supply Corp. I, Gas Supply, Ser PA-1453-R, RB, 3.730%, 12/15/17, LOC: Merrill Lynch Capital Services, Inc. (b) (c)		4,000		4,000
					6,260
Virginia (1.8%)
	Farmville Industrial Development Authority, Educational Facilities, Longwood Student Housing, Ser A, RB, 3.640%, 09/01/36, LOC: Bank of America (b)		2,080		2,080
Wisconsin (1.8%)
	Wisconsin Health & Educational Facilities Authority, Gundersen Lutheran, Ser B, RB, 3.850%, 05/01/33, FGIC (b)		2,150		2,150
Wyoming (4.3%)
	Lincoln County Pollution Control, Exxon Mobil Corp. Project, Ser D, RB, 3.760%, 11/01/14 (b)		5,000		5,000
Other (4.0%)
	Putable Floating Rate Option, Tax-Exempt Receipts, Sunamerica Trust 2001-2, Cl A, RB, AMT, 3.740%, 12/01/31, FHLMC (b) (c)		4,710		4,710
Total Municipal Bonds (Cost $110,973)					110,973
Money Market Fund (2.6%)
	Fidelity Tax Free Fund, 3.280%		3,079,624		3,080
Total Money Market Fund (Cost $3,080)					3,080
Total Investments (Cost $116,053) (a) — 99.6%					116,053
Other assets in excess of liabilities — 0.4%					429
Net Assets — 100.0%				$	116,482

See Notes to Financial Statements.

13

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Classic Institutional Municipal Cash Reserve Money Market Fund — concluded

(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 March 31, 2007. 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 adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. These securities represent 36.5% of net assets as of March 31, 2007.

AMBAC	—	Security insured by American Municipal Bond Assurance Corporation
AMT	—	Alternative Minimum Tax Paper
COP	—	Certificates of Participation
FGIC	—	Security insured by Financial Guaranty Insurance Company
FHLMC	—	Security insured by Freddie Mac
FNMA	—	Security insured by Fannie Mae
FSA	—	Security insured by Financial Security Assurance, Inc.
GO	—	General Obligation
LOC	—	Letter of Credit
MBIA	—	Security insured by 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.

14

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Classic Institutional U.S. Government Securities Money Market Fund

		Principal
		Amount($)		Value($)
U.S. Government Agencies (43.2%)
Fannie Mae (14.9%)
	5.304%, 04/27/07 (b)		10,000		9,964
	5.475%, 04/30/07 (b)		10,000		9,958
	5.295%, 05/01/07 (b)		77,012		76,690
	5.587%, 06/01/07 (b)		10,000		9,911
	4.375%, 09/07/07		2,575		2,565
	5.274%, 09/28/07 (b)		9,200		8,972
	5.300%, 01/08/08, Callable 06/17/07 @ 100		14,500		14,501
					132,561
Federal Farm Credit Bank (3.4%)
	5.250%, 06/06/07 (c)		30,000		30,001
Federal Home Loan Bank (12.0%)
	5.240%, 04/23/07 (c)		10,000		10,000
	5.240%, 04/25/07 (c)		10,000		10,000
	5.240%, 06/27/07 (c)		13,700		13,700
	5.200%, 10/17/07, Callable 04/17/07 @ 100		9,900		9,896
	5.400%, 10/26/07, Callable 06/29/07 @ 100		12,400		12,400
	5.280%, 02/07/08 (c)		37,500		37,499
	5.280%, 02/07/08 (c)		5,000		5,000
	5.375%, 02/28/08, Callable 05/02/07 @ 100		8,200		8,200
					106,695
Freddie Mac (12.9%)
	5.319%, 04/17/07 (b)		10,000		9,978
	5.293%, 05/01/07 (b)		10,000		9,959
	2.875%, 05/15/07		13,892		13,851
	5.521%, 07/11/07 (b)		15,000		14,782
	4.000%, 08/17/07		2,755		2,742
	4.050%, 09/24/07		3,100		3,083
	5.173%, 09/27/07 (c)		39,000		38,992
	4.625%, 10/05/07		9,300		9,273
	5.350%, 12/19/07, Callable 06/19/07 @ 100		10,000		10,000
	5.375%, 03/14/08, Callable 05/15/07 @ 100		2,000		2,000
					114,660
Total U.S. Government Agencies (Cost $383,917)					383,917
Repurchase Agreements (65.5%)
	ABN AMRO Bank N.V., 5.305%, dated 03/30/07, to be repurchased on 04/02/07, repurchase price $69,903 (collateralized by U.S. Government Agencies; 5.000%, due 04/01/34; total market value $71,270)		69,872		69,872
	BNP Paribas, 5.265%, dated 03/30/07, to be repurchased on 04/02/07, repurchase price $88,203 (collateralized by U.S. Government Agencies; 4.700% - 6.375%, due 06/15/09 - 07/28/10; total market value $89,929)		88,165		88,165
	HSBC Securities, Inc., 5.295%, dated 03/30/07, to be repurchased on 04/02/07, repurchase price $163,065 (collateralized by U.S. Government Agencies; 5.000% - 7.500%, due 05/15/13 - 03/20/37; total market value $166,256)		162,993		162,993
	Lehman Brothers, Inc., 5.255%, dated 03/30/07, to be repurchased on 04/02/07, repurchase price $29,748 (collateralized by U.S. Government Agencies; 5.500%, due 11/01/34; total market value $30,329)		29,735		29,735
	Merrill Lynch & Co., Inc., 5.255%, dated 03/30/07, to be repurchased on 04/02/07, repurchase price $15,729 (collateralized by U.S. Government Agencies; 4.000% - 6.500%, due 09/15/18 - 02/15/32; total market value $16,040)		15,722		15,722

See Notes to Financial Statements.

15

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Classic Institutional U.S. Government Securities Money Market Fund — concluded

		Principal
		Amount($)		Value($)
Repurchase Agreements—continued
	Morgan Stanley, 5.265%, dated 03/30/07, to be repurchased on 04/02/07, repurchase price $62,851 (collateralized by U.S. Government Agencies; 4.013% - 6.553%, due 04/01/33 - 11/01/42; total market value $64,089)		62,824		62,824
	UBS Warburg LLC, 5.335%, dated 03/30/07, to be repurchased on 04/02/07, repurchase price $153,298 (collateralized by U.S. Government Agencies; DN - 6.500%, due 05/15/18 - 06/25/43; total market value $156,297)		153,229		153,229
Total Repurchase Agreements (Cost $582,540)					582,540
Total Investments (Cost $966,457) (a) — 108.7%					966,457
Liabilities in excess of other assets — (8.7)%					(77,244	)
Net Assets — 100.0%				$	889,213

(a)  Aggregate cost for federal income tax and financial reporting purposes is the same.

(b)  Rate represents the effective yield at purchase.

(c)  Variable rate security. Rate presented represents rate in effect at March 31, 2007. Maturity date represents actual maturity date.

DN	—	Discount Note
LLC	—	Limited Liability Corporation

See Notes to Financial Statements.

16

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Classic Institutional U.S. Treasury Securities Money Market Fund

		Principal
		Amount($)		Value($)
U.S. Treasury Obligations (6.1%)
U.S. Treasury Bills (6.1%)
	5.129%, 04/12/07 (b)		43,000		42,935
	5.169%, 07/26/07 (b)		80,000		78,719
Total U.S. Treasury Obligations (Cost $121,654)					121,654
Repurchase Agreements (94.3%)
	ABN AMRO Bank N.V., 5.015%, dated 03/30/07 to be repurchased on 04/02/07, repurchase price $231,279 (collateralized by U.S. Treasury Obligations; DN, due 11/15/27; total market value $235,806)		231,182		231,182
	Bear Stearns Cos., Inc., 4.915%, dated 03/30/07 to be repurchased on 04/02/07, repurchase price $24,743 (collateralized by U.S. Treasury Obligations; 1.875%-12.000%, due 11/15/09-01/15/25; total market value $28,752)		24,733		24,733
	BNP Paribas, 4.965%, dated 03/30/07 to be repurchased on 04/02/07, repurchase price $281,493 (collateralized by U.S. Treasury Obligations; 1.625%-10.625%, due 03/31/07- 08/15/29; total market value $287,004)		281,377		281,377
	Deutsche Bank AG, 5.015%, dated 03/30/07 to be repurchased on 04/02/07, repurchase price $88,170 (collateralized by U.S. Treasury Obligations; DN-9.125%, due 08/30/07-05/15/18; total market value $89,896)		88,133		88,133
	Dresdner Bank AG, 5.065%, dated 03/30/07 to be repurchased on 04/02/07, repurchase price $138,050 (collateralized by U.S. Treasury Obligations; DN-8.750%, due 04/05/07-02/15/37; total market value $140,754)		137,992		137,992
	Greenwich Capital Markets, Inc., 5.085%, dated 03/30/07 to be repurchased on 04/02/07, repurchase price $256,848 (collateralized by U.S. Treasury Obligations; 4.000%-4.875%, due 04/15/10-08/31/11; total market value $261,876)		256,740		256,740
	HSBC Securities, Inc., 5.015%, dated 03/30/07 to be repurchased on 04/02/07, repurchase price $340,238 (collateralized by U.S. Treasury Obligations; DN-9.125%, due 08/15/17-02/15/21; total market value $346,898)		340,095		340,095
	JP Morgan Chase & Co., 5.035%, dated 03/30/07 to be repurchased on 04/02/07, repurchase price $44,990 (collateralized by U.S. Treasury Obligations; 8.125%, due 05/15/21; total market value $45,874)		44,971		44,971
	Lehman Brothers, Inc., 4.665%, dated 03/30/07 to be repurchased on 04/02/07, repurchase price $26,858 (collateralized by U.S. Treasury Obligations; 8.500%, due 02/15/20; total market value $27,385)		26,847		26,847

See Notes to Financial Statements.

17

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Classic Institutional U.S. Treasury Securities Money Market Fund — concluded

		Principal
		Amount($)		Value($)
Repurchase Agreements—continued
	Merrill Lynch & Co., Inc., 5.065%, dated 03/30/07 to be repurchased on 04/02/07, repurchase price $52,160 (collateralized by U.S. Treasury Obligations; 4.750%, due 12/31/08; total market value $53,183)		52,138		52,138
	Morgan Stanley, 5.065%, dated 03/30/07 to be repurchased on 04/02/07, repurchase price $53,362 (collateralized by U.S. Treasury Obligations; DN, due 11/15/10-02/15/12; total market value $54,407)		53,340		53,340
	UBS Warburg LLC, 5.085%, dated 03/30/07 to be repurchased on 04/02/07, repurchase price $330,233 (collateralized by U.S. Treasury Obligations; DN, due 02/15/26-02/15/36; total market value $336,696)		330,093		330,093
Total Repurchase Agreements (Cost $1,867,641)					1,867,641
Total Investments (Cost $1,989,295) (a) — 100.4%					1,989,295
Liabilities in excess of other assets — (0.4)%					(7,111	)
Net Assets — 100.0%				$	1,982,184

(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.

18

STATEMENTS OF ASSETS AND LIABILITIES

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands)

		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	$	3,856,170		$	116,053		$	966,457		$	1,989,295
	Total Investments, at Value	$	3,856,170		$	116,053		$	383,917		$	121,654
	Repurchase Agreements, at Cost		—			—			582,540			1,867,641
	Total Investments		3,856,170			116,053			966,457			1,989,295
	Interest and Dividends Receivable		17,710			753			2,272			522
	Receivable for Capital Shares Issued		7,200			—			1,199			1,276
	Receivable from Investment Adviser		—			2			—			—
	Prepaid Expenses		5			1			4			5
	Total Assets		3,881,085			116,809			969,932			1,991,098
Liabilities:
	Income Distributions Payable		16,408			321			3,859			8,264
	Payable for Investment Securities Purchased		34,948			—			76,689			—
	Investment Advisory Fees Payable		388			—			113			246
	Administration and Fund Accounting Fees Payable		75			—			15			41
	Compliance Services Fees Payable		13			—			4			12
	Shareholder Service Fees Payable		—			—			—			268
	Custodian Fees Payable		10			1			4			11
	Accrued Expenses		183			5			35			72
	Total Liabilities		52,025			327			80,719			8,914
	Total Net Assets	$	3,829,060		$	116,482		$	889,213		$	1,982,184
Net Assets Consist of:
	Capital	$	3,829,209		$	116,484		$	889,201		$	1,982,336
	Undistributed Net Investment Income		57			1			15			126
	Accumulated Net Realized Losses on Investment Transactions		(206	)		(3	)		(3	)		(278	)
	Total Net Assets	$	3,829,060		$	116,482		$	889,213		$	1,982,184
Net Assets:
	Institutional Shares	$	3,829,060		$	116,482		$	889,213		$	715,831
	Corporate Trust Shares		N/A			N/A			N/A		$	1,266,353
Shares Outstanding (unlimited number of shares authorized, no par value):
	Institutional Shares		3,829,209			116,484			889,201			715,839
	Corporate Trust Shares		N/A			N/A			N/A			1,266,497
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.

19

STATEMENTS OF OPERATIONS

STI CLASSIC FUNDS  For the Year Ended March 31, 2007  (Amounts in thousands)

			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
Investment Income:
	Interest Income		$	176,873		$	3,103		$	46,786		$	146,394
	Dividend Income			—			61			—			15
	Total Investment Income			176,873			3,164			46,786			146,409
Expenses:
	Investment Advisory Fees			4,190			134			1,372			4,129
	Administration and Fund Accounting Fees			855			22			231			724
	Shareholder Service Fees — Corporate Trust Shares			—			—			—			5,159
	Compliance Services Fees			61			1			17			55
	Custodian Fees			33			8			12			38
	Professional Fees			161			4			35			107
	Insurance Fees			71			1			22			67
	Registration Fees			(33	)		10			(2	)		(19	)
	Transfer Agent Fees			(8	)		—			(4	)		(11	)
	Printing Fees			42			(1	)		8			24
	Trustees’ Fees			76			2			21			66
	Other Fees			(5	)		21			(11	)		22
	Total Expenses			5,443			202			1,701			10,361
		Less: Investment Advisory Fees Waived		—			(18	)		—			—
		Less: Administration Fees Waived		(32	)		(8	)		(9	)		(16	)
	Net Expenses			5,411			176			1,692			10,345
	Net Investment Income			171,462			2,988			45,094			136,064
Net Realized Gain (Loss) on Investments:
	Net Realized Gain (Loss) on Investments Sold			(17	)		(2	)		(3	)		—
Change in Net Assets from Operations			$	171,445		$	2,986		$	45,091		$	136,064

Amounts designated as “—” are $0 or have been rounded to $0.

See Notes to Financial Statements.

20

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-
				03/31/07			03/31/06			03/31/07			03/31/06			03/31/07			03/31/06
Operations:
	Net Investment Income			$	171,462		$	107,489		$	2,988		$	1,515		$	45,094		$	31,805
	Net Realized Gain (Loss) on Investments Sold				(17	)		(163	)		(2	)		—			(3	)		—
	Change in Net Assets from Operations				171,445			107,326			2,986			1,515			45,091			31,805
Dividends and Distributions to Shareholders:
	Net Investment Income:
		Institutional Shares			(171,406	)		(107,488	)		(2,987	)		(1,515	)		(45,079	)		(31,805	)
		Corporate Trust Shares
	Net Realized Gains:
		Institutional Shares			—			—			(1	)		—			—			—
	Total Dividends and Distributions				(171,406	)		(107,488	)		(2,988	)		(1,515	)		(45,079	)		(31,805	)
Capital Transactions:
	Institutional Shares:
		Proceeds from Shares Issued			12,236,686			10,474,192			790,559			449,804			3,537,661			3,737,790
		Reinvestment of Cash Distributions			80,231			57,184			7			—			15,256			12,924
		Cost of Shares Redeemed			(11,463,417	)		(10,147,220	)		(800,064	)		(323,822	)		(3,615,491	)		(3,693,592	)
	Change in Net Assets from Institutional Shares				853,500			384,156			(9,498	)		125,982			(62,574	)		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				853,500			384,156			(9,498	)		125,982			(62,574	)		57,122
	Change in Net Assets				853,539			383,994			(9,500	)		125,982			(62,562	)		57,122
Net Assets:
	Beginning of Period				2,975,521			2,591,527			125,982			—			951,775			894,653
	End of Period			$	3,829,060		$	2,975,521		$	116,482		$	125,982		$	889,213		$	951,775
	Undistributed Net Investment Income, End of Period			$	57		$	1		$	1		$	—		$	15		$	—
Share Transactions:
	Institutional Shares:
			Issued		12,236,686			10,474,192			790,559			449,804			3,537,661			3,737,790
			Reinvested		80,231			57,184			7			—			15,256			12,924
			Redeemed		(11,463,417	)		(10,147,220	)		(800,064	)		(323,822	)		(3,615,491	)		(3,693,592	)
	Change in Institutional Shares				853,500			384,156			(9,498	)		125,982			(62,574	)		57,122
	Corporate Trust Shares:
			Issued
			Redeemed
	Change in Corporate Trust Shares
	Change in Shares				853,500			384,156			(9,498	)		125,982			(62,574	)		57,122

[Additional columns below]

[Continued from above table, first column(s) repeated]

				Classic Institutional
				U.S. Treasury Securities
				Money Market Fund
				04/01/06-			04/01/05-
				03/31/07			03/31/06
Operations:
	Net Investment Income			$	136,064		$	88,517
	Net Realized Gain (Loss) on Investments Sold				—			(37	)
	Change in Net Assets from Operations				136,064			88,480
Dividends and Distributions to Shareholders:
	Net Investment Income:
		Institutional Shares			(39,647	)		(26,758	)
		Corporate Trust Shares			(96,366	)		(61,759	)
	Net Realized Gains:
		Institutional Shares			—			—
	Total Dividends and Distributions				(136,013	)		(88,517	)
Capital Transactions:
	Institutional Shares:
		Proceeds from Shares Issued			4,075,327			5,829,775
		Reinvestment of Cash Distributions			15,441			10,384
		Cost of Shares Redeemed			(4,276,728	)		(5,635,467	)
	Change in Net Assets from Institutional Shares				(185,960	)		204,692
	Corporate Trust Shares:
		Proceeds from Shares Issued			3,259,455			4,198,189
		Cost of Shares Redeemed			(4,061,601	)		(3,955,073	)
	Change in Net Assets from Corporate Trust Shares				(802,146	)		243,116
	Change in Net Assets from Capital Transactions				(988,106	)		447,808
	Change in Net Assets				(988,055	)		447,771
Net Assets:
	Beginning of Period				2,970,239			2,522,468
	End of Period			$	1,982,184		$	2,970,239
	Undistributed Net Investment Income, End of Period			$	126		$	75
Share Transactions:
	Institutional Shares:
			Issued		4,075,327			5,829,775
			Reinvested		15,441			10,384
			Redeemed		(4,276,728	)		(5,635,467	)
	Change in Institutional Shares				(185,960	)		204,692
	Corporate Trust Shares:
			Issued		3,259,455			4,198,189
			Redeemed		(4,061,601	)		(3,955,073	)
	Change in Corporate Trust Shares				(802,146	)		243,116
	Change in Shares				(988,106	)		447,808

*  Commencement of operations.

Amounts designated as “—” are either $0 or have been rounded to $0.

See Notes to Financial Statements.

21

FINANCIAL HIGHLIGHTS

STI CLASSIC FUNDS  Selected Data For a Share of Beneficial Interest Outstanding Throughout the Periods Indicated.

						Net
						Realized							Distributions						Net
		Net Asset				and				Dividends			from			Total			Asset
		Value,		Net		Unrealized				from Net			Realized			Dividends			Value,
		Beginning		Investment		Gains on		Total From		Investment			Capital			and			End of
		of Period		Income		Investments		Operations		Income			Gains			Distributions			Period
Classic Institutional Cash Management Money Market Fund
Institutional Shares
	Year Ended March 31, 2007	$	1.00	$	0.05	$	—	$	0.05	$	(0.05	)	$	—		$	(0.05	)	$	1.00
	Year Ended March 31, 2006		1.00		0.04		—		0.04		(0.04	)		—			(0.04	)		1.00
	Period Ended March 31, 2005*		1.00		0.01		—		0.01		(0.01	)		—			(0.01	)		1.00
	Year Ended May 31, 2004		1.00		0.01		—		0.01		(0.01	)		—	(a)		(0.01	)		1.00
	Year Ended May 31, 2003		1.00		0.01		—		0.01		(0.01	)		—			(0.01	)		1.00
	Year Ended May 31, 2002		1.00		0.03		—		0.03		(0.03	)		—			(0.03	)		1.00
Classic Institutional Municipal Cash Reserve Money Market Fund
Institutional Shares
	Year Ended March 31, 2007		1.00		0.03		—		0.03		(0.03	)		—	(a)		(0.03	)		1.00
	Period Ended March 31, 2006 (b)		1.00		0.02		—		0.02		(0.02	)		—			(0.02	)		1.00
Classic Institutional U.S. Government Securities Money Market Fund
Institutional Shares
	Year Ended March 31, 2007		1.00		0.05		—		0.05		(0.05	)		—			(0.05	)		1.00
	Year Ended March 31, 2006		1.00		0.03		—		0.03		(0.03	)		—			(0.03	)		1.00
	Period Ended March 31, 2005*		1.00		0.01		—		0.01		(0.01	)		—			(0.01	)		1.00
	Year Ended May 31, 2004		1.00		0.01		—		0.01		(0.01	)		—			(0.01	)		1.00
	Year Ended May 31, 2003		1.00		0.01		—		0.01		(0.01	)		—			(0.01	)		1.00
	Year Ended May 31, 2002		1.00		0.03		—		0.03		(0.03	)		—			(0.03	)		1.00
Classic Institutional U.S. Treasury Securities Money Market Fund
Institutional Shares
	Year Ended March 31, 2007		1.00		0.05		—		0.05		(0.05	)		—			(0.05	)		1.00
	Year Ended March 31, 2006		1.00		0.03		—		0.03		(0.03	)		—			(0.03	)		1.00
	Period Ended March 31, 2005*		1.00		0.01		—		0.01		(0.01	)		—			(0.01	)		1.00
	Year Ended May 31, 2004		1.00		0.01		—		0.01		(0.01	)		—	(a)		(0.01	)		1.00
	Year Ended May 31, 2003		1.00		0.01		—		0.01		(0.01	)		—	(a)		(0.01	)		1.00
	Year Ended May 31, 2002		1.00		0.02		—		0.02		(0.02	)		—			(0.02	)		1.00
Corporate Trust Shares
	Year Ended March 31, 2007		1.00		0.05		—		0.05		(0.05	)		—			(0.05	)		1.00
	Year Ended March 31, 2006		1.00		0.03		—		0.03		(0.03	)		—			(0.03	)		1.00
	Period Ended March 31, 2005*		1.00		0.01		—		0.01		(0.01	)		—			(0.01	)		1.00
	Year Ended May 31, 2004		1.00		0.01		—		0.01		(0.01	)		—	(a)		(0.01	)		1.00
	Year Ended May 31, 2003		1.00		0.01		—		0.01		(0.01	)		—	(a)		(0.01	)		1.00
	Year Ended May 31, 2002		1.00		0.02		—		0.02		(0.02	)		—			(0.02	)		1.00

[Additional columns below]

[Continued from above table, first column(s) repeated]

							Ratio
							of Net			Ratio of			Ratio of Expenses
							Expenses			Net			to Average Net
							to			Investment			Assets (Excluding
					Net Assets,		Average			Income to			Waivers,
		Total			End of		Net			Average			Reimbursements
		Return†			Period (000)		Assets††			Net Assets††			and Expense Offset)††
Classic Institutional Cash Management Money Market Fund
Institutional Shares
	Year Ended March 31, 2007		5.17	%	$	3,829,060		0.16	%		5.06	%		0.16	%
	Year Ended March 31, 2006		3.62			2,975,521		0.17			3.60			0.19
	Period Ended March 31, 2005*		1.43			2,591,527		0.19			1.71			0.26
	Year Ended May 31, 2004		0.86			2,368,849		0.25			0.86			0.29
	Year Ended May 31, 2003		1.46			2,985,750		0.25			1.45			0.29
	Year Ended May 31, 2002		2.68			3,409,606		0.25			2.61			0.29
Classic Institutional Municipal Cash Reserve Money Market Fund
Institutional Shares
	Year Ended March 31, 2007		3.42			116,482		0.20			3.35			0.23
	Period Ended March 31, 2006 (b)		1.79			125,982		0.19			2.78			0.23
Classic Institutional U.S. Government Securities Money Market Fund
Institutional Shares
	Year Ended March 31, 2007		5.04			889,213		0.19			4.93			0.19
	Year Ended March 31, 2006		3.51			951,775		0.21			3.48			0.21
	Period Ended March 31, 2005*		1.36			894,653		0.25			1.63			0.26
	Year Ended May 31, 2004		0.82			858,260		0.27			0.82			0.29
	Year Ended May 31, 2003		1.40			1,040,066		0.26			1.39			0.29
	Year Ended May 31, 2002		2.61			1,025,714		0.27			2.49			0.30
Classic Institutional U.S. Treasury Securities Money Market Fund
Institutional Shares
	Year Ended March 31, 2007		5.03			715,831		0.18			4.93			0.18
	Year Ended March 31, 2006		3.41			901,777		0.20			3.45			0.20
	Period Ended March 31, 2005*		1.31			697,095		0.25			1.62			0.26
	Year Ended May 31, 2004		0.77			420,948		0.26			0.71			0.29
	Year Ended May 31, 2003		1.30			653,340		0.26			1.23			0.29
	Year Ended May 31, 2002		2.28			551,599		0.26			2.25			0.30
Corporate Trust Shares
	Year Ended March 31, 2007		4.77			1,266,353		0.43			4.67			0.43
	Year Ended March 31, 2006		3.17			2,068,462		0.44			3.14			0.44
	Period Ended March 31, 2005*		1.14			1,825,373		0.44			1.38			0.45
	Year Ended May 31, 2004		0.57			1,378,551		0.46			0.51			0.49
	Year Ended May 31, 2003		1.10			1,298,910		0.46			1.05			0.49
	Year Ended May 31, 2002		2.08			1,805,066		0.46			2.11			0.50

See Notes to Financial Highlights and Notes to Financial Statements.

22

NOTES TO FINANCIAL HIGHLIGHTS

STI CLASSIC FUNDS  March 31, 2007

*	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.

23

NOTES TO FINANCIAL STATEMENTS

STI CLASSIC FUNDS  March 31, 2007

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 50 funds as of March 31, 2007. 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’ prospectuses provide a description of each Fund’s 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 Service 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. Investments in other investment companies are valued at their respective daily net asset values.

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.

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,

24

NOTES TO FINANCIAL STATEMENTS (continued)

STI CLASSIC FUNDS  March 31, 2007

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 will segregate or earmark liquid assets in an amount at least equal in value to its commitments to purchase when-issued and forward commitment securities.

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. The Classic Institutional Cash Management Money Market Fund does not have any compensating balance arrangements with its custodian, Brown Brothers Harriman & Co.

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. Expenses attributable to the Trust and the STI Classic Variable Trust (collectively, the “STI Complex”) are allocated across the STI Complex based upon 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 July 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 affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50 percent) that each tax position will be sustained upon examination by the applicable tax authority based on the technical merits of the position. 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 no later than the last business day of the first financial reporting date which occurs during the fiscal year beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Accordingly, the Funds are required to implement FIN 48 in their net asset value per share calculations on September 28, 2007. Management has not completed their analysis on whether the adoption of FIN 48 will have an impact to the financial statements once adopted.

In September 2006, the 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,

25

NOTES TO FINANCIAL STATEMENTS (continued)

STI CLASSIC FUNDS  March 31, 2007

2007 and interim periods within those fiscal years. The changes to current GAAP from the application of this Statement relate to the definition of fair value, the methods used to measure fair value and expanded disclosures about fair value measurements. As of March 31, 2007, 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 an advisory agreement.

Under the terms of the agreement, the Funds are charged the following 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 full 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 year ended March 31, 2007 were as follows:

	Maximum		Overall					Net
	Annual		Annual		Advisory Fees			Annual
	Advisory		Advisory		Waived or			Fees Paid
	Fee (%)		Fee (%)		Reimbursed (%)			(%)
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		(0.02	)		0.13
Classic Institutional U.S. Government Securities Money Market Fund		0.15		0.15		—			0.15
Classic Institutional U.S. Treasury Securities Money Market Fund		0.15		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

Under the Expense Limitation Agreements, 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 contractual waivers or reimbursements at a date not to exceed three years from the date of the corresponding Expense Limitation Agreement. 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. During the year ended March 31, 2007, the Investment Adviser did not recapture any of its prior contractual waivers or reimbursements. The Investment Adviser does not intend to recapture such amounts. As of March 31, 2007, the cumulative potential reimbursements based on reimbursements within three years from the date of the corresponding Expense Limitation Agreement (until August 1, 2009) are as follows (in thousands):

	Amount($)
Classic Institutional Municipal Cash Reserve Money Market Fund		26

26

NOTES TO FINANCIAL STATEMENTS (continued)

STI CLASSIC FUNDS  March 31, 2007

Administration, Fund Accounting and Transfer Agency Agreement — The Trust has entered into 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, calculated and paid monthly, (expressed as a percentage of the combined average daily net assets of the STI Complex) 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 $2,714 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 STI Complex, including $300,000 towards the premium for Directors and Officers Liability/ Errors and Omissions insurance coverage, and $25,000 towards 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 STI Complex 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 this agreement.

Shareholder Servicing Agreement — The Classic Institutional U.S. Treasury Securities Money Market Fund has adopted a Shareholder Service 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.

Custodian Agreement — SunTrust Bank acts as custodian for the Funds, except for the Classic Institutional Cash Management Money Market Fund, which appointed Brown Brothers Harriman & Co. as custodian effective January 29, 2007. Prior to this date, SunTrust Bank acted as custodian. The Funds pay custody fees on the basis of their respective net assets and transaction costs.

Other — Certain officers of the STI Complex 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 plus reimbursement for certain expenses incurred. Trustees receive an additional fee for attendance at committee meetings. The current meeting and retainer fees are as follows:

	Chairman($)		Trustee($)
Annual Retainer		55,000		44,000
Regular Meeting		10,000		8,000
Special Meeting Fee		5,000		4,000
Committee Meeting Fee		4,500		3,000

The Trust approved a deferred compensation plan for its trustees, effective January 1, 2007. Under that plan, a trustee may elect to defer all or a portion of his or her compensation. Amounts deferred are retained by the Trust, and the value of such deferred amounts is determined by reference to the change in value of Class I Shares of one or more series of the STI Classic Funds as specified by the trustee. Benefits under the deferred compensation plan are payable upon retirement. As of March 31, 2007, under the deferred compensation plan, the Trust had a deferred liability of approximately $68,635.

The Investment Adviser provides services to the STI Complex 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

27

NOTES TO FINANCIAL STATEMENTS (continued)

STI CLASSIC FUNDS  March 31, 2007

these services. In addition, the Administrator provides an employee and staff to assist the Chief Compliance Officer for the STI Complex, including providing certain related services, and receives an annual fee of $156,750 for providing these services. The fees above are allocated across the assets of the STI Complex. For the year ended March 31, 2007, the total amount paid by the Trust for compliance services was $546,818.

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 year ended March 31, 2007, 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		70
Classic Institutional U.S. Government Securities Money Market Fund		177
Classic Institutional U.S. Treasury Securities Money Market Fund		1,085

4.  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 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 March 31, 2007, the total cost of securities and the net realized gains or losses on securities sold for federal income tax purposes were the same as amounts reported for financial reporting purposes.

The tax character of distributions paid to shareholders during the year ended March 31, 2007 was as follows (in thousands):

	Distributions paid from
	Net Investment		Tax-Exempt		Total Distributions
Fund	Income($)		Income($)		Paid($)*
Classic Institutional Cash Management Money Market Fund		166,575		—		166,575
Classic Institutional Municipal Cash Reserve Money Market Fund		1		3,032		3,033
Classic Institutional U.S. Government Securities Money Market Fund		44,386		—		44,386
Classic Institutional U.S. Treasury Securities Money Market Fund		137,947		—		137,947

*  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 either $0 or have been rounded to $0.

28

NOTES TO FINANCIAL STATEMENTS (continued)

STI CLASSIC FUNDS  March 31, 2007

The tax character of distributions paid to shareholders during the period ended March 31, 2006 was as follows (in thousands):

	Distributions paid from
	Net Investment		Tax-Exempt		Total Distributions
Fund	Income($)		Income($)		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 Statement of Changes in Net Assets because for tax purposes dividends are recognized when actually paid.

   Amounts designated as “—” are either $0 or have been rounded to $0.

As of March 31, 2007 the components of accumulated earnings (deficit) on a tax basis were as follows (in thousands):

													Total
	Undistributed		Undistributed							Accumulated			Accumulated
	Ordinary		Tax-Exempt		Accumulated		Distributions			Capital and Other			Earnings
	Income($)		Income($)		Earnings($)		Payable($)			Losses($)**			(Deficit)($)
Classic Institutional Cash Management Money Market Fund		16,472		—		16,472		(16,408	)		(207	)		(143	)
Classic Institutional Municipal Cash Reserve Money Market Fund		—		321		321		(321	)		(2	)		(2	)
Classic Institutional U.S. Government Securities Money Market Fund		3,876		—		3,876		(3,859	)		(3	)		14
Classic Institutional U.S. Treasury Securities Money Market Fund		8,396		—		8,396		(8,264	)		(278	)		(146	)

 **  As of the latest tax year end of March 31, 2007, the following Funds had net capital loss carryovers to offset future net capital gains, if any, to the extent provided by the Treasury regulations. 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($)		2014($)		2015($)
Classic Institutional Cash Management Money Market Fund		—		26		181
Classic Institutional Municipal Cash Reserve Money Market Fund		—		—		2
Classic Institutional U.S. Treasury Securities Money Market Fund		156		110		12

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 Classic Institutional U.S. Government Securities Money Market Fund has incurred and will elect to defer $3, in thousands, in capital losses.

   Amounts designated as “—” are $0.

5.  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 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.

29

NOTES TO FINANCIAL STATEMENTS (concluded)

STI CLASSIC FUNDS  March 31, 2007

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.

30

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

STI CLASSIC FUNDS  March 31, 2007

To the Board of Trustees and Shareholders of
STI Classic Funds:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of portfolio investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Classic Institutional Cash Management Money Market Fund, Classic Institutional Municipal Cash Reserve Money Market Fund, Classic Institutional U.S. Government Securities Money Market Fund, and Classic Institutional U.S. Treasury Securities Money Market Fund (four of the fifty funds constituting STI Classic Funds, hereafter referred to as the “Funds”) at March 31, 2007, and the results of each of their operations, changes in each of their net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at March 31, 2007 by correspondence with the custodians and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Columbus, Ohio
May 30, 2007

31

TRUSTEES AND OFFICERS OF THE STI CLASSIC FUNDS

STI CLASSIC FUNDS  March 31, 2007

(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.” Mr. Ridley is a trustee who may be deemed to be an “interested person” of the Trust.

					Number of
			Term of		Portfolios
Name, Business Address,	Position		Office and	Principal	in Fund		Other
State of Residence and	Held With		Length of	Occupation(s)	Complex		Directorships
Date of Birth	Trust		Time Served	During the Past 5 Years	Overseen		Held
INTERESTED TRUSTEE*
Clarence H. Ridley 3435 Stelzer Road Columbus, OH 43219 (Georgia) DOB 06/42		Trustee	Indefinite; since November 2001	Chairman, Haverty Furniture Companies		57	Crawford & Co.; Haverty Furniture Companies
INDEPENDENT TRUSTEES
Jeffrey M. Biggar 3435 Stelzer Road Columbus, OH 43219 (Ohio) DOB 02/50		Trustee	Indefinite; since January 2007	Retired. Chief Executive Officer and Senior Managing Director, Sterling (National City Corp.) (2002-2006)		57	None
F. Wendell Gooch 3435 Stelzer Road Columbus, OH 43219 (Indiana) DOB 12/32		Trustee	Indefinite; since May 1992	Retired		57	SEI Family of Funds
Sidney E. Harris 3435 Stelzer Road Columbus, OH 43219 (Georgia) DOB 07/49		Trustee	Indefinite; since November 2004	Professor (since 1997), Dean (1997-2004), J. Mack Robinson College of Business, Georgia State University		57	ServiceMaster Company; Total System Services, Inc.
Warren Y. Jobe 3435 Stelzer Road Columbus, OH 43219 (Georgia) DOB 11/40		Trustee	Indefinite; since November 2004	Retired. Executive Vice President, Georgia Power Company and Senior Vice President, Southern Company (1998-2001)		57	WellPoint, Inc; UniSource Energy Corp.; HomeBanc Corp.
Connie D. McDaniel 3435 Stelzer Road Columbus, OH 43219 (Georgia) DOB 04/58		Trustee	Indefinite; since May 2005	Vice President Global Finance Transformation (since 2007), Vice President and Controller (1999-2007), The Coca- Cola Company		57	None
James O. Robbins 3435 Stelzer Road Columbus, OH 43219 (Florida) DOB 07/42		Trustee	Indefinite; since May 2000	Retired. President and Chief Executive Officer, Cox Communications, Inc. (1985-2005)		57	Bessemer Securities, Inc.; Humana, Inc.
Charles D. Winslow 3435 Stelzer Road Columbus, OH 43219 (Florida) DOB 07/35		Trustee	Indefinite; since November 2004	Retired. Formerly Partner, Accenture (consulting)		57	None

*  Mr. Ridley may be deemed an Interested Trustee because of a material business relationship with the parent of the Investment Adviser.

32

TRUSTEES AND OFFICERS OF THE STI CLASSIC FUNDS

STI CLASSIC FUNDS  March 31, 2007

(Unaudited)

		Term of
	Position(s)	Office and
Name, Address and	Held With	Length of	Principal Occupation(s)
Date of Birth	Trust	Time Served	During the Past 5 Years
OFFICERS
R. Jeffrey Young 3435 Stelzer Road Columbus, OH 43219 DOB 08/64	President and Chief Executive Officer	One year; since July 2004	Senior Vice President, Relationship Management, BISYS Fund Services (since 2002); Vice President, Client Services, BISYS Fund Services (1997-2002)
Deborah A. Lamb 50 Hurt Plaza Suite 1400 Atlanta, GA 30303 DOB 10/52	Executive Vice President; Assistant Secretary; Chief Compliance Officer	One year; since September 2004; since November 2003; since August 2004 (respectively)	Chief Compliance Officer, Managing Director, Trusco Capital Management, Inc. (since 2003); President, Investment Industry Consultants, LLC (2000-2003)
Martin R. Dean 3435 Stelzer Road Columbus, OH 43219 DOB 11/63	Treasurer, Chief Financial Officer and Chief Accounting Officer	One year; since March 2007	Vice President, Fund Administration, BISYS Fund Services
Cynthia J. Surprise 3435 Stelzer Road Columbus, OH 43219 DOB 07/46	Secretary and Chief Legal Officer	One year; since February 2005	Senior Counsel, Legal Services, BISYS Fund Services (since 2004); Director and Counsel, Investors Bank & Trust Company (1999-2004)
Jennifer A. English 3435 Stelzer Road Columbus, OH 43219 DOB 03/72	Assistant Secretary	One year; since November 2005	Assistant Counsel, Legal Services, BISYS Fund Services (since 2005); Assistant Counsel, PFPC Inc. (2002-2005); Associate Legal Product Manager, Fidelity Investments (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.

33

ADDITIONAL INFORMATION

STI CLASSIC FUNDS  March 31, 2007

(Unaudited)

Annual Approval of Investment Advisory Agreement

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 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 of 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 October 24, 2006, and requested and reviewed additional material from the Adviser in preparation for its quarterly meeting held on November 14, 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 the Trustees in connection with their consideration of the 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 held 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. As part of its consideration, the Board also reviewed a single consolidated form of advisory agreement representing the substance of both of the Trust’s existing agreements with the Adviser and considered whether to adopt the consolidated form of agreement going forward.

Based on the Board’s deliberations and evaluation of the information it received, the Board, including the Independent Trustees, approved the consolidated form of agreement and the selection of the Adviser 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. 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

34

ADDITIONAL INFORMATION (continued)

STI CLASSIC FUNDS  March 31, 2007

(Unaudited)

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 agreement.

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 agreement.

Fund Expenses

With respect to advisory fees, the Board considered the rate of compensation under the agreement 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 agreement.

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.

35

ADDITIONAL INFORMATION (continued)

STI CLASSIC FUNDS  March 31, 2007

(Unaudited)

Expense Examples

As a shareholder of the STI Classic Funds, you incur two types of costs: (1) transaction costs; and (2) ongoing costs, including management fees, distribution 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 October 1, 2006 through March 31, 2007.

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**
		10/01/06		03/31/07		10/1/06-03/31/07		10/1/06-03/31/07
Classic Institutional Cash Management Money Market Fund	Institutional Shares	$	1,000.00	$	1,026.10	$	0.81		0.16	%
Classic Institutional Municipal Cash Reserve Money Market Fund	Institutional Shares		1,000.00		1,017.10		1.01		0.20
Classic Institutional U.S. Government Securities Money Market Fund	Institutional Shares		1,000.00		1,025.50		0.96		0.19
Classic Institutional U.S. Treasury Securities Money Market Fund	Institutional Shares		1,000.00		1,025.50		0.91		0.18
	Corporate Trust Shares		1,000.00		1,024.20		2.17		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

36

ADDITIONAL INFORMATION (concluded)

STI CLASSIC FUNDS  March 31, 2007

(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		10/01/06 -		10/01/06 -
		10/01/06		03/31/07		03/31/07		03/31/07
Classic Institutional Cash Management Money Market Fund	Institutional Shares	$	1,000.00	$	1,024.13	$	0.81		0.16%
Classic Institutional Municipal Cash Reserve Money Market Fund	Institutional Shares		1,000.00		1,023.93		1.01		0.20
Classic Institutional U.S. Government Securities Money Market Fund	Institutional Shares		1,000.00		1,023.98		0.96		0.19
Classic Institutional U.S. Treasury Securities Money Market Fund	Institutional Shares		1,000.00		1,024.03		0.91		0.18
	Corporate Trust Shares		1,000.00		1,022.79		2.17		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.

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 1-202-551-8090.

37

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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 • No Bank Guarantee • May Lose Value

     

STI-AIMM-0307
5/07

2007 Annual Report

Equity Funds

March 31, 2007

TABLE OF CONTENTS

STI CLASSIC FUNDS March 31, 2007

Letter to Shareholders	1
Management Discussion of Fund Performance
Equity Funds:
Aggressive Growth Stock Fund	3
Capital Appreciation Fund	5
Emerging Growth Stock Fund	7
International Equity Fund	9
International Equity Index Fund	11
Large Cap Quantitative Equity Fund	13
Large Cap Relative Value Fund	15
Large Cap Value Equity Fund	17
Mid-Cap Equity Fund	19
Mid-Cap Value Equity Fund	21
Select Large Cap Growth Stock Fund	23
Small Cap Growth Stock Fund	25
Small Cap Quantitative Equity Fund	27
Small Cap Value Equity Fund	29
Asset Allocation Funds:
Life Vision Aggressive Growth Fund	31
Life Vision Conservative Fund	33
Life Vision Growth and Income Fund	35
Life Vision Moderate Growth Fund	37
Life Vision Target Date 2015	39
Life Vision Target Date 2025	41
Life Vision Target Date 2035	43
Schedules of Portfolio Investments	45
Statements of Assets and Liabilities	98
Statements of Operations	102
Statements of Changes in Net Assets	106
Financial Highlights	118
Notes to Financial Statements	129
Report of Independent Registered Public Accounting Firm	144
Other Federal Tax Information	145
Trustees and Officers of the STI Classic Funds	146
Additional Information	148
EX-99.CODE ETH
EX-99.CERT
EX-99.906.CERT

LETTER TO SHAREHOLDERS

March 31, 2007

Dear Valued STI Classic Funds Shareholder,

The equity markets struggled midway through the first quarter after a healthy start but finished in positive territory by March 31st. Anxiety about the pace of economic growth and fears of spillover affects from an already weakening housing market weighed on the stock market, increased its volatility, and sent some investors toward the relative perceived safety of bonds. The S&P 500 index gained 0.6% and is up 11.8% over the trailing 12 months, while the Lehman Brothers U.S. Aggregate Bond Index added 1.5% for the quarter and 6.6% over the previous year.

In previous letters, we emphasized our expectation that economic momentum would slow and the rate of growth would decelerate for a variety of reasons. We also relayed our view that inflation pressures would gradually ease. This forecast is playing out much as we expected. The challenge for investors and observers in this type of environment is that the individual bits of information and data points rarely move evenly or consistently and often leave investors with ambiguous results. A likely scenario for the upcoming quarter is a continuation of mixed reports.

Job growth was firm and hourly wages increased, but consumers also spent more money on energy, namely gasoline. The housing market became a focus of concern, weighed down by fears that increased delinquencies and foreclosures in the sub prime market would spill over into other credits and the broader economy. Government reports on capital spending also weakened as did estimates of first quarter S&P 500 operating earnings growth. Exports, however, continued to enjoy healthy gains amid a relatively strong global environment. Inflation reports remained stubbornly stuck at levels above the Federal Reserve’s unofficial 1-2% comfort zone, sparking central bank rhetoric about the need to remain vigilant in its monetary policy.

Stocks began and ended the quarter on a firm note, but the middle period was weak. In particular, a confluence of events sent global equity prices lower on February 27th and began a modest sell-off that extended into the first half of March. A sharp decline in Asian emerging markets, a more pessimistic economic forecast from former Fed chairman Alan Greenspan, and weak U.S. economic reports precipitated the drop. However, reasonable valuations and selective positive earnings news helped draw investors back to the market toward the end of the quarter. Mid-Cap and International stocks outperformed, while Growth and Value styles generated mixed performance. Merger and acquisition activity as well as leveraged buyouts were major catalysts that unlocked value in the market despite the softer economic undercurrent.

In the fixed income markets, bond yields fell and prices rose during the stock market’s decline, but at the end of Q1, yields drifted higher as confidence returned. Point to point, the yield on the 10-year Treasury note fell modestly to 4.65% from 4.71% at the end of the fourth quarter. Shorter maturity bond yields fell somewhat further causing the yield curve to return to a slightly positive slope between two- and ten-year maturities. Despite concerns over the health of the economy, High Yield bonds outperformed the Investment Grade market, though inflation-linked TIPS notes also outperformed.

Our outlook for the economy for the remainder of the year is unchanged: positive, sub-par growth, with a gradual decline in core inflation. This type of environment has and will continue to create stress on some companies with weaker business models and balance sheets. However, many of the stronger, well capitalized firms, whose stocks have lagged to date, are likely to be recognized by the markets. We expect a similar scenario for bonds, where credit quality becomes a greater focus in a range-bound market. To be sure, we expect some nervous indigestion from time to time, but on balance, we believe equities will move higher by the end of the year, while bonds will earn close to the coupons.

1

There are many exciting changes taking place in the STI Classic Fund family and at Trusco Capital that we believe will enhance our products and improve performance in the coming quarters. However, as we anxiously welcome the new, I wish to express a strong note of gratitude to Bob Rhodes, who retired from Trusco Capital Management on March 31, 2007. Bob was a founding member and Executive Vice President of Trusco and made significant contributions to the growth and success of Trusco and the STI Classic Funds. We are deeply indebted to him for his performance and strong personal integrity that has set a high standard for us all going forward.

I close this letter with thanks to you, our valued clients. We very much appreciate your support and confidence over the years, and we will strive to earn that trust again in 2007 and the years to follow.

Sincerely,

David H. Eidson
President and CEO
Trusco Capital Management, Inc.

2

AGGRESSIVE GROWTH STOCK FUND

Portfolio Manager(s)

• Nancy Zevenbergen, CFA

• Brooke de Boutray, CFA

• Leslie Tubbs, CFA

Investment Concerns

Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes. Common stocks, and funds investing in common stocks, generally provide greater return potential when compared with other types of investments.

Mid capitalization companies typically have a higher risk of failure and historically have experienced a greater degree of volatility.

Management Discussion of Fund Performance

How did the Fund perform against its benchmark for the period ended March 31, 2007?

The Aggressive Growth Stock Fund appreciated 3.27% (I Shares) for the 12 months ended March 31, 2007, trailing the 6.53% return for the Russell 3000^® Growth Index benchmark. In general, the Fund’s investment style emphasizes smaller, faster-growing companies, a strategy which was not rewarded by the marketplace. The last 12 months proved particularly challenging for active equity managers, as the majority underperformed their respective benchmarks.

That being said, the underperformance was due primarily to stock selection in the Consumer and Financial sectors. The Fund’s only holding in Consumer Staples was the single largest detractor for the last 12 months. Despite strength in high-end specialty retailers, performance in Consumer Discretionary also trailed the benchmark sector return primarily due to losses in restaurant holdings. Financial issues in the Fund struggled versus their benchmark counterparts with a high concentration of companies being exposed to the equity markets.¹

Health Care and Telecommunications Services stock selection were highlights for the Fund. Concentrations in biotechnology and health care supplies made Health Care the top contributing sector to Fund performance, while wireless service providers drove the highest absolute sector return for the Fund.¹

What factors (including market and economic conditions) influenced the Fund’s performance for the period ended March 31, 2007?

With a highly concentrated Fund, stock selection was again the predominant driver of returns, generating 80% of this year’s underperformance.

Whole Foods Market, Inc. (retail-food), the largest single detractor for the last twelve months, struggled with difficult same-store comparisons and lower revenue guidance (the position was reduced). Shares of top-ten weighted QUALCOMM Incorporated (communications equipment) declined primarily on fears over litigation and significant contract renegotiations. The Fund was also negatively impacted by SRA International, Inc. (IT consulting/services), which was sold as a result of weak federal government contract growth from the U.S. Departments of Defense and Homeland Security.¹

Apple Inc. (computer technology) was the top aggregate contributor to Fund performance for the past year on exceedingly strong sales of iPods and Macs. Additionally, Cognizant Technology Solutions Corporation (IT consulting/services) contributed positively to Fund performance. The company continues to experience strong offshore outsourcing demand, most notably from the finance and health care industries.¹

How do you plan to position the Fund, based on market conditions?

We firmly believe that adhering to our investment process and philosophy through all market environments is critical for achieving competitive long-term returns. Though our aggressive growth equity style may be out of favor during specific market cycles, we remain steadfast in our commitment to provide a Fund with companies exhibiting faster, sustainable growth characteristics leading in the development and delivery of innovative products and services. Though our active investment style and concentrated Fund holdings can lead to more volatile performance over short time periods, focusing on select companies positioned in industries exhibiting leadership and secular growth profiles, we believe, should lead to stocks appreciating ahead of the benchmark over the long-term.

¹ Portfolio composition subject to change.

3

AGGRESSIVE GROWTH STOCK FUND

Growth of $10,000 Investment (as of March 31, 2007)

This chart assumes an initial hypothetical investment of $10,000 made on 2/23/04. Total return is based on net change in N.A.V. (net asset value) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

The Fund’s performance is compared to the Russell 3000^® Growth index which measures the performance of those companies found in the Russell universe with higher price-to-book ratios and higher forecasted growth values. The stocks in this index are also members of either the Russell 1000^® Growth or the Russell 2000^® Growth indices. The index is unmanaged and does not reflect the deduction of fees or taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

				Average Annual Total Returns as of 3/31/07 (%)
Aggressive Growth Stock Fund		Inception Date		1 Year		3 Year		Since Inception
A Shares	without sales charge		2/23/04		3.04		8.28		7.54
	with sales charge*				-2.87		6.17		5.51
C Shares	without CDSC		2/23/04		2.25		7.52		6.82
	with CDSC*				1.25		7.52		6.82
I Shares			2/23/04		3.27		8.56		7.85
Russell 3000® Growth Index					6.53		7.22		—

The expense ratios for A, C and I Shares are 1.51%, 2.21% and 1.21%, respectively.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.sticlassicfunds.com.

* Class A Share performance reflects the maximum front-end sales charge of 5.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares.

4

CAPITAL APPRECIATION FUND

Portfolio Manager(s)

• Robert J. Rhodes, CFA

• Elizabeth G. Pola, CFA

• Christoper Guinther

• Michael A. Sansoterra

Investment Concerns

Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes. Common stocks, and funds investing in common stocks, generally provide greater return potential when compared with other types of investments.

Management Discussion of Fund Performance

How did the Fund perform against its benchmark for the period ended March 31, 2007?

The Capital Appreciation Fund produced positive results for the fiscal 2007 year returning 5.08% (I Shares). These results lagged the S&P 500 Index which increased 11.82% for the 12 month period ended March 31, 2007. Poor stock selection contributed 60% of the relative under performance while sector allocation contributed the remaining 40%. Technology was over-weighted relative to the S&P 500 Index and had the worst stock selection within the Fund. Fifty percent of the total relative under performance occurred within technology. The Fund’s average weighting was 20.1% while the S&P had less than 15.5% exposure to technology stocks. The over exposure to certain areas of the semiconductor industry hurt results—stocks that specifically detracted: Maxim, Analog Devices, LSI Logic, and Xilinx. In addition, Comverse Technology was delisted due to inappropriate use of options.¹

Utilities, real estate and telecommunication stocks in general were all up more than 20% during fiscal 2007 while the Fund had very little exposure to these stocks. Limited exposure to the best performing industries and sectors detracted from relative results during the fiscal year.¹

What factors influenced the Fund’s performance for the period ended March 31, 2007?

The Fund’s strategy within the energy sector for fiscal 2006 was to remain underweighted relative to the benchmark. That decision was based on valuation and a judgment about the price of the oil being extended verse its normative trend. The Fund continued to under weight the energy sector in fiscal 2007. The energy sector continued to produce record profits and share prices rose again. Energy stocks increased approximately 17% for the 12 month period ended March 31, 2007. Additionally, the Fund had been positioned for a period of slowing corporate profit growth and a return of the large cap growth oriented stocks. The S&P 500 operating earnings did not show a meaningful slow down in fiscal 2007. Value oriented investment strategies continued to flourish as evident by the dichotomy of returns between the Russell 1000^® Value Index² and the Russell 1000^® Growth Index³. There was almost a ten percentage point different between the Russell indices returns for the fiscal year (7.1% for growth vs. 16.8% for value).¹

How do you plan to position the Fund, based on market conditions?

Mr. Sansoterra and Mr. Guinther began management of the Fund March 27, 2007 and do not plan to position the Fund based on macro economic factors or top down market conditions. The team seeks to generate alpha⁴ in the Fund through stock selection via a balanced approach including fundamental stock analysis and disciplined risk management. Sector weights and market capitalization exposures will remain relatively close to index weights. This strategy lowers systematic (market) risk and focuses portfolio risk to the security level (non-systematic risk). Large sector rotation decisions will not be targeted. The team utilizes this strategy to focus Fund performance on superior stock selection. We believe this investment strategy is objective, balanced and designed to deliver a consistent frequency of alpha in all types of market conditions.¹

The Fund will hold securities that exhibit common characteristics. These companies will typically exhibit positive fundamental change as measured by revenue growth, margin improvement and increased return on invested capital. Additionally, the team will consider companies whose cash flows and cash flow yields are attractive relative to other investment opportunities. Firms best managing their capital by buying back stock and increasing dividends will also be considered. Finally, stocks in the Fund should have reasonable valuations commensurate with their potential growth rates.

1	Portfolio composition subject to change.
2	Russell 1000® Index measures the performance of the 1,000 largest companies found in the Russell universe, which represents approximately 92% of the total market capitalization of the Russell 3000 Index.
3	Russell 1000® Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.
4	Alpha measures a fund’s risk-adjusted performance and represents the difference between a fund’s actual performance and its expected performance, given its level of risk as measured by beta.

5

CAPITAL APPRECIATION FUND

Growth of $10,000 Investment (as of March 31, 2007)

This chart assumes an initial hypothetical investment of $10,000 made on 3/31/97. Total return is based on net change in N.A.V. (net asset value) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

The Fund’s performance is compared to the S&P 500 Index a market value-weighted index of 500 stocks designed to mimic the overall U.S. equity market’s industry weightings. The index is unmanaged and does not reflect the deduction of fees or taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

				Average Annual Total Returns as of 3/31/07 (%)
Capital Appreciation Fund		Inception Date		1 Year		3 Year		5 Year		10 Year
A Shares	without sales charge		06/09/92		4.69		3.61		0.88		5.56
	with sales charge*				-1.30		1.57		-0.30		4.93
C Shares	without CDSC		06/01/95		3.96		3.04		0.36		5.04
	with CDSC*				2.97		3.04		0.36		5.04
I Shares	without load		07/01/92		5.08		4.10		1.45		6.19
S&P500 Index					11.82		10.05		6.26		8.20

The expense ratios for A, C and I Shares are 1.23%, 1.95% and 0.99%, respectively.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.sticlassicfunds.com.

* Class A Share performance reflects the maximum front-end sales charge of 5.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares.

6

EMERGING GROWTH STOCK FUND

Portfolio Manager(s)

• Nancy Zevenbergen, CFA

• Brooke de Boutray, CFA

• Leslie Tubbs, CFA

Investment Concerns

Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes.

Management Discussion of Fund Performance

How did the Fund perform against its benchmark for the period ended March 31, 2007?

The Emerging Growth Stock Fund appreciated 1.09% (I Shares) for the 12 months ended March 31, 2007, trailing the 6.90% return for the Russell Midcap^® Growth Index. In general, the Fund’s investment style emphasizes smaller, faster-growing companies, a strategy which was not rewarded by the marketplace. The last 12 months proved particularly challenging for active equity managers, as the majority underperformed their respective benchmarks.

That being said, the underperformance was due primarily to stock selection in the Consumer Staples, Financial and Industrials sectors. Consumer Staples was the single largest detractor for the last 12 months resulting from losses in retail-food and personal products. Financial issues in the Fund struggled versus their benchmark counterparts with a high concentration of companies being exposed to the equity markets. Additionally, Industrials faltered given a high concentration in airlines.¹

A significant overweight, in combination with the highest absolute sector return, made Telecommunications Services the single best contributor to Fund performance. The Fund’s best stock selection occurred in Information Technology, most notably in computer hardware and IT consulting/services.¹

What factors influenced the Fund’s performance for the period ended March 31, 2007?

With a highly concentrated Fund, stock selection was again the predominant driver of returns, accounting for the entirety of this year’s underperformance.¹

AirTran Holdings, Inc. (airlines), the single largest detractor for the last 12 months, battled new entry from larger, well-known carriers in its key markets. The Fund was also negatively impacted by Stamps.com Inc. (retail-internet) as the company faced threats of new competitive offerings in online postage. In addition, Neurocrine Biosciences, Inc. (biotechnology) declined significantly on news that the FDA had declined the company’s application for approval of its insomnia drug. In keeping with our sell discipline, these deteriorated fundamentals led us to eliminate all three positions from the Fund.¹

The single largest contributor to Fund performance was Huron Consulting Group Inc. (services-diversified/commercial). Huron has capitalized on the need for independent financial and operational consulting services as companies struggle with a more stringent and regulated environment. Key Fund contribution also came from NII Holdings, Inc. (wireless telecom services), which benefited from the introduction of wireless services into faster-growing Latin American markets.¹

How do you plan to position the Fund, based on market conditions?

We firmly believe that adhering to our investment process and philosophy through all market environments is critical for achieving competitive long-term returns. Though our aggressive growth equity style may be out of favor during specific market cycles, we remain steadfast in our commitment to provide a Fund with companies exhibiting faster, sustainable growth characteristics leading in the development and delivery of innovative products and services. Though our active investment style and concentrated Fund holdings can lead to more volatile performance over short time periods, focusing on select companies positioned in industries exhibiting leadership and secular growth profiles, we believe, should lead to stocks appreciating ahead of the benchmark over the long-term.

¹ Portfolio composition subject to change.

7

EMERGING GROWTH STOCK FUND

Growth of $10,000 Investment (as of March 31, 2007)

This chart assumes an initial hypothetical investment of $10,000 made on 2/23/04. Total return is based on net change in N.A.V. (net asset value) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

The Fund’s performance is compared to the Russell Midcap^® Growth Index which measures the performance of those companies in the Russell universe with higher price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000^® Growth index. The index is unmanaged and does not reflect the deduction of fees or taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

				Average Annual Total Returns as of 3/31/07 (%)
								Since
Emerging Growth Stock Fund		Inception Date		1 Year		3 Year		Inception
A Shares1	without sales charge		02/23/04		0.79		9.25		8.37
	with sales charge*				-5.03		7.11		6.32
C Shares	without CDSC		02/27/04		0.00		8.56		7.25
	with CDSC*				-1.00		8.56		7.25
I Shares			02/23/04		1.09		9.61		8.75
Russell Midcap® Growth Index					6.90		12.41		—

The expense ratios for A, C and I Shares are 1.51%, 2.21% and 1.21%, respectively.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.sticlassicfunds.com.

1	The total return is calculated in accordance with SEC guidelines. Total returns for financial reporting purposes are based on GAAP.
*	Class A Share performance reflects the maximum front-end sales charge of 5.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares.

8

INTERNATIONAL EQUITY FUND

Portfolio Manager

• Chad Deakins, CFA

Investment Concerns

International investing involves increased risk and volatility.

Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes.

Management Discussion of Fund Performance

How did the Fund perform against its benchmark for the period ended March 31, 2007?

The International Equity Fund was up 18.21% (I Shares) for the 12 month period ended March 31, 2007, slightly trailing the benchmark the MSCI EAFE Index which was up 20.20% for the period. Four of the top-performing markets were continental Europe, the UK, Australia and Singapore. Japan was the worst-performing market, returning just 3% for the period. Within continental Europe, Materials stocks and Utilities stocks were very strong performers. The Utility stocks were bid up by public and private entities in a wave of mergers and acquisitions. And, as is common in the late part of an economic cycle, the European Industrial stocks had strong returns. Information Technology stocks were the poorest performing group, returning 3% during the period. Much of the total return of the fund and index were due to foreign currency appreciation against the dollar. The Euro and British pound appreciated substantially versus the dollar, however the yen was up less than 1%. During the trailing 12 month period, low PE¹ stocks dramatically outperformed high PE stocks, with stocks that had a PE below 15 returning more than 28%, and stocks that had a PE over 23x returning only 7.1%. A similar phenomenon was observed in the price-to-book ratio¹, but not to such a magnitude.

What factors influenced the Fund’s performance for the period ended March 31, 2007?

The Fund is run in a core strategy where we consider both value and growth in our decision-making process. Because value dramatically outperformed growth during the period, our focus on both value and growth was slightly disadvantageous. Our focus primarily on large-cap stocks also led to relative underperformance in this environment as the small-cap segment of the market was strong. However, in the strong market environment where the MSCI benchmark was up over 20%, the Fund did well by staying close in such a fast-moving market. During the year, the Fund did hold a cash position ranging between 1-2% which led to some cash drag also contributing to some of the underperformance.²

Favorable stock selection helped aid the total return of the Fund. The Fund was overweight the Industrials sector which was very strong. In Japan we generated minor outperformance by staying away from many of the underperforming companies.²

Fund challenges were mostly in the category of benchmark names we did not own that rose dramatically in the midst of some merger or acquisition event. There was a great deal of merger and acquisition activity in Europe where stocks with a poor outlook for earnings were taken over at a substantial premium. The Fund’s lack of exposure to these low quality companies was a main reason for difficulty in stock selection.²

How do you plan to position the Fund, based on market conditions?

Overall the global economy has been performing very well. Oil has come down from its peak which has helped ease inflation worries. Interest rates are still at multi-year lows although they are rising in some parts of the world. Earnings-per-share growth could be at its cyclical peak and remains strong. Global unemployment is at low levels with low wage inflation. Companies have de-leveraged their balance sheets to a large degree and have large amounts of cash. Return-on-equity ratios and profit margins are also at their cyclical peak levels. Given all these things, one might expect valuations to be full. On the contrary, the markets are not expensive; valuation ratios in Europe and Japan are as low as they have been in more than 20 years. We continue to think the international markets are attractive relative to the U.S.-market on valuation metrics and return on equity Continental Europe currently looks the most attractive. The Continental European market is trading at a discount to the United States’ on a P/E basis, even though on average, it offers a higher return on equity.²

Small caps and the emerging markets have had strong performance over the last few years and now appear overvalued relative to the larger cap stocks in the developed markets. Any increase in interest rates or any decrease in risk appetite may lead to underperformance for the emerging markets and smaller cap segments of the international markets. We are not there yet but in the near future we believe we will begin to see some deceleration in the economic cycle. If this deceleration begins, the main driver of the equity markets could be stability of earnings. In the current environment, we believe those companies that will benefit from capital expenditures by companies with large cash balances, as well as companies taken over in mergers and acquisition activity will be the strongest performers. We remain focused on selecting the best stocks in each region and maintaining our risk management strategy.

1

The Price-to-Earnings Ratio (“P/E”) is a valuation ratio of a company’s current share price to its per-share earnings. The higher the P/E ratio, the more the market is willing to pay for each dollar of annual earnings. The Price-to-Book Ratio is used to compare a stock’s market value to its book value. The higher the ratio, the higher the premium the market is willing to pay for a company above its hard assets. The Return on Equity is a measure of a corporation’s profitability that reveals how much profit a company generates with the money shareholders have invested.

2

Portfolio composition subject to change.

9

INTERNATIONAL EQUITY FUND

Growth of $10,000 Investment (as of March 31, 2007)

This chart assumes an initial hypothetical investment of $10,000 made on 3/31/97. Total return is based on net change in N.A.V. (net asset value) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

The Fund’s performance is compared to the Morgan Stanley Capital International, Europe, Australasia and Far East (MSCI EAFE Index) a widely-recognized, market capitalization index that measures market equity performance based upon indices from 21 foreign and developed markets. The index is unmanaged and does not reflect the deduction of fees or taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

				Average Annual Total Returns as of 3/31/07 (%)
International Equity Fund		Inception Date†		1 Year		3 Year		5 Year		10 Year
A Shares	without sales charge		01/02/96		18.00		18.35		13.92		7.21
	with sales charge*				11.24		16.04		12.59		6.58
C Shares	without CDSC		01/02/96		16.97		17.47		13.12		6.46
	with CDSC*				15.97		17.47		13.12		6.46
I Shares			01/31/95		18.21		18.64		14.30		7.59
MSCI EAFE Index					20.20		19.83		15.68		8.31

The expense ratios for A, C and I Shares are 1.59%, 2.29% and 1.29%, respectively.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.sticlassicfunds.com.

* Class A Share performance reflects the maximum front-end sales charge of 5.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares.

10

INTERNATIONAL EQUITY INDEX FUND

Portfolio Manager(s)

• Chad Deakins, CFA

• Andrew Atkins

Investment Concerns

International investing involves increased risk and volatility.

Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes.

It is important to remember that there are risks associated with index investing, including the potential risk of market decline, as well as the risks associated with investing in specific companies.

Management Discussion of Fund Performance

How did the Fund perform against its benchmark for the period ended March 31, 2007?

The International Equity Index Fund tracked the MSCI EAFE Index GDP Weighted (net return) Index very well for the year ended March 31, 2007. Our stratified sampling strategy continues to track the index with almost non-existent tracking error while allowing us to avoid illiquid names that would cause trading difficulties.

The International Equity Index Fund was up 20.27% (I Shares) for the 12 month period outperforming the MSCI EAFE GDP (net return) Index which was up 17.99%. Tracking error for the 12 month period is less than 1%, while beta¹ is measured at 1.00 and R Squared¹ is measured at 99%. These are all ideal measures for an index fund.

What factors influenced the Fund’s performance for the period ended March 31, 2007?

For the second consecutive year, mutual fund investors have poured record amounts of money into foreign stock funds, especially in comparison to funds that invest primarily in U.S. based companies.

In general, valuations continue to be lower outside of the U.S. even after the run-up that we have experienced in foreign markets. As of March 31, 2007, the FTSE Eurotop 100² was trading at a P/E of around 13. The same measure for the MSCI EAFE was just over 15 while the domestic S&P 500² was measuring above 16 times. This fact, coupled with strong earnings growth among many foreign countries and a weak and declining dollar lends to a strong global stock market.

How do you plan to position the Fund, based on market conditions?

Developed global markets continued to grow in relation to the U.S. and we continued to see large flows of money from domestic mutual funds into international funds. This has become a long term trend and is one that we do not anticipate reversing in the near future as International markets develope a very strong track record and continued to attract increased attention from investors. We will continue to execute our proven strategy to track the MSCI EAFE GDP index as closely as possible.

1	The Price-to-Earnings Ratio (“P/E”) is a valuation ratio of a company’s current share price to its per-share earnings. The higher the P/E ratio, the more the market is willing to pay for each dollar of annual earnings. Beta is a means of measuring the volatility of a security or portfolio of securities in comparison with the market as a whole. A beta of 1 indicates that the security will move with the market; greater than 1 indicates that it’s more volatile than the market, and less than 1 indicates that it’s less volatile than the market. The R-squared measures the percentage of a fund’s movement that is explained by movements in the market index, and helps indicated the accuracy of a fund’s alpha and beta.
2	The S&P 500 Index is a market value-weighted index of 500 stocks designed to mimic the overall U.S. equity market’s industry weightings. The FTSE Eurotop 100 is a tradeable index, designed to represent the performance of the 100 most highly capitalised blue chip companies basedin European countries, which form part of the European Monetary Union (EMU).
3	Portfolio composition subject to change.

11

INTERNATIONAL EQUITY INDEX FUND

Growth of $10,000 Investment(as of March 31, 2007)

This chart assumes an initial hypothetical investment of $10,000 made on 3/31/97. Total return is based on net change in N.A.V. (net asset value) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

The Fund’s performance is compared to the Morgan Stanley Capital International, Europe, Australasia and Far East (MSCI EAFE Index-GDP Weighted) a widely-recognized, market capitalization index that measures market equity performance based upon indices from 21 foreign and developed counties. The country weighting of the Index is calculated using the gross domestic product of each of the various countries and then with respect of the market capitalization of the various companies operating in each country. The index is unmanaged and does not reflect the deduction of fees or taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

				Average Annual Total Returns as of 3/31/07 (%)
International Equity Index Fund		Inception Date		1 Year		3 Year		5 Year		10 Year
A Shares	without sales charge		06/06/94		20.03		19.47		15.50		9.03
	with sales charge*				13.10		17.12		14.13		8.38
C Shares	without CDSC		06/08/95		19.13		18.64		14.76		8.32
	with CDSC*				18.13		18.64		14.76		8.32
I Shares			06/06/94		20.27		19.83		15.96		9.48
MSCI EAFE Index (GDP Weighted)					17.99		18.15		14.66		8.02

The expense ratios for A, C and I Shares are 0.97%, 1.67% and 0.67%, respectively.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.sticlassicfunds.com.

* Class A Share performance reflects the maximum front-end sales charge of 5.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares.

12

LARGE CAP QUANTITATIVE EQUITY FUND (formerly Strategic Quantitative Equity Fund)

Portfolio Manager

• Edward E. Best, CFA

Investment Concerns

Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes.

Management Discussion of Fund Performance

How did the Fund perform against its benchmark for the period ended March 31, 2007?

For the 12 month period ended March 31, 2007 the Large Cap Quantitative Equity Fund returned 5.63% (I Shares) while its benchmark, the S&P 500 Index returned 11.82%.

What factors influenced the Fund’s performance for the period ended March 31, 2007?

Around May of 2006, a general shift occurred in the pattern of market returns as the extended duration of small company outperformance became more erratic. Accompanying this shift in leadership was a general reversal or perversion in the returns of various stock selection factor classes. While valuation factors continued to reap positive relative returns, typically consistent return generating factor classes such as price momentum and analyst activity became inconsistent and even generated return patterns opposite from what is typically realized. The Fund’s poor stock selection and inopportune sector calls joined this aberration to create the realized underperformance. Unfortunately, this market behavior accompanied the early part of the Fund’s track record, resulting in a less than desirable start. Going forward, we are studying a technique to more closely align the portfolio’s market cap profile with that of the index. In addition, we are reevaluating our method of selecting candidate sectors for differential relative weighting. As a consequence, we are temporarily taking a more sector-neutral approach in our portfolio construction. Finally, we have expanded the number of factor classes that we utilize in our sector-specific, multi-factor models. We feel that this expansion will make our process more dynamic in various environments.¹

How do you plan to position the Fund, based on market conditions?

We continue to believe that the most holistic method of portfolio construction is to have generally constant exposure to various classes of stock selection factors as opposed to only one or a few classes. Because these classes of factors are not perfectly correlated, we hope that the relative performance of the Fund will be less erratic than a strategy that focuses on only one or two classes. With this concept in mind, we feel that the Fund is currently well positioned for outperformance in a variety of market environments.¹

¹ Portfolio composition subject to change.

13

LARGE CAP QUANTITATIVE EQUITY FUND

Growth of $10,000 Investment (as of March 31, 2007)

This chart assumes an initial hypothetical investment of $10,000 made on 8/7/03. Total return is based on net change in N.A.V. (net asset value) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

The Fund’s performance is compared to the S&P 500 Index a market value-weighted index of 500 stocks designed to mimic the overall U.S. equity market’s industry weightings. The index is unmanaged and does not reflect the deduction of fees or taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

				Average Annual Total Returns as of 3/31/07 (%)
								Since
Large Cap Quantitative Equity Fund		Inception Date		1 Year		3 Year		Inception
A Shares	without sales charge		10/08/03		5.38		9.96		11.88
	with sales charge*				-0.66		7.82		10.00
C Shares	without CDSC		10/13/03		4.60		9.14		10.31
	with CDSC*				3.60		9.14		10.31
I Shares			08/07/03		5.63		10.23		15.54
S&P500 Index					11.82		10.05		—

The expense ratios for A, C and I Shares are 1.21%, 1.96% and 0.96%, respectively.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.sticlassicfunds.com.

* Class A Share performance reflects the maximum front-end sales charge of 5.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares.

14

LARGE CAP RELATIVE VALUE FUND

Portfolio Manager

• Jeffrey E. Markunas, CFA

Investment Concerns

Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes.

Value-based investments are subject to the risk that the broad market may not recognize their intrinsic value.

Management Discussion of Fund Performance

How did the Fund perform against its benchmark for the period ended March 31, 2007?

Despite a rocky start to the fiscal year, the markets bottomed in July and essentially locked into rally mode from there onward. The S&P 500 gained 11.82% for the period ended March 31, 2007, better than most investors had been expecting. The Large Cap Relative Value Fund gained 12.51% (I Shares), ending the Fund’s fiscal year ahead of the market. Outperformance came during the calendar third and fourth quarters of 2006, bracketing softer 2Q 2006 and 1Q 2007. The long running twin engines of economic and corporate profit growth, turbocharged by global liquidity, propelled the markets, generally to the advantage of value-oriented sectors and issues.

What factors influenced the Fund’s performance for the period ended March 31, 2007?

Enduring economic and profit momentum, unfolding against a backdrop of unprecedented global liquidity and availability of investment capital, has been a perfect recipe to feed a rising equity market. However, the market advance also has fed rising investor complacency, manifest by falling volatility and a compression in risk spreads across equities and many different asset classes. Ironically, complacency appears to be burgeoning at a time when economic and profit growth both are poised to finally downshift into a lower gear, and at a time where consumer-driven credit problems are beginning to emerge. The long economic expansion and weakening value of the dollar also have ignited some inflationary pressures, a matter under the close scrutiny of the Federal Reserve and a likely reason no to expect lower interest rates any time soon. While overall consistent with the conditions we were contemplating, the development time frame has been far more protracted than anticipated, thus our portfolio repositioning with less emphasis on economic sensitivity and more emphasis on larger, less cyclical situations has yet to benefit Fund performance in any meaningful way.¹

How do you plan to position the Fund, based on market conditions?

Nevertheless, this environment continues to suggest to us an opportunity for the underperforming, undervalued, and under appreciated larger cap, better quality segment of the market to finally grab the leadership baton. Only sporadic evidence of this leadership rotation has been seen to date. The Fund’s lackluster performance in the latest quarter and respectable performance over the past year hardly please us, but we feel the Fund is positioned to benefit from the prospective environment. We believe the catalysts are lining up across the portfolio to produce a very satisfactory 2007 year and we remain dually focused on taking advantage of opportunities created within the market, and in exercising the requisite amount of patience for the issues we already hold.¹

¹ Portfolio composition subject to change.

15

LARGE CAP RELATIVE VALUE FUND

Growth of $10,000 Investment (as of March 31, 2007)

This chart assumes an initial hypothetical investment of $10,000 made on 3/31/97. Total return is based on net change in N.A.V. (net asset value) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

The Fund’s performance is compared to the Russell 1000^® Value Index and the S&P 500 Index. The Russell 1000^® Value Index is comprised of the 1000 securities found in the Russell universe with a less-than-average growth orientation. Companies in this index generally have low price-to-book and price-to-earning ratios, higher dividend yields, and lower forecasted growth values. The S&P 500 is a market value-weighted index of 500 stocks designed to mimic the overall U.S. equity market’s industry weightings. The index is unmanaged and does not reflect the deduction of fees or taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

				Average Annual Total Returns as of 3/31/07 (%)
Large Cap Relative Value Fund		Inception Date		1 Year		3 Year		5 Year		10 Year
A Shares	without sales charge		05/07/93		12.25		12.41		8.04		9.32
	with sales charge*				5.79		10.21		6.77		8.67
C Shares	without CDSC		04/05/95		11.40		11.55		7.24		8.51
	with CDSC*				10.40		11.55		7.24		8.51
I Shares			09/26/92		12.51		12.65		8.28		9.49
Russell 1000® Value Index					16.83		14.42		10.25		10.85
S&P500 Index					11.82		10.05		6.26		8.20

The expense ratios for A, C and I Shares are 1.12%, 1.87% and 0.87%, respectively.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.sticlassicfunds.com.

* Class A Share performance reflects the maximum front-end sales charge of 5.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares.

16

LARGE CAP VALUE EQUITY FUND

Portfolio Manager

• Mills Riddick, CFA

Investment Concerns

Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes.

Value-based investments are subject to the risk that the broad market may not recognize their intrinsic value.

Management Discussion of Fund Performance

How did the Fund perform against its benchmark for the period ended March 31, 2007?

For the 12 month period ended March 31, 2007, the Large Cap Value Equity Fund returned 15.26% (I Shares) versus 16.83% for the Russell 1000^® Value Index. The most significant detractor to Fund performance was an overweight relative to the Index and stock selection in Industrials. Housing weakened significantly over the last 12 months which in turn hurt names like Simpson Manufacturing Co. (SSD) and Pentair Inc. (PNR) who are both tied to the residential construction cycle. ITT Corp. (ITT) also sold off due to investor fears over housing exposure despite a majority of the company’s income being derived from defense related products. The Fund benefited from a slight overweight in Telecommunications, but an underweight in AT&T (T) specifically caused the overall sector to detract from Fund performance. Stock selection in Healthcare negatively impacted performance, with weakness in Pharmaceuticals arising from Johnson & Johnson (JNJ) disclosing receipt of subpoenas from prosecutors in connection with marketing oversight for Topamax, Natrecor and best selling Risperdal prescription drugs. The Fund benefited primarily from stock selection in Materials, with a slight benefit from the Fund’s overweight during the period ending March 31, 2007. Martin Marietta Materials Inc. (MLM) realized increased pricing power in aggregates after consolidation in the industry which provided double digit earnings growth. Weyerhaeuser Co. (WY) was weakened by a decline housing sentiment, but was revalued upwards after management explored REIT conversion options and capitalized on timber assets. International Flavors & Fragrance (IFF) advanced after exceeding year over year comparisons due to advancements resulting from the companies increased research and development investments. From an allocation standpoint, the Fund benefited from an underweight to the Financials sector, which underperformed the overall Index due to concerns over the inverted yield curve and that credit problems that developed in sub prime mortgages could spread into other loan categories and asset classes. Stock selection and allocation effect provided a significant positive impact to performance in Energy. Marathon Oil’s (MRO) exploration success coupled with solid operational execution assisted in realigning Wall Street’s view of the firm, while Apache Corp. (APA) continues to benefit from low expectations and valuations. Utilities was the top performing sector within the Index for the trailing twelve month period, and the Fund benefited from both an overweight to a strong sector and outstanding stock selection. Public Service Enterprise Group (PEG), PPL Corp (PPL) and Entergy (ETR) all advanced from merger speculation following the announcement of a $32 billion leveraged buyout by Kohlberg Kravis Roberts and the Texas Pacific Group of power generator TXU Corporation (TXU).¹

What factors influenced the Fund’s performance for the period ended March 31, 2007?

As previously noted, our Industrials holdings hurt performance the worst. Investors were very concerned about anything that had residential construction exposure and certainly many of these companies do. On a positive note, our bets in Energy and Utilities continued to pay off as oil and natural gas prices remain stubbornly high, refining margins expand and merchant electricity rates continue to march higher.¹

How do you plan to position the Fund, based on market conditions?

The Fund is underweight Consumer Discretionary and market weight Consumer Staples. The Fund is slightly under weight Energy but has solid positions in integrated oil companies with significant refining assets. The Fund is slightly under weight in Materials. We like stocks such as DuPont that have huge free cash flows, some pricing power and tremendous balance sheet flexibility to raise dividends and buyback stock. The Fund is under weight Financials however it remains the largest sector weighting. The Fund is over weight Industrials and slightly overweight Technology with companies like Illinois Tool Works because of their strong balance sheets and good operating leverage. The Fund is slightly overweight Healthcare with Pfizer being a favorite from a valuation standpoint. The Fund is equal weight Telecommunications and overweight Utilities with companies like Entergy that benefit from excess merchant generation capacity that can be sold into unregulated markets.¹

¹ Portfolio composition subject to change.

17

LARGE CAP VALUE EQUITY FUND

Growth of $10,000 Investment (as of March 31, 2007)

This chart assumes an initial hypothetical investment of $10,000 made on 3/31/97. Total return is based on net change in N.A.V. (net asset value) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

The Fund’s performance is compared to Russell 1000^® Value Index an unmanaged index comprised of the 1000 securities found in the Russell universe with a less-than-average growth orientation. Companies in this index generally have low price-to-book and price-to-earning ratios, higher dividend yields, and lower forecasted growth values. The index does not reflect the deduction of fees or taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

				Average Annual Total Returns as of 3/31/07 (%)
Large Cap Value Equity Fund		Inception Date		1 Year		3 Year		5 Year		10 Year
A Shares	without sales charge		02/17/93		14.81		12.55		7.93		8.10
	with sales charge*				8.23		10.34		6.67		7.46
C Shares	without CDSC		06/01/95		14.04		11.78		7.17		7.32
	with CDSC*				13.04		11.78		7.17		7.32
I Shares			10/31/89		15.26		12.92		8.33		8.49
Russell 1000® Value Index					16.83		14.42		10.25		10.85

The expense ratios for A, C and I Shares are 1.15%, 1.85% and 0.85%, respectively.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.sticlassicfunds.com.

* Class A Share performance reflects the maximum front-end sales charge of 5.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares.

18

MID-CAP EQUITY FUND

Portfolio Manager

• Chad Deakins, CFA

Investment Concerns

Mid capitalization funds typically carry additional risks since smaller companies generally have a higher risk of failure.

Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes.

Management Discussion of Fund Performance

How did the Fund perform against its benchmark for the period ended March 31, 2007?

The Mid Cap Equity Fund returned 9.59% (I Shares) for the 12 month period ended March 31, 2007. The Russell Midcap^® Index returned 11.79% for the same period. The Fund trailed the benchmark by 220 basis points (2.20%) for the period. For the year, the sectors contributing the most to the Fund’s performance were Energy, Consumer Discretionary, and Information Technology. The sectors detracting the most from performance were Financials and Utilities. The two holdings that detracted the most from performance were PDL Bio Pharma Inc. and Global Payments, Inc. The stock adding the most to performance was WellCare Group, Inc.

What factors influenced the Fund’s performance for the period ended March 31, 2007?

The Fund was negatively impacted by the market fleeing any company impacted by the increase in delinquency rates in the sub-prime mortgage markets. While not investing in any direct sub-prime lenders, the Fund does have exposure to the mortgage insurance and thrift industry. We believe the worst may be behind us in terms of sub-prime fears as eventually the market should begin to factor in a Federal Reserve (“Fed”) rate cut. Over the course of this coming year, we believe Financial stocks may begin to out perform as the market looks to the Fed to cut interest rates. If the market begins to discount a rate cut, we would expect Technology and Financials to take leadership in the market away from the Consumer Staples sector.¹

How do you plan to position the Fund, based on market conditions?

Looking forward, we believe we are in a transition period of slowing economic growth and more moderate gains in corporate profits. In conjunction with this transition, volatility has increased and could potentially remain a factor as the current year progresses. Nonetheless, we believe some important positives remain in place for the equity markets. Although the economy is slowing, we do not anticipate a recession. In addition, the Fed has moved to a more neutral stance on interest rates and we expect they may remain there for the foreseeable future. Liquidity trends in the market remain positive and both corporations and private equity investors remain active on the acquisition front. Corporations also continue to focus on costs, with many engaging in ongoing restructuring and business portfolio adjustments by way of spin-offs and breakups. We continue to believe such activity is a positive for the mid-cap sector of the market. And valuation levels appear reasonable based on the economic and interest rate outlook.¹

With a backdrop of increased volatility and relatively compressed valuation levels across economic sectors, our current portfolio strategy is relatively sector neutral. We are focusing on stock selection and diversification within sectors. Steady earnings performance will be important in the quarters ahead and we will be focusing on names offering an attractive balance between earnings growth and visibility and reasonable valuation levels. Overall, we believe the portfolio is well-positioned for this environment.¹

¹ Portfolio composition subject to change.

19

MID-CAP EQUITY FUND

Growth of $10,000 Investment (as of March 31, 2007)

This chart assumes an initial hypothetical investment of $10,000 made on 3/31/97. Total return is based on net change in N.A.V. (net asset value) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

The Fund’s performance is compared to the Russell Midcap^® Index a widely recognized index that measures the performance of the 800 smallest companies in the Russell universe. The index is unmanaged and does not reflect the deduction of fees or taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

				Average Annual Total Returns as of 3/31/07 (%)
Mid-Cap Equity Fund		Inception Date		1 Year		3 Year		5 Year		10 Year
A Shares	without sales charge		01/31/94		9.28		14.03		8.38		7.69
	with sales charge*				3.00		11.80		7.10		7.05
C Shares	without CDSC		06/05/95		8.51		13.27		7.69		7.02
	with CDSC*				7.51		13.27		7.69		7.02
I Shares			02/02/94		9.59		14.41		8.80		8.13
Russell Midcap®Index					11.79		15.72		12.91		12.71

The expense ratios for A, C and I Shares are 1.39%, 2.09% and 1.09%, respectively.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.sticlassicfunds.com.

* Class A Share performance reflects the maximum front-end sales charge of 5.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares.

20

MID-CAP VALUE EQUITY FUND

Portfolio Manager

• Don Wordell, CFA

Investment Concerns

Mid capitalization funds typically carry additional risks since smaller companies generally have a higher risk of failure.

Value-based investments are subject to the risk that the broad market may not recognize their intrinsic value.

Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes.

Management Discussion of Fund Performance

How did the Fund perform against its benchmark for the period ended March 31, 2007?

The Mid-Cap Value Equity Fund returned 17.47% (I Shares) for the 12 month period ended March 31, 2007, outperforming the Russell Midcap^® Value Index which returned 17.13%. The Fund outperformed the Lipper Mid Cap Value Index¹ peer group by 418 basis points (4.18%), which advanced 13.29% over the same time period. The benchmark was positively impacted by the large weighting and strong performance of REITs, which returned 21.16% over the same time period. The Fund benefited from superior stock selection and an underweight to the Index within the Financials sector for the period ending March 31, 2007. Two securities significantly impacting performance for the year were Trustreet Properties (TSY), a restaurant real estate investment trust that agreed to be acquired by GE Capital Solutions, and Investors Financial Services Corp (IFIN) which advanced after news of a pending acquisition by State Street (STT) in a $4.5 billion all stock deal. Lazard Ltd. (LAZ) reacted positively as the company benefited from a growing backlog as the outlook for global M&A remains strong. Stock selection in Materials also contributed to the Fund’s outperformance, as Vulcan Materials Co. (VMC) continued to run with secular bull trends in aggregate pricing and demand after consolidation in the aggregate markets, while management at Weyerhaeuser Co. (WY) capitalized on hidden assets such as timber to drive a revaluation by the market. International Flavors & Fragrance (IFF) benefited from a combination of easy year over year comparisons and strong returns from recent investments in research and development. Stock selection in Consumer Discretionary positively impacted performance, particularly Office Max (OMX) which advanced on management’s successful execution of a turnaround plan after depressed margins. Cooper Tire & Rubber (CTB) helped performance after management’s effective restructuring and an increase in market share due to a strike at competitor Goodyear Tire (GT). Hilton Hotels (HLT) advanced after excessive concerns due to dilutive acquisition of sister company Hilton International proved unfounded and strong lodging fundamentals continued. On allocation overview, the Fund was able to offset an underweight in Utilities with outstanding stock selection, with Questar (STR) benefiting from an upwards revision to its proven natural gas reserves.²

What factors influenced the Fund’s performance for the period ended March 31, 2007?

We will continue to adhere to our Value process, which uncovers stocks that pay secure dividends, trade at or near the lower third of historical valuation and possess financial stability. The fund will not abandon or massage the process to capture short-term performance, as history has shown, valuation disconnects tend to revert back to normalcy.²

How do you plan to position the Fund, based on market conditions?

The equity market is signaling the near term economic/profit deceleration picture is not as dim as some anticipated, however, the yield curve stubbornly remains inverted, which historically has signaled a more severe correction. We remain bullish on equities as valuations are not extended, absolute levels of interest rates are low, and job growth remains robust. However, the long term risks to the economy are still prevalent: housing will not be a source of funds, supply/demand imbalances are anticipated to keep energy prices above long term averages, and inflation is still above the comfort zone of the policy makers. We expect market volatility to increase as conflicting data will whipsaw stocks until this mid cycle slowdown is either just that, a slowdown, or something more severe. The Energy and Industrial sectors continue to be a focal point for the portfolio, we also remain underweight REITs and Utilities due to extreme valuations.²

1

The Lipper Mid Cap Value Funds Index is comprised of mutual funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Mid-cap value funds typically have a below-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P MidCap 400 Index.

2

Portfolio composition subject to change.

21

MID-CAP VALUE EQUITY FUND

Growth of $10,000 Investment (as of March 31, 2007)

This chart assumes an initial hypothetical investment of $10,000 made on 11/30/01. Total return is based on net change in N.A.V. (net asset value) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

The Fund’s performance is compared to the Russell Midcap^® Value Index a widely recognized index that measures the performance of the companies in the Russell universe with lower price-to-earnings ratios and lower forecasted growth values. The index is unmanaged and does not reflect the deduction of fees or taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

				Average Annual Total Returns as of 3/31/07 (%)
								Since
Mid-Cap Value Equity Fund		Inception Date		1 Year		3 Year		Inception
A Shares	without sales charge		10/27/03		17.11		16.21		19.38
	with sales charge*				10.37		13.93		17.35
C Shares	without CDSC		11/30/01		16.27		15.64		10.82
	with CDSC*				15.28		15.64		10.82
I Shares			11/30/01		17.47		16.63		11.67
Russell Midcap® Value Index					17.13		18.58		—

The expense ratios for A, C and I Shares are 1.38%, 2.08% and 1.08%, respectively.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website atwww.sticlassicfunds.com.

* Class A Share performance reflects the maximum front-end sales charge of 5.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares.

22

SELECT LARGE CAP GROWTH STOCK FUND (formerly Quality Growth Stock Fund)

Portfolio Manager

• Parker W. Thomas, Jr.

Investment Concerns

Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes.

Management Discussion of Fund Performance

How did the Fund perform against its benchmark for the period ended March 31, 2007?

The Select Large Cap Growth Stock Fund returned 4.42% (I shares) for the 12 month period ended March 31, 2007 compared to a 7.06% return for the Russell 1000^® Growth Index. Factors in this relative performance include:

1)	The holdings in the Consumer sectors accounted for almost one quarter of the relative under-performance. We were market weighted but stock selection lagged the benchmark by 2% of relative performance.1
2)	We were underweight Energy, a sector with above average performance. Although our stocks were up 8% for the year, stocks in the sector gained 16%.1
3)	We were overweight in Technology, an S&P sector that gained 3% and trailed the benchmark. While our selections outperformed, the overweight was a detractor from performance.1
4)	One of the smallest weighted sectors, Utilities, was the absolute best performing, up 34%. We had a very modest exposure to the sector and our selection lagged the group’s performance. The relative shortfall here represents 10% of the underperformance.1

What factors influenced the Fund’s performance for the period ended March 31, 2007?

Performance during the last fiscal year continued to reflect a trend of value outperforming growth. For the 12 months ended March 31, 2007, the S&P 500/Citigroup Value Index² gained 15.63% while the S&P 500/Citigroup Growth Index² only gained 8.08%. The absence of any significant recessionary trends provided a foundation where the higher risk stocks as measured by beta (which measures volatility of a security or portfolio of securities in comparison with the market as a whole) and lower quality based on S&P rankings provided better returns. Our portfolio has a higher quality and lower risk bias.¹

Returns for large cap stocks, unlike previous years, were competitive with small and midcap stocks. For the 12 months ended March 31, 2007, the S&P 100 Stock Index² gained 13.05% while the S&P MidCap 400 Index² and SmallCap 600 Index² had returns of 8.44% and 5.29% respectively.

Our current profile focuses less on sector allocation and more on attractive stock selection. We will appropriately adjust sector allocation in response to company specific improvement in fundamental trends.

How do you plan to position the Fund, based on market conditions?

We continue to believe that large cap growth companies’ relative performance may improve as we move through the next several quarters. The gap between the performance of large cap value stocks and growth stock has been large and the duration of the relative underperformance has been long at 5 years. We expect the catalyst for large cap growth to be better relative earnings growth combined with an attractive valuation and solid financials.

The portfolio’s name changed from Quality Growth Stock to Select Large Cap Growth Stock and the benchmark changed from the S&P 500 to the Russell 1000^® Growth Index. These changes were effective March 1, 2007. During March, the portfolio returned 0.88% and the benchmark return was 0.54%. Historically the portfolio held approximately 60 stocks and we have decreased the amount of stocks in the porfolio to 40. The transition in the Fund’s holdings resulted in an increase in the turnover ratio; however on an ongoing basis our goal is to keep the portfolio turnover at the 60%-80% range. We will continue to emphasize large cap companies with improving earnings and fundamentals with a goal of achieving above benchmark returns while managing portfolio risk. While the portfolio is concentrated, the portfolio names are quality, large cap companies with solid financials.¹

1

Portfolio composition subject to change.

2

The S&P 100 Index is composed of 100 widely held common stocks listed on the New York Stock Exchange, American Stock Exchange and Over-The-Counter markets. The S&P MidCap 400 Index is comprised of 400 domestic stocks chosen for market size (median market capitalization of $676 million), liquidity and industry group representation. The S&P SmallCap 600 Index is comprised of 600 domestic small capitalization stocks chosen for market size, liquidity and industry group representation. The S&P 500/Citigroup Growth Index is an unmanaged capitalization-weighted index of stocks in the Standard & Poor’s 500 index having the highest price to book ratios. The index consists of approximately half of the S&P 500 on a market capitalization basis. The S&P 500/Citigroup Value Index is a market capitalization-weighted index of the stocks in the Standard & Poor’s 500 Index having the lowest price to book ratios. The index consists of approximately half of the S&P 500 on a market capitalization basis.

23

SELECT LARGE CAP GROWTH STOCK FUND

Growth of $10,000 Investment (as of March 31, 2007)

This chart assumes an initial hypothetical investment of $10,000 made on 3/31/97 Total return is based on net change in N.A.V. (net asset value) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

The Fund has changed its standardized benchmark index from the S&P 500 Index to the Russell 1000^® Growth Index to better represent the new objective of the Fund. The S&P 500 Index is a market value-weighted index of 500 stocks designed to mimic the overall U.S. equity market’s industry weightings. The Russell 1000^® Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The indexes are unmanaged and do not reflect the deduction of fees or taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

				Average Annual Total Returns as of 3/31/07 (%)
Select Large Cap Growth Stock Fund		Inception Date†		1 Year		3 Year		5 Year		10 Year
A Shares	without sales charge		10/14/03		4.13		4.59		1.60		4.89
	with sales charge*				-1.87		2.55		0.41		4.27
C Shares	without CDSC		12/15/98		3.40		3.88		0.79		4.12
	with CDSC*				2.40		3.88		0.79		4.12
I Shares			12/31/95		4.42		4.94		1.83		5.00
S&P 500 Index					11.82		10.05		6.26		8.20
Russell 1000® Growth Index					7.06		7.01		3.48		5.51

The gross expense ratios for the A, C and I Shares are 1.30%, 2.00% and 1.00%, respectively. The net expense ratios for the A, C and I Shares are 1.25%, 1.95% and 0.95%, respectively. The Adviser has contractually agreed to waive fees and reimburse expenses until at least August 1, 2008 in order to keep total operating expenses from exceeding 1.25%, 1.95% and 0.95% for A, C, and I Shares, respectively. Without these fee waivers, performance would have been lower.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.sticlassicfunds.com.

*

Class A Share performance reflects the maximum front-end sales charge of 5.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares.

†

The performance quoted represents past performance of SunTrust Bank’s internally managed common trust fund, adjusted for fees and expenses for periods prior to December 12, 1998 and inception of the A and C Shares on October 14, 2003 and December 15, 1998, respectively. The common trust fund was not registered under the 1940 Act and therefore was not subject to certain investment restrictions which may have adversely affected performance.

24

SMALL CAP GROWTH STOCK FUND

Portfolio Manager

• James P. Foster

• Christopher Guinther

• Michael A. Sansoterra

Investment Concerns

Small capitalization funds typically carry additional risks since smaller companies generally have a higher risk of failure.

Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes.

Management Discussion of Fund Performance

How did the Fund perform against its benchmark for the period ended March 31, 2007?

For the fiscal year ended March 31, 2007 the Small Cap Growth Stock Fund returned -7.80% (I Shares) while the Russell 2000^® Growth Index was up 1.56%. The vast percentage of the under-performance occurred due to stock selection. Stock selection was poor in the four primary growth sectors of the Russell 2000^® Growth Index: Technology, Healthcare, Consumer Discretionary and Industrials. The Consumer Discretionary sector of the Fund was down 4.95% while that sector in the benchmark was up 5.40%, contributing almost two percentage points of the total under-performance. Jos A. Banks (retail clothing), one of the Fund’s best performers in the previous fiscal year suffered a drop in earnings during the first quarter 2006 (period ended April 2006). Jos A. Banks was $43.62 on April 27, 2006 and just eight weeks later the stock was down 42.2% with a price of $24.75. This single holding accounted for nearly ten percent of the Fund’s total under performance. Stock selection within the Technology sector also negatively impacted investment results. The Fund’s return within the Technology sector was -6.76% with the biggest detractor being Neoware. Neoware provides software solutions to enable thin client appliance computing. The company had been growing very rapidly (nearly 60% earnings growth) then disappointed investors with poor results following the second quarter of 2006. The company lost almost 50% of its value after the poor quarterly results. The Fund’s new investment team has made significant changes to the investment process by enhancing the quantitative tools, the investment professionals experience and responsibilities, and the risk management process.

What factors influenced the Fund’s performance for the period ended March 31, 2007?

In May 2006, the team responsible for managing the Fund departed. This material change in investment professionals significantly disrupted the investment process and poor performance followed for the next six months, or the second half of 2006. The Fund’s new investment team was assembled immediately but not completed until recently early in calendar year 2007, when a new lead portfolio manager and several new sector focused portfolio managers were hired and in place. The team has stabilized the Fund’s performance through the first calendar quarter of 2007 and good results have been produced early into the first month of fiscal 2008.

How do you plan to position the Fund, based on market conditions?

The portfolio management team does not attempt to position the Fund based on predictions of macro-economic conditions. The strategy utilizes a balanced approach to stock selection. This balanced approach combined with multi-dimensional risk decomposition tools allows the portfolio managers to control active risk through portfolio construction. The portfolio managers actively monitor the components of the systematic risk and aim to ensure that most of the risk relative to the index is derived from non-systematic (stock specific) risk. In fact, the team seeks to eliminate investment results or variances relative to the index by minimizing unintended biases that can develop in a portfolio due to bottom up stock selection. Results are expected to be achieved through taking non-systematic risk or stock selection risks. Sector rotation and tactical sector allocations are generally not utilized. The portfolio will be relatively sector and characteristic neutral to the index as they attempt to generate alpha² through superior, bottom-up stock selection. Our investment strategy is objective, balanced and designed to deliver a consistent frequency of alpha in all types of market conditions.

The Fund will invest in companies with reasonable valuations and improving fundamentals. Generally, the companies invested in will have shown year over year increases in operating margins, growth in revenues and exhibit improving financial returns as measured by return on incremental invested capital. They are acutely aware of capital deployment as measured by capital expenditures relative to sales and stock buybacks. By combining the income statement, balance sheet and cash flow metrics to evaluate earnings quality, capital efficiency and relative valuations, the portfolio managers avoid concentrating on a single attribute and becoming dependent on the results of that single characteristic in the market. Therefore, the team seeks to eliminate investment results that are directly attributable to market conditions, and add alpha through stock selection.¹

1	Portfolio composition subject to change.
2	Alpha measures a fund’s risk-adjusted performance and represents the difference between a fund’s actual performance and its expected performance, given its level of risk as measured by beta.

25

SMALL CAP GROWTH STOCK FUND

Growth of $10,000 Investment (as of March 31, 2007)

This chart assumes an initial hypothetical investment of $10,000 made on 10/8/98. Total return is based on net change in N.A.V. (net asset value) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

The Fund’s performance is compared to the Russell 2000^® Growth Index, an unmanaged index which is comprised of the securities in the Russell 2000^® Index with a greater-than-average growth orientation. Companies in this index tend to exhibit higher price-to-book and price-to-earnings ratios. The index does not reflect the deduction of fees or taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

			Average Annual Total Returns as of 3/31/07 (%)
									Since
Small Cap Growth Stock Fund		Inception Date†	1 Year		3 Year		5 Year		Inception
A Shares	without sales charge	12/10/99		-8.06		6.99		7.92		13.24
	with sales charge*			-13.34		4.90		6.65		12.45
C Shares	without CDSC	10/08/98		-8.68		6.29		7.21		12.43
	with CDSC*			-9.54		6.29		7.21		12.43
I Shares		10/08/98		-7.80		7.37		8.30		13.58
Russell 2000® Growth Index				1.56		9.41		7.88		—

The expense ratios for A, C and I Shares are 1.47%, 2.17% and 1.17%, respectively.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.sticlassicfunds.com.

*	Class A Share performance reflects the maximum front-end sales charge of 5.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares.
†	The A Shares were offered beginning on December 10, 1999. The performance shown for the A Shares prior to such date is based on the performance of the I Shares of the Fund, and has not been adjusted to reflect A Share expenses. If it had been, performance would have been lower.

26

SMALL CAP QUANTITATIVE EQUITY FUND

Portfolio Manager

• Stephen Futch

Investment Concerns

Small capitalization funds typically carry additional risks since smaller companies generally have a higher risk of failure.

Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes.

Management Discussion of Fund Performance

How did the Fund perform against its benchmark for the period ended March 31, 2007?

For the 12 month period ended March 31, 2007 the Fund returned -1.81% (I Shares) while its benchmark, the Russell 2000^®, returned 5.91%.

What factors influenced the Fund’s performance for the period ended March 31, 2007?

Around May of 2006, a general shift occurred in the pattern of market returns as the extended duration of small company outperformance became more erratic. Accompanying this shift in leadership was a general reversal or perversion in the returns of various stock selection factor classes. While valuation factors continued to reap positive relative returns, typically consistent return generating factor classes such as price momentum and analyst activity became inconsistent and even generated return patterns opposite from what is typically realized. The Fund’s poor stock selection and inopportune sector calls joined this aberration to create the realized underperformance. Unfortunately, this market behavior accompanied the early part of the Fund’s track record, resulting in a less than desirable start. Going forward, we are studying a technique to more closely align the portfolio’s market cap profile with that of the index. In addition, we are reevaluating our method of selecting candidate sectors for differential relative weighting. As a consequence, we are temporarily taking a more sector-neutral approach in our portfolio construction. Finally, we have expanded the number of factor classes that we utilize in our sector-specific, multi-factor models. We feel that this expansion will make our process more dynamic in various environments.

How do you plan to position the Fund, based on market conditions?

We continue to believe that the most holistic method of portfolio construction is to have generally constant exposure to various classes of stock selection factors as opposed to only one or a few classes. Because these classes of factors are not perfectly correlated, we hope that the relative performance of the fund will be less erratic than a strategy that focuses on only one or two classes. With this concept in mind, we feel that the fund is currently well positioned for outperformance in a variety of market environments.

¹ Portfolio composition subject to change.

27

SMALL CAP QUANTITATIVE EQUITY FUND

Growth of $10,000 Investment (as of March 31, 2007)

This chart assumes an initial hypothetical investment of $10,000 made on 4/3/06. Total return is based on net change in N.A.V. (net asset value) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

The Fund’s performance is compared to the Russell 2000^® Index which measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. The companies which comprise this index have high price-to-book ratios and higher forecasted growth values. The index is unmanaged and does not reflect the deduction of fees or taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

				Aggregate Total Returns as of 3/31/07 (%)
				Since
Small Cap Quantitative Equity Fund		Inception Date		Inception
A Shares	without sales charge		04/03/06		-2.10
	with sales charge*				-7.73
C Shares1	without CDSC		04/03/06		-2.70
	with CDSC*				-3.67
I Shares			04/03/06		-1.81
Russell 2000® Index					5.91	**

The expense ratios for A, C and I Shares are 1.45%, 2.15% and 1.15%, respectively.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.sticlassicfunds.com.

1	The total return is calculated in accordance with SEC guidelines. Total returns for financial reporting purposes are based on GAAP.
*	Class A Share performance reflects the maximum front-end sales charge of 5.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only.
**	The Since Inception Return for the Russell 2000® Index was calculated from 3/31/06.

28

SMALL CAP VALUE EQUITY FUND

Portfolio Manager

• Brett Barner, CFA

Investment Concerns

Small capitalization funds typically carry additional risks since smaller companies generally have a higher risk of failure.

Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes.

Value-based investments are subject to the risk that the broad market may not recognize their intrinsic value.

Management Discussion of Fund Performance

How did the Fund perform against its benchmark for the period ended March 31, 2007?

For the 12 month period ended March 31, 2007, the Small Cap Value Equity Fund returned 7.41% (I Shares) versus 10.38% for the benchmark Russell 2000^® Value Index.

The primary reason for the underperformance relative to the Index was stock selection in the Industrials sector, where weakening sentiment spooked the markets to sell off stocks with housing exposure last summer. Graco Inc. (GGG), a company with a strong management team, a proven track record of integrating acquisitions and delivering consistent double digit earnings growth, declined due to a softening in housing end markets. Walter Industries (WLT) also detracted from performance over the aforementioned housing concerns combined with the mild winter driving a pullback in coal prices, while Oshkosh Truck Corp. (OSK) sold off after announcing the sizeable acquisition of JLG, a lift platform maker. Stock selection in Consumer Discretionary significantly detracted from performance. Housing also placed downwards pressure on Technical Olympia (TOA), and Pool Corp (POOL) declined on lowered model activity and housing starts. Lithia Motors (LAD) faced a tough overall North American new vehicle market and exposure to Detroit original equipment manufacturers. Stock selection in Energy hampered performance, primarily CHC Helicopter (FLI) which pulled back due to short term challenges in integrating new helicopters into their expanding fleet. Carbo Ceramics (CRR), a leader in technology for drilling propellants, sold off after managements restructuring missteps, poor operational performance and subsequent poor earnings release.¹

In the Financials sector, the Fund exhibited solid investment performance from superior stock selection and an underweight to the Index. A pair of acquisitions provided significant strength to stock selection, as First Republic (FRC) announced Merrill Lynch was acquiring the company and Hub International (HBG) agreed to be acquired by Morgan Stanley and Apex Partners. Cohen & Steers Inc. (CNS) is a manager of high-income equity portfolios specializing in REITs benefiting from a global increase in real estate valuation as well as the legalization of REIT structure in several European countries. Outstanding stock selection in Utilities positively impacted performance for the Fund as Companhia de Saneamento Basico do Estado de Sao Paulo (SBS) advanced on an improving demand environment in Sao Paolo and finalization of a tariff increase, improvement in earnings from the ability to increase volumes within its operating territory. PNM Resources (PNM) benefited the Fund from continued improvement in power demand conditions and the announcement of a joint venture agreement with Cascade Investments. Superior stock selection in Consumer Staples also helped performance as Longs Drug Stores (LDG) released solid numbers and raised guidance for 2008 as it benefited from the continued success of managements restructuring and prescription drug plan. Church & Dwight Co. (CHD) and J.M. Smucker Co. (SJM) advanced from depressed valuations and positively impacted Fund performance.¹

What factors influenced the Fund’s performance for the period ended March 31, 2007?

Large inflows of capital from non-traditional Small Cap Value investors are skewing valuations to the upside for most securities in the universe, which has in turn caused lower quality names to increase in price and, therefore, making stock selection critical for out performance. These non-traditional investors may also place undue downside pressure on valuations when they decide to exit the Small Cap realm, therefore we continue to be cautious concerning valuations in the Small Cap Value equity arena. The Fund places these concerns at the forefront during portfolio review and will continuously monitor for signals of investor change within the Small Cap Universe.¹

How do you plan to position the Fund, based on market conditions?

The Fund will continue to utilize its bottom-up approach to stock selection. The process seeks dividend paying stocks trading at the lower end of historical trading ranges, display characteristics of financial strength and possessing an identifiable catalyst to assist in realizing true value. The Fund does not make active sector allocations but allows the process to define sector weights. The Fund will rely on the process for direction when making alterations to sector positions.¹

Industrial stocks are the largest sector of the Fund at 28.8%, overweight to the Index at 11.1% due to our bullish outlook for long term sector fundamentals and growth prospects. The Fund is overweight in the Healthcare sector, with a 8.9% weighting relative to the 4.9% Index weighting based on attractive valuations, strong balance sheets and significant operating leverage to an improving economy. The Fund has significant exposure in the Financials sector at 12.2%; however, this allocation is significantly underweight the benchmark (33.2%) owing to concerns with an inverted yield curve and sub prime concerns spreading to loan products and other asset classes. The Fund currently does not have a position in REITs as current valuations are extreme and unsupported by current fundamentals. The Fund continued to reduce its exposure to the Consumer Discretionary sector during the first quarter as strength in the consumer is being closely watched given falling mortgage equity withdrawals.¹

¹ Portfolio composition subject to change.

29

SMALL CAP VALUE EQUITY FUND

Growth of $10,000 Investment (as of March 31, 2007)

This chart assumes an initial hypothetical investment of $10,000 made on 3/31/97. Total return is based on net change in N.A.V. (net asset value) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

The Fund’s performance is compared to the Russell 2000^® Value Index a widely-recognized, capitalization weighted index of companies in the Russell 2000^® Index with lower growth rates and price-to-book ratios. The index is unmanaged and does not reflect the deduction of fees or taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

			Average Annual Total Returns as of 3/31/07 (%)
Small Cap Value Equity Fund		Inception Date†	1 Year		3 Year		5 Year		10 Year
A Shares	without sales charge	10/09/03		7.17		17.52		15.96		13.36
	with sales charge*			1.00		15.23		14.61		12.70
C Shares	without CDSC	06/06/97		7.10		17.46		15.54		12.59
	with CDSC*			6.28		17.46		15.54		12.59
I Shares		08/31/94		7.41		17.81		16.23		13.49
Russell 2000® Value Index				10.38		14.47		13.61		13.46

The expense ratios for A, C and I Shares are 1.45%, 1.45% and 1.20%, respectively.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.sticlassicfunds.com.

*

Class A Share performance reflects the maximum front-end sales charge of 5.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares.

†

The performance quoted represents past performance of the SunTrust Bank’s internally managed common trust fund, adjusted for fees and expenses for periods prior to January 31, 1997, and past performance of the I Shares for the periods between January 31, 1997 and inception of the C Shares on June 6, 1997 and the A Shares on October 9, 2003. The common trust fund was not registered under the 1940 Act and therefore was not subject to certain investment restrictions which may have adversely affected performance.

30

LIFE VISION AGGRESSIVE GROWTH FUND

Portfolio Manager

• Alan Gayle

Investment Concerns

Stocks are more volatile and carry more risk and return potential than other forms of investments. Bonds offer a relatively stable level of income, although bond prices will fluctuate, providing the potential for principal gain or loss. Cash equivalents offer low risk and low return potential.

Management Discussion of Fund Performance

How did the Fund perform against its benchmark for the period ended March 31, 2007?

The Life Vision Aggressive Growth Fund underperformed its blended benchmark for the year ended March 31, 2007. Fund underperformance was due to weak relative performance in several heavily weighted large-cap funds, which was offset in part by exposure to the international sector and a general bias toward equities.

What factors influenced the Fund’s performance for the period ended March 31, 2007?

Exposure to small-cap and international equities as well as an average portfolio bias toward equities contributed positively to performance, while the fund’s modest tilt toward the growth style was a slight detriment. The fund’s relatively concentrated exposure to the large-cap core and growth funds had the biggest negative impact on portfolio performance. The availability of additional fund options in this space allowed for a more diversified exposure by the end of the fiscal year which should help reduce manager risk.

How do you plan to position the Fund, based on market conditions?

We will continue to emphasize equities in general focusing on large-cap and international equities and will use a more diversified allocation across large-cap equity fund managers.

31

LIFE VISION AGGRESSIVE GROWTH FUND

Growth of $10,000 Investment (as of March 31, 2007)

This chart assumes an initial hypothetical investment of $10,000 made on 3/31/97. Total return is based on net change in N.A.V. (net asset value) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

The Fund’s performance is compared to the S&P 500 Index, the Citigroup 3 Month Treasury Bill Index and a Hybrid blend of 90/10 (90% of the S&P 500 Index and 10% of the Citigroup 3 Month Treasury Bill Index). The S&P 500 Index is a market value-weighted index of 500 stocks designed to mimic the overall U.S. equity market’s industry weightings. The Citigroup 3 Month Treasury Bill Index tracks the performance of 3 month U.S. Treasury Bills. The indices are unmanaged and do not reflect the deduction of fees or taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

Life Vision			Average Annual Total Returns as of 3/31/07 (%)
Aggressive Growth Fund		Inception Date†	1 Year		3 Year		5 Year		10 Year
A Shares	without sales charge	10/16/03		9.31		10.12		7.07		8.21
	with sales charge*			3.03		7.97		5.82		7.58
B Shares	without CDSC	03/11/03		8.71		9.60		6.63		7.99
	with CDSC*			3.71		8.48		6.32		7.99
C Shares	without CDSC	04/04/05		8.54		9.72		6.88		8.12
	with CDSC*			7.54		9.72		6.88		8.12
I Shares		12/31/92		9.60		10.43		7.30		8.33
S&P 500 Index				11.82		10.05		6.26		8.20
Citigroup 3 Month Treasury Bill Index				4.98		3.33		2.51		3.67
Hybrid Index (90% of the S&P 500 Index and 10% of the Citigroup 3 Month Treasury Bill Index)				12.25		9.75		6.17		7.97

The gross expense ratios for A, B, C and I Shares are 0.51%, 0.96%, 1.21%, and 0.21%, respectively. The net expense ratios for A, B, C and I Shares are 0.50%, 0.95%, 1.20% and 0.20%, respectively. The Adviser has contractually agreed to waive fees and reimburse expenses until at least August 1, 2007 in order to keep total operating expenses from exceeding 0.50%, 0.95%, 1.20% and 0.20% for A, B, C and I Shares, respectively. Without these fee waivers, performance would have been lower. The indirect expenses of the Fund, which represent a pro-rata share of the expenses of the underlying STI Classic Funds in which the Fund invests, totaled 0.92% of net assets and are in addition to the expense ratios listed above.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.sticlassicfunds.com.

*

Class A Share performance reflects the maximum front-end sales charge of 5.75%, Class B Shares reflect the maximum CDSC (contingent deferred sales charge) of 5.00% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares.

†

The quoted performance of the Life Vision Aggressive Growth Fund includes performance of certain accounts advised by Crestar Bank, for periods dating back to December 31, 1992 and prior to the Fund’s commencement of operations on June 30, 1997, as adjusted to reflect the expenses associated with the Fund. The accounts were not registered with the Securities and Exchange Commission and, therefore, were not subject to the investment restrictions imposed by law on registered mutual funds. If the accounts had been registered, the accounts’ performance may have been adversely affected. For the period prior to October 16, 2003 (Class A Shares), March 11, 2003 (Class B Shares) and April 4, 2005 (Class C Shares), the quoted performance reflects the performance of the Class I Shares.

Class B Shares are closed to new investors.

32

LIFE VISION CONSERVATIVE FUND

Portfolio Manager

• Alan Gayle

Investment Concerns

Stocks are more volatile and carry more risk and return potential than other forms of investments. Bonds offer a relatively stable level of income, although bond prices will fluctuate, providing the potential for principal gain or loss. Cash equivalents offer low risk and low return potential.

Management Discussion of Fund Performance

How did the Fund perform against its benchmark for the period ended March 31, 2007?

The Life Vision Conservative Fund underperformed its blended benchmark for the year ended March 31, 2007. Fund underperformance was due to weak relative performance in several heavily weighted large-cap funds, which was offset in part by exposure to the international sector and a general bias toward equities.

What factors influenced the Fund’s performance for the period ended March 31, 2007?

Exposure to small-cap and international equities as well as an average portfolio bias toward equities contributed positively to performance, while the fund’s modest tilt toward the growth style was a slight detriment. The fund’s relatively concentrated exposure to the large-cap core and growth funds had the biggest negative impact on portfolio performance. The availability of additional fund options in this space allowed for a more diversified exposure by the end of the fiscal year which should help reduce manager risk.

How do you plan to position the Fund, based on market conditions?

We will continue to emphasize equities in general focusing on large-cap and international equities and will use a more diversified allocation across large-cap equity fund managers.

33

LIFE VISION CONSERVATIVE FUND

Growth of $10,000 Investment (as of March 31, 2007)

This chart assumes an initial hypothetical investment of $10,000 made on 3/11/03. Total return is based on net change in N.A.V. (net asset value) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

The Fund’s performance is compared to the Lehman Brothers U.S. Aggregate Bond Index, the S&P 500 Index, the Citigroup 3 Month Treasury Bill Index, and a Hybrid blend of 70/20/10 (70% of the Lehman Brothers U.S. Aggregate Bond Index, 20% of the S&P 500 Index and 10% of the Citigroup 3 Month Treasury Bill Index). The Lehman Brothers U.S. Aggregate Bond is comprised of securities that are SEC-registered, taxable, and dollar denominated. The S&P 500 Index is a market value-weighted index of 500 stocks designed to mimic the overall U.S. equity market’s industry weightings. The Citigroup 3 Month Treasury Bill Index tracks the performance of 3 month U.S. Treasury Bills. The indices are unmanaged and does not reflect the deduction of fees or taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

			Average Annual Total Returns as of 3/31/07 (%)
Life Vision							Since
Conservative Fund		Inception Date†	1 Year		3 Year		Inception
A Shares	without sales charge	11/11/03		6.64		4.61		6.47
	with sales charge*			1.57		2.94		5.20
B Shares	without CDSC	03/11/03		6.12		4.18		6.08
	with CDSC*			1.12		2.94		5.66
C Shares	without CDSC	04/04/05		5.91		4.34		6.27
	with CDSC*			4.91		4.34		6.27
I Shares		11/06/03		6.91		4.94		6.73
Lehman Brothers U.S. Aggregate Bond Index				6.59		3.31		—
S&P 500 Index				11.82		10.05		—
Citigroup 3 Month U.S. Treasury Bill Index				4.98		3.33		—
Hybrid Index (70% of the Lehman Brothers U.S. Aggregate Bond Index, 20% of the S&P 500 Index and 10% of the Citigroup 3 Month Treasury Bill Index)				7.49		4.68		—

The gross expense ratios for A, B, C and I Shares are 0.85%, 1.30%, 1.55% and 0.55%, respectively. The net expense ratios for A, B, C and I Shares are 0.50%, 0.95%, 1.20% and 0.20%, respectively. The Adviser has contractually agreed to waive fees and reimburse expenses until at least August 1, 2007 in order to keep total operating expenses from exceeding 0.50%, 0.95%, 1.20% and 0.20% for A, B, C and I Shares, respectively. Without these fee waivers, performance would have been lower. The indirect expenses of the Fund, which represent a pro-rata share of the expenses of the underlying STI Classic Funds in which the Fund invests, totaled 0.45% of net assets and are in addition to the expense ratios listed above.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.sticlassicfunds.com.

*	Class A Share performance reflects the maximum front-end sales charge of 4.75%, Class B Shares reflect the maximum CDSC (contingent deferred sales charge) of 5.00% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares.
†	For the period prior to November 11, 2003 (Class A Shares) and April 4, 2005 (Class C Shares), the quoted performance reflects the performance of the Class I Shares and Class B Shares prior to November 6, 2003. The I Shares opened on November 6, 2003. The performance shown prior to that date is based on the performance of the B Shares.

Class B Shares are closed to new investors.

34

LIFE VISION GROWTH AND INCOME FUND

Portfolio Manager

• Alan Gayle

Investment Concerns

Stocks are more volatile and carry more risk and return potential than other forms of investments. Bonds offer a relatively stable level of income, although bond prices will fluctuate, providing the potential for principal gain or loss. Cash equivalents offer low risk and low return potential.

Management Discussion of Fund Performance

The Life Vision Growth & Income Fund underperformed its blended benchmark for the year ended March 31, 2007. Fund underperformance was due to weak relative performance in several heavily weighted large-cap funds, which was offset in part by exposure to the international sector and a general bias toward equities.

What factors influenced the Fund’s performance for the period ended March 31, 2007?

Exposure to small-cap and international equities as well as an average portfolio bias toward equities contributed positively to performance, while the fund’s modest tilt toward the growth style was a slight detriment. The fund’s relatively concentrated exposure to the large-cap core and growth funds had the biggest negative impact on portfolio performance. The availability of additional fund options in this space allowed for a more diversified exposure by the end of the fiscal year which should help reduce manager risk.

How do you plan to position the Fund, based on market conditions?

We will continue to emphasize equities in general focusing on large-cap and international equities and will use a more diversified allocation across large-cap equity fund managers.

35

LIFE VISION GROWTH AND INCOME FUND

Growth of $10,000 Investment (as of March 31, 2007)

This chart assumes an initial hypothetical investment of $10,000 made on 3/31/97. Total return is based on net change in N.A.V. (net asset value) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

The Fund’s performance is compared to the S&P 500 Index, the Lehman Brothers U.S. Aggregate Bond Index, the Citigroup 3 Month Treasury Bill Index, and a Hybrid blend of 65/25/10 (65% of the S&P 500 Index, 25% of the Lehman Brothers U.S. Aggregate Bond Index and 10% of the Citigroup 3 Month Treasury Bill Index). The S&P 500 Index is a market value-weighted index of 500 stocks designed to mimic the overall U.S. equity market’s industry weightings. The Lehman Brothers U.S. Aggregate Bond is comprised of securities that are SEC-registered, taxable, and dollar denominated. The Citigroup 3 Month Treasury Bill Index tracks the performance of 3 month U.S. Treasury Bills. The indices are unmanaged and do not reflect the deduction of fees or taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

Life Vision				Average Annual Total Returns as of 3/31/07 (%)
Growth and Income Fund		Inception Date†		1 Year		3 Year		5 Year		10 Year
A Shares	without sales charge		11/05/03		8.44		8.24		7.05		7.93
	with sales charge*				2.18		6.11		5.79		7.30
B Shares	without CDSC		03/11/03		7.95		7.75		6.65		7.73
	with CDSC*				2.95		6.59		6.33		7.73
C Shares	without CDSC		04/06/05		7.62		7.72		6.76		7.79
	with CDSC*				6.62		7.72		6.76		7.79
I Shares			12/31/92		8.73		8.61		7.29		8.05
S&P 500 Index					11.82		10.05		6.26		8.20
Lehman Brothers U.S. Aggregate Bond Index					6.59		3.31		5.35		6.46
Citigroup 3 Month U.S. Treasury Bill Index					4.98		3.33		2.51		3.67
Hybrid Index (65% of the S&P 500 Index, 25% of the           Lehman Brothers U.S. Aggregate Bond Index and           10% of the Citigroup 3 Month Treasury Bill Index)					9.85		7.72		5.87		7.62

The gross expense ratios for A, B, C and I Shares are 0.49%, 0.94%, 1.19% and 0.19%, respectively. The Adviser has contractually agreed to waive fees and reimburse expenses until at least August 1, 2007 in order to keep total operating expenses from exceeding 0.50%, 0.94%, 1.20% and 0.20% for the A, B, C and I Shares, respectively. Without these fee waivers, performance would have been lower. The indirect expenses of the Fund, which represent a pro-rata share of the expenses of the underlying STI Classic Funds in which the Fund invests, totaled 0.77% of net assets and are in addition to the expense ratios listed above.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.sticlassicfunds.com.

*    Class A Share performance reflects the maximum front-end sales charge of 5.75%, Class B Shares reflect the maximum CDSC (contingent deferred sales charge) of 5.00% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares.

^†    The quoted performance of the Life Vision Growth and Income Fund includes performance of certain accounts advised by Crestar Bank, for periods dating back to December 31, 1992 and prior to the Fund’s commencement of operations on June 30, 1997, as adjusted to reflect the expenses associated with the Fund. The accounts were not registered with the Securities and Exchange Commission and, therefore, were not subject to the investment restrictions imposed by law on registered mutual funds. If the accounts had been registered, the accounts’ performance may have been adversely affected. For the period prior to November 5, 2003 (Class A Shares), March 11, 2003 (Class B Shares) and April 6, 2005 (Class C Shares), the quoted performance reflects the performance of the Class I Shares.

Class B Shares are closed to new investors.

36

LIFE VISION MODERATE GROWTH FUND

Portfolio Manager

• Alan Gayle

Investment Concerns

Stocks are more volatile and carry more risk and return potential than other forms of investments. Bonds offer a relatively stable level of income, although bond prices will fluctuate, providing the potential for principal gain or loss. Cash equivalent offer low risk and low return potential.

Management Discussion of Fund Performance

How did the Fund perform against its benchmark for the period ended March 31, 2007?

The Life Vision Moderate Growth Fund underperformed its blended benchmark for the year ended March 31, 2007. Fund underperformance was due to weak relative performance in several heavily weighted large-cap funds, which was offset in part by exposure to the international sector and a general bias toward equities.

What factors influenced the Fund’s performance for the period ended March 31, 2007?

Exposure to small-cap and international equities as well as an average portfolio bias toward equities contributed positively to performance, while the fund’s modest tilt toward the growth style was a slight detriment. The fund’s relatively concentrated exposure to the large-cap core and growth funds had the biggest negative impact on portfolio performance. The availability of additional fund options in this space allowed for a more diversified exposure by the end of the fiscal year which should help reduce manager risk.

How do you plan to position the Fund, based on market conditions?

We will continue to emphasize equities in general focusing on large-cap and international equities and will use a more diversified allocation across large-cap equity fund managers.

37

LIFE VISION MODERATE GROWTH FUND

Growth of $10,000 Investment (as of March 31, 2007)

This chart assumes an initial hypothetical investment of $10,000 made on 3/31/97. Total return is based on net change in N.A.V. (net asset value) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

The Fund’s performance is compared to the S&P 500 Index, the Lehman Brothers U.S. Aggregate Bond Index, the Citigroup 3 Month Treasury Bill Index, and a Hybrid blend of 50/40/10 (50% of the S&P 500 Index, 40% of the Lehman Brothers U.S. Aggregate Bond Index and 10% of the Citigroup 3 Month Treasury Bill Index). The S&P 500 Index is a market value-weighted index of 500 stocks designed to mimic the overall U.S. equity market’s industry weightings. The Lehman Brothers U.S. Aggregate Bond is comprised of securities that are SEC-registered, taxable, and dollar denominated. The Citigroup 3 Month Treasury Bill Index tracks the performance of 3 month U.S. Treasury Bills. The indices are unmanaged and does not reflect the deduction of fees or taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

Life Vision				Average Annual Total Returns as of 3/31/07 (%)
Moderate Growth Fund		Inception Date†		1 Year		3 Year		5 Year		10 Year
A Shares	without sales charge		10/10/03		7.77		6.78		6.47		7.23
	with sales charge*				1.58		4.68		5.21		6.60
B Shares	without CDSC		03/11/03		7.36		6.31		6.03		7.01
	with CDSC*				2.36		5.11		5.72		7.01
C Shares	without CDSC		04/06/05		7.01		6.26		6.19		7.09
	with CDSC*				6.01		6.26		6.19		7.09
I Shares			12/31/92		8.02		7.05		6.67		7.33
S&P 500 Index					11.82		10.05		6.26		8.20
Lehman Brothers U.S. Aggregate Bond Index					6.59		3.31		5.35		6.46
Citigroup 3 Month U.S. Treasury Bill Index					4.98		3.33		2.51		3.67
Hybrid Index (50% of the S&P 500 Index, 40% of the           Lehman Brothers U.S. Aggregate Bond Index and           10% of the Citigroup 3 Month Treasury Bill Index)					9.07		6.71		5.76		7.39

The gross expense ratios for A, B, C and I Shares are 0.48%, 0.93%, 1.18% and 0.18%, respectively. The Adviser has contractually agreed to waive fees and reimburse expenses until at least August 1, 2007 in order to keep total operating expenses from exceeding 0.50%, 0.93%, 1.20% and 0.20% for A, B, C and I Shares, respectively. Without these fee waivers, performance would have been lower. The indirect expenses of the Fund, which represent a pro-rata share of the expenses of the underlying STI Classic Funds in which the Fund invests, totaled 0.64% of net assets and are in addition to the expense ratios listed above.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.sticlassicfunds.com.

*    Class A Share performance reflects the maximum front-end sales charge of 5.75%, Class B Shares reflect the maximum CDSC (contingent deferred sales charge) of 5.00% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares.

^†    The quoted performance of the Life Vision Moderate Growth Fund includes performance of certain accounts advised by Crestar Bank, for periods dating back to December 31, 1992 and prior to the Fund’s commencement of operations on June 30, 1997, as adjusted to reflect the expenses associated with the Fund. The accounts were not registered with the Securities and Exchange Commission and, therefore, were not subject to the investment restrictions imposed by law on registered mutual funds. If the accounts had been registered, the accounts’ performance may have been adversely affected. For the period prior to October 10, 2003 (Class A Shares), March 11, 2003 (Class B Shares) and April 6, 2005 (Class C Shares), the quoted performance reflects the performance of the Class I Shares.

Class B Shares are closed to new investors.

38

LIFE VISION TARGET DATE 2015 FUND

Portfolio Manager

• Alan Gayle

Investment Concerns

Stocks are more volatile and carry more risk and return potential than other forms of investments. Bonds offer a relatively stable level of income, although bond prices will fluctuate, providing the potential for principal gain or loss. Cash equivalent offer low risk and low return potential.

Management Discussion of Fund Performance

How did the Fund perform against its benchmark for the period ended March 31, 2007?

The Life Vision Target Date 2015 Fund underperformed its 60/40 blended benchmark for the year ended March 31, 2007. Fund underperformance was due to weak relative performance in several heavily weighted large-cap funds in the second and third quarters, which was offset in part by exposure to the international sector and a general bias toward equities. The fund outperformed the hybrid benchmark in the first quarter.

What factors influenced the Fund’s performance for the period ended March 31, 2007?

Exposure to small-cap and international equities as well as an average portfolio bias toward equities contributed positively to performance, while the fund’s modest tilt toward the growth style was a slight detriment. The fund’s relatively concentrated exposure to the large-cap core and growth funds had the biggest negative impact on portfolio performance. The availability of additional fund options in this space allowed for a more diversified exposure by the end of the fiscal year which should help reduce manager risk.

How do you plan to position the Fund, based on market conditions?

We will continue to emphasize equities in general focusing on large-cap and international equities and will use a more diversified allocation across large-cap equity fund managers.

39

LIFE VISION TARGET DATE 2015 FUND

Growth of $10,000 Investment (as of March 31, 2007)

This chart assumes an initial hypothetical investment of $10,000 made on 10/12/05. Total return is based on net change in N.A.V. (net asset value) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

The Fund’s performance is compared to the S&P 500 Index, the Lehman Brothers U.S. Aggregate Bond Index, and a Hybrid blend of 60/40 (60% of the S&P 500 Index and 40% of the Lehman Brothers U.S. Aggregate Bond Index). The S&P 500 Index is a market value-weighted index of 500 stocks designed to mimic the overall U.S. equity market’s industry weightings. The Lehman Brothers U.S. Aggregate Bond is comprised of securities that are SEC-registered, taxable, and dollar denominated. The indices are unmanaged and does not reflect the deduction of fees or taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

Life Vision				Average Annual Total Returns as of 3/31/07 (%)
Target Date 2015 Fund		Inception Date		1 Year		Since Inception
A Shares	without sales charge		01/05/071		9.13		13.23
	with sales charge*				2.88		8.74
I Shares			10/12/052		9.18		13.26
S&P 500 Index					11.82		—
Lehman Brothers U.S. Aggregate Bond Index					6.59		—
Hybrid Index (60% of the S&P 500 Index and 40% of           the Lehman Brothers U.S. Aggregate Bond Index)					9.75		—

The gross expense ratios for A and I Shares are 0.83% and 0.53%, respectively. The net expense ratios for A and I Shares are 0.50% and 0.20%, respectively. The Adviser has contractually agreed to waive fees and reimburse expenses until at least August 1, 2007 in order to keep total operating expenses from exceeding 0.50% and 0.20%, respectively. Without these fee waivers, performance would have been lower. The indirect expenses of the Fund, which represent a pro-rata share of the expenses of the underlying STI Classic Funds in which the Fund invests, totaled 0.76% of net assets and are in addition to the expense ratio listed above.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.sticlassicfunds.com.

¹    The performance of the Life Vision Target Date 2015 A Shares prior to 01/05/07 is that of the I Shares and has not been adjusted to reflect expenses. If it had been, performance would have been lower.

²    The inception date for the I Shares was August 1, 2005, however, no activity occurred in the I Shares until 10/12/05.

*    Class A Share performance reflects the maximum front-end sales charge of 5.75%.

40

LIFE VISION TARGET DATE 2025 FUND

Portfolio Manager

• Alan Gayle

Investment Concerns

Stocks are more volatile and carry more risk and return potential than other forms of investments. Bonds offer a relatively stable level of income, although bond prices will fluctuate, providing the potential for principal gain or loss. Cash equivalent offer low risk and low return potential.

Management Discussion of Fund Performance

How did the Fund perform against its benchmark for the period ended March 31, 2007?

The Life Vision Target Date 2025 Fund slightly underperformed its 60/40 blended benchmark for the year ended March 31, 2007. This was attributable to the fees and expenses associated with the Fund, but not the index. Fund performance was helped by high equity weights and exposure to the international sector but was hampered by weak relative returns in several heavily weighted large-cap funds in the second and third quarters.

What factors influenced the Fund’s performance for the period ended March 31, 2007?

Exposure to small-cap and international equities contributed positively to performance, while the fund’s modest tilt toward the growth style was a slight detriment. The fund’s relatively concentrated exposure to the large-cap core and growth funds had the biggest negative impact on portfolio performance. The availability of additional fund options in this space allowed for a more diversified exposure by the end of the fiscal year which should help reduce manager risk in coming quarters.

How do you plan to position the Fund, based on market conditions?

We will continue to emphasize equities in general focusing on large-cap and international equities and will use a more diversified allocation across large-cap equity fund managers.

41

LIFE VISION TARGET DATE 2025 FUND

Growth of $10,000 Investment (as of March 31, 2007)

This chart assumes an initial hypothetical investment of $10,000 made on 10/21/05. Total return is based on net change in N.A.V. (net asset value) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

The Fund’s performance is compared to the S&P 500 Index, the Lehman Brothers U.S. Aggregate Bond Index, and a Hybrid blend of 60/40 (60% of the S&P 500 Index and 40% of the Lehman Brothers U.S. Aggregate Bond Index). The S&P 500 Index is a market value-weighted index of 500 stocks designed to mimic the overall U.S. equity market’s industry weightings. The Lehman Brothers U.S. Aggregate Bond is comprised of securities that are SEC-registered, taxable, and dollar denominated. The indices are unmanaged and does not reflect the deduction of fees or taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

Life Vision			Average Annual Total Returns as of 3/31/07 (%)
Target Date 2015 Fund		Inception Date	1 Year		Since Inception
A Shares	without sales charge with sales charge*	07/12/061		9.32 3.02		15.32 10.67
I Shares		10/21/052		9.64		15.55
S&P 500 Index				11.82		—
Lehman Brothers U.S. Aggregate Bond Index				6.59		—
Hybrid Index (60% of the S&P 500 Index and 40% of           the Lehman Brothers U.S. Aggregate Bond Index)				9.75		—

The gross expense ratios for the A and I Shares are 0.87% and 0.57%, respectively. The net expense ratios for A and I Shares are 0.50% and 0.20%, respectively. The Adviser has contractually agreed to waive fees and reimburse expenses until at least August 1, 2007 in order to keep total operating expenses from exceeding 0.50% and 0.20%, respectively. Without these fee waivers, performance would have been lower. The indirect expenses of the Fund, which represent a pro-rata share of the expenses of the underlying STI Classic Funds in which the Fund invests, totaled 0.89% of net assets and are in addition to the expense ratio listed above.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.sticlassicfunds.com.

¹    The performance of the Life Vision Target Date 2025 A Shares prior to 07/12/06 is that of the I Shares and has not been adjusted to reflect expenses. If it had been, performance would have been lower.

²    The inception date for the Fund was August 1, 2005, however, no activity occurred in the I Shares until 10/21/05.

*    Class A Share performance reflects the maximum front-end sales charge of 5.75%.

42

LIFE VISION TARGET DATE 2035 FUND

Portfolio Manager

• Alan Gayle

Investment Concerns

Stocks are more volatile and carry more risk and return potential than other forms of investments. Bonds offer a relatively stable level of income, although bond prices will fluctuate, providing the potential for principal gain or loss. Cash equivalent offer low risk and low return potential.

Management Discussion of Fund Performance

How did the Fund perform against its benchmark for the period ended March 31, 2007?

The Life Vision Target Date 2035 Fund slightly underperformed its 60/40 blended benchmark for the year ended March 31, 2007. This was attributable to the fees and expenses associated with the Fund, but not the index. Fund performance was helped by high equity weights and exposure to the international sector but was hampered by weak relative returns in several heavily weighted large-cap funds in the second and third quarters.

What factors influenced the Fund’s performance for the period ended March 31, 2007?

Exposure to small-cap and international equities contributed positively to performance, while the fund’s modest tilt toward the growth style was a slight detriment. The fund’s relatively concentrated exposure to the large-cap core and growth funds had the biggest negative impact on portfolio performance. The availability of additional fund options in this space allowed for a more diversified exposure by the end of the fiscal year which should help reduce manager risk in coming quarters.

How do you plan to position the Fund, based on market conditions?

We will continue to emphasize equities in general focusing on large-cap and international equities and will use a more diversified allocation across large-cap equity fund managers.

43

LIFE VISION TARGET DATE 2035 FUND

Growth of $10,000 Investment (as of March 31, 2007)

This chart assumes an initial hypothetical investment of $10,000 made on 11/2/05. Total return is based on net change in N.A.V. (net asset value) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

The Fund’s performance is compared to the S&P 500 Index, the Lehman Brothers U.S. Aggregate Bond Index, and a Hybrid blend of 60/40 (60% of the S&P 500 Index and 40% of the Lehman Brothers U.S. Aggregate Bond Index). The S&P 500 Index is a market value-weighted index of 500 stocks designed to mimic the overall U.S. equity market’s industry weightings. The Lehman Brothers U.S. Aggregate Bond is comprised of securities that are SEC-registered, taxable, and dollar denominated. The indices are unmanaged and does not reflect the deduction of fees or taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

Life Vision			Average Annual Total Returns as of 3/31/07 (%)
Target Date 2015 Fund		Inception Date	1 Year		Since Inception
A Shares	without sales charge	05/04/061		9.17		13.98
	with sales charge*			2.93		9.29
I Shares		11/02/052		9.41		14.16
S&P 500 Index				11.82		—
Lehman Brothers U.S. Aggregate Bond Index				6.59		—
Hybrid Index (60% of the S&P 500 Index and 40% of            the Lehman Brothers U.S. Aggregate Bond Index)				9.75		—

The gross expense ratios for the A and I Shares are 0.84% and 0.54%, respectively. The net expense ratios for A and I Shares are 0.50% and 0.20%, respectively. The Adviser has contractually agreed to waive fees and reimburse expenses until at least August 1, 2007 in order to keep total operating expenses from exceeding 0.50% and 0.20%, respectively. Without these fee waivers, performance would have been lower. The indirect expenses of the Fund, which represent a pro-rata share of the expenses of the underlying STI Classic Funds in which the Fund invests, totaled 0.91% of net assets and are in addition to the expense ratio listed above.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.sticlassicfunds.com.

¹    The performance for the Life Vision Target Date 2035 Fund A Shares prior to 05/04/06 is that of the I Shares and has not been adjusted to reflect expenses. If it had been, performance would have been lower.

²    The inception date for the Fund was August 1, 2005, however, no activity occurred in the I Shares until 11/02/05.

*    Class A Share performance reflects the maximum front-end sales charge of 5.75%.

44

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Aggressive Growth Stock Fund

		Shares		Value($)
Common Stocks (99.2%)
Consumer Discretionary (22.3%)
	Best Buy Co., Inc.		124,200		6,051
	Blue Nile, Inc. *		147,400		5,993
	Coach, Inc. *		165,300		8,273
	eBay, Inc. *		365,100		12,102
	Life Time Fitness, Inc. *		86,900		4,468
	Monster Worldwide, Inc. *		128,300		6,078
	Nordstrom, Inc.		15,500		821
	Nutri/ System, Inc. *		110,900		5,812
	Starbucks Corp. *		357,700		11,217
	Urban Outfitters, Inc. *		163,900		4,345
	Walt Disney Co. (The)		224,300		7,723
					72,883
Consumer Staples (2.9%)
	Archer-Daniels-Midland Co.		151,400		5,556
	Whole Foods Market, Inc.		89,700		4,023
					9,579
Financials (10.2%)
	BlackRock, Inc., Cl A		65,300		10,208
	CB Richard Ellis Group, Inc., Cl A *		124,500		4,255
	Euronet Worldwide, Inc. *		223,800		6,011
	Huron Consulting Group, Inc. *		53,000		3,225
	Legg Mason, Inc.		46,800		4,409
	Portfolio Recovery Associates, Inc. *		115,800		5,170
					33,278
Health Care (18.5%)
	Alcon, Inc.		37,000		4,877
	Celgene Corp. *		62,900		3,300
	Covance, Inc. *		59,600		3,537
	Edwards Lifesciences Corp. *		37,500		1,901
	Gen-Probe, Inc. *		25,100		1,182
	Genentech, Inc. *		123,600		10,150
	Gilead Sciences, Inc. *		202,150		15,465
	IDEXX Laboratories, Inc. *		40,500		3,549
	Kyphon, Inc. *		77,000		3,476
	Psychiatric Solutions, Inc. *		230,500		9,291
	Varian Medical Systems, Inc. *		79,600		3,796
					60,524
Industrials (2.2%)
	First Solar, Inc. *		63,300		3,292
	US Airways Group, Inc. *		84,800		3,857
					7,149
Information Technology (34.7%)
	Akamai Technologies, Inc. *		115,700		5,776
	Alliance Data Systems Corp. *		91,300		5,626
	Apple, Inc. *		176,400		16,388
	aQuantive, Inc. *		311,100		8,683
	Broadcom Corp., Cl A *		195,600		6,273
	Cognizant Technology Solutions Corp., Cl A *		205,300		18,121
	F5 Networks, Inc. *		79,800		5,321
	Google, Inc., Cl A *		28,400		13,012
	Paychex, Inc.		155,000		5,870
	QUALCOMM, Inc.		269,600		11,501
	Riverbed Technology, Inc. *		59,100		1,634
	SiRF Technology Holdings, Inc. *		85,200		2,365
	SunPower Corp., Cl A *		77,600		3,531
	Yahoo!, Inc. *		312,300		9,772
					113,873
Software (0.7%)
	Adobe Systems, Inc. *		58,100		2,423
Telecommunication Services (7.7%)
	American Tower Corp., Cl A *		90,400		3,521
	NII Holdings, Inc. *		223,500		16,580
	Time Warner Telecom, Inc., Cl A *		238,100		4,945
					25,046
Total Common Stocks (Cost $264,876)					324,755
Money Market Fund (1.4%)
	STI Classic Institutional Cash Management Money Market Fund, 5.230% (b)		4,651,595		4,652
Total Money Market Fund (Cost $4,652)					4,652
Total Investments (Cost $269,528) (a) — 100.6%					329,407
Liabilities in excess of other assets — (0.6)%					(2,015	)
Net Assets — 100.0%				$	327,392

* Non-income producing security.

See Notes to Financial Statements.

45

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Aggressive Growth Stock Fund — concluded

(a) Cost for federal income tax purposes is $271,359 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands):

Unrealized Appreciation	$	63,720
Unrealized Depreciation		(5,672	)
Unrealized Appreciation (Depreciation)	$	58,048

(b)	Affiliate investment.
Cl	— Class

See Notes to Financial Statements.

46

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Capital Appreciation Fund

		Shares		Value($)
Common Stocks (99.9%)
Consumer Discretionary (13.3%)
	Best Buy Co., Inc.		403,400		19,654
	Carnival Corp.		270,300		12,666
	Coach, Inc. *		417,500		20,896
	E.W. Scripps Co. (The), Cl A (b)		337,500		15,080
	Garmin Ltd. (b)		299,400		16,213
	Lowe’s Cos., Inc. (b)		696,900		21,945
	Newell Rubbermaid, Inc.		351,800		10,937
	Target Corp. (b)		309,800		18,359
	Walt Disney Co. (The)		773,700		26,638
					162,388
Consumer Staples (5.8%)
	Anheuser-Busch Cos., Inc.		321,000		16,198
	Colgate-Palmolive Co.		184,700		12,336
	PepsiCo, Inc.		249,800		15,877
	Procter & Gamble Co. (The)		412,200		26,035
					70,446
Energy (7.4%)
	Chevron Corp.		251,000		18,564
	Exxon Mobil Corp.		391,517		29,540
	Halliburton Co. (b)		486,500		15,442
	Nabors Industries Ltd. * (b)		256,300		7,604
	Schlumberger Ltd.		285,500		19,728
					90,878
Financials (15.9%)
	Ambac Financial Group, Inc. (b)		222,900		19,256
	American Express Co.		329,900		18,606
	American International Group, Inc.		453,800		30,505
	Bank of America Corp.		443,900		22,648
	Genworth Financial, Inc., Cl A		561,800		19,629
	Goldman Sachs Group, Inc.		116,700		24,114
	JPMorgan Chase & Co.		543,400		26,290
	Morgan Stanley		303,800		23,927
	Wells Fargo & Co.		261,900		9,017
					193,992
Health Care (22.1%)
	AmerisourceBergen Corp. (b)		437,200		23,062
	Barr Pharmaceuticals, Inc. *		295,400		13,692
	Baxter International, Inc.		584,500		30,786
	Johnson & Johnson		456,700		27,521
	Lincare Holdings, Inc. * (b)		442,400		16,214
	Medtronic, Inc.		334,700		16,420
	Mylan Laboratories, Inc.		778,000		16,447
	Omnicare, Inc. (b)		278,000		11,056
	Patterson Cos., Inc. * (b)		273,500		9,707
	Pfizer, Inc.		726,700		18,356
	Quest Diagnostics, Inc. (b)		408,400		20,367
	Sanofi-Aventis ADR (b)		407,900		17,748
	Schering-Plough Corp.		957,200		24,418
	Universal Health Services, Inc., Cl B		277,300		15,878
	Vertex Pharmaceuticals, Inc. * (b)		292,100		8,190
					269,862
Industrials (9.2%)
	Danaher Corp. (b)		234,400		16,748
	Emerson Electric Co.		350,400		15,099
	General Electric Co.		796,800		28,175
	Honeywell International, Inc.		393,800		18,138
	Illinois Tool Works, Inc.		208,100		10,738
	Raytheon Co.		296,600		15,560
	United Parcel Service, Inc., Cl B		122,900		8,615
					113,073
Information Technology (22.7%)
	Alcatel — Lucent ADR (b)		1,001,000		11,832
	ASML Holding NV * (b)		711,100		17,600
	Cisco Systems, Inc. *		1,133,300		28,933
	Citrix Systems, Inc. *		330,300		10,580
	Comverse Technology, Inc. *		417,300		8,909
	Corning, Inc. * (b)		1,223,300		27,818
	EMC Corp. *		1,324,700		18,347
	Global Payments, Inc.		262,100		8,927
	Google, Inc., Cl A *		24,100		11,042
	Harris Corp.		299,500		15,260
	Intel Corp.		747,000		14,290
	International Business Machines Corp.		123,800		11,669
	Intersil Corp., Cl A		368,600		9,764
	Microsoft Corp. (b)		1,153,900		32,158
	Oracle Corp. *		830,800		15,062

See Notes to Financial Statements.

47

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Capital Appreciation Fund — concluded

		Shares		Value($)
Information Technology—continued
	QUALCOMM, Inc.		367,500		15,678
	STMicroelectronics NV (b)		654,900		12,574
	Symantec Corp. * (b)		460,600		7,968
					278,411
Materials (1.6%)
	Praxair, Inc.		319,600		20,122
Telecommunication Services (1.9%)
	AT&T, Inc.		574,300		22,645
Total Common Stocks (Cost $1,059,513)					1,221,817
Short-Term Investment (15.8%)
	CSFB Enhanced Liquidity Portfolio, 5.421% (c)		193,416,660		193,417
Total Short-Term Investment (Cost $193,417)					193,417
Total Investments (Cost $1,252,930) (a) — 115.7%					1,415,234
Liabilities in excess of other assets — (15.7)%					(191,526	)
Net Assets — 100.0%				$	1,223,708

*	Non-income producing security.
(a)	Cost for federal income tax purposes is $1,254,146 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands):

Unrealized Appreciation	$	188,866
Unrealized Depreciation		(27,778	)
Unrealized Appreciation (Depreciation)	$	161,088

(b)	This security or a partial position of the security was on loan at March 31, 2007. The total value of securities on loan at March 31, 2007 in thousands was $187,298.
(c)	This security was purchased with cash collateral held from securities lending.

ADR	— American Depositary Receipt
Cl	— Class

See Notes to Financial Statements.

48

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Emerging Growth Stock Fund

		Shares		Value($)
Common Stocks (98.7%)
Consumer Discretionary (17.5%)
	Blue Nile, Inc. *		29,800		1,212
	Life Time Fitness, Inc. *		53,400		2,745
	Monster Worldwide, Inc. *		53,200		2,520
	Morton’s Restaurant Group, Inc. *		62,900		1,119
	Nordstrom, Inc.		65,200		3,451
	Nutri/ System, Inc. *		62,300		3,265
	Polo Ralph Lauren Corp.		35,900		3,165
	Steiner Leisure Ltd. *		13,200		594
	VistaPrint Ltd. *		37,800		1,448
					19,519
Consumer Staples (2.5%)
	Bare Escentuals, Inc. *		78,800		2,827
Financials (19.0%)
	BlackRock, Inc., Cl A		25,800		4,033
	CB Richard Ellis Group, Inc., Cl A *		91,300		3,121
	eHealth, Inc. *		71,400		1,681
	Euronet Worldwide, Inc. *		115,400		3,100
	Greenhill & Co., Inc.		22,300		1,369
	Huron Consulting Group, Inc. *		67,100		4,082
	Portfolio Recovery Associates, Inc. *		70,600		3,152
	Stifel Financial Corp. *		16,100		713
					21,251
Health Care (16.6%)
	Amylin Pharmaceuticals, Inc. *		37,700		1,408
	HMS Holdings Corp. *		113,800		2,492
	Hologic, Inc. *		41,200		2,375
	IDEXX Laboratories, Inc. *		12,000		1,052
	Kyphon, Inc. *		48,200		2,176
	Medivation, Inc. *		30,300		571
	Myriad Genetics, Inc. *		25,000		862
	Psychiatric Solutions, Inc. *		99,600		4,014
	Theravance, Inc. *		18,800		555
	Varian Medical Systems, Inc. *		51,000		2,432
	Vertex Pharmaceuticals, Inc. *		23,200		651
					18,588
Industrials (7.3%)
	Alaska Air Group, Inc. *		63,400		2,416
	First Solar, Inc. *		81,700		4,249
	Fuel Tech, Inc. *		62,800		1,548
					8,213
Information Technology (25.2%)
	aQuantive, Inc. *		115,400		3,221
	Atheros Communications, Inc. *		46,300		1,108
	Baidu.com, Inc. ADR *		22,400		2,163
	Cognizant Technology Solutions Corp., Cl A *		38,000		3,354
	Equinix, Inc. *		14,500		1,242
	Exlservice Holdings, Inc. *		39,300		812
	F5 Networks, Inc. *		57,800		3,853
	Optium Corp. *		79,600		1,545
	Riverbed Technology, Inc. *		112,700		3,115
	SunPower Corp., Cl A *		78,700		3,580
	ViaSat, Inc. *		91,800		3,027
	WebSideStory, Inc. *		79,400		1,028
					28,048
Telecommunication Services (10.6%)
	Cbeyond, Inc. *		19,000		557
	Crown Castle International Corp. *		70,000		2,249
	NII Holdings, Inc. *		69,900		5,185
	SBA Communications Corp., Cl A *		38,300		1,132
	Time Warner Telecom, Inc., Cl A *		133,200		2,767
					11,890
Total Common Stocks (Cost $93,039)					110,336
Money Market Fund (1.3%)
	STI Classic Institutional Cash Management Money Market Fund, 5.230% (b)		1,488,152		1,488
Total Money Market Fund (Cost $1,488)					1,488
Total Investments (Cost $94,527) (a) — 100.0%					111,824
Liabilities in excess of other assets — 0.0%					(32	)
Net Assets — 100.0%				$	111,792

* Non-income producing security.

See Notes to Financial Statements.

49

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Emerging Growth Stock Fund — concluded

(a) Cost for federal income tax purposes is $94,815 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands):

Unrealized Appreciation	$	19,028
Unrealized Depreciation		(2,019	)
Unrealized Appreciation (Depreciation)	$	17,009

(b) Affiliate investment.

ADR	— American Depositary Receipt
Cl	— Class

See Notes to Financial Statements.

50

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

International Equity Fund

			Shares or
			Principal
			Amount($)		Value($)
Foreign Common Stocks (96.3%)
Australia (5.1%)
	Australia & New Zealand Banking			367,540		8,831
		Group Ltd.
	Babcock & Brown Ltd. (b)			353,898		7,864
	BlueScope Steel Ltd. (b)			267,637		2,273
	Challenger Financial Services Group Ltd.			880,474		3,397
	David Jones Ltd. (b)			507,088		1,866
	Insurance Australia Group Ltd.			390,501		1,851
	Leighton Holdings Ltd. (b)			209,138		5,671
	Macquarie Bank Ltd.			28,003		1,874
	Qantas Airways Ltd. (b)			672,036		2,854
	QBE Insurance Group Ltd. (b)			232,184		5,924
	Rio Tinto Group Ltd. (b)			63,583		4,053
	Smorgon Steel Group Ltd.			1,210,295		1,997
	St. George Bank Ltd. (b)			100,119		2,837
	Suncorp-Metway Ltd.			407,495		6,856
	Zinifex Ltd.			193,920		2,475
						60,623
Belgium (1.2%)
	Delhaize Group (b)			82,936		7,623
	Fortis			146,430		6,687
						14,310
Denmark (0.5%)
	Danske Bank A/ S (b)			125,086		5,820
Finland (1.1%)
	Fortum Corp. (b)			72,574		2,116
	Nokia Corp., Cl A			500,749		11,524
						13,640
France (10.4%)
	Air France-KLM			143,584		6,549
	BNP Paribas			132,124		13,799
	Bouygues SA			62,425		4,824
	Capgemini SA			96,391		7,337
	Compagnie de Saint-Gobain			64,480		6,302
	Compagnie Generale de Geophysique SA *			28,065		5,885
	Credit Agricole SA			189,529		7,390
	France Telecom SA (b)			263,240		6,951
	Lafarge SA			62,337		9,799
	Societe Generale			65,433		11,307
	SUEZ SA (b)			122,667		6,469
	Total SA			226,285		15,854
	VINCI SA			73,482		11,387
	Vivendi Universal SA			228,447		9,282
						123,135
Germany (8.6%)
	Allianz AG (b)			57,906		11,912
	BASF AG			100,476		11,287
	Continental AG (b)			61,972		8,008
	Deutsche Bank AG			72,692		9,783
	Deutsche Lufthansa AG			217,748		5,916
	Deutsche Telekom AG (b)			215,490		3,560
	E.ON AG (b)			87,301		11,803
	Henkel KGaA			45,182		6,683
	MAN AG			96,889		11,259
	Muenchener Rueckversicherungs-Gesellschaft AG			49,095		8,279
	Stada Arzneimittel AG			83,586		5,066
	ThyssenKrupp AG			177,814		8,797
						102,353
Hong Kong (2.0%)
	China Coal Energy Co. *			1,227,257		1,312
	China Mobile Ltd.			492,983		4,483
	CLP Holdings Ltd.			356,569		2,604
	Guangshen Railway Co. Ltd. (b)			1,758,234		1,116
	Guoco Group Ltd.			354,610		4,989
	Huaneng Power International, Inc.			1,356,293		1,180
	Huadian Power International Corp. Ltd.			3,080,229		1,104
	Orient Overseas International Ltd.			240,027		2,230
	Wharf Holdings Ltd. (The)			1,202,736		4,464
						23,482
Ireland (2.5%)
	Allied Irish Banks PLC			282,472		8,377
	Anglo Irish Bank Corp. PLC			273,047		5,835
	Bank of Ireland			360,065		7,767
	CRH PLC			191,550		8,187
						30,166

See Notes to Financial Statements.

51

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

International Equity Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Italy (3.2%)
	Enel SpA		930,245		9,953
	Eni SpA (b)		327,047		10,641
	Mediaset SpA (b)		715,431		7,783
	UniCredito Italiano SpA		951,108		9,052
					37,429
Japan (21.0%)
	Astellas Pharma, Inc. (b)		52,516		2,264
	Canon, Inc.		144,866		7,783
	Daicel Chemical Industries Ltd.		860,288		5,878
	Daiichi Sankyo Co. Ltd. (b)		197,700		6,058
	East Japan Railway Co.		1,253		9,763
	Honda Motor Co. Ltd.		463,051		16,152
	ITOCHU Corp.		934,880		9,268
	KDDI Corp.		844		6,741
	Komatsu Ltd.		268,939		5,661
	Makino Milling Machine Co. Ltd.		308,773		3,952
	Mitsubishi Estate Co. Ltd.		117,000		3,843
	Mitsubishi UFJ Financial Group, Inc.		293		3,308
	Mitsui & Co. Ltd.		455,772		8,510
	Mitsui Fudosan Co. Ltd.		84,000		2,467
	Mitsui O.S.K. Lines Ltd.		238,800		2,651
	Mizuho Financial Group, Inc.		1,269		8,175
	Nippon Telegraph & Telephone Corp.		1,525		8,064
	Nippon Yusen Kabushiki Kaisha (b)		892,662		7,160
	Nomura Holdings, Inc.		251,900		5,249
	NSK Ltd.		720,799		6,876
	Okinawa Electric Power Co., Inc. (The)		87,536		5,468
	ORIX Corp.		53,991		14,067
	Ricoh Co. Ltd.		269,000		6,062
	SAN-A Co. Ltd.		35,800		1,228
	Sekisui Chemical Co. Ltd. (b)		813,299		6,482
	Sumitomo Corp.		760,743		13,687
	Sumitomo Metal Industries Ltd.		2,188,791		11,314
	Sumitomo Mitsui Financial Group, Inc.		926		8,410
	Taiheiyo Cement Corp.		1,087,180		4,808
	Takeda Pharmaceutical Co. Ltd.		120,679		7,918
	Toyota Motor Corp.		395,794		25,362
	Urban Corp.		168,000		2,447
	Yamaha Motor Co. Ltd.		277,256		7,766
	Yamatake Corp.		219,709		5,091
					249,933
Netherlands (3.0%)
	Akzo Nobel NV (b)		68,602		5,209
	ASML Holding NV *		86,892		2,146
	Heineken NV		90,539		4,736
	ING Groep NV (b)		279,552		11,818
	Koninklijke DSM NV (b)		66,546		2,981
	Koninklijke KPN NV (b)		571,513		8,901
					35,791
New Zealand (0.7%)
	Fletcher Building Ltd. (b)		1,001,582		7,868
Norway (1.9%)
	DNB NOR ASA		347,916		4,913
	Orkla ASA (b)		155,495		10,967
	Telenor ASA		354,990		6,310
					22,190
Portugal (0.3%)
	Energias de Portugal SA		622,356		3,342
Singapore (1.4%)
	DBS Group Holdings Ltd.		233,963		3,302
	Oversea-Chinese Banking Corp. Ltd.		461,672		2,740
	United Overseas Bank Ltd.		422,806		5,854
	Wing Tai Holdings Ltd.		2,203,744		4,621
					16,517
Spain (3.0%)
	Banco Bilbao Vizcaya Argentaria SA		486,251		11,938
	Banco Santander Central Hispano SA		859,950		15,346
	Endesa SA (b)		73,410		3,969
	Telefonica SA		201,425		4,439
					35,692
Sweden (2.8%)
	Alfa Laval AB		107,352		5,567
	Autoliv, Inc.		39,275		2,245

See Notes to Financial Statements.

52

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

International Equity Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Sweden—continued
	Sandvik AB (b)		382,569		6,796
	Swedbank AB, A shares		92,515		3,240
	Swedish Match AB		405,663		7,250
	Telefonaktiebolaget LM Ericsson		2,359,213		8,686
					33,784
Switzerland (6.7%)
	Credit Suisse Group		209,794		15,059
	Nestle SA (b)		42,488		16,552
	Novartis AG (b)		288,861		16,574
	Roche Holding Ltd. (b)		76,109		13,470
	Swiss Re		84,999		7,767
	Zurich Financial Services		36,356		10,497
					79,919
United Kingdom (20.9%)
	Allied Irish Banks PLC		8,296		245
	Anglo American PLC		75,213		3,962
	Anglo Irish Bank Corp. PLC		8,134		174
	AstraZeneca PLC		261,470		14,066
	Aviva PLC		663,583		9,773
	Barclays PLC		1,175,474		16,676
	BHP Billiton PLC		472,854		10,541
	Bodycote International PLC		1,073,881		6,566
	BP PLC		1,206,455		13,104
	British Airways PLC *		404,443		3,868
	BT Group PLC		1,852,077		11,069
	Centrica PLC		1,323,657		10,066
	CRH PLC		5,626		240
	De La Rue PLC		431,102		6,065
	GlaxoSmithKline PLC		636,371		17,492
	HBOS PLC		607,138		12,508
	International Power PLC		516,414		4,029
	National Express Group PLC		294,728		7,318
	Next PLC		145,674		6,446
	Royal & Sun Alliance Insurance Group PLC		2,349,152		7,488
	Royal Bank of Scotland Group PLC (The)		487,301		19,025
	Royal Dutch Shell PLC, Cl A		551,652		18,355
	Royal Dutch Shell PLC, Cl B		300,908		10,012
	Scottish & Newcastle PLC		224,463		2,657
	Tate & Lyle PLC		188,199		2,129
	Tesco PLC		560,821		4,902
	Unilever PLC		123,694		3,726
	Vodafone Group PLC		5,245,633		13,985
	William Morrison Supermarkets PLC		1,144,421		6,952
	WPP Group PLC		358,169		5,426
					248,865
Total Foreign Common Stocks (Cost $876,257)					1,144,859
Foreign Preferred Stocks (1.2%)
Germany (1.2%)
	Fresenius AG, 1.510%		93,192		7,407
	ProSiebenSat.1 Media AG, 0.840%		190,544		6,752
Total Foreign Preferred Stocks (Cost $10,666)					14,159
Short-Term Investments (15.6%)
	Brown Brothers Harriman & Co., Cayman Islands Cash Sweep, 4.630%		5,802		5,802
	CSFB Enhanced Liquidity Portfolio, 5.421% (c)		179,638,443		179,638
Total Short-Term Investments (Cost $185,440)					185,440
Total Investments (Cost $1,072,363) (a) — 113.1%					1,344,458
Liabilities in excess of other assets — (13.1)%					(156,242	)
Net Assets — 100.0%				$	1,188,216

*	Non-income producing security.
(a)	Cost for federal income tax purposes is $1,077,694 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands):

Unrealized Appreciation	$	273,178
Unrealized Depreciation		(6,414	)
Unrealized Appreciation (Depreciation)	$	266,764

See Notes to Financial Statements.

53

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

International Equity Fund — concluded

(b)	This security or a partial position of the security was on loan at March 31, 2007. The total value of securities on loan at March 31, 2007 in thousands was $171,348.
(c)	This security was purchased with cash collateral held from securities lending.

Cl	— Class
PLC	— Public Limited Company

The investment concentrations for the International Equity Fund as a percentage of net assets, by industry, as of March 31, 2007, were as follows (unaudited):

Consumer Discretionary	8.8	%
Consumer Staples	6.2
Energy	5.8
Financials	30.8
Health Care	7.6
Industrials	13.0
Information Technology	3.7
Materials	8.6
Short-Term Investments	15.6
Telecommunication Services	6.7
Transportation & Services	1.1
Utilities	5.2

See Notes to Financial Statements.

54

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

International Equity Index Fund

		Shares or
		Principal
		Amount($)		Value($)
Common Stock (0.0%)
United States (0.0%)
	Ship Finance International Ltd. (b)		4,300		118
Total Common Stock (Cost $73)					118
Foreign Common Stocks (93.9%)
Australia (3.9%)
	AGL Energy Ltd. (b)		33,400		436
	Alinta Ltd.		19,288		227
	Alumina Ltd.		78,578		465
	Amcor Ltd.		48,118		294
	AMP Ltd.		99,498		836
	Aristocrat Leisure Ltd. (b)		22,596		300
	Australia & New Zealand Banking Group Ltd.		90,307		2,169
	AXA Asia Pacific Holdings Ltd.		55,893		326
	BHP Billiton Ltd.		180,391		4,360
	BlueScope Steel Ltd. (b)		45,870		390
	Boral Ltd.		40,875		272
	Brambles Ltd. * (b)		58,632		645
	Brambles Ltd. *		33,000		360
	Centro Properties Group		54,208		382
	Coca-Cola Amatil Ltd.		52,906		377
	Coles Myer Ltd.		67,703		890
	Commonwealth Bank of Australia		64,652		2,627
	Computershare Ltd.		33,134		291
	CSL Ltd.		10,412		694
	CSR Ltd.		88,300		244
	Fairfax MediaLtd. (b)		83,941		338
	Foster’s Group Ltd.		114,547		635
	GPT Group		133,553		534
	Insurance Australia Group Ltd.		101,898		483
	Lend Lease Corp. Ltd.		27,713		448
	Lion Nathan Ltd.		39,384		282
	Macquarie Bank Ltd.		14,332		959
	Macquarie Goodman Group		93,485		529
	Macquarie Infrastructure Group		157,769		490
	Mirvac Group Ltd.		90,741		385
	National Australia Bank Ltd.		80,471		2,629
	Newcrest Mining Ltd.		18,422		355
	Orica Ltd.		18,249		374
	Origin Energy Ltd.		63,473		463
	Perpetual Ltd.		5,205		327
	QBE Insurance Group Ltd. (b)		43,159		1,101
	Rinker Group Ltd.		48,267		705
	Rio Tinto Group Ltd. (b)		14,150		902
	Santos Ltd.		47,132		387
	Sonic Healthcare Ltd. (b)		23,530		281
	Stockland Trust Group		99,741		658
	Suncorp-Metway Ltd.		39,016		656
	Sydney Roads Group (b)		52,589		57
	TABCORP Holdings Ltd.		30,565		408
	Telstra Corp. Ltd. (b)		113,153		427
	Toll Holdings Ltd.		38,546		639
	Transurban Group (b)		61,523		386
	Wesfarmers Ltd.		24,821		758
	Westfield Group (b)		71,524		1,190
	Westpac Banking Corp.		91,775		1,956
	Woodside Petroleum Ltd.		30,018		959
	Woolworths Ltd.		61,612		1,355
	WorleyParsons Ltd. (b)		15,824		356
	Zinifex Ltd.		33,046		422
					39,419
Austria (1.6%)
	BETandWIN.com Interactive Entertainment AG * (b)		4,357		205
	BOHLER-UDDEHOLM AG (b)		13,240		1,273
	Erste Bank der oesterreichischen Sparkassen AG (b)		39,245		3,056
	Flughafen Wien AG (b)		3,519		345
	Immofinanz Immobilien Anlagen AG *		74,312		1,191
	Meinl European Land Ltd. *		41,086		1,143
	Oesterreichische Elektrizitaeswirtschafts AG (b)		18,065		810
	OMV AG		36,036		2,269
	Raiffeisen International Bank-Holding AG (b)		7,383		1,039
	RHI AG * (b)		6,822		337
	Telekom Austria AG		78,670		1,966

See Notes to Financial Statements.

55

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

International Equity Index Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Austria—continued
	Voest-Alpine AG		20,624		1,496
	Wiener Staedtische Allgemeine Versicherung AG (b)		6,465		459
	Wienerberger AG (b)		14,658		915
					16,504
Belgium (1.9%)
	Agfa-Gevaert NV (b)		14,463		326
	Barco NV		2,315		214
	Belgacom SA (b)		19,620		871
	Delhaize Group (b)		9,428		867
	Dexia Group		66,511		1,985
	Fortis		134,462		6,140
	Groep Colruyt		2,158		494
	Groupe Bruxelles Lambert SA		8,875		1,038
	InBev		21,597		1,559
	KBC Bank & Insurance Holding Co. NV		21,449		2,668
	Mobistar SA		4,281		362
	NV Bekaert SA		1,916		260
	NV Umicore SA		3,567		634
	Omega Pharma NV		3,029		233
	Solvay SA (b)		7,286		1,120
	UCB SA (b)		10,877		633
					19,404
Denmark (1.4%)
	A.P. Moller-Maersk A/ S		150		1,565
	Bang & Olufsen A/ S, Cl B (b)		1,910		237
	Carlsberg A/ S, Cl B (b)		4,500		490
	Coloplast A/ S, Cl B (b)		4,394		373
	Danisco A/ S (b)		6,809		537
	Danske Bank A/ S (b)		49,268		2,293
	DSV A/ S (b)		3,150		552
	FLS Industries A/ S		6,450		437
	GN Store Nord A/ S * (b)		30,900		438
	H. Lundbeck A/ S		9,200		215
	Jyske Bank A/ S *		9,275		747
	Novo Nordisk A/ S, Cl B (b)		31,737		2,896
	Novozymes A/ S, Cl B (b)		6,870		615
	Sydbank A/ S (b)		10,950		589
	Topdanmark A/ S *		2,500		484
	Trygvesta A/ S (b)		3,700		306
	Vestas Wind Systems A/S *		25,038		1,403
	William Demant Holding *		4,307		382
					14,559
Finland (0.9%)
	Cargotec Corp., Cl B		5,572		336
	Fortum Corp. (b)		22,749		663
	Kone Oyj, Cl B		6,824		390
	Metso Corp.		8,000		423
	Neste Oil Oyj (b)		11,003		379
	Nokia Corp., Cl A (b)		192,181		4,423
	Sampo PLC, Cl A		25,675		779
	Stora Enso Oyj (b)		33,496		582
	Tietoenator Oyj (b)		5,289		154
	UPM-Kymmene Corp. (b)		29,132		742
					8,871
France (10.3%)
	Accor		17,025		1,627
	Air France-KLM		9,858		450
	Alcatel		111,303		1,310
	Alstom *		8,791		1,141
	Atos Origin SA *		6,051		405
	AXA		131,360		5,568
	BNP Paribas		65,479		6,838
	Bouygues SA (b)		17,023		1,315
	Business Objects SA * (b)		9,093		331
	Capgemini SA		10,296		784
	Carrefour SA		47,702		3,488
	Casino Guichard-Perrachon SA (b)		4,093		413
	CNP Assurances SA		2,791		325
	Compagnie de Saint-Gobain		25,040		2,447
	Compagnie Generale des Etablissements Michelin, Cl B		12,716		1,404
	Credit Agricole SA (b)		46,945		1,830
	Dassault Systemes SA (b)		4,961		267
	Essilor International SA		8,425		968
	Euronext Paris SA		8,836		1,056
	European Aeronautic Defence & Space Co. Eads NV (b)		27,977		868
	France Telecom SA (b)		135,709		3,584
	Gaz de France (b)		15,234		707
	Gecina SA (b)		2,273		423

See Notes to Financial Statements.

56

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

International Equity Index Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
France—continued
	Groupe Danone		18,918		3,090
	Hermes International		6,030		834
	Imerys		3,354		311
	Klepierre (b)		2,987		578
	L’Air Liquide Prime Fidelite		1,069		261
	L’Air Liquide SA		8,130		1,982
	L’Oreal SA		22,653		2,473
	Lafarge SA		12,042		1,893
	Lagardere SCA		10,353		797
	LVMH Moet Hennessy Louis Vuitton SA		19,301		2,141
	M6 Metropole Television (b)		6,690		245
	Neopost SA		3,160		452
	PagesJaunes SA		12,867		281
	Pernod Ricard		7,416		1,504
	Pinault-Printemps-Redoute SA		4,848		775
	PSA Peugeot Citroen SA		13,658		963
	Publicis Groupe SA		11,170		540
	Renault SA		15,192		1,777
	Safran SA (b)		14,584		356
	Sanofi-Aventis		79,722		6,931
	Schneider Electric SA		18,566		2,357
	Societe BIC		4,498		315
	Societe Generale		27,339		4,723
	Societe Television Francaise 1 (b)		10,468		350
	Sodexho Alliance SA (b)		8,825		646
	SUEZ SA (b)		81,943		4,321
	Technip SA (b)		10,636		780
	Thales (b)		9,004		523
	Thomson		26,244		505
	Total SA		174,779		12,244
	Unibail Holding (b)		4,427		1,342
	Valeo SA		6,474		380
	Vallourec SA		2,995		766
	Veolia Environnement SA		24,290		1,806
	VINCI SA		17,466		2,707
	Vivendi Universal SA		92,698		3,767
	Zodiac SA (b)		3,745		270
					103,535
Germany (14.2%)
	Adidas-Salomon AG		30,783		1,680
	Allianz AG		61,614		12,673
	ALTANA AG (b)		11,268		732
	BASF AG		72,575		8,153
	Bayer AG		105,797		6,753
	Beiersdorf AG		8,698		594
	Bilfinger Berger AG		6,958		635
	Celesio AG		13,686		859
	Commerzbank AG		91,897		4,069
	Continental AG		19,423		2,510
	DaimlerChrysler AG (b)		132,844		10,953
	Deutsche Bank AG		75,490		10,160
	Deutsche Boerse AG		15,491		3,558
	Deutsche Lufthansa AG		33,938		922
	Deutsche Post AG		113,083		3,420
	Deutsche Post AG *		3,502		106
	Deutsche Postbank AG		8,404		730
	Deutsche Telekom AG (b)		414,543		6,849
	Douglas Holding AG		6,789		398
	E.ON AG		90,074		12,178
	Heidelberger Druckmaschinen AG		10,661		488
	Henkel KGaA		8,837		1,307
	Hochtief AG		7,238		735
	Hypo Real Estate Holding AG		20,765		1,325
	Infineon Technologies AG *		114,529		1,784
	IVG Immobilien AG (b)		15,998		764
	Karstadt Quelle AG * (b)		12,195		449
	Linde AG (b)		15,924		1,715
	MAN AG		18,906		2,197
	Merck KGaA		8,130		1,048
	METRO AG		20,673		1,465
	MLP AG (b)		10,855		272
	Muenchener Rueckversicherungs-Gesellschaft AG (b)		28,554		4,815
	PUMA Rudolf Dassler Sport AG (b)		1,959		716
	Rheinmetall AG		6,832		631
	RWE AG (b)		64,901		6,866
	Salzgitter AG		6,955		1,014
	SAP AG		129,756		5,790
	Siemens AG		123,527		13,200
	Solarworld AG (b)		6,661		516
	Suedzucker AG		10,745		206
	ThyssenKrupp AG		54,650		2,704
	TUI AG (b)		32,991		815

See Notes to Financial Statements.

57

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

International Equity Index Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Germany—continued
	Volkswagen AG (b)		25,280		3,802
	Wincor Nixdorf AG (b)		6,068		566
					143,122
Greece (1.2%)
	Alpha Bank SA		51,306		1,624
	Coca-Cola HBC		13,800		581
	Cosmote Mobile Telecommunications SA		15,790		473
	EFG Eurobank Ergasias SA		29,756		1,216
	Hellenic Petroleum SA		19,180		274
	Hellenic Technodomiki Tev SA		26,180		385
	Hellenic Telecommunications Organization SA *		43,670		1,195
	National Bank of Greece SA		48,619		2,578
	OPAP SA		30,980		1,188
	Piraeus Bank SA		30,000		1,042
	Public Power Corp. SA		15,540		380
	Titan Cement Co. SA		7,840		423
	Viohalco SA		18,180		280
					11,639
Hong Kong (0.9%)
	Bank of East Asia Ltd.		111,585		649
	BOC Hong Kong Holdings Ltd.		194,000		470
	Cheung Kong Holdings Ltd.		68,000		861
	CLP Holdings Ltd.		40,100		293
	Esprit Holdings Ltd.		44,500		522
	Foxconn International Holdings Ltd. * (b)		97,000		296
	Hang Seng Bank Ltd.		16,100		229
	Henderson Land Development Co. Ltd.		54,000		316
	Hong Kong & China Gas Co. Ltd. (The)		157,237		351
	Hong Kong Exchanges & Clearing Ltd.		58,000		565
	Hongkong Electric Holdings Ltd.		46,000		236
	Hutchison Whampoa Ltd.		95,080		916
	Li & Fung Ltd.		147,400		463
	Link REIT (The)		104,000		250
	New World Development Co. Ltd.		169,000		383
	PCCW Ltd.		215,326		129
	Sun Hung Kai Properties Ltd.		65,600		759
	Sunlight Real Estate Investment Trust *		4,153		1
	Swire Pacific Ltd.		51,500		578
	Wharf Holdings Ltd. (The)		84,000		312
					8,579
Ireland (1.2%)
	Allied Irish Banks PLC		73,962		2,192
	Bank of Ireland		42,663		1,353
	Bank of Ireland		77,895		1,680
	C&C Group PLC		30,100		457
	C&C Group PLC		4,500		69
	CRH PLC		46,895		2,003
	DCC PLC		11,376		401
	DEPFA Bank PLC		55,676		997
	Elan Corp. PLC *		17,605		226
	Grafton Group PLC *		28,278		425
	Independent News & Media PLC		156		1
	Independent News & Media PLC		82,827		376
	Irish Life & Permanent PLC		26,986		741
	Kerry Group PLC		3,912		109
	Kerry Group PLC, Cl A		16,342		672
	Kingspan Group PLC		14,621		388
	Ryanair Holdings PLC *		52,102		406
					12,496
Italy (8.4%)
	Alleanza Assicurazioni SpA (b)		55,830		713
	Arnoldo Mondadori Editore SpA (b)		27,901		291
	Assicurazioni Generali SpA		155,937		6,632
	Autogrill SpA (b)		20,663		396
	Autostrade SpA		51,616		1,655
	Banca Intesa SpA		1,238,743		9,406
	Banca Intesa SpA		157,025		1,175
	Banca Monte dei Paschi di Siena SpA (b)		190,669		1,194

See Notes to Financial Statements.

58

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

International Equity Index Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Italy—continued
	Banca Popolare di Milano Scarl SpA		80,260		1,242
	Banche Popolari Unite SpA		63,831		1,888
	Banco Popolare di Verona e Novara Scrl SpA (b)		67,992		2,111
	Benetton Group SpA		14,363		233
	Bulgari SpA		29,964		433
	Capitalia SpA		294,467		2,661
	Enel SpA (b)		707,412		7,569
	Eni SpA (b)		438,287		14,261
	Fiat SpA * (b)		97,577		2,459
	Finmeccanica SpA (b)		48,561		1,460
	Fondiaria-Sai SpA (b)		13,510		620
	Gruppo Editoriale L’Espresso SpA (b)		44,146		235
	Italcementi SpA (b)		12,881		386
	Lottomatica SpA		12,963		516
	Luxottica Group SpA		24,211		772
	Mediaset SpA (b)		130,920		1,424
	MEDIOBANCA-Banca di Credito Finanziario SpA		81,708		1,819
	Mediolanum SpA (b)		53,219		431
	Pirelli & C. SpA (b)		567,648		627
	Seat Pagine Gialle SpA (b)		851,278		525
	Snam Rete Gas SpA (b)		165,838		1,053
	Telecom Italia RNC SpA (b)		966,503		2,390
	Telecom Italia SpA (b)		1,764,293		5,031
	Terna SpA		205,105		762
	Tiscali SpA * (b)		63,228		239
	UniCredito Italiano SpA		1,312,167		12,488
					85,097
Japan (20.4%)
	77 Bank Ltd.		33,000		215
	Acom Co. Ltd.		5,950		253
	Advantest Corp.		12,600		559
	AEON Co. Ltd.		42,300		844
	AEON Credit Service Co. Ltd.		9,000		152
	Aiful Corp.		5,800		180
	Aisin Seiki Co. Ltd.		15,700		550
	Ajinomoto Co., Inc.		47,000		541
	All Nippon Airways Co. Ltd.		55,000		216
	Alps Electric Co. Ltd.		17,800		208
	Amada Co. Ltd.		31,000		354
	Ariake Japan Co. Ltd.		40		1
	Asahi Breweries Ltd.		30,400		488
	Asahi Glass Co. Ltd.		67,000		943
	Asahi Kasei Corp.		95,000		692
	Astellas Pharma, Inc. (b)		37,361		1,611
	Bank of Fukuoka Ltd. (The) (d)		49,000		396
	Bank of Yokohama Ltd. (The)		90,000		671
	Benesse Corp. (b)		6,100		227
	Bridgestone Corp.		44,500		889
	Canon, Inc.		73,000		3,922
	Casio Computer Co. Ltd.		20,300		445
	Central Japan Railway Co.		111		1,262
	Chiba Bank Ltd. (The)		61,000		538
	Chubu Electric Power Co., Inc.		44,200		1,519
	Chugai Pharmaceutical Co. Ltd.		21,200		536
	Citizen Watch Co. Ltd. (b)		36,100		339
	Credit Saison Co. Ltd.		14,200		468
	CSK Corp.		5,900		247
	Dai Nippon Printing Co. Ltd. (b)		45,000		708
	Daiichi Sankyo Co. Ltd. (b)		52,325		1,603
	Daikin Industries Ltd.		17,900		623
	Daimaru, Inc. (The) (b)		20,000		259
	Dainippon Ink & Chemicals, Inc.		67,000		266
	Daito Trust Construction Co. Ltd.		6,900		325
	Daiwa House Industry Co. Ltd.		42,000		689
	Daiwa Securities Group, Inc.		95,000		1,147
	Denki Kagaku Kogyo KK		49,000		230
	DENSO Corp.		35,900		1,335
	Dentsu, Inc.		146		409
	DOWA Mining Co. Ltd. (b)		25,000		254
	East Japan Railway Co.		237		1,847
	Eisai Co. Ltd. (b)		17,600		844
	Electric Power Development Co. Ltd. (b)		11,320		570

See Notes to Financial Statements.

59

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

International Equity Index Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Japan—continued
	FANUC Ltd.		13,200		1,229
	Fast Retailing Co. Ltd.		4,000		311
	Fuji Electric Co. Ltd.		49,000		227
	Fuji Photo Film Co. Ltd.		34,100		1,395
	Fujikura Ltd.		30,000		212
	Fujitsu Ltd.		135,000		899
	Furukawa Electric Co. Ltd. (The)		52,000		318
	Gunma Bank Ltd. (The)		42,000		298
	Hirose Electric Co. Ltd. (b)		2,700		325
	Hitachi Chemical Co. Ltd.		9,500		223
	Hitachi Ltd. (b)		235,000		1,823
	Hokkaido Electric Power Co., Inc.		11,600		308
	Hokuhoku Financial Group, Inc.		96,000		331
	Honda Motor Co. Ltd.		106,400		3,712
	Hoya Corp. (b)		30,000		996
	Ibiden Co. Ltd.		10,200		529
	INPEX Holdings, Inc.		69		597
	Isetan Co. Ltd.		16,200		283
	Ishikawajima-Harima Heavy Industries Co. Ltd. (b)		94,000		391
	ITOCHU Corp.		120,000		1,190
	Japan Real Estate Investment Corp.		35		463
	Japan Retail Fund Investment Corp.		36		354
	Japan Tobacco, Inc.		315		1,548
	JFE Holdings, Inc.		40,975		2,424
	JGC Corp.		18,000		295
	Joyo Bank Ltd. (The)		60,300		377
	JS Group Corp. (b)		21,312		462
	JSR Corp.		13,900		321
	Kajima Corp.		76,000		388
	Kamigumi Co. Ltd.		28,000		241
	Kaneka Corp. (b)		25,000		238
	Kansai Electric Power Co., Inc. (The) (b)		44,300		1,275
	Kansai Paint Co. Ltd.		24,000		205
	Kao Corp. (b)		34,000		996
	Kawasaki Heavy Industries Ltd. (b)		102,000		432
	Kawasaki Kisen Kaisha Ltd. (b)		48,000		455
	KDDI Corp.		176		1,406
	Keihin Electric Express Railway Co. Ltd. (b)		42,000		322
	Keio Electric Railway Co. Ltd.		52,000		361
	Keyence Corp.		2,860		645
	Kintetsu Corp. (b)		132,250		416
	Kirin Brewery Co. Ltd.		55,000		795
	Kobe Steel Ltd.		229,000		923
	Kokuyo Co. Ltd. (b)		13,700		181
	Komatsu Ltd.		66,800		1,406
	Konami Corp.		8,900		238
	Konica Minolta Holdings, Inc.		39,000		512
	Kubota Corp.		87,000		763
	Kuraray Co. Ltd.		29,000		313
	Kurita Water Industries Ltd. (b)		12,400		300
	Kyocera Corp.		11,800		1,113
	Kyowa Hakko Kogyo Co. Ltd.		29,000		268
	Kyushu Electric Power Co., Inc. (b)		23,200		660
	Lawson, Inc.		5,500		211
	Leopalace21 Corp.		10,000		331
	Mabuchi Motor Co. Ltd. (b)		3,500		217
	Makita Corp.		9,900		367
	Marubeni Corp.		127,000		772
	Marui Co. Ltd.		25,300		310
	Matsushita Electric Industrial Co. Ltd.		133,880		2,699
	Matsushita Electric Works Ltd.		31,000		355
	Millea Holdings, Inc.		50,400		1,865
	Minebea Co. Ltd.		39,000		242
	Mitsubishi Chemical Holdings Corp.		86,000		732
	Mitsubishi Corp.		97,400		2,261
	Mitsubishi Electric Corp.		140,000		1,443
	Mitsubishi Estate Co. Ltd.		84,000		2,759
	Mitsubishi Gas Chemical Co., Inc.		30,000		288
	Mitsubishi Heavy Industries Ltd.		240,000		1,552
	Mitsubishi Logistics Corp.		14,000		238
	Mitsubishi Materials Corp.		75,000		356
	Mitsubishi Rayon Co. Ltd.		42,000		280

See Notes to Financial Statements.

60

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

International Equity Index Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Japan—continued
	Mitsubishi UFJ Financial Group, Inc.		592		6,685
	Mitsui & Co. Ltd. (b)		115,000		2,147
	Mitsui Chemicals, Inc.		53,000		463
	Mitsui Engineering & Shipbuilding Co. Ltd. (b)		73,000		309
	Mitsui Fudosan Co. Ltd.		62,000		1,821
	Mitsui Mining & Smelting Co. Ltd.		49,000		269
	Mitsui O.S.K. Lines Ltd.		85,000		944
	Mitsui Sumitomo Insurance Co. Ltd.		85,340		1,071
	Mitsui Trust Holdings, Inc.		48,000		473
	Mitsukoshi Ltd. (b)		39,000		179
	Mizuho Financial Group, Inc.		668		4,303
	Murata Manufacturing Co. Ltd.		15,000		1,095
	Namco Bandai Holdings, Inc. (b)		20,050		313
	NEC Corp.		154,000		826
	NGK Insulators Ltd.		25,000		516
	NGK Spark Plug Co. Ltd. (b)		15,000		281
	Nidec Corp.		8,600		555
	Nikko Cordial Corp. (b)		64,000		914
	Nikon Corp.		25,000		527
	Nintendo Co. Ltd. (b)		7,100		2,064
	Nippon Building Fund, Inc. (b)		37		612
	Nippon Electric Glass Co. Ltd.		28,500		500
	Nippon Express Co. Ltd.		70,000		439
	Nippon Meat Packers, Inc.		16,000		196
	Nippon Mining Holdings, Inc. (b)		71,000		613
	Nippon Oil Corp.		99,000		803
	Nippon Sheet Glass Co. Ltd.		38,000		199
	Nippon Steel Corp.		447,000		3,141
	Nippon Telegraph & Telephone Corp.		356		1,882
	Nippon Unipac Holding		75		267
	Nippon Yusen Kabushiki Kaisha (b)		94,000		754
	Nissan Chemical Industries Ltd.		16,000		207
	Nissan Motor Co. Ltd. (b)		155,800		1,670
	Nisshin Seifun Group, Inc. (b)		18,300		186
	Nisshin Steel Co. Ltd.		82,000		354
	Nissin Food Products Co. Ltd.		7,300		268
	Nitto Denko Corp.		12,500		587
	NOK Corp.		9,200		157
	Nomura Holdings, Inc.		121,500		2,532
	Nomura Research Institute Ltd.		11,000		324
	NSK Ltd.		37,000		353
	NTN Corp.		37,000		320
	NTT DATA Corp.		97		493
	NTT DoCoMo, Inc. (b)		1,277		2,363
	Obayashi Corp.		52,000		335
	Odakyu Electric Railway Co. Ltd. (b)		61,000		446
	Oji Paper Co. Ltd. (b)		59,000		313
	Olympus Corp.		18,000		616
	OMRON Corp.		18,600		500
	Onward Kashiyama Co. Ltd.		14,000		195
	Oriental Land Co. Ltd.		4,800		286
	ORIX Corp.		6,530		1,702
	Osaka Gas Co. Ltd. (b)		144,000		559
	Pioneer Corp. (b)		16,300		213
	Promise Co. Ltd.		6,950		262
	Rakuten, Inc.		553		263
	Resona Holdings, Inc. (b)		332		893
	Ricoh Co. Ltd.		49,000		1,104
	ROHM Co. Ltd.		8,200		744
	Sankyo Co. Ltd.		4,600		202
	SANYO Electric Co. Ltd. * (b)		132,000		225
	SBI Holdings, Inc.		821		311
	Secom Co. Ltd.		15,800		734
	Sega Sammy Holdings, Inc. (b)		15,104		353
	Seiko Epson Corp. (b)		12,500		368
	Sekisui Chemical Co. Ltd.		38,000		303
	Sekisui House Ltd.		40,000		623
	Seven & I Holdings Co. Ltd.		56,440		1,720
	Sharp Corp.		72,000		1,387

See Notes to Financial Statements.

61

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

International Equity Index Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Japan—continued
	Shimamura Co. Ltd.		2,000		220
	Shimano, Inc.		8,300		256
	Shimizu Corp.		51,000		313
	Shin-Etsu Chemical Co. Ltd.		27,200		1,660
	Shinsei Bank Ltd.		111,000		532
	Shionogi & Co. Ltd.		24,000		432
	Shiseido Co. Ltd.		27,000		549
	Shizuoka Bank Ltd. (The)		48,000		511
	Showa Denko KK		85,000		320
	Showa Shell Sekiyu KK		19,100		234
	SMC Corp.		4,400		590
	Softbank Corp. (b)		53,100		1,366
	Sompo Japan Insurance, Inc.		62,000		773
	Sony Corp.		70,000		3,559
	Stanley Electric Co. Ltd.		14,400		293
	Sumitomo Chemical Co. Ltd.		110,000		831
	Sumitomo Corp.		82,600		1,486
	Sumitomo Electric Industries Ltd. (b)		56,300		856
	Sumitomo Heavy Industries Ltd.		44,000		438
	Sumitomo Metal Industries Ltd.		308,000		1,592
	Sumitomo Metal Mining Co. Ltd. (b)		39,000		753
	Sumitomo Mitsui Financial Group, Inc.		428		3,887
	Sumitomo Realty & Development Co. Ltd.		29,000		1,100
	Sumitomo Trust & Banking Co. Ltd. (The)		94,000		981
	Suruga Bank Ltd.		21,000		274
	Suzuken Co. Ltd.		6,400		227
	T&D Holdings, Inc.		16,900		1,166
	Taiheiyo Cement Corp.		70,000		310
	Taisei Corp.		78,000		289
	Taisho Pharmaceutical Co. Ltd.		12,000		220
	Taiyo Yuden Co. Ltd.		16,000		333
	Takashimaya Co. Ltd.		23,000		283
	Takeda Pharmaceutical Co. Ltd.		59,300		3,891
	Takefuji Corp. (b)		9,410		378
	TDK Corp.		9,700		841
	Teijin Ltd. (b)		65,000		367
	Terumo Corp.		13,100		510
	THK Co. Ltd. (b)		9,700		228
	Tobu Railway Co. Ltd. (b)		78,000		375
	Toho Co. Ltd. (b)		14,400		281
	Tohoku Electric Power Co., Inc.		28,300		718
	Tokyo Electric Power Co., Inc. (The) (b)		78,500		2,685
	Tokyo Electron Ltd.		12,200		853
	Tokyo Gas Co. Ltd.		149,000		831
	Tokyu Corp.		91,000		709
	TonenGeneral Sekiyu KK		29,000		324
	Toppan Printing Co. Ltd.		44,000		459
	Toray Industries, Inc.		103,000		745
	Toshiba Corp. (b)		210,000		1,403
	Tosoh Corp.		46,000		237
	TOTO Ltd. (b)		23,700		238
	Toyo Seikan Kaisha Ltd.		13,600		274
	Toyobo Co. Ltd.		74,000		220
	Toyota Industries Corp.		14,000		663
	Toyota Motor Corp.		195,300		12,516
	Trend Micro, Inc.		7,500		205
	Ube Industries Ltd.		88,000		279
	Uni-Charm Corp.		4,200		266
	UNY Co. Ltd.		16,000		220
	Ushio, Inc.		12,600		243
	USS Co. Ltd.		2,960		193
	Wacoal Corp.		16,000		203
	West Japan Railway Co. (b)		144		665
	Yahoo Japan Corp. (b)		1,079		372
	Yakult Honsha Co. Ltd.		10,700		273
	Yamada Denki Co. Ltd.		6,660		621
	Yamaha Corp.		15,300		342
	Yamaha Motor Co. Ltd.		14,300		401
	Yamato Transport Co. Ltd.		32,000		516
	Yokogawa Electric Corp.		20,400		313
					205,470
Netherlands (3.6%)
	ABN AMRO Holding NV		125,022		5,379
	AEGON NV		98,557		1,964
	Akzo Nobel NV		19,001		1,443
	ASML Holding NV *		34,793		859
	Fugro NV		6,000		305
	Hagemeyer NV * (b)		43,224		206

See Notes to Financial Statements.

62

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

International Equity Index Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Netherlands—continued
	Heineken NV		16,555		866
	ING Groep NV		129,168		5,460
	Koninklijke DSM NV (b)		11,152		500
	Koninklijke KPN NV (b)		137,913		2,148
	Mittal Steel Co. NV		21,100		1,121
	Mittal Steel Co. NV		37,386		1,985
	QIAGEN NV * (b)		22,416		381
	Randstad Holding NV		3,853		299
	Reed Elsevier NV		47,767		845
	Rodamco Europe NV		4,646		646
	Royal Ahold NV *		111,518		1,303
	Royal Numico NV (b)		12,293		634
	Royal Philips Electronics NV (b)		86,058		3,286
	SBM Offshore NV		12,700		458
	TPG NV		30,641		1,405
	Unilever NV		114,282		3,327
	Vedior NV		13,551		301
	Wolters Kluwer NV		22,491		675
					35,796
New Zealand (0.5%)
	Auckland International Airport Ltd. (b)		334,300		575
	Contact Energy Ltd.		77,603		510
	Fisher & Paykel Appliances Holdings Ltd.		95,674		251
	Fisher & Paykel Healthcare Corp. Ltd.		162,014		420
	Fletcher Building Ltd. (b)		122,611		963
	Kiwi Income Property Trust (b)		331,361		390
	Sky City Entertainment Group Ltd.		143,943		480
	Telecom Corp. of New Zealand Ltd. (b)		453,977		1,534
					5,123
Norway (1.5%)
	Acergy SA *		25,100		536
	Det Norske Oljeselskap ASA * (b)		95,200		171
	DNB NOR ASA (b)		91,040		1,286
	Frontline Ltd. (b)		8,400		299
	Norsk Hydro ASA		95,600		3,171
	Norske Skogindustrier ASA		24,150		413
	Orkla ASA		26,600		1,876
	Petroleum Geo-Services ASA *		21,402		559
	Schibsted ASA (b)		10,600		468
	SeaDrill Ltd. *		34,600		569
	Ship Finance International Ltd.		900		25
	Statoil ASA (b)		82,500		2,247
	Storebrand ASA		36,600		587
	Tandberg ASA (b)		20,694		433
	Telenor ASA		98,600		1,753
	Tomra Systems ASA (b)		27,950		201
	Yara International ASA		30,840		851
					15,445
Portugal (1.1%)
	Banco BPI SA		93,608		813
	Banco Comercial Portugues SA		467,648		1,693
	Banco Espirito Santo SA		48,555		927
	Brisa-Auto-estradas de Portugal SA		76,323		1,001
	CIMPOR-Cimentos de Portugal, SGPS, SA		42,280		355
	Energias de Portugal SA		383,064		2,057
	Jeronimo Martins, SGPS, SA		13,411		349
	Keppel Corp. Ltd.		39,000		489
	Portugal Telecom, SGPS, SA		163,066		2,184
	PT Multimedia-Servicos de Telecomunicacoes e Multimedia, SGPS, SA		22,010		326
	Sonae, SGPS, SA		255,182		576
					10,770
Singapore (0.6%)
	Capitaland Ltd.		89,000		470
	City Developments Ltd.		41,000		395
	DBS Group Holdings Ltd.		61,467		867
	Oversea-Chinese Banking Corp. Ltd.		154,700		918
	Singapore Airlines Ltd.		39,000		427
	Singapore Press Holdings Ltd.		120,750		350
	Singapore Telecommunications Ltd.		283,660		614

See Notes to Financial Statements.

63

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

International Equity Index Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Singapore—continued
	United Overseas Bank Ltd.		70,000		969
	UOL Group Ltd.		125,300		421
	Venture Corp. Ltd.		30,000		289
					5,720
Spain (6.2%)
	Abertis Infraestructuras SA (b)		30,976		995
	Acciona SA		4,008		868
	Acerinox SA (b)		25,226		642
	Actividades de Construccion y Servicios SA (ACS) (b)		29,880		1,814
	Altadis SA (b)		32,006		2,055
	Antena 3 de Television SA (b)		12,549		281
	Banco Bilbao Vizcaya Argentaria SA (b)		358,159		8,793
	Banco Popular Espanol SA (b)		101,754		2,098
	Banco Santander Central Hispano SA		630,734		11,254
	Cintra Concesiones de Infraestructuras de Transporte SA (b)		27,641		518
	Corporacion Mapfre		76,065		390
	Ebro Puleva SA		16,201		382
	Endesa SA (b)		102,438		5,539
	Fomento de Construcciones y Contratas SA		6,418		660
	Gamesa Corporacion Tecnologica SA (b)		22,098		800
	Gas Natural SDG SA (b)		21,823		1,025
	Grupo Ferrovial SA (b)		8,393		849
	Iberdrola SA (b)		91,849		4,342
	Iberia Lineas Aereas de Espana SA		94,195		502
	Indra Sistemas SA		19,673		496
	Industria de Diseno Textil SA		25,038		1,556
	Promotora de Informaciones SA		14,588		325
	Repsol YPF SA (b)		104,150		3,511
	Sacyr Vallehermoso Group SA (b)		13,501		756
	Sociedad General de Aguas de Barcelona SA, Cl A		10,872		387
	Telefonica SA		481,131		10,604
	Union Fenosa SA		17,780		959
	Zeltia SA * (b)		34,645		315
					62,716
Sweden (1.9%)
	ASSA ABLOY AB		22,600		520
	Atlas Copco AB, Cl A (b)		21,700		721
	Atlas Copco AB, Cl B (b)		15,541		495
	Boliden AB		18,400		406
	Electrolux AB, Ser B * (b)		17,900		454
	Getinge AB, Cl B		14,200		323
	H&M Hennes & Mauritz AB		25,500		1,469
	Husqvarna AB, Cl B *		17,900		296
	Nordea Bank AB (b)		121,200		1,936
	Sandvik AB		61,900		1,100
	Scania AB, Cl B (b)		7,527		591
	Securitas AB, Cl B		21,000		320
	Securitas Direct AB, Cl B * (b)		21,000		58
	Securitas Systems AB, Cl B *		21,000		73
	Skandinaviska Enskilda Banken AB (b)		29,200		935
	Skanska AB, Cl B (b)		25,100		559
	SKF AB, Cl B (b)		27,400		570
	SSAB Svenskt Stal AB, Ser A (b)		11,400		352
	Svenska Cellulosa AB ACA (b)		8,500		455
	Svenska Handelsbanken AB, Cl A		30,200		898
	Swedish Match AB		18,600		332
	Tele2 AB, Cl B (b)		24,500		402
	Telefonaktiebolaget LM Ericsson		856,800		3,154
	TeliaSonera AB		113,000		975
	Volvo AB, Cl A		6,557		565
	Volvo AB, Cl B (b)		13,650		1,150
					19,109
Switzerland (1.9%)
	ABB Ltd.		42,045		720
	Adecco SA		3,943		250

See Notes to Financial Statements.

64

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

International Equity Index Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Switzerland—continued
	Compagnie Financiere Richemont SA		12,783		715
	Credit Suisse Group		24,733		1,775
	Holcim Ltd.		4,662		467
	Nestle SA (b)		7,579		2,954
	Nobel Biocare Holding AG		865		315
	Novartis AG		43,390		2,490
	Roche Holding Ltd. (b)		13,781		2,439
	STMicroelectronics NV		58,342		1,123
	Swiss Re		7,298		667
	Swisscom AG		681		246
	Syngenta AG		2,815		539
	UBS AG *		41,264		2,452
	Xstrata PLC		16,344		840
	Zurich Financial Services		3,083		890
					18,882
United Kingdom (10.3%)
	3I Group PLC		21,131		472
	AMVESCAP PLC		34,094		376
	Anglo American PLC		47,216		2,487
	AstraZeneca PLC		53,095		2,856
	Aviva PLC		88,686		1,306
	BAE Systems PLC		118,408		1,072
	Barclays PLC		220,082		3,122
	Barratt Developments PLC		11,879		258
	BG Group PLC		129,040		1,861
	BHP Billiton PLC		84,866		1,892
	Biffa PLC		13,447		91
	Boots Group PLC		33,699		681
	BP PLC		671,851		7,296
	British American Tobacco PLC		52,340		1,636
	British Land Co. PLC (The)		21,472		646
	British Sky Broadcasting Group PLC		45,640		506
	BT Group PLC		294,201		1,758
	Bunzl PLC		30,585		433
	Burberry Group PLC		26,473		340
	Cadbury Schweppes PLC		72,947		936
	Capita Group PLC (The)		33,514		450
	Carnival PLC		7,052		340
	Centrica PLC		134,608		1,024
	Compass Group PLC		85,307		571
	Corus Group PLC		35,478		424
	Daily Mail & General Trust PLC		19,072		305
	Diageo PLC		91,360		1,851
	DSG International PLC		84,617		283
	Elan Corp. PLC *		39,596		519
	EMAP PLC		11,989		178
	Enterprise Inns PLC		32,254		424
	Experian Group Ltd.		31,602		364
	Friends Provident PLC		76,822		291
	Gallaher Group PLC		25,629		571
	GKN PLC		36,074		271
	GlaxoSmithKline PLC		194,371		5,343
	Hammerson PLC		16,989		579
	Hanson PLC		29,848		480
	Hays PLC		72,491		224
	HBOS PLC		129,901		2,676
	Home Retail Group		31,602		276
	HSBC Holdings PLC		369,195		6,462
	ICAP PLC		25,085		262
	Imperial Chemical Industries PLC		48,410		476
	Imperial Tobacco Group PLC		24,474		1,096
	InterContinental Hotels Group PLC		16,574		410
	International Power PLC		62,672		489
	ITV PLC		174,542		374
	J Sainsbury PLC		58,013		627
	Johnson Matthey PLC		10,122		314
	Kelda Group PLC		22,689		419
	Kingfisher PLC		97,600		534
	Land Securities Group PLC		18,026		759
	Legal & General Group PLC		231,506		724
	Liberty International PLC		16,465		404
	Lloyds TSB Group PLC		191,836		2,114
	Man Group PLC		69,240		756
	Marks & Spencer Group PLC		59,702		795
	Mitchells & Butlers PLC		31,040		481
	National Grid PLC		94,611		1,485
	Next PLC		9,555		423
	Old Mutual PLC		195,420		631
	Pearson PLC		32,051		550
	Persimmon PLC		11,625		322
	Provident Financial PLC		20,451		324

See Notes to Financial Statements.

65

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

International Equity Index Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
United Kingdom—continued
	Prudential PLC		85,536		1,208
	Punch Taverns PLC		12,598		309
	Reckitt Benckiser PLC		20,066		1,045
	Reed Elsevier PLC		47,223		564
	Rentokil Initial PLC		96,633		310
	Reuters Group PLC		52,315		480
	Rio Tinto PLC		36,076		2,060
	Rolls-Royce PLC		66,989		651
	Royal & Sun Alliance Insurance Group PLC		124,634		397
	Royal Bank of Scotland Group PLC (The)		106,323		4,151
	Royal Dutch Shell PLC, Cl A (b)		132,454		4,405
	Royal Dutch Shell PLC, Cl B		92,559		3,080
	SABMiller PLC		30,620		672
	Sage Group PLC (The)		65,479		333
	Scottish & Newcastle PLC		33,658		398
	Scottish & Southern Energy PLC		31,572		957
	Scottish Power PLC		56,783		894
	Scottish Power PLC, B Shares		21,721		—
	Severn Trent PLC		10,716		302
	Slough Estates PLC		26,485		409
	Smith & Nephew PLC		40,066		509
	Smiths Group PLC		22,415		453
	Tate & Lyle PLC		23,905		270
	Tesco PLC		265,616		2,322
	Tomkins PLC		39,274		206
	Unilever PLC		42,934		1,293
	United Business Media PLC		14,929		233
	United Utilities PLC		33,365		496
	Vodafone Group PLC		1,796,469		4,790
	Whitbread PLC		10,325		383
	Whitbread PLC * (d)		13,595		41
	William Hill Organization Ltd.		20,531		257
	Wolseley PLC		24,242		568
	WPP Group PLC		45,503		689
	Yell Group PLC		32,812		386
					104,221
Total Foreign Common Stocks (Cost $569,301)					946,477
Foreign Preferred Stocks (0.6%)
Germany (0.5%)
	Fresenius Medical Care AG, 1.230%		9,344		1,357
	Porsche AG, 5.000%		1,191		1,817
	ProSiebenSat.1 Media AG, 0.840%		12,482		442
	RWE AG, 1.750%		5,293		524
	Volkswagen AG, 1.210%		15,594		1,600
					5,740
Italy (0.1%)
	Compagnia Assicuratrice Unipol SpA, 0.125% *		185,420		677
Total Foreign Preferred Stocks (Cost $2,859)					6,417
Exchange Traded Funds (2.5%)
	iShares MSCI EAFE Index Fund (b)		264,000		20,157
	iShares MSCI Germany Index Fund (b)		82,000		2,362
	iShares MSCI Italy Index Fund		44,000		1,488
	iShares MSCI Japan Index Fund		62,000		906
Total Exchange Traded Funds (Cost $25,032)					24,913
Rights (0.0%)
Japan (0.0%)
	DOWA Mining (b) (c)		25,000		—
Total Rights (Cost $—)					—
Short-Term Investments (24.5%)
	Brown Brothers Harriman & Co., Cayman Islands Cash Sweep, 4.630%		16,148		16,148
	CSFB Enhanced Liquidity Portfolio, 5.421% (e)		231,051,453		231,051
Total Short-Term Investments (Cost $247,199)					247,199
Total Investments (Cost $844,464) (a) — 121.5%					1,225,124
Liabilities in excess of other assets — (21.5)%					(217,176	)
Net Assets — 100.0%				$	1,007,948

See Notes to Financial Statements.

66

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

International Equity Index Fund — concluded

*	Non-income producing security.
(a)	Cost for federal income tax purposes is $866,736 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands):

Unrealized Appreciation	$	368,115
Unrealized Depreciation		(9,727	)
Unrealized Appreciation (Depreciation)	$	358,388

(b)	This security or a partial position of the security was on loan at March 31, 2007. The total value of securities on loan at March 31, 2007 in thousands was $220,589.
(c)	Market value is zero.
(d)	Valued at fair value using methods determined by the Board and represents 0.043% of net assets as of March 31, 2007.
(e)	This security was purchased with cash collateral held from securities lending.

Cl	— Class
PLC	— Public Limited Company
REIT	— Real Estate Investment Trust
Ser	— Series

The investment concentrations for the International Equity Index Fund as a percentage of net assets, by industry, as of March 31, 2007, were as follows (unaudited):

Consumer Discretionary	11.8	%
Consumer Staples	5.8
Energy	6.0
Financials	28.7
Health Care	4.5
Industrials	11.4
Information Technology	5.1
Materials	8.3
Metals	0.2
Short-Term Investments	27.0
Telecommunication Services	5.7
Transportation & Services	0.1
Utilities	6.9

See Notes to Financial Statements.

67

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Large Cap Quantitative Equity Fund

		Shares		Value($)
Common Stocks (99.2%)
Consumer Discretionary (10.5%)
	Best Buy Co., Inc.		38,815		1,891
	Carnival Corp.		38,849		1,820
	Coach, Inc. *		38,232		1,914
	Hasbro, Inc.		63,818		1,826
	J.C. Penney Co., Inc.		22,271		1,830
	Kohl’s Corp. *		26,146		2,003
	Limited Brands, Inc.		65,227		1,700
	Lowe’s Cos., Inc.		54,965		1,731
	Mattel, Inc.		69,365		1,912
	McDonald’s Corp.		41,295		1,860
	McGraw-Hill Cos., Inc. (The)		27,946		1,757
	NIKE, Inc., Cl B		17,269		1,835
	Nordstrom, Inc.		34,054		1,803
	Omnicom Group, Inc.		17,411		1,783
	Sherwin-Williams Co. (The)		27,109		1,790
	TJX Cos., Inc. (The)		65,606		1,769
	Walt Disney Co. (The)		52,676		1,814
	YUM! Brands, Inc.		31,139		1,799
					32,837
Consumer Staples (9.3%)
	Altria Group, Inc.		41,992		3,687
	ConAgra Foods, Inc.		140,383		3,497
	Costco Wholesale Corp.		63,322		3,409
	General Mills, Inc.		62,838		3,658
	H.J. Heinz Co.		77,221		3,639
	Pepsi Bottling Group, Inc. (The)		114,162		3,641
	Sara Lee Corp.		215,010		3,638
	SUPERVALU, Inc.		95,753		3,741
					28,910
Energy (10.0%)
	Anadarko Petroleum Corp.		104,109		4,475
	Apache Corp.		61,270		4,332
	Chevron Corp.		61,217		4,528
	Exxon Mobil Corp.		58,518		4,415
	Marathon Oil Corp.		46,236		4,570
	Nabors Industries Ltd. *		139,678		4,144
	Valero Energy Corp.		72,898		4,700
					31,164
Financials (20.2%)
	ACE Ltd.		65,521		3,739
	Allstate Corp. (The)		61,195		3,675
	Bank of America Corp.		72,186		3,683
	Bear Stearns Cos., Inc. (The)		24,162		3,633
	Chubb Corp. (The)		72,026		3,722
	Citigroup, Inc.		72,846		3,740
	Genworth Financial, Inc., Cl A		104,115		3,638
	Goldman Sachs Group, Inc. (The)		18,187		3,758
	Lehman Brothers Holdings, Inc.		50,051		3,507
	Loews Corp.		84,755		3,850
	Merrill Lynch & Co., Inc.		43,848		3,581
	MGIC Investment Corp.		60,950		3,591
	Morgan Stanley		49,097		3,867
	Progressive Corp. (The)		160,348		3,499
	SAFECO Corp.		54,994		3,653
	Torchmark Corp.		57,547		3,775
	Wachovia Corp.		66,434		3,657
					62,568
Health Care (11.1%)
	AmerisourceBergen Corp.		58,716		3,097
	Applera Corp. — Applied Biosystems Group		100,261		2,965
	Forest Laboratories, Inc. *		59,669		3,069
	Humana, Inc. *		51,552		2,991
	McKesson Corp.		55,428		3,245
	Merck & Co., Inc.		69,955		3,090
	Pfizer, Inc.		123,738		3,126
	Schering-Plough Corp.		131,648		3,358
	Thermo Fisher Scientific, Inc. *		68,238		3,190
	Waters Corp. *		56,941		3,303
	WellPoint, Inc. *		38,903		3,155
					34,589
Industrials (10.4%)
	Cummins, Inc.		19,780		2,862
	Danaher Corp.		37,140		2,654
	Dover Corp.		55,711		2,719
	Eaton Corp.		32,871		2,747
	Emerson Electric Co.		61,845		2,665
	Illinois Tool Works, Inc.		51,558		2,660
	ITT Corp.		44,959		2,712
	Parker Hannifin Corp.		32,322		2,789
	Rockwell Collins, Inc.		40,755		2,728
	Ryder System, Inc.		51,708		2,551
	United Technologies Corp.		40,562		2,637
	Waste Management, Inc.		78,192		2,691
					32,415

See Notes to Financial Statements.

68

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Large Cap Quantitative Equity Fund — concluded

		Shares		Value($)
Information Technology (14.7%)
	Applied Materials, Inc.		162,501		2,977
	BMC Software, Inc. *		97,784		3,011
	Cisco Systems, Inc. *		116,332		2,970
	Compuware Corp. *		329,796		3,130
	Convergys Corp. *		117,236		2,979
	Fiserv, Inc. *		56,980		3,023
	Hewlett-Packard Co.		76,687		3,078
	International Business Machines Corp.		32,469		3,061
	KLA-Tencor Corp.		58,322		3,110
	LSI Logic Corp. *		297,012		3,101
	Molex, Inc.		102,885		2,901
	NCR Corp. *		65,289		3,119
	Novellus Systems, Inc. *		93,715		3,001
	Oracle Corp. *		183,667		3,329
	Sun Microsystems, Inc. *		492,274		2,959
					45,749
Insurance (2.2%)
	CIGNA Corp.		21,674		3,092
	Travelers Cos., Inc. (The)		72,480		3,752
					6,844
Materials (3.5%)
	Ashland, Inc.		40,648		2,667
	Bemis Co., Inc.		80,364		2,683
	MeadWestvaco Corp.		87,438		2,697
	Nucor Corp.		43,740		2,848
					10,895
Telecommunication Services (3.6%)
	AT&T, Inc.		99,707		3,931
	Sprint Nextel Corp.		189,882		3,600
	Verizon Communications, Inc.		97,987		3,716
					11,247
Utilities (3.7%)
	American Electric Power Co., Inc.		34,877		1,700
	Edison International		33,318		1,637
	FirstEnergy Corp.		25,027		1,658
	Progress Energy, Inc.		32,049		1,617
	Public Service Enterprise Group, Inc.		20,907		1,736
	Sempra Energy		26,078		1,591
	TXU Corp.		23,658		1,516
					11,455
Total Common Stocks (Cost $300,922)					308,673
Money Market Fund (5.4%)
	STI Classic Institutional Cash Management Money Market Fund, 5.230% (b)		16,852,134		16,852
Total Money Market Fund (Cost $16,852)					16,852
Total Investments (Cost $317,774) (a) — 104.6%					325,525
Liabilities in excess of other assets — (4.6)%					(14,200	)
Net Assets — 100.0%				$	311,325

*	Non-income producing security.
(a)	Cost for federal income tax purposes is $318,842 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands):

Unrealized Appreciation	$	11,554
Unrealized Depreciation		(4,871	)
Unrealized Appreciation (Depreciation)	$	6,683

(b)	Affiliate investment.
Cl	— Class

See Notes to Financial Statements.

69

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Large Cap Relative Value Fund

		Shares		Value($)
Common Stocks (99.9%)
Consumer Discretionary (8.0%)
	Abercrombie & Fitch Co., Cl A		200,000		15,136
	CBS Corp., Cl B (b)		700,000		21,413
	Darden Restaurants, Inc.		400,000		16,476
	Lennar Corp., Cl A		278,911		11,773
	NIKE, Inc., Cl B (b)		150,000		15,939
	Target Corp. (b)		150,000		8,889
	Time Warner, Inc. (b)		1,400,000		27,608
	Walt Disney Co. (The)		500,000		17,215
					134,449
Consumer Staples (12.2%)
	Anheuser-Busch Cos., Inc.		300,000		15,138
	Archer-Daniels-Midland Co.		750,000		27,524
	Cadbury Schweppes PLC ADR (b)		400,000		20,548
	ConAgra Foods, Inc.		900,000		22,419
	CVS/ Caremark Corp.		650,000		22,191
	Diageo PLC ADR		125,000		10,119
	General Mills, Inc.		400,000		23,288
	PepsiCo, Inc.		225,000		14,301
	Procter & Gamble Co. (The)		275,000		17,369
	Wal-Mart Stores, Inc.		400,000		18,780
	Wm. Wrigley Jr. Co. (b)		250,000		12,733
					204,410
Energy (10.4%)
	Baker Hughes, Inc.		275,000		18,186
	Chevron Corp.		600,000		44,375
	ConocoPhillips		550,000		37,593
	CONSOL Energy, Inc.		600,000		23,478
	Exxon Mobil Corp.		400,000		30,180
	Spectra Energy Corp.		750,000		19,703
					173,515
Financials (21.7%)
	American International Group, Inc.		400,000		26,888
	Ameriprise Financial, Inc.		325,000		18,571
	Bank of America Corp.		750,000		38,264
	Berkshire Hathaway, Inc., Cl B * (b)		5,500		20,020
	Capital One Financial Corp.		300,000		22,638
	Cincinnati Financial Corp.		300,000		12,720
	CIT Group, Inc.		350,000		18,522
	Citigroup, Inc.		1,000,000		51,339
	Genworth Financial, Inc., Cl A		690,000		24,109
	Morgan Stanley		175,000		13,783
	Principal Financial Group, Inc.		285,000		17,063
	SLM Corp.		400,000		16,360
	State Street Corp.		200,000		12,950
	UBS AG ADR		375,000		22,286
	Wachovia Corp.		450,000		24,773
	Wells Fargo & Co.		600,000		20,658
					360,944
Health Care (10.3%)
	Abbott Laboratories		350,000		19,530
	Amgen, Inc. * (b)		250,000		13,970
	Boston Scientific Corp. *		1,000,000		14,540
	Bristol-Myers Squibb Co.		700,000		19,432
	Eli Lilly & Co.		500,000		26,855
	Johnson & Johnson		325,000		19,585
	Medtronic, Inc.		350,000		17,171
	Pfizer, Inc.		1,600,000		40,416
					171,499
Industrials (11.6%)
	3M Co.		250,000		19,108
	Burlington Northern Santa Fe Corp.		110,000		8,847
	Dover Corp.		400,000		19,524
	Emerson Electric Co.		350,000		15,082
	Equifax, Inc.		450,000		16,403
	General Electric Co.		1,000,000		35,359
	Goodrich Corp.		375,000		19,305
	Ingersoll-Rand Co. Ltd., Cl A		400,000		17,348
	R.R. Donnelley & Sons Co.		300,000		10,977
	Tyco International Ltd.		1,000,000		31,550
					193,503
Information Technology (16.5%)
	Accenture Ltd., Cl A		500,000		19,270
	Applied Materials, Inc. (b)		1,000,000		18,320
	Cadence Design Systems, Inc. * (b)		800,000		16,848
	Cisco Systems, Inc. *		700,000		17,871
	Dell, Inc. *		850,000		19,729
	First Data Corp.		700,000		18,830
	Fiserv, Inc. *		335,000		17,775

See Notes to Financial Statements.

70

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Large Cap Relative Value Fund — concluded

		Shares		Value($)
Information Technology—continued
	Hewlett-Packard Co.		400,000		16,056
	Intel Corp.		1,200,000		22,955
	Jabil Circuit, Inc. (b)		650,000		13,917
	Microsoft Corp. (b)		850,000		23,689
	Nokia Corp. ADR (b)		900,000		20,628
	Texas Instruments, Inc.		400,000		12,040
	VeriSign, Inc. * (b)		800,000		20,096
	Western Union Co.		800,000		17,560
					275,584
Materials (4.1%)
	E.I. du Pont de Nemours & Co. (b)		400,000		19,772
	Huntsman Corp.		1,200,000		22,908
	Praxair, Inc.		150,000		9,444
	Sonoco Products Co.		450,000		16,911
					69,035
Telecommunication Services (2.8%)
	ALLTEL Corp.		400,000		24,800
	AT&T, Inc.		550,000		21,687
					46,487
Utilities (2.3%)
	Duke Energy Corp. (b)		800,000		16,232
	Edison International		450,000		22,109
					38,341
Total Common Stocks (Cost $1,350,903)					1,667,767
Short-Term Investment (7.4%)
	CSFB Enhanced Liquidity Portfolio, 5.421% (c)		123,651,075		123,651
Total Short-Term Investment (Cost $123,651)					123,651
Money Market Fund (0.5%)
	STI Classic Institutional Cash Management Money Market Fund, 5.230% (d)		8,615,954		8,616
Total Money Market Fund (Cost $8,616)					8,616
Total Investments (Cost $1,483,170) (a) — 107.8%					1,800,034
Liabilities in excess of other assets — (7.8)%					(129,749	)
Net Assets — 100.0%				$	1,670,285

*	Non-income producing security.
(a)	Cost for federal income tax purposes is $1,486,105 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands):

Unrealized Appreciation	$	330,789
Unrealized Depreciation		(16,860	)
Unrealized Appreciation (Depreciation)	$	313,929

(b)	This security or a partial position of the security was on loan at March 31, 2007. The total value of securities on loan at March 31, 2007 in thousands was $120,012.
(c)	This security was purchased with cash collateral held from securities lending.
(d)	Affiliate investment.

ADR	— American Depositary Receipt
Cl	— Class
PLC	— Public Limited Company

See Notes to Financial Statements.

71

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Large Cap Value Equity Fund

		Shares		Value($)
Common Stocks (97.0%)
Consumer Discretionary (6.1%)
	Advance Auto Parts, Inc.		222,683		8,584
	Borders Group, Inc. (b)		332,790		6,796
	Circuit City Stores, Inc.		534,250		9,900
	Dow Jones & Co., Inc. (b)		228,537		7,878
	Leggett & Platt, Inc.		335,650		7,609
	Target Corp. (b)		133,500		7,911
	Thor Industries, Inc.		126,636		4,988
	Time Warner, Inc.		345,600		6,815
					60,481
Consumer Staples (7.5%)
	Brown-Forman Corp., Cl B		78,910		5,173
	Colgate-Palmolive Co.		216,850		14,483
	Hershey Co. (The) (b)		272,600		14,900
	PepsiCo, Inc.		336,300		21,376
	Procter & Gamble Co. (The)		303,200		19,150
					75,082
Energy (12.8%)
	Apache Corp.		150,050		10,609
	BJ Services Co. (b)		185,000		5,162
	Chevron Corp.		299,150		22,125
	ConocoPhillips		316,400		21,626
	Diamond Offshore Drilling, Inc. (b)		65,150		5,274
	Exxon Mobil Corp.		392,900		29,644
	Marathon Oil Corp.		167,600		16,564
	Rowan Cos., Inc.		257,100		8,348
	Spectra Energy Corp. (b)		308,841		8,113
					127,465
Financials (24.7%)
	American International Group, Inc.		244,150		16,412
	Aon Corp. (b)		138,350		5,252
	Astoria Financial Corp.		166,225		4,420
	Bank of America Corp.		448,650		22,890
	Bank of New York Co., Inc. (The)		125,608		5,093
	BB&T Corp.		114,850		4,711
	Bear Stearns Cos., Inc. (The)		33,750		5,074
	Citigroup, Inc.		543,279		27,891
	Colonial BancGroup, Inc. (The) (b)		199,550		4,939
	Genworth Financial, Inc., Cl A		439,600		15,360
	Hartford Financial Services Group, Inc. (The)		53,250		5,090
	HCC Insurance Holdings, Inc. (b)		163,100		5,023
	Huntington Bancshares, Inc.		216,400		4,728
	JPMorgan Chase & Co.		413,616		20,011
	Lincoln National Corp.		76,750		5,203
	Mercury General Corp.		96,790		5,134
	Merrill Lynch & Co., Inc.		106,750		8,718
	Morgan Stanley		115,158		9,070
	Northern Trust Corp.		136,500		8,209
	Protective Life Corp.		114,850		5,058
	State Street Corp.		122,100		7,906
	U.S. Bancorp (b)		138,950		4,859
	Wachovia Corp.		367,650		20,239
	Washington Mutual, Inc. (b)		460,100		18,579
	XL Capital Ltd., Cl A (b)		70,750		4,950
					244,819
Health Care (7.6%)
	Cooper Cos., Inc. (The) (b)		110,900		5,392
	Eli Lilly & Co.		149,350		8,022
	Johnson & Johnson		328,750		19,810
	Omnicare, Inc. (b)		200,450		7,972
	Pfizer, Inc.		691,500		17,467
	Wyeth		340,950		17,058
					75,721
Industrials (15.6%)
	3M Co.		128,650		9,833
	Con-way, Inc.		127,050		6,332
	Emerson Electric Co.		227,754		9,814
	General Electric Co.		757,150		26,773
	Harsco Corp.		141,892		6,365
	Hubbell, Inc., Cl B (b)		110,600		5,335
	Illinois Tool Works, Inc.		319,550		16,489
	Oshkosh Truck Corp.		100,000		5,300
	Pentair, Inc. (b)		193,300		6,023
	R.R. Donnelley & Sons Co.		239,400		8,760
	Rockwell Automation, Inc.		159,550		9,552
	Southwest Airlines Co. (b)		519,500		7,637
	Timken Co. (The)		176,029		5,335
	United Parcel Service, Inc., Cl B (b)		111,300		7,802

See Notes to Financial Statements.

72

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Large Cap Value Equity Fund — concluded

		Shares		Value($)
Industrials—continued
	Wabtec Corp. (b)		194,900		6,722
	Waste Management, Inc.		506,600		17,432
					155,504
Information Technology (4.2%)
	First Data Corp.		320,400		8,619
	Harris Corp.		96,275		4,905
	Jack Henry & Associates, Inc.		214,265		5,153
	Maxim Integrated Products, Inc.		293,700		8,635
	Motorola, Inc.		515,350		9,106
	Tektronix, Inc.		184,950		5,208
					41,626
Materials (3.9%)
	Alcoa, Inc.		139,500		4,729
	Dow Chemical Co. (The)		185,200		8,493
	E.I. du Pont de Nemours & Co.		158,500		7,835
	Louisiana-Pacific Corp. (b)		150,522		3,019
	Peabody Energy Corp. (b)		174,750		7,032
	Praxair, Inc.		126,650		7,974
					39,082
Telecommunication Services (6.3%)
	ALLTEL Corp.		162,086		10,049
	AT&T, Inc.		544,100		21,454
	Sprint Nextel Corp. (b)		845,450		16,030
	Verizon Communications, Inc.		408,060		15,474
					63,007
Utilities (8.3%)
	Aqua America, Inc. (b)		359,261		8,065
	Dominion Resources, Inc. (b)		124,168		11,022
	Duke Energy Corp. (b)		493,406		10,011
	Entergy Corp.		102,150		10,718
	PPL Corp.		275,844		11,282
	Public Service Enterprise Group, Inc.		136,100		11,302
	Questar Corp. (b)		116,700		10,411
	TECO Energy, Inc.		300,853		5,178
	Vectren Corp.		179,550		5,135
					83,124
Total Common Stocks (Cost $836,943)					965,911
Short-Term Investment (14.3%)
	CSFB Enhanced Liquidity Portfolio, 5.421% (c)		142,277,541		142,278
Total Short-Term Investment (Cost $142,278)					142,278
Money Market Fund (5.1%)
	STI Classic Institutional Cash Management Money Market Fund, 5.230% (d)		50,836,698		50,837
Total Money Market Fund (Cost $50,837)					50,837
Total Investments (Cost $1,030,058) (a) — 116.4%					1,159,026
Liabilities in excess of other assets — (16.4)%					(162,922	)
Net Assets — 100.0%				$	996,104

(a) Cost for federal income tax purposes is $1,030,775 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands):

Unrealized Appreciation	$	135,589
Unrealized Depreciation		(7,338	)
Unrealized Appreciation (Depreciation)	$	128,251

(b)	This security or a partial position of the security was on loan at March 31, 2007. The total value of securities on loan at March 31, 2007 in thousands was $138,335.
(c)	This security was purchased with cash collateral held from securities lending.
(d)	Affiliate investment.
Cl	— Class

See Notes to Financial Statements.

73

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Mid-Cap Equity Fund

		Shares		Value($)
Common Stocks (97.7%)
Consumer Discretionary (16.9%)
	Abercrombie & Fitch Co., Cl A		47,461		3,592
	American Eagle Outfitters, Inc. (b)		111,016		3,329
	CBS Corp., Cl B		98,836		3,023
	DIRECTV Group, Inc. (The) * (b)		120,998		2,791
	Hilton Hotels Corp.		112,817		4,057
	International Game Technology		77,131		3,115
	J.C. Penney Co., Inc.		47,115		3,871
	KB HOME (b)		54,016		2,305
	Limited Brands, Inc. (b)		124,967		3,257
	Liz Claiborne, Inc.		77,012		3,300
	Mattel, Inc.		154,152		4,250
	Men’s Wearhouse, Inc. (The)		65,485		3,081
	Mohawk Industries, Inc. * (b)		37,093		3,043
	Newell Rubbermaid, Inc.		120,589		3,749
	Nordstrom, Inc.		63,993		3,388
	Omnicom Group, Inc.		33,177		3,397
	Sotheby’s (b)		89,365		3,974
	Whirlpool Corp. (b)		31,384		2,665
					60,187
Consumer Staples (6.4%)
	Church & Dwight Co., Inc. (b)		50,359		2,536
	Del Monte Foods Co.		252,730		2,901
	General Mills, Inc.		57,758		3,363
	J. M. Smucker Co. (The)		74,741		3,985
	Kroger Co. (The)		134,119		3,789
	Pepsi Bottling Group, Inc. (The)		108,498		3,460
	Reynolds American, Inc. (b)		42,219		2,635
					22,669
Energy (6.6%)
	Cameron International Corp. * (b)		70,746		4,442
	Chesapeake Energy Corp. (b)		83,716		2,585
	Diamond Offshore Drilling, Inc.		33,875		2,742
	Noble Energy, Inc.		81,866		4,884
	Pogo Producing Co. (b)		54,846		2,638
	Spectra Energy Corp.		72,000		1,891
	Tesoro Corp.		43,349		4,354
					23,536
Financials (17.6%)
	AMB Property Corp. (b)		49,488		2,909
	Ambac Financial Group, Inc.		36,409		3,145
	American Financial Group, Inc.		88,064		2,998
	Ameriprise Financial, Inc.		63,224		3,613
	Apartment Investment & Management Co., Cl A		53,676		3,097
	Arch Capital Group Ltd. *		30,174		2,058
	Archstone-Smith Trust (b)		40,990		2,225
	Assurant, Inc.		53,225		2,854
	BankUnited Financial Corp., Cl A (b)		84,477		1,792
	Bear Stearns Cos., Inc. (The) (b)		13,617		2,047
	CB Richard Ellis Group, Inc., Cl A *		78,965		2,699
	CIT Group, Inc.		70,750		3,743
	Entertainment Properties Trust (b)		40,433		2,436
	HCC Insurance Holdings, Inc.		97,977		3,018
	Jones Lang LaSalle, Inc.		32,686		3,408
	Marshall & Ilsley Corp.		72,666		3,365
	MGIC Investment Corp. (b)		57,208		3,371
	PMI Group, Inc. (The)		89,409		4,044
	ProLogis		50,745		3,295
	Raymond James Financial, Inc.		53,003		1,577
	Security Capital Assurance Ltd. (b)		70,623		1,994
	SL Green Realty Corp. (b)		23,340		3,202
					62,890
Health Care (9.2%)
	Applera Corp.- Applied Biosystems Group		93,315		2,759
	Becton, Dickinson & Co.		43,804		3,368
	Celgene Corp. * (b)		46,271		2,427
	Dade Behring Holdings, Inc.		62,699		2,749
	Henry Schein, Inc. *		52,584		2,902
	Laboratory Corp. of America Holdings *		46,569		3,382
	Millipore Corp. * (b)		45,504		3,298
	Thermo Fisher Scientific, Inc. * (b)		88,988		4,160

See Notes to Financial Statements.

74

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Mid-Cap Equity Fund — continued

		Shares		Value($)
Health Care—continued
	Universal Health Services, Inc., Cl B		51,660		2,958
	WellCare Health Plans, Inc. *		57,259		4,882
					32,885
Industrials (11.1%)
	Alaska Air Group, Inc. *		65,259		2,486
	Copart, Inc. *		114,187		3,198
	Covanta Holding Corp. *		158,976		3,526
	CSX Corp.		94,399		3,781
	Curtiss-Wright Corp.		78,121		3,011
	Dover Corp.		35,500		1,733
	Eaton Corp.		38,678		3,232
	Goodrich Corp.		53,713		2,765
	Ingersoll-Rand Co. Ltd., Cl A		90,444		3,923
	L-3 Communications Holdings, Inc.		24,973		2,184
	Lennox International, Inc.		108,195		3,863
	PACCAR, Inc. (b)		38,511		2,827
	Toro Co. (The)		58,843		3,015
					39,544
Information Technology (13.7%)
	BMC Software, Inc. * (b)		102,129		3,145
	Cadence Design Systems, Inc. * (b)		200,089		4,214
	Electronic Data Systems Corp.		116,379		3,221
	Fiserv, Inc. *		56,158		2,980
	Juniper Networks, Inc. * (b)		149,935		2,951
	Lexmark International, Inc., Cl A * (b)		45,301		2,648
	LSI Logic Corp. * (b)		390,455		4,076
	MEMC Electronic Materials, Inc. *		22,935		1,389
	NCR Corp. *		60,346		2,883
	Novellus Systems, Inc. * (b)		79,716		2,553
	Sybase, Inc. * (b)		160,022		4,045
	Teradyne, Inc. * (b)		179,608		2,971
	Total System Services, Inc. (b)		97,604		3,109
	VeriSign, Inc. * (b)		112,075		2,815
	Vishay Intertechnology, Inc. * (b)		194,412		2,718
	Xerox Corp. *		194,093		3,278
					48,996
Materials (6.5%)
	Albemarle Corp.		64,714		2,675
	FMC Corp.		37,634		2,839
	Freeport-McMoRan Copper & Gold, Inc., Cl B		41,955		2,777
	Huntsman Corp.		152,219		2,906
	Lyondell Chemical Co. (b)		99,444		2,980
	Sonoco Products Co.		90,516		3,401
	Steel Dynamics, Inc.		57,702		2,493
	United States Steel Corp.		31,620		3,136
					23,207
Telecommunication Services (1.9%)
	Qwest Communications International, Inc. * (b)		393,369		3,536
	Telephone & Data Systems, Inc.		55,870		3,331
					6,867
Utilities (7.8%)
	Alliant Energy Corp.		92,897		4,164
	American Electric Power Co., Inc.		97,283		4,742
	Edison International		87,710		4,309
	MDU Resources Group, Inc. (b)		122,121		3,510
	OGE Energy Corp.		95,326		3,699
	PG&E Corp.		94,996		4,585
	Xcel Energy, Inc.		109,272		2,698
					27,707
Total Common Stocks (Cost $286,918)					348,488
Short-Term Investment (25.5%)
	CSFB Enhanced Liquidity Portfolio, 5.421% (c)		90,822,627		90,823
Total Short-Term Investment (Cost $90,823)					90,823
Money Market (2.0%)
	STI Classic Institutional Cash Management Money Market Fund, 5.230% (d)		7,257,261		7,257
Total Money Market (Cost $7,257)					7,257
Total Investments (Cost $384,998) (a) — 125.2%					446,568
Liabilities in excess of other assets — (25.2)%					(89,965	)
Net Assets — 100.0%				$	356,603

See Notes to Financial Statements.

75

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Mid-Cap Equity Fund — concluded

*	Non-income producing security.
(a)	Cost for federal income tax purposes is $387,350 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands):

Unrealized Appreciation	$	61,477
Unrealized Depreciation		(2,259	)
Unrealized Appreciation (Depreciation)	$	59,218

(b)	This security or a partial position of the security was on loan at March 31, 2007. The total value of securities on loan at March 31, 2007 in thousands was $88,196.
(c)	This security was purchased with cash collateral held from securities lending.
(d)	Affiliate investment.

Cl — Class

See Notes to Financial Statements.

76

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Mid-Cap Value Equity Fund

		Shares		Value($)
Common Stocks (96.8%)
Consumer Discretionary (9.8%)
	American Greetings Corp., Cl A (b)		115,860		2,689
	Borders Group, Inc.		118,300		2,416
	Brunswick Corp.		107,400		3,421
	Circuit City Stores, Inc.		384,200		7,119
	Dow Jones & Co., Inc. (b)		89,300		3,078
	H&R Block, Inc. (b)		84,100		1,769
	Leggett & Platt, Inc.		170,900		3,874
	Standard Pacific Corp. (b)		182,400		3,807
					28,173
Consumer Staples (6.2%)
	Brown-Forman Corp., Cl B		28,100		1,842
	Clorox Co. (The)		28,800		1,834
	Hershey Co. (The) (b)		96,200		5,258
	Longs Drug Stores Corp.		51,000		2,634
	Pepsi Bottling Group, Inc. (The)		135,200		4,312
	Sara Lee Corp.		119,700		2,025
					17,905
Energy (15.5%)
	Anadarko Petroleum Corp. (b)		131,700		5,660
	BJ Services Co.		123,900		3,457
	Cameco Corp.		18,000		737
	CHC Helicopter Corp., Cl A		103,089		2,101
	Chesapeake Energy Corp. (b)		142,400		4,397
	Diamond Offshore Drilling, Inc. (b)		35,400		2,866
	Foundation Coal Holdings, Inc. (b)		93,626		3,215
	Hess Corp.		33,700		1,869
	Overseas Shipholding Group, Inc.		24,600		1,540
	Rowan Cos., Inc. (b)		108,900		3,536
	Ship Finance International, Ltd. (b)		51,800		1,421
	Spectra Energy Corp.		80,600		2,117
	Sunoco, Inc.		99,500		7,010
	TransCanada Corp.		49,500		1,647
	Valero GP Holdings LLC		24,500		680
	Williams Cos., Inc. (The)		86,765		2,469
					44,722
Financials (17.9%)
	Annaly Capital Management, Inc.		109,047		1,688
	Aon Corp.		68,500		2,600
	Astoria Financial Corp. (b)		90,700		2,412
	BankUnited Financial Corp., Cl A (b)		93,240		1,978
	Bear Stearns Cos., Inc. (The)		9,500		1,428
	Brookfield Properties Corp.		35,800		1,443
	Colonial BancGroup, Inc. (The)		228,500		5,655
	Colonial Properties Trust (b)		97,200		4,439
	Comerica, Inc. (b)		36,300		2,146
	Fidelity National Financial, Inc., Cl A		111,600		2,680
	Genesis Lease Ltd. ADR *		52,644		1,377
	Genworth Financial, Inc., Cl A		133,700		4,671
	Huntington Bancshares, Inc.		130,000		2,841
	Lazard Ltd., Cl A (b)		49,826		2,500
	Protective Life Corp.		95,900		4,223
	Security Capital Assurance Ltd.		175,626		4,958
	XL Capital Ltd., Cl A (b)		35,600		2,491
	Zions Bancorp		25,800		2,181
					51,711
Health Care (4.8%)
	Brookdale Senior Living, Inc.		47,700		2,130
	Cooper Cos., Inc. (The) (b)		129,600		6,301
	Omnicare, Inc. (b)		135,700		5,397
					13,828
Industrials (17.4%)
	Aircastle Ltd.		141,458		5,005
	Chicago Bridge & Iron Co. NV		84,600		2,601
	Con-way, Inc. (b)		50,900		2,537
	Cooper Industries Ltd., Cl A		45,200		2,034
	Franklin Electric Co., Inc. (b)		45,900		2,134
	Hubbell, Inc., Cl B (b)		89,500		4,317
	Mueller Water Products, Inc., Cl B		127,300		1,705
	Oshkosh Truck Corp.		102,300		5,422
	Pentair, Inc.		65,500		2,041
	R.R. Donnelley & Sons Co.		165,252		6,046
	Rockwell Automation, Inc.		88,173		5,279
	Southwest Airlines Co. (b)		357,600		5,257
	UTI Worldwide, Inc.		70,400		1,730
	Waste Management, Inc.		121,000		4,164
					50,272

See Notes to Financial Statements.

77

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Mid-Cap Value Equity Fund — concluded

		Shares		Value($)
Information Technology (8.9%)
	Alcatel — Lucent ADR (b)		445,200		5,261
	First Data Corp.		145,000		3,901
	Harris Corp.		25,400		1,294
	Intersil Corp., Cl A		115,200		3,052
	Jabil Circuit, Inc.		198,300		4,245
	Maxim Integrated Products, Inc.		98,900		2,908
	Molex, Inc.		99,000		2,792
	Nam Tai Electronics, Inc.		166,000		2,150
					25,603
Materials (6.1%)
	Air Products & Chemicals, Inc.		27,800		2,054
	Ball Corp. (b)		33,200		1,522
	Cytec Industries, Inc.		50,200		2,823
	FMC Corp.		20,300		1,531
	Freeport-McMoRan Copper & Gold, Inc., Cl B		47,400		3,137
	Louisiana-Pacific Corp.		49,500		993
	Quanex Corp. (b)		75,724		3,208
	Worthington Industries, Inc. (b)		109,800		2,260
					17,528
Telecommunication Services (1.3%)
	Embarq Corp.		68,700		3,871
Utilities (8.9%)
	Aqua America, Inc. (b)		98,600		2,214
	CMS Energy Corp.		95,700		1,703
	Constellation Energy Group, Inc.		19,400		1,687
	Edison International		41,000		2,014
	Integrys Energy Group, Inc.		50,100		2,781
	ITC Holdings Corp.		16,200		701
	PG&E Corp.		34,700		1,675
	PNM Resources, Inc.		44,700		1,444
	Public Service Enterprise Group, Inc.		32,200		2,674
	Questar Corp.		31,600		2,819
	TECO Energy, Inc.		122,600		2,110
	TransAlta Corp.		85,100		1,836
	Vectren Corp.		71,500		2,045
					25,703
Total Common Stocks (Cost $267,094)					279,316
Short-Term Investment (25.5%)
	CSFB Enhanced Liquidity Portfolio, 5.421% (c)		73,638,951		73,639
Total Short-Term Investment (Cost $73,639)					73,639
Money Market Fund (2.9%)
	STI Classic Institutional Cash Management Money Market Fund, 5.230% (d)		8,290,131		8,290
Total Money Market Fund (Cost $8,290)					8,290
Total Investments (Cost $349,023) (a) — 125.2%					361,245
Liabilities in excess of other assets — (25.2)%					(72,665	)
Net Assets — 100.0%				$	288,580

(a) Cost for federal income tax purposes is $349,550 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands):

Unrealized Appreciation	$	17,071
Unrealized Depreciation		(5,376	)
Unrealized Appreciation (Depreciation)	$	11,695

(b)	This security or a partial position of the security was on loan at March 31, 2007. The total value of securities on loan at March 31, 2007 in thousands was $71,326.
(c)	This security was purchased with cash collateral held from securities lending.
(d)	Affiliate investment.

ADR	— American Depositary Receipt
Cl	— Class

See Notes to Financial Statements.

78

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Select Large Cap Growth Stock Fund

		Shares		Value($)
Common Stocks (96.7%)
Consumer Discretionary (14.0%)
	Best Buy Co., Inc.		66,310		3,231
	Coach, Inc. *		52,600		2,633
	Omnicom Group, Inc.		29,300		3,000
	Staples, Inc.		128,980		3,333
	Target Corp. (b)		59,270		3,511
	TJX Cos., Inc. (The)		97,040		2,616
					18,324
Consumer Staples (9.1%)
	Costco Wholesale Corp. (b)		59,620		3,210
	PepsiCo, Inc.		72,170		4,587
	Procter & Gamble Co. (The)		66,280		4,186
					11,983
Energy (2.9%)
	Baker Hughes, Inc.		28,600		1,892
	Schlumberger Ltd.		27,300		1,886
					3,778
Financials (12.5%)
	AFLAC, Inc.		70,100		3,299
	American Express Co.		72,350		4,080
	Merrill Lynch & Co., Inc.		30,160		2,463
	State Street Corp.		39,700		2,571
	T. Rowe Price Group, Inc.		84,100		3,969
					16,382
Health Care (15.5%)
	Amgen, Inc. *		29,090		1,626
	Baxter International, Inc.		94,900		4,998
	Gilead Sciences, Inc. *		39,290		3,006
	Stryker Corp. (b)		67,850		4,500
	Thermo Fisher Scientific, Inc. * (b)		63,300		2,959
	WellPoint, Inc. *		39,990		3,243
					20,332
Industrials (13.1%)
	Boeing Co. (The)		34,000		3,023
	Danaher Corp. (b)		36,640		2,618
	General Electric Co.		98,794		3,492
	Precision Castparts Corp.		18,200		1,894
	Raytheon Co.		59,200		3,106
	United Technologies Corp.		46,900		3,049
					17,182
Information Technology (23.9%)
	Apple, Inc. *		36,800		3,419
	Automatic Data Processing, Inc.		67,800		3,282
	Cisco Systems, Inc. *		144,250		3,683
	Google, Inc., Cl A *		7,620		3,491
	Hewlett-Packard Co.		95,750		3,843
	Intel Corp.		122,376		2,341
	Microsoft Corp.		181,446		5,058
	Oracle Corp. * (b)		161,038		2,920
	QUALCOMM, Inc.		81,610		3,481
					31,518
Materials (3.6%)
	Praxair, Inc.		74,440		4,687
Software (2.1%)
	Adobe Systems, Inc. *		67,300		2,806
Total Common Stocks (Cost $115,692)					126,992
Warrants (0.0%)
Information Technology (0.0%)
	Lucent Technologies, Inc. *		22,693		2
Total Warrants (Cost $—)					2
Short-Term Investment (6.9%)
	CSFB Enhanced Liquidity Portfolio, 5.421% (c)		9,089,100		9,089
Total Short-Term Investment (Cost $9,089)					9,089
Money Market Fund (9.5%)
	STI Classic Institutional Cash Management Money Market Fund, 5.230% (d)		12,459,919		12,460
Total Money Market Fund (Cost $12,460)					12,460
Total Investments (Cost $137,241) (a) — 113.1%					148,543
Liabilities in excess of other assets — (13.1)%					(17,250	)
Net Assets — 100.0%				$	131,293

* Non-income producing security.

See Notes to Financial Statements.

79

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Select Large Cap Growth Stock Fund — concluded

(a) Cost for federal income tax purposes is $137,451 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands):

Unrealized Appreciation	$	12,746
Unrealized Depreciation		(1,654	)
Unrealized Appreciation (Depreciation)	$	11,092

(b)	This security or a partial position of the security was on loan at March 31, 2007. The total value of securities on loan at in March 31, 2007 thousands was $8,874.
(c)	This security was purchased with cash collateral held from securities lending.
(d)	Affiliate investment.
Cl	— Class

Amounts designated as “—” are $0 or have been rounded to $0.

See Notes to Financial Statements.

80

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Small Cap Growth Stock Fund

		Shares		Value($)
Common Stocks (98.2%)
Consumer Discretionary (18.3%)
	Aeropostale, Inc. * (b)		177,290		7,132
	Applebee’s International, Inc.		144,386		3,578
	Blue Nile, Inc. * (b)		73,016		2,969
	Casual Male Retail Group, Inc. * (b)		286,538		3,390
	Charlotte Russe Holding, Inc. *		207,397		5,988
	Chipotle Mexican Grill, Inc., Cl A * (b)		104,941		6,517
	CKE Restaurants, Inc. (b)		252,306		4,758
	Columbia Sportswear Co.		92,242		5,748
	Crocs, Inc. * (b)		136,326		6,441
	Dick’s Sporting Goods, Inc. * (b)		133,312		7,766
	Guess?, Inc. (b)		151,723		6,143
	Heelys, Inc. * (b)		95,863		2,813
	INVESTools, Inc. *		286,732		3,986
	J. Crew Group, Inc. * (b)		124,603		5,005
	Jarden Corp. * (b)		75,460		2,890
	Laureate Education, Inc. * (b)		67,691		3,992
	Life Time Fitness, Inc. * (b)		140,107		7,203
	National CineMedia, Inc. *		19,929		532
	New York & Co., Inc. * (b)		260,481		4,113
	Oakley, Inc. (b)		197,301		3,974
	Pacific Sunwear of California, Inc. * (b)		252,171		5,253
	Pantry, Inc., (The) * (b)		49,313		2,230
	Phillips-Van Heusen Corp. (b)		131,234		7,717
	Priceline.com, Inc. * (b)		145,027		7,723
	Skechers U.S.A., Inc., Cl A *		161,994		5,438
	Smith & Wesson Holding Corp. * (b)		452,328		5,921
	Sotheby’s (b)		166,962		7,426
	Steiner Leisure Ltd. * (b)		59,167		2,661
	Tractor Supply Co. * (b)		124,655		6,420
	Tween Brands, Inc. * (b)		159,969		5,714
	VistaPrint Ltd. * (b)		153,730		5,888
	WMS Industries, Inc. * (b)		156,804		6,153
					163,482
Consumer Staples (2.8%)
	Corn Products International, Inc.		130,504		4,645
	Hain Celestial Group, Inc., (The) *		185,534		5,579
	NBTY, Inc. * (b)		49,021		2,600
	Nu Skin Enterprises, Inc., Cl A (b)		329,649		5,446
	Wild Oats Markets, Inc. *		358,628		6,527
					24,797
Energy (5.6%)
	Allis-Chalmers Energy, Inc. * (b)		146,184		2,302
	Cal Dive International, Inc. *		313,536		3,828
	Core Laboratories NV *		83,209		6,976
	Drill-Quip, Inc. * (b)		65,550		2,837
	Goodrich Petroleum Corp. * (b)		114,744		3,859
	GulfMark Offshore, Inc. * (b)		158,855		6,935
	Hanover Compressor Co. * (b)		94,702		2,107
	Matrix Service Co. * (b)		294,893		5,966
	Oceaneering International, Inc. * (b)		93,649		3,944
	RPC, Inc. (b)		188,445		3,139
	Sunoco Logistics Partners LP (b)		72,827		4,314
	Superior Energy Services, Inc. *		100,798		3,475
					49,682
Financials (7.0%)
	Advanta Corp., Cl B (b)		133,460		5,852
	BankUnited Financial Corp., Cl A (b)		99,072		2,101
	Cash America International, Inc.		59,040		2,421
	Corporate Office Properties Trust		91,772		4,192
	Digital Reality Trust, Inc. (b)		122,615		4,892
	FCStone Group, Inc. *		8,740		326
	FelCor Lodging Trust, Inc.		130,762		3,396
	Hanover Insurance Group, Inc., (The)		53,847		2,483
	International Securities Exchange Holdings, Inc., Cl A (b)		99,145		4,838

See Notes to Financial Statements.

81

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Small Cap Growth Stock Fund — continued

		Shares		Value($)
Financials—continued
	optionsXpress Holdings, Inc.		195,613		4,605
	PrivateBancorp, Inc. (b)		119,915		4,384
	Smithtown Bancorp, Inc.		2,157		56
	SVB Financial Group * (b)		75,937		3,690
	Tanger Factory Outlet Centers, Inc. (b)		73,058		2,951
	Thomas Weisel Partners Group, Inc. * (b)		111,795		2,126
	Triad Guaranty, Inc. * (b)		51,934		2,151
	United Community Banks, Inc. (b)		147,115		4,824
	Waddell & Reed Financial, Inc., Cl A		138,432		3,228
	World Acceptance Corp. * (b)		107,719		4,303
					62,819
Health Care (19.7%)
	Alexion Pharmaceuticals, Inc. * (b)		104,309		4,510
	Alkermes, Inc. * (b)		285,237		4,404
	Allscripts Healthcare Solutions, Inc. * (b)		255,682		6,855
	BioMarin Pharmaceutical, Inc. * (b)		386,516		6,671
	Cholestech Corp. *		197,968		3,413
	Conceptus, Inc. * (b)		236,798		4,736
	Digene Corp. * (b)		148,939		6,317
	ev3, Inc. * (b)		211,215		4,161
	Gen-Probe, Inc. *		128,602		6,055
	Genomic Health, Inc. * (b)		219,691		3,809
	GTx, Inc. * (b)		200,729		4,095
	HealthExtras, Inc. * (b)		164,409		4,732
	Hologic, Inc. * (b)		155,161		8,943
	Human Genome Sciences, Inc. * (b)		449,871		4,778
	Illumina, Inc. * (b)		138,017		4,044
	Immucor, Inc. * (b)		153,846		4,528
	LHC Group, Inc. * (b)		182,192		5,908
	LifeCell Corp. * (b)		213,122		5,322
	Medarex, Inc. * (b)		275,444		3,564
	Meridian Bioscience, Inc.		223,406		6,202
	New River Pharmaceuticals, Inc. *		129,654		8,250
	NuVasive, Inc. * (b)		242,125		5,750
	Omicell, Inc. *		356,941		7,467
	OSI Pharmaceuticals, Inc. * (b)		159,499		5,263
	Palomar Medical Technologies, Inc. * (b)		141,158		5,639
	PDL BioPharma, Inc. * (b)		173,174		3,758
	Phase Forward, Inc. *		383,197		5,031
	Psychiatric Solutions, Inc. * (b)		260,952		10,519
	Sirona Dental Systems, Inc. (b)		134,781		4,645
	Stereotaxis, Inc. * (b)		298,720		3,555
	Ventana Medical Systems, Inc. * (b)		169,393		7,098
	West Pharmaceutical Services, Inc. (b)		128,202		5,952
					175,974
Industrials (15.2%)
	Acuity Brands, Inc. (b)		112,650		6,133
	Alaska Air Group, Inc. *		108,452		4,132
	Ameron International Corp. (b)		28,604		1,884
	COMSYS IT Partners, Inc. * (b)		192,937		3,839
	Consolidated Graphics, Inc. *		61,878		4,582
	Copart, Inc. *		78,066		2,187
	EMCOR Group, Inc. * (b)		74,144		4,373
	Flow International Corp. * (f)		784,746		8,429
	FormFactor, Inc. * (b)		156,501		7,003
	Gardner Denver, Inc. *		156,539		5,455
	General Cable Corp. * (b)		167,238		8,937
	Genesee & Wyoming, Inc., Cl A * (b)		99,704		2,653
	Genlyte Group, Inc., (The) * (b)		85,356		6,022
	Heidrick & Struggles International, Inc. *		114,179		5,532
	Hub Group, Inc., Cl A *		218,887		6,346
	II-VI, Inc. * (b)		161,478		5,466
	Insituform Technologies, Inc., Cl A * (b)		153,307		3,187
	Kansas City Southern, Inc. * (b)		196,859		7,004
	Korn/ Ferry International *		198,406		4,551
	Orbital Sciences Corp. * (b)		296,846		5,563
	Toro Co., (The)		118,739		6,084

See Notes to Financial Statements.

82

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Small Cap Growth Stock Fund — continued

		Shares		Value($)
Industrials—continued
	TurboChef Technologies, Inc. * (b)		163,015		2,481
	URS Corp. *		127,774		5,442
	Wabtec Corp.		182,675		6,300
	Woodward Governor Co.		143,095		5,891
	Zoltek Cos., Inc. * (b)		179,820		6,281
					135,757
Information Technology (23.2%)
	Aeroflex, Inc. * (b)		372,978		4,905
	ANADIGICS, Inc. * (b)		523,213		6,184
	ANSYS, Inc. * (b)		94,382		4,792
	aQuantive, Inc. * (b)		273,816		7,642
	Arris Group, Inc. * (b)		460,902		6,490
	Atheros Communications, Inc. *		342,774		8,204
	Bankrate, Inc. * (b)		95,377		3,361
	Benchmark Electronics, Inc. *		172,955		3,573
	Blackboard, Inc. * (b)		116,783		3,927
	Brocade Communications Systems, Inc. * (b)		747,739		7,118
	Color Kinetics, Inc. * (b)		150,201		2,918
	CommScope, Inc. * (b)		185,765		7,969
	Comtech Group, Inc. * (b)		280,102		4,896
	Cymer, Inc. * (b)		109,251		4,539
	Cypress Semiconductor Corp. * (b)		307,503		5,704
	Digital River, Inc. *		152,283		8,415
	Dionex Corp. *		86,189		5,870
	Double-Take Software, Inc. *		167,777		2,267
	eFunds Corp. *		176,949		4,717
	Electro Scientific Industries, Inc. *		141,426		2,721
	FEI Co. * (b)		137,008		4,941
	Harmonic, Inc. * (b)		437,876		4,300
	IHS, Inc., Cl A *		122,205		5,024
	InfoCrossing, Inc. *		253,784		3,774
	Lightbridge, Inc. *		216,549		3,805
	Netlogic Microsystems, Inc. * (b)		74,629		1,987
	NICE Systems Ltd. *		105,214		3,579
	Nuance Communications, Inc. * (b)		495,375		7,584
	Paxar Corp. *		155,275		4,456
	Perficient, Inc. * (b)		266,215		5,266
	Quest Software, Inc. * (b)		200,944		3,269
	Radiant Systems, Inc. * (b)		253,981		3,309
	Radvision Ltd. *		165,609		3,908
	SonicWALL, Inc. *		408,379		3,414
	Tessera Technologies, Inc. * (b)		90,776		3,607
	THQ, Inc. *		240,840		8,235
	Trident Microsystems, Inc. * (b)		256,481		5,145
	Trimble Navigation Ltd. *		211,400		5,674
	ValueClick, Inc. * (b)		198,296		5,181
	Varian Semiconductor Equipment Associates, Inc. * (b)		148,150		7,908
	VASCO Data Security International, Inc. * (b)		263,754		4,713
					205,291
Materials (4.6%)
	Albemarle Corp.		148,471		6,138
	AMCOL International Corp.		117,887		3,495
	Carpenter Technology Corp.		46,965		5,671
	Claymont Steel Holdings, Inc. * (b)		149,751		2,985
	Glatfelter Co.		158,320		2,361
	Hecla Mining Co. * (b)		510,241		4,623
	Hercules, Inc. *		356,852		6,973
	Myers Industries, Inc.		152,469		2,848
	Terra Industries, Inc. * (b)		336,069		5,881
					40,975
Telecommunication Services (1.8%)
	Cbeyond, Inc. * (b)		188,479		5,528
	Sunair Services Corp. * (f)		1,000,000		3,430
	Time Warner Telecom, Inc., Cl A * (b)		356,092		7,396
					16,354
Total Common Stocks (Cost $713,009)					875,131
Warrants (0.1%)
Health Care (0.0%)
	Drugmax, Inc. * (d) (g)		1,301,500		—
Information Technology (0.1%)
	InfoCrossing, Inc. * (g)		139,109		975

See Notes to Financial Statements.

83

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Small Cap Growth Stock Fund — concluded

		Shares		Value($)
Telecommunication Services (0.0%)
	Sunair Services Corp. (d) (f) (g)		350,000		—
Total Warrants (Cost $169)					975
Short-Term Investment (43.7%)
	CSFB Enhanced Liquidity Portfolio, 5.421% (c)		389,519,958		389,520
Total Short-Term Investment (Cost $389,520)					389,520
Money Market Fund (2.2%)
	STI Classic Institutional Cash Management Money Market Fund, 5.230% (e)		19,545,233		19,545
Total Money Market Fund (Cost $19,545)					19,545
Total Investments (Cost $1,122,243) (a) — 144.2%					1,285,171
Liabilities in excess of other assets — (44.2)%					(393,736	)
Net Assets — 100.0%				$	891,435

*	Non-income producing security.
(a)	Cost for federal income tax purposes is $1,125,515 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands):

Unrealized Appreciation	$	179,203
Unrealized Depreciation		(19,547	)
Unrealized Appreciation (Depreciation)	$	159,656

(b)	This security or a partial position of the security was on loan at March 31, 2007. The total value of securities on loan at March 31, 2007 in thousands was $379,335.
(c)	This security was purchased with cash collateral held from securities lending.
(d)	Value rounds to less than $1,000.
(e)	Affiliate investment.
(f)	The Fund’s adviser has deemed this security to be illiquid based upon procedures approved by the Board. The illiquid securities held by the Fund as of March 31, 2007 are identified below (in thousands):

	Acquisition								Percent of
Security Description	Date		Cost($)		Shares		Value($)		Net Assets(%)
Flow International Corp.		*		2,919		785		8,429		0.95
Sunair Services Corp.		12/15/05		5,250		1,000		3,430		0.38
Sunair Services Corp. Warrants		12/15/05		—		350		—		—

*  Purchased on various dates beginning 03/18/05.

(g) Valued at fair value using methods determined by the Board. Fair valued securities held by the Fund represent 0.10% of net assets as of March 31, 2007.

Cl	— Class
LP	— Limited Partnership

Amounts listed as “—” are $0 or have been rounded to $0.

See Notes to Financial Statements.

84

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Small Cap Quantitative Equity Fund

		Shares		Value($)
Common Stocks (98.4%)
Consumer Discretionary (16.4%)
	Aeropostale, Inc. *		2,036		82
	American Greetings Corp., Cl A		3,187		74
	Asbury Automotive Group, Inc.		2,789		79
	Avatar Holdings, Inc. *		1,034		74
	Big Lots, Inc. *		2,979		93
	Bob Evans Farms, Inc.		2,060		76
	Brown Shoe Co., Inc.		1,452		61
	Buckle, Inc., (The)		2,159		77
	Charlotte Russe Holding, Inc. *		2,552		74
	Columbia Sportswear Co.		1,172		73
	Crocs, Inc. *		1,529		72
	CSS Industries, Inc.		2,173		81
	Gymboree Corp., (The) *		1,977		79
	Hartmarx Corp. *		11,289		84
	Insight Enterprises, Inc. *		3,819		69
	Kellwood Co.		2,363		69
	Kimball International, Inc., Cl B		3,543		68
	Maidenform Brands, Inc. *		4,073		95
	Modine Manufacturing Co.		3,020		69
	Movado Group, Inc.		2,526		74
	Payless ShoeSource, Inc. *		2,406		80
	Perry Ellis International, Inc. *		2,439		78
	Phillips-Van Heusen Corp.		1,359		80
	Pinnacle Entertainment, Inc. *		2,307		67
	Regis Corp.		1,771		71
	Scholastic Corp. *		2,142		67
	Shoe Carnival, Inc. *		2,468		82
	Tempur-Pedic International, Inc.		2,998		78
	Triarc Cos., Inc., Cl B		4,137		71
	UniFirst Corp.		1,793		69
	Warnaco Group, Inc., (The) *		2,852		81
	Wolverine World Wide, Inc.		2,685		77
					2,424
Consumer Staples (3.4%)
	Chattem, Inc. *		1,229		73
	Imperial Sugar Co.		2,131		71
	Inter Parfums, Inc.		3,396		71
	J & J Snack Foods Corp.		1,652		65
	NBTY, Inc. *		1,347		72
	TreeHouse Foods, Inc. *		2,273		69
	Village Super Market, Inc., Cl A		842		81
					502
Energy (5.0%)
	Basic Energy Services, Inc. *		2,793		65
	Exploration Co. of Delaware, (The) *		5,545		60
	Gulf Island Fabrication, Inc.		1,845		49
	GulfMark Offshore, Inc. *		1,598		70
	Lufkin Industries, Inc.		1,174		66
	Matrix Service Co. *		3,526		71
	Parker Drilling Co. *		7,376		69
	Pioneer Drilling Co. *		5,250		67
	RPC, Inc.		4,228		70
	Union Drilling, Inc. *		5,203		74
	W-H Energy Services, Inc. *		1,509		71
					732
Financials (21.3%)
	Advanta Corp., Cl B		1,742		76
	Agree Realty Corp.		2,150		73
	American Home Mortgage Investment Corp.		2,670		72
	American Physicians Capital, Inc. *		1,962		79
	Arbor Realty Trust, Inc.		2,363		72
	BankUnited Financial Corp., Cl A		2,979		63
	CBRE Realty Finance, Inc.		5,592		74
	CNA Surety Corp. *		3,686		78
	Cohen & Steers, Inc.		1,743		75
	Commerce Group Corp., (The)		2,539		76
	Crystal River Capital, Inc.		2,854		77
	Deerfield Triarc Capital Corp.		4,724		71
	Delphi Financial Group, Inc., Cl A		1,852		75
	DiamondRock Hospitality Co.		4,022		76
	Donegal Group, Inc., Cl A		4,240		72
	Downey Financial Corp.		1,112		72
	EMC Insurance Group, Inc.		2,669		69
	FirstFed Financial Corp. *		1,273		72
	Gramercy Capital Corp.		2,263		69
	Greene County Bancshares, Inc.		2,136		72
	Harleysville Group, Inc.		2,238		73
	Horizon Financial Corp.		3,318		73
	ITLA Capital Corp.		1,413		74
	James River Group, Inc.		2,575		82
	Jer Investors Trust, Inc.		3,825		73
	KKR Financial Corp.		2,643		72
	Knight Capital Group, Inc., Cl A *		4,614		73
	MCG Capital Corp.		3,839		72
	Midland Co., (The)		1,705		72
	Newcastle Investment Corp.		2,468		68
	NorthStar Realty Finance Corp.		4,796		73
	NYMAGIC, Inc.		1,848		75

See Notes to Financial Statements.

85

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Small Cap Quantitative Equity Fund — continued

		Shares		Value($)
Financials—continued
	Odyssey Re Holdings Corp.		1,866		73
	QC Holdings, Inc.		5,487		73
	RAIT Financial Trust		2,175		61
	Realty Income Corp.		2,645		75
	Redwood Trust, Inc.		1,347		70
	Resource Capital Corp.		4,380		71
	Safety Insurance Group, Inc.		1,713		69
	Senior Housing Properties Trust		3,039		73
	TierOne Corp.		2,618		71
	Triad Guaranty, Inc. *		1,600		66
	West Coast Bancorp		2,397		77
					3,122
Health Care (10.7%)
	Albany Molecular Research, Inc. *		6,867		68
	Amedisys, Inc. *		2,031		66
	AMERIGROUP Corp. *		1,968		60
	Applera Corp. — Celera Group *		4,684		67
	Bio-Rad Laboratories, Inc., Cl A *		916		64
	Bradley Pharmaceuticals, Inc. *		3,352		64
	Centene Corp. *		2,697		57
	CorVel Corp. *		2,157		65
	Cross Country Healthcare, Inc. *		3,410		62
	Digene Corp. *		1,374		58
	Greatbatch, Inc. *		2,505		64
	Mentor Corp.		1,355		62
	National Healthcare Corp.		1,186		60
	Noven Pharmaceuticals, Inc. *		2,639		61
	Omnicell, Inc. *		3,347		70
	Pain Therapeutics, Inc. *		8,234		65
	Pharmanet Development Group, Inc. *		3,197		83
	Pozen, Inc. *		4,130		61
	Progenics Pharmaceuticals, Inc. *		2,341		55
	Savient Pharmaceuticals, Inc. *		4,798		58
	Sciele Pharma, Inc. *		2,824		67
	SuperGen, Inc. *		13,591		80
	Trimeris, Inc. *		5,684		39
	West Pharmaceutical Services, Inc.		1,422		66
	Zoll Medical Corp. *		2,336		62
					1,584
Industrials (10.6%)
	Acuity Brands, Inc.		1,465		80
	Ceradyne, Inc. *		1,572		86
	CLARCOR, Inc.		2,619		83
	COMSYS IT Partners, Inc. *		4,076		81
	CRA International, Inc. *		1,574		82
	Deluxe Corp.		2,627		88
	Genlyte Group, Inc., (The) *		1,169		82
	JetBlue Airways Corp. *		6,589		76
	Kforce, Inc. *		5,964		82
	L.B. Foster Co., Cl A *		4,360		90
	Layne Christensen Co. *		2,532		93
	Nordson Corp.		1,663		77
	Pacer International, Inc.		3,001		81
	Regal-Beloit Corp.		1,798		83
	Robbins & Myers, Inc.		2,071		77
	Standard Parking Corp. *		2,386		84
	TransDigm Group, Inc. *		2,543		94
	Volt Information Sciences, Inc. *		2,385		62
	Waste Industries USA, Inc.		3,197		88
					1,569
Information Technology (17.9%)
	Actel Corp. *		4,407		73
	Actuate Corp. *		13,920		73
	Aeroflex, Inc. *		6,454		85
	Agilysys, Inc.		3,513		79
	Arris Group, Inc. *		5,614		79
	Avanex Corp. *		39,451		71
	CTS Corp.		5,510		76
	Diodes, Inc. *		1,965		68
	Excel Technology, Inc. *		2,762		75
	Harmonic, Inc. *		8,374		82
	Hyperion Solutions Corp. *		1,722		89
	iGATE Corp. *		10,749		89
	Imation Corp.		1,773		72
	infoUSA, Inc.		7,183		69
	JDA Software Group, Inc. *		4,965		75
	ManTech International Corp., Cl A *		2,141		72
	Merge Technologies, Inc. *		12,890		63
	Methode Electronics, Inc.		6,825		101
	MPS Group, Inc. *		5,152		73
	MTS Systems Corp.		1,953		76
	Ness Technologies, Inc. *		5,311		68
	Newport Corp. *		4,131		68
	Pegasystems, Inc.		8,345		77
	Pericom Semiconductor Corp. *		7,290		71
	Perot Systems Corp., Cl A *		4,386		78
	Polycom, Inc. *		2,313		77

See Notes to Financial Statements.

86

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Small Cap Quantitative Equity Fund — concluded

		Shares		Value($)
Information Technology—continued
	QAD, Inc.		8,814		80
	Quantum Corp. *		29,868		81
	Skyworks Solutions, Inc. *		11,178		64
	Sybase, Inc. *		2,954		75
	Sykes Enterprises, Inc. *		4,599		84
	TIBCO Software, Inc. *		8,152		69
	TNS, Inc. *		4,433		71
	ViaSat, Inc. *		2,160		71
	Zygo Corp. *		4,614		74
					2,648
Materials (8.4%)
	AEP Industries, Inc. *		1,790		77
	Buckeye Technologies, Inc. *		6,382		83
	Chaparral Steel Co.		1,628		94
	Georgia Gulf Corp.		4,229		69
	Greif, Inc., Cl A		693		77
	H.B. Fuller Co.		3,265		89
	Headwaters, Inc. *		3,431		75
	Koppers Holdings, Inc.		3,307		85
	Mercer International, Inc. *		6,502		78
	Myers Industries, Inc.		4,771		89
	NN, Inc.		6,856		86
	Rock-Tenn Co., Cl A		2,498		83
	Schweitzer-Mauduit International, Inc.		3,399		84
	Sensient Technologies Corp.		3,312		85
	Spartech Corp.		3,068		90
					1,244
Telecommunication Services (1.6%)
	Atlantic Tele-Network, Inc.		3,084		81
	CT Communications, Inc.		3,690		88
	EMS Technologies, Inc. *		3,683		71
					240
Utilities (3.1%)
	Aquila, Inc. *		21,110		88
	El Paso Electric Co. *		3,698		98
	ITC Holdings Corp.		1,983		86
	Southwest Gas Corp.		2,343		91
	Westar Energy, Inc.		3,237		89
					452
Total Common Stocks (Cost $14,529)					14,516
Money Market Fund (2.8%)
	STI Classic Institutional Cash Management Money Market Fund, 5.230% (b)		410,692		411
Total Money Market Fund (Cost $411)					411
Total Investments (Cost $14,940) (a) — 101.2%					14,927
Liabilities in excess of other assets — (1.2)%					(177	)
Net Assets — 100.0%				$	14,750

*	Non-income producing security.
(a)	Cost for federal income tax purposes is $14,972 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands):

Unrealized Appreciation	$	541
Unrealized Depreciation		(586	)
Unrealized Appreciation (Depreciation)	$	(45	)

(b) Affiliate investment.

Cl — Class

See Notes to Financial Statements.

87

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Small Cap Value Equity Fund

		Shares		Value($)
Common Stocks (98.8%)
Consumer Discretionary (12.0%)
	Bassett Furniture Industries, Inc.		204,700		3,013
	bebe stores, Inc. (b)		305,400		5,308
	Borders Group, Inc. (b)		197,200		4,027
	Christopher & Banks Corp.		302,000		5,880
	Cobra Electronics Corp.		309,800		3,210
	Cooper Tire & Rubber Co. (b)		297,700		5,445
	Courier Corp.		106,400		4,157
	Dow Jones & Co., Inc. (b)		210,500		7,256
	Group 1 Automotive, Inc. (b)		138,300		5,500
	K-Swiss, Inc., Cl A (b)		221,200		5,977
	Libbey, Inc.		64,747		908
	Makita Corp. ADR		112,654		4,202
	Movado Group, Inc. (b)		266,800		7,856
	Stage Stores, Inc.		230,700		5,378
	Stanley Furniture Co., Inc. (b)		58,600		1,219
	Thor Industries, Inc.		132,500		5,219
	Tuesday Morning Corp. (b)		365,218		5,420
	World Wrestling Entertainment, Inc.		360,200		5,871
					85,846
Consumer Staples (5.0%)
	Church & Dwight Co., Inc. (b)		182,250		9,176
	Flowers Foods, Inc.		288,100		8,692
	Gruma SA ADR		107,357		1,361
	Inter Parfums, Inc.		177,000		3,717
	Longs Drug Stores Corp.		253,900		13,112
					36,058
Energy (5.9%)
	CARBO Ceramics, Inc. (b)		183,400		8,537
	CHC Helicopter Corp., Cl A		676,700		13,791
	Foundation Coal Holdings, Inc. (b)		273,400		9,389
	Tidewater, Inc. (b)		104,200		6,104
	Ultrapar Participacoes SA ADR		151,900		4,466
					42,287
Financials (14.8%)
	Bank of Hawaii Corp. (b)		134,100		7,111
	Banner Corp.		89,000		3,698
	Capital Corp. of the West		53,400		1,418
	Cash America International, Inc. (b)		359,300		14,732
	Cathay General Bancorp (b)		53,500		1,818
	City National Corp. (b)		72,300		5,321
	Desert Community Bank		82,000		1,558
	East West Bancorp, Inc. (b)		55,513		2,041
	Federal Agricultural Mortgage Corp., Cl A (b)		76,189		2,072
	Glacier Bancorp, Inc.		296,098		7,118
	HCC Insurance Holdings, Inc.		225,850		6,956
	Horizon Financial Corp.		255,032		5,631
	International Bancshares Corp. (b)		111,100		3,296
	Jones Lang LaSalle, Inc.		104,500		10,898
	OneBeacon Insurance Group Ltd.		283,400		7,085
	StanCorp Financial Group, Inc.		186,200		9,155
	UCBH Holdings, Inc. (b)		350,300		6,523
	Washington Federal, Inc.		184,804		4,336
	West Coast Bancorp		170,853		5,462
					106,229
Health Care (10.8%)
	Cooper Cos., Inc. (The) (b)		597,300		29,042
	PerkinElmer, Inc.		316,500		7,666
	Perrigo Co. (b)		429,000		7,576
	PolyMedica, Corp.		85,600		3,623
	STERIS Corp.		949,000		25,205
	Vital Signs, Inc.		80,094		4,163
					77,275
Industrials (34.9%)
	A.O. Smith Corp.		142,000		5,427
	AAON, Inc.		17,398		455
	American Ecology Corp. (b)		214,300		4,117
	Baldor Electric Co.		210,400		7,940
	BlueLinx Holdings, Inc.		223,400		2,346
	Brady Corp., Cl A (b)		166,000		5,179
	Donaldson Co., Inc. (b)		229,400		8,281
	Dynamic Materials, Corp. * (b)		232,900		7,620
	Forward Air Corp. (b)		298,111		9,802
	Franklin Electric Co., Inc. (b)		115,400		5,366
	GATX Corp. (b)		702,600		33,584

See Notes to Financial Statements.

88

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Small Cap Value Equity Fund — continued

		Shares		Value($)
Industrials—continued
	Gol Linhas Aereas Inteligentes SA ADR (b)		231,392		7,041
	Graco, Inc.		442,100		17,313
	Greenbrier Cos., Inc. (The) (b)		198,500		5,300
	Grupo Aeroportuario del Pacifico SA de CV ADR (b)		574,900		24,721
	Guangshen Railway Co., Ltd ADR		55,911		1,765
	Heartland Express, Inc.		376,200		5,974
	Herman Miller, Inc. (b)		287,800		9,638
	IDEX Corp. (b)		120,600		6,136
	Lennox International, Inc.		127,044		4,535
	LSI Industries, Inc.		207,787		3,478
	McGrath Rentcorp		237,100		7,509
	Mueller Water Products, Inc., Cl B (b)		303,680		4,066
	Multi-Color Corp.		156,800		5,499
	Oshkosh Truck Corp.		91,600		4,855
	Portec Rail Products, Inc.		145,427		1,478
	Quixote Corp.		245,334		4,907
	Seaspan Corp. (b)		287,067		7,691
	Supreme Industries, Inc., Cl A		77,705		455
	Titan International, Inc. (b)		206,600		5,233
	UAP Holding Corp.		75,400		1,949
	United Industrial Corp. (b)		111,000		6,127
	UTI Worldwide, Inc. (b)		179,000		4,400
	Wabtec Corp.		478,700		16,510
	Walter Industries, Inc.		183,700		4,547
					251,244
Information Technology (4.2%)
	Black Box Corp.		147,900		5,404
	Cohu, Inc. (b)		334,300		6,285
	Keithley Instruments, Inc.		246,700		3,772
	Nam Tai Electronics, Inc.		337,200		4,367
	Tektronix, Inc.		371,400		10,459
					30,287
Materials (7.7%)
	Aber Diamond Corp. (b)		127,300		4,743
	Agnico-Eagle Mines Ltd.		140,800		4,987
	AMCOL International Corp.		179,600		5,325
	Cytec Industries, Inc.		122,300		6,878
	Gerdau Ameristeel Corp.		329,500		3,872
	Louisiana-Pacific Corp.		260,700		5,230
	Myers Industries, Inc.		113,396		2,118
	RPM International, Inc.		394,400		9,110
	Scotts Miracle-Gro Co. (The), Cl A (b)		165,400		7,283
	Valspar Corp. (The)		210,100		5,847
					55,393
Telecommunication Services (0.5%)
	Alaska Communications Systems, Group, Inc.		237,100		3,497
Utilities (3.0%)
	Companhia de Saneamento Basico do Estado de Sao Paulo ADR		296,400		10,015
	PNM Resources, Inc. (b)		228,800		7,390
	Portland General Electric Co.		137,700		4,021
					21,426
Total Common Stocks (Cost $592,041)					709,542
Short-Term Investment (20.8%)
	CSFB Enhanced Liquidity Portfolio, 5.421% (c)		148,921,729		148,922
Total Short-Term Investment (Cost $148,922)					148,922
Money Market Fund (1.5%)
	STI Classic Institutional Cash Management Money Market Fund, 5.230% (d)		10,575,778		10,576
Total Money Market Fund (Cost $10,576)					10,576
Total Investments (Cost $751,539) (a) — 121.1%					869,040
Liabilities in excess of other assets — (21.1)%					(151,503	)
Net Assets — 100.0%				$	717,537

* Non-income producing security.

See Notes to Financial Statements.

89

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Small Cap Value Equity Fund — concluded

(a) Cost for federal income tax purposes is $752,080 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands):

Unrealized Appreciation	$	138,562
Unrealized Depreciation		(21,602	)
Unrealized Appreciation (Depreciation)	$	116,960

(b)	This security or a partial position of the security was on loan at March 31, 2007. The total value of securities on loan at March 31, 2007 in thousands was $144,716.
(c)	This security was purchased with cash collateral held from securities lending.
(d)	Affiliate investment.

ADR	— American Depositary Receipt
Cl	— Class

See Notes to Financial Statements.

90

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Life Vision Aggressive Growth Fund

		Shares		Value($)
Equity Funds (97.2%)
	STI Classic Aggressive Growth Stock Fund, I Shares * (b)		399,544		5,050
	STI Classic Capital Appreciation Fund, I Shares (b)		443,188		5,699
	STI Classic Emerging Growth Stock Fund, I Shares * (b)		97,122		1,260
	STI Classic International Equity Index Fund, I Shares (b)		684,510		12,760
	STI Classic Large Cap Quantitative Equity Fund, I Shares (b)		449,669		6,331
	STI Classic Large Cap Relative Value Fund, I Shares (b)		658,860		11,721
	STI Classic Large Cap Value Equity Fund, I Shares (b)		418,128		6,326
	STI Classic Mid-Cap Equity Fund, I Shares (b)		182,863		2,540
	STI Classic Mid-Cap Value Equity Fund, I Shares (b)		121,498		1,582
	STI Classic Select Large Cap Growth Stock Fund, I Shares (b)		211,535		5,695
	STI Classic Small Cap Growth Stock Fund, I Shares * (b)		30,669		632
	STI Classic Small Cap Value Equity Fund, I Shares (b)		109,558		1,901
Total Equity Funds (Cost $48,962)					61,497
Money Market Fund (3.0%)
	STI Classic Prime Quality Money Market Fund, I Shares, 4.899% (b)		1,884,913		1,885
Total Money Market Fund (Cost $1,885)					1,885
Total Investments (Cost $50,847) (a) — 100.2%					63,382
Liabilities in excess of other assets — (0.2)%					(96	)
Net Assets — 100.0%				$	63,286

*	Non-income producing security.
(a)	Cost for federal income tax purposes is $51,869 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands):

Unrealized Appreciation	$	11,599
Unrealized Depreciation		(86	)
Unrealized Appreciation (Depreciation)	$	11,513

(b) Affiliate Investment.

See Notes to Financial Statements.

91

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Life Vision Conservative Fund

		Shares		Value($)
Equity Funds (26.9%)
	STI Classic Aggressive Growth Stock Fund, I Shares * (b)		15,113		191
	STI Classic Capital Appreciation Fund, I Shares (b)		29,801		383
	STI Classic Emerging Growth Stock Fund, I Shares * (b)		7,347		95
	STI Classic International Equity Index Fund, I Shares (b)		28,510		531
	STI Classic Large Cap Quantitative Equity Fund, I Shares (b)		10,205		144
	STI Classic Large Cap Relative Value Fund, I Shares (b)		32,329		576
	STI Classic Large Cap Value Equity Fund, I Shares (b)		12,652		191
	STI Classic Mid-Cap Equity Fund, I Shares (b)		6,916		96
	STI Classic Mid-Cap Value Equity Fund, I Shares (b)		7,353		96
	STI Classic Select Large Cap Growth Stock Fund, I Shares (b)		7,112		191
	STI Classic Small Cap Value Equity Fund, I Shares (b)		5,525		96
Total Equity Funds (Cost $2,121)					2,590
Fixed Income Funds (69.9%)
	STI Classic Seix Floating Rate High Income Fund, I Shares (b)		33,743		337
	STI Classic Seix High Yield Fund, I Shares (b)		17,721		192
	STI Classic Total Return Bond Fund, I Shares (b)		602,572		6,001
	STI Classic U.S. Government Securities Ultra-Short Bond Fund, I Shares (b)		19,359		193
Total Fixed Income Funds (Cost $6,796)					6,723
Money Market Fund (3.0%)
	STI Classic Prime Quality Money Market Fund, I Shares, 4.899% (b)		289,735		290
Total Money Market Fund (Cost $290)					290
Total Investments (Cost $9,207) (a) — 99.8%					9,603
Other assets in excess of liabilities — 0.2%					15
Net Assets — 100.0%				$	9,618

*	Non-income producing security.
(a)	Cost for federal income tax purposes is $9,251 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands):

Unrealized Appreciation	$	449
Unrealized Depreciation		(97	)
Unrealized Appreciation (Depreciation)	$	352

(b) Affiliate investment.

See Notes to Financial Statements.

92

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Life Vision Growth and Income Fund

		Shares		Value($)
Equity Funds (74.9%)
	STI Classic Aggressive Growth Stock Fund, I Shares * (b)		688,264		8,700
	STI Classic Capital Appreciation Fund, I Shares (b)		766,170		9,853
	STI Classic Emerging Growth Stock Fund, I Shares * (b)		161,908		2,100
	STI Classic International Equity Index Fund, I Shares (b)		1,171,562		21,838
	STI Classic Large Cap Quantitative Equity Fund, I Shares (b)		769,617		10,836
	STI Classic Large Cap Relative Value Fund, I Shares (b)		1,124,074		19,997
	STI Classic Large Cap Value Equity Fund, I Shares (b)		715,635		10,828
	STI Classic Mid-Cap Equity Fund, I Shares (b)		304,842		4,234
	STI Classic Mid-Cap Value Equity Fund, I Shares (b)		216,047		2,813
	STI Classic Select Large Cap Growth Stock Fund, I Shares (b)		365,699		9,845
	STI Classic Small Cap Growth Stock Fund, I Shares * (b)		68,168		1,405
	STI Classic Small Cap Value Equity Fund, I Shares (b)		186,698		3,239
Total Equity Funds (Cost $84,487)					105,688
Fixed Income Funds (20.9%)
	STI Classic Seix Floating Rate High Income Fund, I Shares (b)		140,569		1,403
	STI Classic Seix High Yield Fund, I Shares (b)		129,548		1,404
	STI Classic Total Return Bond Fund, I Shares (b)		2,532,734		25,226
	STI Classic U.S. Government Securities Ultra-Short Bond Fund, I Shares (b)		141,134		1,404
Total Fixed Income Funds (Cost $29,653)					29,437
Money Market Fund (4.1%)
	STI Classic Prime Quality Money Market Fund, I Shares, 4.899% (b)		5,795,186		5,795
Total Money Market Fund (Cost $5,795)					5,795
Total Investments (Cost $119,935) (a) — 99.9%					140,920
Other assets in excess of liabilities — 0.1%					207
Net Assets — 100.0%				$	141,127

*	Non-income producing security.
(a)	Cost for federal income tax purposes is $121,320 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands):

Unrealized Appreciation	$	20,088
Unrealized Depreciation		(488	)
Unrealized Appreciation (Depreciation)	$	19,600

(b) Affiliate investment.

See Notes to Financial Statements.

93

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Life Vision Moderate Growth Fund

		Shares		Value($)
Equity Funds (55.1%)
	STI Classic Aggressive Growth Stock Fund, I Shares * (b)		857,231		10,835
	STI Classic Capital Appreciation Fund, I Shares (b)		935,783		12,034
	STI Classic Emerging Growth Stock Fund, I Shares * (b)		185,001		2,399
	STI Classic International Equity Index Fund, I Shares (b)		1,463,027		27,272
	STI Classic Large Cap Quantitative Equity Fund, I Shares (b)		978,249		13,774
	STI Classic Large Cap Relative Value Fund, I Shares (b)		1,426,544		25,378
	STI Classic Large Cap Value Equity Fund, I Shares (b)		909,631		13,763
	STI Classic Mid-Cap Equity Fund, I Shares (b)		401,302		5,574
	STI Classic Mid-Cap Value Equity Fund, I Shares (b)		259,679		3,381
	STI Classic Select Large Cap Growth Stock Fund, I Shares (b)		447,056		12,035
	STI Classic Small Cap Growth Stock Fund, I Shares * (b)		117,052		2,412
	STI Classic Small Cap Value Equity Fund, I Shares (b)		236,948		4,111
Total Equity Funds (Cost $110,387)					132,968
Fixed Income Funds (40.9%)
	STI Classic Seix Floating Rate High Income Fund, I Shares (b)		482,739		4,818
	STI Classic Seix High Yield Fund, I Shares (b)		222,445		2,411
	STI Classic Total Return Bond Fund, I Shares (b)		8,939,511		89,038
	STI Classic U.S. Government Securities Ultra-Short Bond Fund, I Shares (b)		242,340		2,411
Total Fixed Income Funds (Cost $99,498)					98,678
Money Market Fund (4.0%)
	STI Classic Prime Quality Money Market Fund, I Shares, 4.899% (b)		9,722,189		9,722
Total Money Market Fund (Cost $9,722)					9,722
Total Investments (Cost $219,607) (a) — 100.0%					241,368
Liabilities in excess of other assets — 0.0%					(45	)
Net Assets — 100.0%				$	241,323

*	Non-income producing security.
(a)	Cost for federal income tax purposes is $222,494 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands):

Unrealized Appreciation	$	20,062
Unrealized Depreciation		(1,188	)
Unrealized Appreciation (Depreciation)	$	18,874

(b) Affiliate investment.

See Notes to Financial Statements.

94

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Life Vision Target Date 2015 Fund

		Shares		Value($)
Equity Funds (82.4%)
	STI Classic Aggressive Growth Stock Fund, I Shares * (b)		11,388		144
	STI Classic Capital Appreciation Fund, I Shares (b)		12,834		165
	STI Classic Emerging Growth Stock Fund, I Shares * (b)		2,373		31
	STI Classic International Equity Index Fund, I Shares (b)		19,513		364
	STI Classic Large Cap Quantitative Equity Fund, I Shares (b)		13,184		186
	STI Classic Large Cap Relative Value Fund, I Shares (b)		18,564		330
	STI Classic Large Cap Value Equity Fund, I Shares (b)		12,259		185
	STI Classic Mid-Cap Equity Fund, I Shares (b)		5,213		72
	STI Classic Mid-Cap Value Equity Fund, I Shares (b)		3,166		41
	STI Classic Select Large Cap Growth Stock Fund, I Shares (b)		6,126		165
	STI Classic Small Cap Growth Stock Fund, I Shares * (b)		999		21
Total Equity Funds (Cost $1,639)					1,704
Fixed Income Funds (12.9%)
	STI Classic Seix Floating Rate High Income Fund, I Shares (b)		2,060		21
	STI Classic Seix High Yield Fund, I Shares (b)		3,798		41
	STI Classic Total Return Bond Fund, I Shares (b)		18,560		184
	STI Classic U.S. Government Securities Ultra-Short Bond Fund, I Shares (b)		2,068		21
Total Fixed Income Funds (Cost $265)					267
Exchange Traded Fund (2.5%)
	iShares Russell 2000 Value Index Fund		642		52
Total Exchange Traded Fund (Cost $50)					52
Money Market Fund (2.2%)
	STI Classic Prime Quality Money Market Fund, I Shares, 4.899% (b)		45,196		45
Total Money Market Fund (Cost $45)					45
Total Investments (Cost $1,999) (a) — 100.0%					2,068
Other assets in excess of liabilities — 0.0%					1
Net Assets — 100.0%				$	2,069

*	Non-income producing security.
(a)	Cost for federal income tax purposes is $2,000 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands):

Unrealized Appreciation	$	74
Unrealized Depreciation		(6	)
Unrealized Appreciation (Depreciation)	$	68

(b) Affiliate investment.

See Notes to Financial Statements.

95

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Life Vision Target Date 2025 Fund

		Shares		Value($)
Equity Funds (92.0%)
	STI Classic Aggressive Growth Stock Fund, I Shares * (b)		29,972		379
	STI Classic Capital Appreciation Fund, I Shares (b)		33,199		427
	STI Classic Emerging Growth Stock Fund, I Shares * (b)		5,465		71
	STI Classic International Equity Index Fund, I Shares (b)		49,938		931
	STI Classic Large Cap Quantitative Equity Fund, I Shares (b)		33,706		475
	STI Classic Large Cap Relative Value Fund, I Shares (b)		48,021		854
	STI Classic Large Cap Value Equity Fund, I Shares (b)		31,329		474
	STI Classic Mid-Cap Equity Fund, I Shares (b)		13,700		190
	STI Classic Mid-Cap Value Equity Fund, I Shares (b)		7,286		95
	STI Classic Select Large Cap Growth Stock Fund, I Shares (b)		15,858		427
	STI Classic Small Cap Growth Stock Fund, I Shares * (b)		2,301		47
Total Equity Funds (Cost $4,241)					4,370
Fixed Income Fund (3.0%)
	STI Classic Total Return Bond Fund, I Shares (b)		14,252		142
Total Fixed Income Fund (Cost $142)					142
Exchange Traded Fund (3.0%)
	iShares Russell 2000 Value Index Fund		1,767		143
Total Exchange Traded Fund (Cost $139)					143
Money Market Fund (2.2%)
	STI Classic Prime Quality Money Market Fund, I Shares, 4.899% (b)		105,317		105
Total Money Market Fund (Cost $105)					105
Total Investments (Cost $4,627) (a) — 100.2%					4,760
Liabilities in excess of other assets — (0.2)%					(11	)
Net Assets — 100.0%				$	4,749

*	Non-income producing security.
(a)	Cost for federal income tax purposes is $4,630 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands):

Unrealized Appreciation	$	137
Unrealized Depreciation		(7	)
Unrealized Appreciation (Depreciation)	$	130

(b) Affiliate investment.

See Notes to Financial Statements.

96

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Life Vision Target Date 2035 Fund

		Shares		Value($)
Equity Funds (93.1%)
	STI Classic Aggressive Growth Stock Fund, I Shares * (b)		8,285		105
	STI Classic Capital Appreciation Fund, I Shares (b)		9,154		118
	STI Classic Emerging Growth Stock Fund, I Shares * (b)		2,014		26
	STI Classic International Equity Index Fund, I Shares (b)		14,093		263
	STI Classic Large Cap Quantitative Equity Fund, I Shares (b)		9,305		131
	STI Classic Large Cap Relative Value Fund, I Shares (b)		13,609		242
	STI Classic Large Cap Value Equity Fund, I Shares (b)		8,642		131
	STI Classic Mid-Cap Equity Fund, I Shares (b)		3,778		52
	STI Classic Mid-Cap Value Equity Fund, I Shares (b)		2,514		33
	STI Classic Select Large Cap Growth Stock Fund, I Shares (b)		4,378		118
	STI Classic Small Cap Growth Stock Fund, I Shares * (b)		637		13
Total Equity Funds (Cost $1,166)					1,232
Fixed Income Fund (1.0%)
	STI Classic Total Return Bond Fund, I Shares (b)		1,314		13
Total Fixed Income Fund (Cost $13)					13
Exchange Traded Fund (3.0%)
	iShares Russell 2000 Value Index Fund		487		39
Total Exchange Traded Fund (Cost $37)					39
Money Market Fund (4.0%)
	STI Classic Prime Quality Money Market Fund, I Shares, 4.899% (b)		52,975		53
Total Money Market Fund (Cost $53)					53
Total Investments (Cost $1,269) (a) — 101.1%					1,337
Liabilities in excess of other assets — (1.1)%					(15	)
Net Assets — 100.0%				$	1,322

*	Non-income producing security.
(a)	Cost for federal income tax purposes is $1,267 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands):

Unrealized Appreciation	$	72
Unrealized Depreciation		(2	)
Unrealized Appreciation (Depreciation)	$	70

(b) Affiliate investment.

See Notes to Financial Statements.

97

STATEMENTS OF ASSETS AND LIABILITIES

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands)

			Aggressive			Capital			Emerging						International			Large Cap
			Growth Stock			Appreciation			Growth Stock			International			Equity			Quantitative
			Fund			Fund			Fund			Equity Fund			Index Fund			Equity Fund
Assets:
	Total Investments, at Cost		$	269,528		$	1,252,930		$	94,527		$	1,072,363		$	844,464		$	317,774
	Investments, at Value*		$	324,755		$	1,415,234		$	110,336		$	1,344,458		$	1,225,124		$	308,673
	Investment in Affiliates, at Value (Cost $4,652, $—, $1,488, $—, $— and $16,852, respectively)			4,652			—			1,488			—			—			16,852
	Total Investments			329,407			1,415,234			111,824			1,344,458			1,225,124			325,525
	Cash			—			88			314			—			—			—
	Foreign Currency, at Value (Cost $—, $—, $—, $14,410, $12,020 and $—, respectively)			—			—			—			14,514			12,614			—
	Interest and Dividends Receivable			23			666			9			4,791			2,813			265
	Receivable for Investment Securities Sold			370			4,982			202			38,995			—			—
	Receivable for Capital Shares Sold			410			985			146			649			1,348			363
	Reclaims Receivable			—			—			—			93			93			—
	Prepaid Expenses			9			10			5			12			3			6
		Total Assets		330,219			1,421,965			112,500			1,403,512			1,241,995			326,159
Liabilities:
	Payable for Investment Securities Purchased			1,290			—			543			32,070			—			14,095
	Payable for Capital Shares Redeemed			1,198			3,660			49			2,053			2,203			478
	Payable upon Return of Securities Loaned			—			193,417			—			179,638			231,051			—
	Investment Advisory Fees Payable			302			996			103			1,099			405			214
	Administration and Fund Accounting Fees Payable			6			26			1			24			9			6
	Compliance Services Fees Payable			1			5			—			4			3			2
	Distribution and Service Fees Payable			3			52			—			11			8			1
	Custodian Fees Payable			3			10			2			316			293			7
	Accrued Expenses			24			91			10			81			75			31
		Total Liabilities		2,827			198,257			708			215,296			234,047			14,834
	Total Net Assets		$	327,392		$	1,223,708		$	111,792		$	1,188,216		$	1,007,948		$	311,325
Net Assets Consist of:
	Capital		$	288,179		$	1,001,050		$	93,760		$	849,353		$	689,716		$	282,053
	Accumulated Net Investment Income (Loss)			(8	)		(3	)		(11	)		499			(2,516	)		30
	Accumulated Net Realized Gains (Losses) on Investment Transactions and Foreign Currency Transactions			(20,658	)		60,357			746			66,111			(60,532	)		21,491
	Net Unrealized Appreciation on Investments and Foreign Currency Transactions			59,879			162,304			17,297			272,253			381,280			7,751
Total Net Assets			$	327,392		$	1,223,708		$	111,792		$	1,188,216		$	1,007,948		$	311,325
Net Assets:
	I Shares		$	323,303		$	1,105,504		$	111,078		$	1,165,510		$	994,685		$	309,126
	A Shares		$	553		$	80,848		$	615		$	14,277		$	5,921		$	944
	C Shares		$	3,536		$	37,356		$	99		$	8,429		$	7,342		$	1,255
Shares Outstanding (unlimited number of shares authorized, no par value):
	I Shares			25,575			85,970			8,567			69,272			53,356			21,948
	A Shares			44			6,630			48			857			320			68
	C Shares			288			3,287			8			535			408			92
Net Asset Value and Redemption Price Per Share: †
	I Shares		$	12.64		$	12.86		$	12.97		$	16.83		$	18.64		$	14.08
	A Shares		$	12.53		$	12.19		$	12.83		$	16.67		$	18.49		$	13.97
	C Shares**		$	12.27		$	11.36		$	12.59		$	15.76		$	17.99		$	13.61
Offering Price Per Share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
	I Shares		$	12.64		$	12.86		$	12.97		$	16.83		$	18.64		$	14.08
	A Shares		$	13.29		$	12.93		$	13.61		$	17.69		$	19.62		$	14.82
	C Shares		$	12.27		$	11.36		$	12.59		$	15.76		$	17.99		$	13.61
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 $187,298, $171,348 and $220,589, respectively.
**	Redemption price per share varies by length of time shares are held.
†	Per Share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

Amounts designated as “—” are $0 or have been rounded to $0.

See Notes to Financial Statements.

98

STATEMENTS OF ASSETS AND LIABILITIES

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands)

			Large Cap			Large Cap			Mid-Cap			Mid-Cap			Select Large			Small Cap
			Relative Value			Value Equity			Equity			Value Equity			Cap Growth			Growth Stock
			Fund			Fund			Fund			Fund			Stock Fund			Fund
Assets:
	Total Investments, at Cost		$	1,483,170		$	1,030,058		$	384,998		$	349,023		$	137,241		$	1,122,243
	Investments, at Value*		$	1,791,418		$	1,108,189		$	439,311		$	352,955		$	136,083		$	1,265,626
	Investment in Affiliates, at Value (Cost $8,616, $50,837, $7,257, $8,290, $12,460 and $19,545, respectively)			8,616			50,837			7,257			8,290			12,460			19,545
	Total Investments			1,800,034			1,159,026			446,568			361,245			148,543			1,285,171
	Cash			—			—			1,329			—			—			—
	Interest and Dividends Receivable			1,419			1,060			348			492			203			428
	Receivable for Investment Securities Sold			15,061			5,730			1,384			2,959			—			6,281
	Receivable for Capital Shares Sold			1,934			2,938			579			4,996			16			1,197
	Prepaid Expenses			5			8			7			9			9			8
		Total Assets		1,818,453			1,168,762			450,215			369,701			148,771			1,293,085
Liabilities:
	Payable for Fund Overdraft			—			—			—			—			—			4,547
	Payable for Investment Securities Purchased			17,879			28,902			1,329			6,411			7,819			2,098
	Payable for Capital Shares Redeemed			5,264			684			1,105			802			421			4,458
	Payable upon Return of Securities Loaned			123,651			142,278			90,823			73,639			9,089			389,520
	Investment Advisory Fees Payable			1,138			638			300			232			99			877
	Administration and Fund Accounting Fees Payable			33			20			7			6			1			15
	Compliance Services Fees Payable			6			3			1			1			—			4
	Distribution and Service Fees Payable			68			50			12			6			28			25
	Custodian Fees Payable			12			8			8			4			2			18
	Accrued Expenses			117			75			27			20			19			88
		Total Liabilities		148,168			172,658			93,612			81,121			17,478			401,650
	Total Net Assets		$	1,670,285		$	996,104		$	356,603		$	288,580		$	131,293		$	891,435
Net Assets Consist of:
	Capital		$	1,277,158		$	831,574		$	287,923		$	252,570		$	297,039		$	678,225
	Accumulated Net Investment Income (Loss)			(2	)		68			13			173			43			147
	Accumulated Net Realized Gains (Losses) on Investment Transactions			76,265			35,494			7,097			23,615			(177,091	)		50,135
	Net Unrealized Appreciation on Investments			316,864			128,968			61,570			12,222			11,302			162,928
Total Net Assets			$	1,670,285		$	996,104		$	356,603		$	288,580		$	131,293		$	891,435
Net Assets:
	I Shares		$	1,554,971		$	893,491		$	333,976		$	278,949		$	98,027		$	845,570
	A Shares		$	46,878		$	62,390		$	11,773		$	3,362		$	371		$	24,320
	C Shares		$	68,436		$	40,223		$	10,854		$	6,269		$	32,895		$	21,545
Shares Outstanding (unlimited number of shares authorized, no par value):
	I Shares			87,389			59,066			24,041			21,432			3,641			41,033
	A Shares			2,609			4,137			887			259			14			1,219
	C Shares			3,898			2,695			892			486			1,320			1,167
Net Asset Value and Redemption Price Per Share: †
	I Shares		$	17.79		$	15.13		$	13.89		$	13.02		$	26.92		$	20.61
	A Shares		$	17.97		$	15.08		$	13.28		$	12.97		$	26.73		$	19.96
	C Shares**		$	17.56		$	14.92		$	12.16		$	12.91		$	24.93		$	18.46
Offering Price Per Share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
	I Shares		$	17.79		$	15.13		$	13.89		$	13.02		$	26.92		$	20.61
	A Shares		$	19.07		$	16.00		$	14.09		$	13.76		$	28.36		$	21.18
	C Shares		$	17.56		$	14.92		$	12.16		$	12.91		$	24.93		$	18.46
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, Select Large Cap Growth Stock Fund and Small Cap Growth Stock Fund include securities on loan of $120,012, $138,335, $88,196, $71,326, $8,874 and $379,335, respectively.
**	Redemption price per share varies by length of time shares are held.
†	Per Share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

Amounts designated as “—” are $0 or have been rounded to $0.

See Notes to Financial Statements.

99

STATEMENTS OF ASSETS AND LIABILITIES

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands)

			Small Cap			Small Cap			Life Vision			Life Vision			Life Vision			Life Vision
			Quantitative			Value Equity			Aggressive			Conservative			Growth and			Moderate
			Equity Fund			Fund			Growth Fund			Fund			Income Fund			Growth Fund
Assets:
	Total Investments, at Cost		$	14,940		$	751,539		$	50,847		$	9,207		$	119,935		$	219,607
	Investments, at Value*		$	14,516		$	858,464		$	—		$	—		$	—		$	—
	Investment in Affiliates, at Value (Cost $411, $10,576, $50,847, $9,207, $119,935 and $219,607, respectively)			411			10,576			63,382			9,603			140,920			241,368
	Total Investments			14,927			869,040			63,382			9,603			140,920			241,368
	Interest and Dividends Receivable			26			1,102			7			33			178			504
	Receivable for Investment Securities Sold			—			3,076			—			—			—			—
	Receivable for Capital Shares Sold			—			483			59			1			148			197
	Prepaid Expenses			—			10			1			1			2			3
		Total Assets		14,953			873,711			63,449			9,638			141,248			242,072
Liabilities:
	Payable for Investment Securities Purchased			—			3,975			—			—			—			—
	Payable for Capital Shares Redeemed			157			2,507			144			12			78			674
	Payable upon Return of Securities Loaned			—			148,922			—			—			—			—
	Investment Advisory Fees Payable			13			683			6			—			12			21
	Administration and Fund Accounting Fees Payable			—			14			1			—			3			5
	Compliance Services Fees Payable			—			3			—			—			1			1
	Distribution and Service Fees Payable			—			9			6			4			17			32
	Custodian Fees Payable			18			9			1			1			1			2
	Accrued Expenses			15			52			5			3			9			14
		Total Liabilities		203			156,174			163			20			121			749
	Total Net Assets		$	14,750		$	717,537		$	63,286		$	9,618		$	141,127		$	241,323
Net Assets Consist of:
	Capital		$	14,861		$	518,554		$	48,516		$	9,163		$	116,210		$	221,546
	Accumulated Net Investment Income (Loss)			1			100			1			11			51			162
	Accumulated Net Realized Gains (Losses) on Investment Transactions			(99	)		81,382			2,234			48			3,881			(2,146	)
	Net Unrealized Appreciation (Depreciation) on Investments			(13	)		117,501			12,535			396			20,985			21,761
Total Net Assets			$	14,750		$	717,537		$	63,286		$	9,618		$	141,127		$	241,323
Net Assets:
	I Shares		$	14,690		$	674,619		$	53,098		$	3,362		$	111,848		$	193,107
	A Shares		$	49		$	7,629		$	3,040		$	811		$	6,778		$	11,069
	C Shares		$	11		$	35,289		$	1,573		$	792		$	5,535		$	24,424
	B Shares			N/A			N/A		$	5,575		$	4,653		$	16,966		$	12,723
Shares Outstanding (unlimited number of shares authorized, no par value):
	I Shares			1,498			38,886			4,084			296			8,679			17,746
	A Shares			5			444			234			71			527			1,017
	C Shares			1			2,105			121			70			432			2,248
	B Shares			N/A			N/A			434			409			1,318			1,172
Net Asset Value and Redemption Price Per Share: †
	I Shares		$	9.81		$	17.35		$	13.00		$	11.37		$	12.89		$	10.88
	A Shares		$	9.79		$	17.20		$	12.97		$	11.38		$	12.87		$	10.88
	C Shares**		$	9.72		$	16.76		$	12.98		$	11.37		$	12.83		$	10.86
	B Shares**			N/A			N/A		$	12.84		$	11.38		$	12.87		$	10.86
Offering Price Per Share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
	I Shares		$	9.81		$	17.35		$	13.00		$	11.37		$	12.89		$	10.88
	A Shares		$	10.39		$	18.25		$	13.76		$	11.95		$	13.66		$	11.54
	C Shares		$	9.72		$	16.76		$	12.98		$	11.37		$	12.83		$	10.86
	B Shares			N/A			N/A		$	12.84		$	11.38		$	12.87		$	10.86
Maximum Sales Charge — A Shares				5.75	%		5.75	%		5.75	%		4.75	%		5.75	%		5.75	%

*	The Small Cap Value Equity Fund includes securities on loan of $144,716.
**	Redemption price per share varies by length of time shares are held.
†	Per Share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

Amounts designated as “—” are $0 or have been rounded to $0.

See Notes to Financial Statements.

100

STATEMENTS OF ASSETS AND LIABILITIES

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands)

			Life Vision			Life Vision			Life Vision
			Target Date			Target Date			Target Date
			2015 Fund			2025 Fund			2035 Fund
Assets:
	Total Investments, at Cost		$	1,999		$	4,627		$	1,269
	Investments, at Value		$	52		$	143		$	39
	Investment in Affiliates, at Value (Cost $1,949, $4,488 and $1,232, respectively)			2,016			4,617			1,298
	Total Investments			2,068			4,760			1,337
	Interest and Dividends Receivable			1			1			—
	Receivable for Capital Shares Sold			2			2			15
	Prepaid Expenses			1			1			1
		Total Assets		2,072			4,764			1,353
Liabilities:
	Payable for Investment Securities Purchased			—			—			27
	Payable for Capital Shares Redeemed			—			11			—
	Investment Advisory Fees Payable			2			1			1
	Custodian Fees Payable			1			2			1
	Accrued Expenses			—			1			2
		Total Liabilities		3			15			31
	Total Net Assets		$	2,069		$	4,749		$	1,322
Net Assets Consist of:
	Capital		$	1,978		$	4,551		$	1,225
	Accumulated Net Investment Income			1			1			—
	Accumulated Net Realized Gains on Investment Transactions			21			64			29
	Net Unrealized Appreciation on Investments			69			133			68
Total Net Assets			$	2,069		$	4,749		$	1,322
Net Assets:
	I Shares		$	2,067		$	4,704		$	1,318
	A Shares		$	2		$	45		$	4
Shares Outstanding (unlimited number of shares authorized, no par value):
	I Shares			179			394			113
	A Shares			—			4			—
Net Asset Value and Redemption Price Per Share: †
	I Shares		$	11.56		$	11.93		$	11.64
	A Shares		$	11.56		$	11.93		$	11.64
Offering Price Per Share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
	I Shares		$	11.56		$	11.93		$	11.64
	A Shares		$	12.27		$	12.66		$	12.35
Maximum Sales Charge — A Shares				5.75	%		5.75	%		5.75	%

† Per Share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

Amounts designated as “—” are $0 or have been rounded to $0.

See Notes to Financial Statements.

101

STATEMENTS OF OPERATIONS

STI CLASSIC FUNDS  For the Year Ended March 31, 2007  (Amounts in thousands)

			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		$	983		$	17,912		$	146		$	27,465		$	23,098		$	4,435
	Dividend Income from Affiliated Investment Companies			116			370			112			—			—			76
	Interest Income			84			376			10			596			749			35
	Income from Securities Lending			—			748			—			1,270			1,482			—
	Less: Foreign Taxes Withheld			—			—			—			(2,352	)		(2,413	)		—
		Total Investment Income		1,183			19,406			268			26,979			22,916			4,546
Expenses:
	Investment Advisory Fees			3,425			12,363			905			11,905			4,313			2,761
	Administration and Fund Accounting Fees			79			337			21			270			223			82
	Compliance Services Fees			6			24			2			19			16			12
	Distribution Fees — A Shares			2			265			1			41			17			3
	Distribution and Service Fees — C Shares			41			429			1			84			60			14
	Custodian Fees			16			17			9			590			633			23
	Professional Fees			15			59			4			50			42			19
	Insurance Fees			2			18			—			10			17			5
	Registration Fees			30			(6	)		23			34			16			28
	Transfer Agent Fees			17			112			1			19			6			1
	Printing Fees			14			53			5			37			26			28
	Trustees’ Fees			7			30			2			24			20			7
	Other Fees			15			(1	)		1			55			100			14
		Total Expenses		3,669			13,700			975			13,138			5,489			2,997
		Less: Administration Fees Waived		(2	)		(7	)		(9	)		(7	)		(17	)		(2	)
		Net Expenses		3,667			13,693			966			13,131			5,472			2,995
Net Investment Income (Loss)				(2,484	)		5,713			(698	)		13,848			17,444			1,551
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions:
	Net Realized Gain (Loss) on Investments Sold and Foreign Currency Transactions			(11,788	)		60,872			1,704			96,943			7,770			24,394
	Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions			29,196			(3,769	)		6,460			70,475			143,488			(6,151	)
	Net Realized and Unrealized Gain on Investments and Foreign Currency Transactions			17,408			57,103			8,164			167,418			151,258			18,243
Change in Net Assets from Operations			$	14,924		$	62,816		$	7,466		$	181,266		$	168,702		$	19,794

Amounts designated as “— ” are $0 or have been rounded to $0.

See Notes to Financial Statements.

102

STATEMENTS OF OPERATIONS

STI CLASSIC FUNDS  For the Year Ended March 31, 2007  (Amounts in thousands)

			Large Cap			Large Cap						Mid-Cap			Select Large			Small Cap
			Relative			Value			Mid-Cap			Value			Cap Growth			Growth
			Value Fund			Equity Fund			Equity Fund			Equity Fund			Stock Fund			Stock Fund
Investment Income:
	Dividend Income		$	35,615		$	20,528		$	5,229		$	5,143		$	1,462		$	4,207
	Dividend Income from Affiliated Investment Companies			513			1,501			167			380			120			709
	Interest Income			—			171			455			—			17			960
	Income from Securities Lending			513			310			228			180			21			3,021
		Total Investment Income		36,641			22,510			6,079			5,703			1,620			8,897
Expenses:
	Investment Advisory Fees			13,020			7,163			4,050			2,667			885			14,936
	Administration and Fund Accounting Fees			409			232			102			67			26			344
	Compliance Services Fees			23			17			7			5			2			24
	Distribution Fees — A Shares			119			188			37			9			1			140
	Distribution and Service Fees — C Shares			730			420			116			63			392			273
	Custodian Fees			32			16			27			11			2			66
	Professional Fees			65			43			17			12			5			55
	Insurance Fees			33			21			8			6			3			29
	Registration Fees			4			20			32			30			26			30
	Transfer Agent Fees			109			72			50			10			56			241
	Printing Fees			40			36			16			11			10			57
	Trustees’ Fees			36			21			9			6			2			31
	Other Fees			4			1			11			3			5			19
		Total Expenses		14,624			8,250			4,482			2,900			1,415			16,245
		Less: Administration Fees Waived		(9	)		(6	)		(2	)		(2	)		(6	)		(45	)
		Net Expenses		14,615			8,244			4,480			2,898			1,409			16,200
Net Investment Income (Loss)				22,026			14,266			1,599			2,805			211			(7,303	)
Net Realized and Unrealized Gain (Loss) on Investments:
	Net Realized Gain on Investments Sold			121,792			102,395			29,613			49,345			17,498			54,274
	Net Change in Unrealized Appreciation (Depreciation) on Investments			47,465			13,084			945			(9,247	)		(16,393	)		(211,108	)
	Net Realized and Unrealized Gain (Loss) on Investments			169,257			115,479			30,558			40,098			1,105			(156,834	)
Change in Net Assets from Operations			$	191,283		$	129,745		$	32,157		$	42,903		$	1,316		$	(164,137	)

Amounts designated as “— ” are $0 or have been rounded to $0.

See Notes to Financial Statements.

103

STATEMENTS OF OPERATIONS

STI CLASSIC FUNDS  For the Year Ended March 31, 2007  (Amounts in thousands)

			Small Cap			Small Cap			Life Vision		Life Vision			Life Vision			Life Vision
			Quantitative			Value			Aggressive		Conservative			Growth and			Moderate
			Equity Fund(a)			Equity Fund			Growth Fund		Fund			Income Fund			Growth Fund
Investment Income:
	Dividend Income		$	216		$	11,881		$	—	$	—		$	—		$	—
	Dividend Income from Affiliated Investment Companies			7			584			720		398			2,945			5,622
	Interest Income			5			77			—		—			—			—
	Income from Securities Lending			—			427			—		—			—			—
		Total Investment Income		228			12,969			720		398			2,945			5,622
Expenses:
	Investment Advisory Fees			197			8,476			64		10			135			189
	Administration and Fund Accounting Fees			5			189			16		2			34			48
	Compliance Services Fees			—			13			1		—			2			3
	Distribution Fees — A Shares			—			17			8		3			19			19
	Distribution and Service Fees — C Shares			—			98			13		7			42			39
	Distribution Fees — B Shares			—			—			41		36			128			98
	Custodian Fees			71			24			7		6			6			6
	Professional Fees			9			33			3		—			7			11
	Insurance Fees			—			17			1		—			3			4
	Registration Fees			17			17			7		4			9			3
	Transfer Agent Fees			—			42			6		3			18			12
	Printing Fees			8			33			8		2			16			21
	Trustees’ Fees			—			17			1		—			3			4
	Other Fees			9			5			3		4			3			4
		Total Expenses		316			8,981			179		77			425			461
		Less: Investment Advisory Fees Waived		(5	)		—			—		(10	)		—			—
		Less: Administration Fees Waived or Fees Reimbursed		(103	)		(4	)		—		(1	)		(1	)		(1	)
		Net Expenses		208			8,977			179		66			424			460
Net Investment Income (Loss)				20			3,992			541		332			2,521			5,162
Net Realized and Unrealized Gain (Loss) on Investments:
	Capital Gain Received from Investments in Affiliated Investment Companies			—			—			2,525		84			4,138			4,083
	Net Realized Gain (Loss) on Investments Sold *			(99	)		162,868			1,588		(5	)		2,187			2,093
	Net Change in Unrealized Appreciation (Depreciation) on Investments *			(13	)		(117,368	)		1,277		170			2,685			3,313
	Net Realized and Unrealized Gain (Loss) on Investments			(112	)		45,500			5,390		249			9,010			9,489
Change in Net Assets from Operations			$	(92	)	$	49,492		$	5,931	$	581		$	11,531		$	14,651

*	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.
(a)	From commencement of operations on April 3, 2006.

Amounts designated as “—” are $0 or have been rounded to $0.

See Notes to Financial Statements.

104

STATEMENTS OF OPERATIONS

STI CLASSIC FUNDS  For the Year Ended March 31, 2007  (Amounts in thousands)

			Life Vision			Life Vision			Life Vision
			Target Date			Target Date			Target Date
			2015 Fund			2025 Fund			2035 Fund
Investment Income:
	Dividend Income		$	—		$	1		$	—
	Dividend Income from Affiliated Investment Companies			21			29			11
		Total Investment Income		21			30			11
Expenses:
	Investment Advisory Fees			1			2			1
	Administration and Fund Accounting Fees			—			1			—
	Custodian Fees			5			7			6
	Registration Fees			13			13			13
	Other Fees			3			2			2
		Total Expenses		22			25			22
		Less: Investment Advisory Fees Waived and Fees Reimbursed		(20	)		(21	)		(21	)
		Net Expenses		2			4			1
Net Investment Income				19			26			10
Net Realized and Unrealized Gain on Investments:
	Capital Gain Received from Investments in Affiliated Investment Companies			37			91			43
	Net Realized (Loss) on Investments Sold *			(6	)		(4	)		(3	)
	Net Change in Unrealized Appreciation on Investments *			58			115			51
	Net Realized and Unrealized Gain on Investments			89			202			91
Change in Net Assets from Operations			$	108		$	228		$	101

  *  Net realized gain on securities sold and net change in unrealized appreciation on investments for the Life Vision Funds are primarily 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.

105

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-
			03/31/07			03/31/06			03/31/07			03/31/06			03/31/07			03/31/06
Operations:
	Net Investment Income (Loss)		$	(2,484	)	$	(722	)	$	5,713		$	2,425		$	(698	)	$	(255	)
	Net Realized Gain (Loss) on Investments Sold, Forward Foreign Currencies and Foreign Currency Transactions			(11,788	)		(3,816	)		60,872			55,310			1,704			1,325
	Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions			29,196			27,629			(3,769	)		51,746			6,460			9,111
	Net Increase from Payments by Affiliates			—			—			—			—			—			—
	Change in Net Assets from Operations			14,924			23,091			62,816			109,481			7,466			10,181
Dividends and Distributions to Shareholders:
	Net Investment Income:
		I Shares		—			(5	)		(5,740	)		(2,305	)		—			—
		A Shares		—			—			(242	)		—			—			—
		C Shares		—			—			(30	)		—			—			—
	Net Realized Gains:
		I Shares		—			—			(48,970	)		(29,860	)		—			—
		A Shares		—			—			(3,726	)		(2,465	)		—			—
		C Shares		—			—			(1,896	)		(1,308	)		—			—
	Total Dividends and Distributions			—			(5	)		(60,604	)		(35,938	)		—			—
	Change in Net Assets from Capital Transactions			52,502			171,957			(231,356	)		(316,585	)		55,623			17,908
	Change in Net Assets			67,426			195,043			(229,144	)		(243,042	)		63,089			28,089
Net Assets:
	Beginning of Period			259,966			64,923			1,452,852			1,695,894			48,703			20,614
	End of Period		$	327,392		$	259,966		$	1,223,708		$	1,452,852		$	111,792		$	48,703
	Accumulated Net Investment Income (Loss), End of Period		$	(8	)	$	(11	)	$	(3	)	$	120		$	(11	)	$	(15	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

			International
			Equity Fund
			04/01/06-			04/01/05-
			03/31/07			03/31/06
Operations:
	Net Investment Income (Loss)		$	13,848		$	9,597
	Net Realized Gain (Loss) on Investments Sold, Forward Foreign Currencies and Foreign Currency Transactions			96,943			46,895
	Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions			70,475			110,353
	Net Increase from Payments by Affiliates			—			2
	Change in Net Assets from Operations			181,266			166,847
Dividends and Distributions to Shareholders:
	Net Investment Income:
		I Shares		(18,408	)		(8,756	)
		A Shares		(203	)		(88	)
		C Shares		(67	)		—
	Net Realized Gains:
		I Shares		(150	)		—
		A Shares		(2	)		—
		C Shares		(1	)		—
	Total Dividends and Distributions			(18,831	)		(8,844	)
	Change in Net Assets from Capital Transactions			78,547			291,758
	Change in Net Assets			240,982			449,761
Net Assets:
	Beginning of Period			947,234			497,473
	End of Period		$	1,188,216		$	947,234
	Accumulated Net Investment Income (Loss), End of Period		$	499		$	1,088

Amounts designated as “—” are either $0 or have been rounded to $0.

See Notes to Financial Statements.

106

STATEMENTS OF CHANGES IN NET ASSETS (continued)

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-
		03/31/07			03/31/06			03/31/07			03/31/06			03/31/07			03/31/06
Capital Transactions:
I Shares:
	Proceeds from Shares Issued	$	194,041		$	193,192		$	302,082		$	390,413		$	106,285		$	25,991
	Dividends Reinvested		—			2			36,401			22,561			—			—
	Cost of Shares Redeemed		(139,963	)		(19,718	)		(532,077	)		(676,657	)		(51,032	)		(8,236	)
	Change in Net Assets from I Shares	$	54,078		$	173,476		$	(193,594	)	$	(263,683	)	$	55,253		$	17,755
A Shares:
	Proceeds from Shares Issued	$	2,944		$	190		$	6,028		$	8,707		$	516		$	116
	Dividends Reinvested		—			—			3,828			2,391			—			—
	Cost of Shares Redeemed		(2,815	)		(43	)		(33,556	)		(38,114	)		(142	)		(18	)
	Change in Net Assets from A Shares	$	129		$	147		$	(23,700	)	$	(27,016	)	$	374		$	98
C Shares:
	Proceeds from Shares Issued	$	104		$	218		$	418		$	1,332		$	68		$	55
	Dividends Reinvested		—			—			1,866			1,268			—			—
	Cost of Shares Redeemed		(1,809	)		(1,884	)		(16,346	)		(28,486	)		(72	)		—
	Change in Net Assets from C Shares	$	(1,705	)	$	(1,666	)	$	(14,062	)	$	(25,886	)	$	(4	)	$	55
Change in Net Assets from Capital Transactions		$	52,502		$	171,957		$	(231,356	)	$	(316,585	)	$	55,623		$	17,908
Share Transactions:
I Shares:
	Issued		16,703			16,618			23,675			31,807			8,835			2,376
	Reinvested		—			—			2,827			1,810			—			—
	Redeemed		(11,908	)		(1,805	)		(41,606	)		(54,757	)		(4,037	)		(791	)
	Change in I Shares		4,795			14,813			(15,104	)		(21,140	)		4,798			1,585
A Shares:
	Issued		276			17			498			745			42			10
	Reinvested		—			—			313			202			—			—
	Redeemed		(259	)		(4	)		(2,765	)		(3,241	)		(11	)		(2	)
	Change in A Shares		17			13			(1,954	)		(2,294	)		31			8
C Shares:
	Issued		9			21			37			121			5			5
	Reinvested		—			—			163			114			—			—
	Redeemed		(156	)		(178	)		(1,440	)		(2,575	)		(6	)		—
	Change in C Shares		(147	)		(157	)		(1,240	)		(2,340	)		(1	)		5
Change in Shares			4,665			14,669			(18,298	)		(25,774	)		4,828			1,598

[Additional columns below]

[Continued from above table, first column(s) repeated]

		International
		Equity Fund
		04/01/06-			04/01/05-
		03/31/07			03/31/06
Capital Transactions:
I Shares:
	Proceeds from Shares Issued	$	371,965		$	411,692
	Dividends Reinvested		4,867			2,197
	Cost of Shares Redeemed		(296,951	)		(121,946	)
	Change in Net Assets from I Shares	$	79,881		$	291,943
A Shares:
	Proceeds from Shares Issued	$	14,548		$	4,921
	Dividends Reinvested		181			77
	Cost of Shares Redeemed		(14,676	)		(3,828	)
	Change in Net Assets from A Shares	$	53		$	1,170
C Shares:
	Proceeds from Shares Issued	$	414		$	1,175
	Dividends Reinvested		67			—
	Cost of Shares Redeemed		(1,868	)		(2,530	)
	Change in Net Assets from C Shares	$	(1,387	)	$	(1,355	)
Change in Net Assets from Capital Transactions		$	78,547		$	291,758
Share Transactions:
I Shares:
	Issued		24,381			32,572
	Reinvested		302			166
	Redeemed		(19,398	)		(9,601	)
	Change in I Shares		5,285			23,137
A Shares:
	Issued		1,003			391
	Reinvested		11			6
	Redeemed		(981	)		(302	)
	Change in A Shares		33			95
C Shares:
	Issued		29			100
	Reinvested		4			—
	Redeemed		(130	)		(217	)
	Change in C Shares		(97	)		(117	)
Change in Shares			5,221			23,115

Amounts designated as “—” are either $0 or have been rounded to $0.

See Notes to Financial Statements.

107

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-
			03/31/07			03/31/06			03/31/07			03/31/06			03/31/07			03/31/06
Operations:
	Net Investment Income		$	17,444		$	11,433		$	1,551		$	93		$	22,026		$	14,557
	Net Realized Gain on Investments Sold, Forward Foreign Currencies and Foreign Currency Transactions			7,770			5,290			24,394			10,158			121,792			110,126
	Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions			143,488			132,522			(6,151	)		9,471			47,465			39,541
	Net Increase from Payments by Affiliates			—			7			—			—			—			—
	Change in Net Assets from Operations			168,702			149,252			19,794			19,722			191,283			164,224
Dividends and Distributions to Shareholders:
	Net Investment Income:
		I Shares		(18,118	)		(9,595	)		(1,533	)		(60	)		(21,852	)		(13,698	)
		A Shares		(90	)		(84	)		(2	)		—			(571	)		(388	)
		C Shares		(85	)		(8	)		—			—			(357	)		(93	)
	Net Realized Gains:
		I Shares		—			—			(9,255	)		(12,525	)		(105,997	)		(52,561	)
		A Shares		—			—			(36	)		(77	)		(3,279	)		(1,849	)
		C Shares		—			—			(35	)		(118	)		(4,984	)		(3,290	)
	Total Dividends and Distributions			(18,293	)		(9,687	)		(10,861	)		(12,780	)		(137,040	)		(71,879	)
	Change in Net Assets from Capital Transactions			68,874			117,744			14,966			185,415			95,481			284,015
	Change in Net Assets			219,283			257,309			23,899			192,357			149,724			376,360
Net Assets:
	Beginning of Period			788,665			531,356			287,426			95,069			1,520,561			1,144,201
	End of Period		$	1,007,948		$	788,665		$	311,325		$	287,426		$	1,670,285		$	1,520,561
	Accumulated Net Investment Income (Loss), End of Period		$	(2,516	)	$	(1,892	)	$	30		$	14		$	(2	)	$	858

[Additional columns below]

[Continued from above table, first column(s) repeated]

			Large Cap Value
			Equity Fund
			04/01/06-			04/01/05-
			03/31/07			03/31/06
Operations:
	Net Investment Income		$	14,266		$	14,917
	Net Realized Gain on Investments Sold, Forward Foreign Currencies and Foreign Currency Transactions			102,395			55,766
	Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions			13,084			28,775
	Net Increase from Payments by Affiliates			—			—
	Change in Net Assets from Operations			129,745			99,458
Dividends and Distributions to Shareholders:
	Net Investment Income:
		I Shares		(13,131	)		(13,581	)
		A Shares		(812	)		(989	)
		C Shares		(264	)		(340	)
	Net Realized Gains:
		I Shares		(31,908	)		—
		A Shares		(2,337	)		—
		C Shares		(1,568	)		—
	Total Dividends and Distributions			(50,020	)		(14,910	)
	Change in Net Assets from Capital Transactions			37,730			(127,185	)
	Change in Net Assets			117,455			(42,637	)
Net Assets:
	Beginning of Period			878,649			921,286
	End of Period		$	996,104		$	878,649
	Accumulated Net Investment Income (Loss), End of Period		$	68		$	9

Amounts designated as “—” are either $0 or have been rounded to $0.

See Notes to Financial Statements.

108

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-
		03/31/07			03/31/06			03/31/07			03/31/06			03/31/07			03/31/06
Capital Transactions:
I Shares:
	Proceeds from Shares Issued	$	308,565		$	258,434		$	144,181		$	220,812		$	442,012		$	552,868
	Dividends Reinvested		10,069			5,754			4,354			4,633			61,144			35,791
	Cost of Shares Redeemed		(246,266	)		(144,948	)		(133,003	)		(40,814	)		(394,496	)		(286,603	)
	Change in Net Assets from I Shares	$	72,368		$	119,240		$	15,532		$	184,631		$	108,660		$	302,056
A Shares:
	Proceeds from Shares Issued	$	5,082		$	1,666		$	1,708		$	904		$	13,376		$	9,149
	Dividends Reinvested		79			81			35			68			3,442			2,010
	Cost of Shares Redeemed		(9,029	)		(2,293	)		(2,028	)		(212	)		(17,648	)		(13,233	)
	Change in Net Assets from A Shares	$	(3,868	)	$	(546	)	$	(285	)	$	760		$	(830	)	$	(2,074	)
C Shares:
	Proceeds from Shares Issued	$	2,610		$	351		$	97		$	467		$	2,091		$	4,631
	Dividends Reinvested		81			7			33			111			5,087			3,215
	Cost of Shares Redeemed		(2,317	)		(1,308	)		(411	)		(554	)		(19,527	)		(23,813	)
	Change in Net Assets from C Shares	$	374		$	(950	)	$	(281	)	$	24		$	(12,349	)	$	(15,967	)
Change in Net Assets from Capital Transactions		$	68,874		$	117,744		$	14,966		$	185,415		$	95,481		$	284,015
Share Transactions:
I Shares:
	Issued		18,312			18,710			10,535			16,302			25,101			33,293
	Reinvested		569			402			316			353			3,464			2,139
	Redeemed		(14,496	)		(10,515	)		(9,605	)		(2,988	)		(22,343	)		(17,149	)
	Change in I Shares		4,385			8,597			1,246			13,667			6,222			18,283
A Shares:
	Issued		317			115			129			67			766			549
	Reinvested		4			6			3			5			193			119
	Redeemed		(554	)		(167	)		(151	)		(16	)		(992	)		(786	)
	Change in A Shares		(233	)		(46	)		(19	)		56			(33	)		(118	)
C Shares:
	Issued		155			26			7			35			120			284
	Reinvested		5			1			2			9			293			195
	Redeemed		(144	)		(101	)		(31	)		(42	)		(1,124	)		(1,453	)
	Change in C Shares		16			(74	)		(22	)		2			(711	)		(974	)
Change in Shares			4,168			8,477			1,205			13,725			5,478			17,191

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Large Cap Value
		Equity Fund
		04/01/06-			04/01/05-
		03/31/07			03/31/06
Capital Transactions:
I Shares:
	Proceeds from Shares Issued	$	188,156		$	135,139
	Dividends Reinvested		34,278			9,868
	Cost of Shares Redeemed		(166,014	)		(244,925	)
	Change in Net Assets from I Shares	$	56,420		$	(99,918	)
A Shares:
	Proceeds from Shares Issued	$	5,244		$	3,961
	Dividends Reinvested		3,039			947
	Cost of Shares Redeemed		(19,277	)		(19,040	)
	Change in Net Assets from A Shares	$	(10,994	)	$	(14,132	)
C Shares:
	Proceeds from Shares Issued	$	991		$	1,086
	Dividends Reinvested		1,777			327
	Cost of Shares Redeemed		(10,464	)		(14,548	)
	Change in Net Assets from C Shares	$	(7,696	)	$	(13,135	)
Change in Net Assets from Capital Transactions		$	37,730		$	(127,185	)
Share Transactions:
I Shares:
	Issued		12,782			10,604
	Reinvested		2,324			757
	Redeemed		(11,371	)		(18,995	)
	Change in I Shares		3,735			(7,634	)
A Shares:
	Issued		370			311
	Reinvested		207			73
	Redeemed		(1,351	)		(1,484	)
	Change in A Shares		(774	)		(1,100	)
C Shares:
	Issued		69			87
	Reinvested		122			25
	Redeemed		(731	)		(1,152	)
	Change in C Shares		(540	)		(1,040	)
Change in Shares			2,421			(9,774	)

Amounts designated as “—” are either $0 or have been rounded to $0.

See Notes to Financial Statements.

109

STATEMENTS OF CHANGES IN NET ASSETS (continued)

STI CLASSIC FUNDS  For the Periods Indicated  (Amounts in thousands)

			Mid-Cap						Mid-Cap Value						Select Large Cap
			Equity Fund						Equity Fund						Growth Stock Fund
			04/01/06-			04/01/05-			04/01/06-			04/01/05-			04/01/06-			04/01/05-
			03/31/07			03/31/06			03/31/07			03/31/06			03/31/07			03/31/06
Operations:
	Net Investment Income (Loss)		$	1,599		$	1,762		$	2,805		$	2,168		$	211		$	(276	)
	Net Realized Gain on Investments Sold			29,613			31,428			49,345			26,814			17,498			17,605
	Net Change in Unrealized Appreciation (Depreciation) on Investments			945			22,166			(9,247	)		9,917			(16,393	)		(7,295	)
	Change in Net Assets from Operations			32,157			55,356			42,903			38,899			1,316			10,034
Dividends and Distributions to Shareholders:
	Net Investment Income:
		I Shares		(1,688	)		(1,634	)		(2,658	)		(2,100	)		(168	)		(463	)
		A Shares		(26	)		(36	)		(22	)		(15	)		—			(2	)
		C Shares		—			—			(6	)		(11	)		—			(64	)
	Net Realized Gains:
		I Shares		(24,539	)		(14,705	)		(40,247	)		(20,403	)		—			—
		A Shares		(881	)		(730	)		(492	)		(208	)		—			—
		C Shares		(879	)		(694	)		(949	)		(598	)		—			—
	Total Dividends and Distributions			(28,013	)		(17,799	)		(44,374	)		(23,335	)		(168	)		(529	)
	Change in Net Assets from Capital Transactions			(87,508	)		158,637			37,716			19,071			6,784			(53,743	)
	Change in Net Assets			(83,364	)		196,194			36,245			34,635			7,932			(44,238	)
Net Assets:
	Beginning of Period			439,967			243,773			252,335			217,700			123,361			167,599
	End of Period		$	356,603		$	439,967		$	288,580		$	252,335		$	131,293		$	123,361
	Accumulated Net Investment Income (Loss), End of Period		$	13		$	144		$	173		$	54		$	43		$	—

[Additional columns below]

[Continued from above table, first column(s) repeated]

			Small Cap
			Growth Stock Fund
			04/01/06-			04/01/05-
			03/31/07			03/31/06
Operations:
	Net Investment Income (Loss)		$	(7,303	)	$	(9,311	)
	Net Realized Gain on Investments Sold			54,274			129,014
	Net Change in Unrealized Appreciation (Depreciation) on Investments			(211,108	)		224,874
	Change in Net Assets from Operations			(164,137	)		344,577
Dividends and Distributions to Shareholders:
	Net Investment Income:
		I Shares		—			—
		A Shares		—			—
		C Shares		—			—
	Net Realized Gains:
		I Shares		(64,037	)		(105,684	)
		A Shares		(1,912	)		(3,574	)
		C Shares		(1,522	)		(2,682	)
	Total Dividends and Distributions			(67,471	)		(111,940	)
	Change in Net Assets from Capital Transactions			(614,776	)		490,131
	Change in Net Assets			(846,384	)		722,768
Net Assets:
	Beginning of Period			1,737,819			1,015,051
	End of Period		$	891,435		$	1,737,819
	Accumulated Net Investment Income (Loss), End of Period		$	147		$	—

Amounts designated as “—” are either $0 or have been rounded to $0.

See Notes to Financial Statements.

110

STATEMENTS OF CHANGES IN NET ASSETS (continued)

STI CLASSIC FUNDS  For the Periods Indicated  (Amounts in thousands)

		Mid-Cap						Mid-Cap Value						Select Large Cap
		Equity Fund						Equity Fund						Growth Stock Fund
		04/01/06-			04/01/05-			04/01/06-			04/01/05-			04/01/06-			04/01/05-
		03/31/07			03/31/06			03/31/07			03/31/06			03/31/07			03/31/06
Capital Transactions:
I Shares:
	Proceeds from Shares Issued	$	121,973		$	250,612		$	141,296		$	82,778		$	66,219		$	7,349
	Dividends Reinvested		14,317			8,646			20,051			10,665			67			68
	Cost of Shares Redeemed		(216,799	)		(97,492	)		(124,533	)		(73,941	)		(42,803	)		(37,892	)
	Change in Net Assets from I Shares	$	(80,509	)	$	161,766		$	36,814		$	19,502		$	23,483		$	(30,475	)
A Shares:
	Proceeds from Shares Issued	$	2,572		$	3,061		$	1,703		$	1,345		$	259		$	582
	Dividends Reinvested		856			727			457			187			—			1
	Cost of Shares Redeemed		(7,841	)		(4,203	)		(1,198	)		(970	)		(376	)		(825	)
	Change in Net Assets from A Shares	$	(4,413	)	$	(415	)	$	962		$	562		$	(117	)	$	(242	)
C Shares:
	Proceeds from Shares Issued	$	303		$	1,009		$	616		$	344		$	280		$	550
	Dividends Reinvested		838			665			919			576			—			59
	Cost of Shares Redeemed		(3,727	)		(4,388	)		(1,595	)		(1,913	)		(16,862	)		(23,635	)
	Change in Net Assets from C Shares	$	(2,586	)	$	(2,714	)	$	(60	)	$	(993	)	$	(16,582	)	$	(23,026	)
Change in Net Assets from Capital Transactions		$	(87,508	)	$	158,637		$	37,716		$	19,071		$	6,784		$	(53,743	)
Share Transactions:
I Shares:
	Issued		9,065			19,102			10,806			6,541			2,435			290
	Reinvested		1,072			667			1,596			871			3			3
	Redeemed		(16,117	)		(7,583	)		(9,501	)		(5,921	)		(1,681	)		(1,509	)
	Change in I Shares		(5,980	)		12,186			2,901			1,491			757			(1,216	)
A Shares:
	Issued		204			246			127			107			10			23
	Reinvested		67			58			37			15			—			—
	Redeemed		(604	)		(341	)		(91	)		(77	)		(14	)		(33	)
	Change in A Shares		(333	)		(37	)		73			45			(4	)		(10	)
C Shares:
	Issued		25			87			47			27			12			24
	Reinvested		71			58			74			48			—			3
	Redeemed		(315	)		(380	)		(122	)		(152	)		(700	)		(1,016	)
	Change in C Shares		(219	)		(235	)		(1	)		(77	)		(688	)		(989	)
Change in Shares			(6,532	)		11,914			2,973			1,459			65			(2,215	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Small Cap Growth
		Stock Fund
		04/01/06-			04/01/05-
		03/31/07			03/31/06
Capital Transactions:
I Shares:
	Proceeds from Shares Issued	$	432,211		$	836,404
	Dividends Reinvested		53,211			86,652
	Cost of Shares Redeemed		(1,062,116	)		(441,501	)
	Change in Net Assets from I Shares	$	(576,694	)	$	481,555
A Shares:
	Proceeds from Shares Issued	$	21,465		$	19,918
	Dividends Reinvested		1,738			3,405
	Cost of Shares Redeemed		(51,551	)		(10,408	)
	Change in Net Assets from A Shares	$	(28,348	)	$	12,915
C Shares:
	Proceeds from Shares Issued	$	855		$	2,166
	Dividends Reinvested		1,445			2,539
	Cost of Shares Redeemed		(12,034	)		(9,044	)
	Change in Net Assets from C Shares	$	(9,734	)	$	(4,339	)
Change in Net Assets from Capital Transactions		$	(614,776	)	$	490,131
Share Transactions:
I Shares:
	Issued		20,133			38,694
	Reinvested		2,589			4,066
	Redeemed		(51,099	)		(20,410	)
	Change in I Shares		(28,377	)		22,350
A Shares:
	Issued		1,023			944
	Reinvested		87			164
	Redeemed		(2,493	)		(498	)
	Change in A Shares		(1,383	)		610
C Shares:
	Issued		42			110
	Reinvested		78			131
	Redeemed		(637	)		(466	)
	Change in C Shares		(517	)		(225	)
Change in Shares			(30,277	)		22,735

Amounts designated as “—” are either $0 or have been rounded to $0.

See Notes to Financial Statements.

111

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						Aggressive Growth Fund
			04/03/06-*			04/01/06-			04/01/05-			04/01/06-			04/01/05-
			03/31/07			03/31/07			03/31/06			03/31/07			03/31/06
Operations:
	Net Investment Income		$	20		$	3,992		$	3,550		$	541		$	650
	Capital Gain Received from Investments in Affiliated Investment Companies			—			—			—			2,525			1,091
	Net Realized Gain (Loss) on Investments Sold			(99	)		162,868			190,190			1,588			959
	Net Change in Unrealized Appreciation (Depreciation) on Investments			(13	)		(117,368	)		10,943			1,277			4,463
	Change in Net Assets from Operations			(92	)		49,492			204,683			5,931			7,163
Dividends and Distributions to Shareholders:
	Net Investment Income:
		I Shares		(19	)		(4,008	)		(3,434	)		(1,056	)		(583	)
		A Shares		—			(23	)		(13	)		(48	)		(22	)
		C Shares		—			(134	)		(118	)		(16	)		(5	)
		B Shares											(70	)		(42	)
	Net Realized Gains:
		I Shares		—			(161,578	)		(142,285	)		(1,015	)		(519	)
		A Shares		—			(1,777	)		(974	)		(55	)		(26	)
		C Shares		—			(9,018	)		(8,202	)		(26	)		(8	)
		B Shares											(104	)		(64	)
	Total Dividends and Distributions			(19	)		(176,538	)		(155,026	)		(2,390	)		(1,269	)
	Change in Net Assets from Capital Transactions			14,861			31,169			(11,427	)		(2,541	)		5,577
	Change in Net Assets			14,750			(95,877	)		38,230			1,000			11,471
Net Assets:
	Beginning of Period			—			813,414			775,184			62,286			50,815
	End of Period		$	14,750		$	717,537		$	813,414		$	63,286		$	62,286
	Accumulated Net Investment Income (Loss), End of Period		$	1		$	100		$	273		$	1		$	1

[Additional columns below]

[Continued from above table, first column(s) repeated]

			Life Vision
			Conservative Fund
			04/01/06-			04/01/05-
			03/31/07			03/31/06
Operations:
	Net Investment Income		$	332		$	262
	Capital Gain Received from Investments in Affiliated Investment Companies			84			67
	Net Realized Gain (Loss) on Investments Sold			(5	)		28
	Net Change in Unrealized Appreciation (Depreciation) on Investments			170			20
	Change in Net Assets from Operations			581			377
Dividends and Distributions to Shareholders:
	Net Investment Income:
		I Shares		(130	)		(74	)
		A Shares		(35	)		(36	)
		C Shares		(23	)		(17	)
		B Shares		(168	)		(128	)
	Net Realized Gains:
		I Shares		(29	)		(14	)
		A Shares		(8	)		(7	)
		C Shares		(7	)		(4	)
		B Shares		(46	)		(29	)
	Total Dividends and Distributions			(446	)		(309	)
	Change in Net Assets from Capital Transactions			(931	)		3,691
	Change in Net Assets			(796	)		3,759
Net Assets:
	Beginning of Period			10,414			6,655
	End of Period		$	9,618		$	10,414
	Accumulated Net Investment Income (Loss), End of Period		$	11		$	11

*  Commencement of operations.

Amounts designated as “—” are either $0 or have been rounded to $0.

See Notes to Financial Statements.

112

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						Aggressive Growth Fund
		04/03/06-*			04/01/06-			04/01/05-			04/01/06-			04/01/05-
		03/31/07			03/31/07			03/31/06			03/31/07			03/31/06
Capital Transactions:
I Shares:
	Proceeds from Shares Issued	$	26,808		$	142,003		$	173,077		$	18,522		$	15,960
	Dividends Reinvested		7			135,202			106,300			2,024			1,089
	Cost of Shares Redeemed		(12,013	)		(246,253	)		(290,041	)		(23,246	)		(12,553	)
	Change in Net Assets from I Shares	$	14,802		$	30,952		$	(10,664	)	$	(2,700	)	$	4,496
A Shares:
	Proceeds from Shares Issued	$	48		$	3,313		$	1,825		$	426		$	957
	Dividends Reinvested		—			1,441			644			102			46
	Cost of Shares Redeemed		—			(1,322	)		(2,054	)		(264	)		(711	)
	Change in Net Assets from A Shares	$	48		$	3,432		$	415		$	264		$	292
C Shares:
	Proceeds from Shares Issued	$	11		$	374		$	696		$	541		$	1,184
	Dividends Reinvested		—			8,830			7,953			42			13
	Cost of Shares Redeemed		—			(12,419	)		(9,827	)		(228	)		(120	)
	Change in Net Assets from C Shares	$	11		$	(3,215	)	$	(1,178	)	$	355		$	1,077
B Shares:
	Proceeds from Shares Issued										$	133		$	401
	Dividends Reinvested											173			104
	Cost of Shares Redeemed											(766	)		(793	)
	Change in Net Assets from B Shares										$	(460	)	$	(288	)
Change in Net Assets from Capital Transactions		$	14,861		$	31,169		$	(11,427	)	$	(2,541	)	$	5,577
Share Transactions:
I Shares:
	Issued		2,728			7,539			8,501			1,482			1,378
	Reinvested		1			8,068			5,755			158			92
	Redeemed		(1,231	)		(13,164	)		(14,423	)		(1,837	)		(1,098	)
	Change in I Shares		1,498			2,443			(167	)		(197	)		372
A Shares:
	Issued		5			172			89			34			84
	Reinvested		—			87			35			8			4
	Redeemed		—			(71	)		(102	)		(21	)		(63	)
	Change in A Shares		5			188			22			21			25
C Shares:
	Issued		1			19			35			43			102
	Reinvested		—			546			442			3			1
	Redeemed		—			(686	)		(496	)		(18	)		(10	)
	Change in C Shares		1			(121	)		(19	)		28			93
B Shares:
	Issued											11			36
	Reinvested											14			9
	Redeemed											(63	)		(69	)
	Change in B Shares											(38	)		(24	)
Change in Shares			1,504			2,510			(164	)		(186	)		466

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Life Vision
		Conservative Fund
		04/01/06-			04/01/05-
		03/31/07			03/31/06
Capital Transactions:
I Shares:
	Proceeds from Shares Issued	$	1,752		$	3,189
	Dividends Reinvested		153			84
	Cost of Shares Redeemed		(1,650	)		(613	)
	Change in Net Assets from I Shares	$	255		$	2,660
A Shares:
	Proceeds from Shares Issued	$	108		$	717
	Dividends Reinvested		34			34
	Cost of Shares Redeemed		(666	)		(42	)
	Change in Net Assets from A Shares	$	(524	)	$	709
C Shares:
	Proceeds from Shares Issued	$	366		$	930
	Dividends Reinvested		26			18
	Cost of Shares Redeemed		(445	)		(115	)
	Change in Net Assets from C Shares	$	(53	)	$	833
B Shares:
	Proceeds from Shares Issued	$	6		$	120
	Dividends Reinvested		182			133
	Cost of Shares Redeemed		(797	)		(764	)
	Change in Net Assets from B Shares	$	(609	)	$	(511	)
Change in Net Assets from Capital Transactions		$	(931	)	$	3,691
Share Transactions:
I Shares:
	Issued		157			284
	Reinvested		14			8
	Redeemed		(149	)		(55	)
	Change in I Shares		22			237
A Shares:
	Issued		9			64
	Reinvested		3			3
	Redeemed		(59	)		(4	)
	Change in A Shares		(47	)		63
C Shares:
	Issued		33			83
	Reinvested		2			2
	Redeemed		(40	)		(10	)
	Change in C Shares		(5	)		75
B Shares:
	Issued		1			11
	Reinvested		16			12
	Redeemed		(71	)		(68	)
	Change in B Shares		(54	)		(45	)
Change in Shares			(84	)		330

 *  Commencement of operations.

Amounts designated as “—” are either $0 or have been rounded to $0.

See Notes to Financial Statements.

113

STATEMENTS OF CHANGES IN NET ASSETS (continued)

STI CLASSIC FUNDS  For the Periods Indicated  (Amounts in thousands)

			Life Vision						Life Vision						Life Vision
			Growth and Income Fund						Moderate Growth Fund						Target Date 2015 Fund
			04/01/06-			04/01/05-			04/01/06-			04/01/05-			04/01/06-			10/12/05-*
			03/31/07			03/31/06			03/31/07			03/31/06			03/31/07			03/31/06
Operations:
	Net Investment Income		$	2,521		$	2,089		$	5,162		$	4,178		$	19		$	3
	Capital Gain Received from Investments in Affiliated Investment Companies			4,138			1,834			4,083			1,945			37			3
	Net Realized Gain (Loss) on Investments Sold			2,187			1,961			2,093			3,257			(6	)		—
	Net Change in Unrealized Appreciation on Investments			2,685			6,195			3,313			3,923			58			11
	Change in Net Assets from Operations			11,531			12,079			14,651			13,303			108			17
Dividends and Distributions to Shareholders:
	Net Investment Income:
		I Shares		(2,977	)		(1,750	)		(5,550	)		(3,669	)		(29	)		(2	)
		A Shares		(163	)		(83	)		(191	)		(157	)		—			—
		C Shares		(86	)		(21	)		(85	)		(20	)
		B Shares		(343	)		(204	)		(328	)		(266	)
	Net Realized Gains:
		I Shares		(2,198	)		—			(6,776	)		(3,087	)		(3	)		—
		A Shares		(135	)		—			(243	)		(163	)		—			—
		C Shares		(96	)		—			(84	)		(26	)
		B Shares		(342	)		—			(528	)		(315	)
	Total Dividends and Distributions			(6,340	)		(2,058	)		(13,785	)		(7,703	)		(32	)		(2	)
	Change in Net Assets from Capital Transactions			11,586			6,593			60,588			18,789			1,723			255
	Change in Net Assets			16,777			16,614			61,454			24,389			1,799			270
Net Assets:
	Beginning of Period			124,350			107,736			179,869			155,480			270			—
	End of Period		$	141,127		$	124,350		$	241,323		$	179,869		$	2,069		$	270
	Accumulated Net Investment Income (Loss), End of Period		$	51		$	40		$	162		$	116		$	1		$	1

[Additional columns below]

[Continued from above table, first column(s) repeated]

			Life Vision
			Target Date 2025 Fund
			04/01/06-			10/21/05-*
			03/31/07			03/31/06
Operations:
	Net Investment Income		$	26		$	3
	Capital Gain Received from Investments in Affiliated Investment Companies			91			2
	Net Realized Gain (Loss) on Investments Sold			(4	)		—
	Net Change in Unrealized Appreciation on Investments			115			18
	Change in Net Assets from Operations			228			23
Dividends and Distributions to Shareholders:
	Net Investment Income:
		I Shares		(49	)		(2	)
		A Shares		—			—
		C Shares
		B Shares
	Net Realized Gains:
		I Shares		(2	)		—
		A Shares		—			—
		C Shares
		B Shares
	Total Dividends and Distributions			(51	)		(2	)
	Change in Net Assets from Capital Transactions			3,462			1,089
	Change in Net Assets			3,639			1,110
Net Assets:
	Beginning of Period			1,110			—
	End of Period		$	4,749		$	1,110
	Accumulated Net Investment Income (Loss), End of Period		$	1		$	1

*  Commencement of operations.

Amounts designated as “—” are either $0 or have been rounded to $0.

See Notes to Financial Statements.

114

STATEMENTS OF CHANGES IN NET ASSETS (continued)

STI CLASSIC FUNDS  For the Periods Indicated  (Amounts in thousands)

		Life Vision						Life Vision						Life Vision
		Growth and Income Fund						Moderate Growth Fund						Target Date 2015 Fund
		04/01/06-			04/01/05-			04/01/06-			04/01/05-			04/01/06-			10/12/05*-
		03/31/07			03/31/06			03/31/07			03/31/06			03/31/07			03/31/06
Capital Transactions:
I Shares:
	Proceeds from Shares Issued	$	41,607		$	28,839		$	48,287		$	52,916		$	1,890		$	255
	Proceeds from Shares Issued in Acquisition		—			—			32,309			—			—			—
	Dividends Reinvested		5,153			1,747			12,207			6,685			31			2
	Cost of Shares Redeemed		(37,048	)		(28,075	)		(58,615	)		(38,674	)		(200	)		(2	)
	Change in Net Assets from I Shares	$	9,712		$	2,511		$	34,188		$	20,927		$	1,721		$	255
A Shares:(1)
	Proceeds from Shares Issued	$	1,435		$	2,726		$	1,015		$	2,619		$	2		$	—
	Proceeds from Shares Issued in Acquisition		—			—			5,098			—			—			—
	Dividends Reinvested		297			82			414			311			—			—
	Cost of Shares Redeemed		(946	)		(1,078	)		(1,346	)		(5,501	)		—			—
	Change in Net Assets from A Shares	$	786		$	1,730		$	5,181		$	(2,571	)	$	2		$	—
C Shares:
	Proceeds from Shares Issued	$	3,325		$	3,013		$	875		$	1,691
	Proceeds from Shares Issued in Acquisition		—			—			22,680			—
	Dividends Reinvested		171			20			159			43
	Cost of Shares Redeemed		(947	)		(342	)		(1,106	)		(92	)
	Change in Net Assets from C Shares	$	2,549		$	2,691		$	22,608		$	1,642
B Shares:
	Proceeds from Shares Issued	$	213		$	1,586		$	25		$	620
	Dividends Reinvested		644			193			829			561
	Cost of Shares Redeemed		(2,318	)		(2,118	)		(2,243	)		(2,390	)
	Change in Net Assets from B Shares	$	(1,461	)	$	(339	)	$	(1,389	)	$	(1,209	)
Change in Net Assets from Capital Transactions		$	11,586		$	6,593		$	60,588		$	18,789		$	1,723		$	255
Share Transactions:
I Shares:
	Issued		3,306			2,447			4,424			4,953			169			25
	Issued in Acquisition		—			—			2,988			—			—			—
	Reinvested		405			146			1,111			625			3			—
	Redeemed		(2,916	)		(2,382	)		(5,371	)		(3,619	)		(18	)		—
	Change in I Shares		795			211			3,152			1,959			154			25
A Shares:(1)
	Issued		117			232			94			246			—			—
	Issued in Acquisition		—			—			471			—			—			—
	Reinvested		23			7			38			29			—			—
	Redeemed		(75	)		(91	)		(123	)		(517	)		—			—
	Change in A Shares		65			148			480			(242	)		—			—
C Shares:
	Issued		268			254			79			160
	Issued in Acquisition		—			—			2,101			—
	Reinvested		13			2			15			4
	Redeemed		(77	)		(28	)		(102	)		(9	)
	Change in C Shares		204			228			2,093			155
B Shares:
	Issued		17			138			2			59
	Reinvested		51			16			76			53
	Redeemed		(186	)		(179	)		(207	)		(226	)
	Change in B Shares		(118	)		(25	)		(129	)		(114	)
Change in Shares			946			562			5,596			1,758			154			25

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Life Vision
		Target Date 2025 Fund
		04/01/06-			10/21/05*-
		03/31/07			03/31/06
Capital Transactions:
I Shares:
	Proceeds from Shares Issued	$	3,629		$	1,096
	Proceeds from Shares Issued in Acquisition		—			—
	Dividends Reinvested		50			2
	Cost of Shares Redeemed		(259	)		(9	)
	Change in Net Assets from I Shares	$	3,420		$	1,089
A Shares:(1)
	Proceeds from Shares Issued	$	42		$	—
	Proceeds from Shares Issued in Acquisition		—			—
	Dividends Reinvested		—			—
	Cost of Shares Redeemed		—			—
	Change in Net Assets from A Shares	$	42		$	—
C Shares:
	Proceeds from Shares Issued
	Proceeds from Shares Issued in Acquisition
	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		$	3,462		$	1,089
Share Transactions:
I Shares:
	Issued		313			101
	Issued in Acquisition		—			—
	Reinvested		4			—
	Redeemed		(23	)		(1	)
	Change in I Shares		294			100
A Shares:(1)
	Issued		4			—
	Issued in Acquisition		—			—
	Reinvested		—			—
	Redeemed		—			—
	Change in A Shares		4			—
C Shares:
	Issued
	Issued in Acquisition
	Reinvested
	Redeemed
	Change in C Shares
B Shares:
	Issued
	Reinvested
	Redeemed
	Change in B Shares
Change in Shares			298			100

 *  Commencement of operations.

(1)  A shares commenced operations beginning on January 5, 2007 for the Life Vision Target Date 2015 Fund and July 12, 2006 for the Life Vision Target Date 2025 Fund.

Amounts designated as “—” are either $0 or have been rounded to $0.

See Notes to Financial Statements.

115

STATEMENTS OF CHANGES IN NET ASSETS (continued)

STI CLASSIC FUNDS  For the Periods Indicated  (Amounts in thousands)

			Life Vision
			Target Date 2035 Fund
			04/01/06-			11/02/05-*
			03/31/07			03/31/06
Operations:
	Net Investment Income		$	10		$	3
	Capital Gain Received from Investments in Affiliated Investment Companies			43			4
	Net Realized Gain (Loss) on Investments Sold			(3	)		1
	Net Change in Unrealized Appreciation on Investments			51			17
	Change in Net Assets from Operations			101			25
Dividends and Distributions to Shareholders:
	Net Investment Income:
		I Shares		(21	)		(3	)
	Net Realized Gains:
		I Shares		(5	)		—
	Total Dividends and Distributions			(26	)		(3	)
	Change in Net Assets from Capital Transactions			657			568
	Change in Net Assets			732			590
Net Assets:
	Beginning of Period			590			—
	End of Period		$	1,322		$	590
	Accumulated Net Investment Income (Loss), End of Period		$	—		$	—

*  Commencement of operations.

Amounts designated as “—” are either $0 or have been rounded to $0.

See Notes to Financial Statements.

116

STATEMENTS OF CHANGES IN NET ASSETS (concluded)

STI CLASSIC FUNDS  March 31, 2007  For the Periods Indicated  (Amounts in thousands)

		Life Vision
		Target Date 2035 Fund
		04/01/06-			11/02/05*-
		03/31/07			03/31/06
Capital Transactions:
I Shares:
	Proceeds from Shares Issued	$	747		$	634
	Dividends Reinvested		26			3
	Cost of Shares Redeemed		(120	)		(69	)
	Change in Net Assets from I Shares	$	653		$	568
A Shares:(1)
	Proceeds from Shares Issued	$	4		$	—
	Change in Net Assets from A Shares	$	4		$	—
Change in Net Assets from Capital Transactions		$	657		$	568
Share Transactions:
I Shares:
	Issued		67			61
	Reinvested		2			—
	Redeemed		(10	)		(7	)
	Change in I Shares		59			54
A Shares:(1)
	Issued		—			—
	Change in A Shares		—			—
Change in Shares			59			54

 *  Commencement of operations.

(1)  A shares commenced operations beginning on May 4, 2006.

Amounts designated as “—” are either $0 or have been rounded to $0.

See Notes to Financial Statements.

117

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
	Year Ended March 31, 2007	$	12.24	$	(0.09	)(a)	$	0.49		$	0.40		$	—		$	—		$	—
	Year Ended March 31, 2006		9.89		(0.07	)(a)		2.42			2.35			—	*		—			—	*
	Period Ended March 31, 2005		10.00		(0.06	)(a)		(0.05	)		(0.11	)		—			—			—
	Period Ended May 31, 2004(b)		10.00		(0.02	)(a)		0.02			—			—			—			—
A Shares
	Year Ended March 31, 2007		12.16		(0.12	)(a)		0.49			0.37			—			—			—
	Year Ended March 31, 2006		9.84		(0.10	)(a)		2.42			2.32			—			—			—
	Period Ended March 31, 2005		9.99		(0.09	)(a)		(0.06	)		(0.15	)		—			—			—
	Period Ended May 31, 2004(b)		10.00		(0.03	)(a)		0.02			(0.01	)		—			—			—
C Shares
	Year Ended March 31, 2007		12.00		(0.20	)(a)		0.47			0.27			—			—			—
	Year Ended March 31, 2006		9.78		(0.17	)(a)		2.39			2.22			—			—			—
	Period Ended March 31, 2005		9.97		(0.15	)(a)		(0.04	)		(0.19	)		—			—			—
	Period Ended May 31, 2004(b)		10.00		(0.04	)(a)		0.01			(0.03	)		—			—			—
Capital Appreciation Fund
I Shares
	Year Ended March 31, 2007		12.83		0.06	(a)		0.58			0.64			(0.06	)		(0.55	)		(0.61	)
	Year Ended March 31, 2006		12.22		0.03	(a)		0.86			0.89			(0.02	)		(0.26	)		(0.28	)
	Period Ended March 31, 2005		12.33		0.03	(a)		0.07			0.10			(0.03	)		(0.18	)		(0.21	)
	Year Ended May 31, 2004		11.02		(0.03	)(a)		1.34			1.31			—			—			—
	Year Ended May 31, 2003		12.24		(0.03	)(a)		(1.19	)		(1.22	)		—			—			—
	Year Ended May 31, 2002		13.89		—			(1.53	)		(1.53	)		—			(0.12	)		(0.12	)
A Shares
	Year Ended March 31, 2007		12.20		0.02	(a)		0.56			0.58			(0.04	)		(0.55	)		(0.59	)
	Year Ended March 31, 2006		11.66		(0.03	)(a)		0.83			0.80			—			(0.26	)		(0.26	)
	Period Ended March 31, 2005		11.82		(0.04	)(a)		0.06			0.02			—			(0.18	)		(0.18	)
	Year Ended May 31, 2004		10.63		(0.10	)(a)		1.29			1.19			—			—			—
	Year Ended May 31, 2003		11.89		(0.10	)(a)		(1.16	)		(1.26	)		—			—			—
	Year Ended May 31, 2002		13.59		(0.10	)		(1.48	)		(1.58	)		—			(0.12	)		(0.12	)
C Shares
	Year Ended March 31, 2007		11.46		(0.06	)(a)		0.52			0.46			(0.01	)		(0.55	)		(0.56	)
	Year Ended March 31, 2006		11.04		(0.09	)(a)		0.77			0.68			—			(0.26	)		(0.26	)
	Period Ended March 31, 2005		11.22		(0.07	)(a)		0.07			—			—			(0.18	)		(0.18	)
	Year Ended May 31, 2004		10.15		(0.15	)(a)		1.22			1.07			—			—			—
	Year Ended May 31, 2003		11.40		(0.14	)(a)		(1.11	)		(1.25	)		—			—			—
	Year Ended May 31, 2002		13.09		(0.06	)		(1.51	)		(1.57	)		—			(0.12	)		(0.12	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

															Ratio of
												Ratio of			Expenses to
									Ratio			Net			Average Net
									of 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(1)			Period (000)		Assets(2)			Assets(2)			Offset)(2)			Rate(3)
Aggressive Growth Stock Fund
I Shares
	Year Ended March 31, 2007	$	12.64		3.27	%	$	323,303		1.17	%		(0.79	)%		1.17	%		49	%
	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		0.00			20,501		1.22			(0.74	)		1.61			2
A Shares
	Year Ended March 31, 2007		12.53		3.04			553		1.47			(1.10	)		1.47			49
	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	(c)		2
C Shares
	Year Ended March 31, 2007		12.27		2.25			3,536		2.16			(1.78	)		2.16			49
	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	(c)		2
Capital Appreciation Fund
I Shares
	Year Ended March 31, 2007		12.86		5.08			1,105,504		0.98			0.48			0.98			79
	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
A Shares
	Year Ended March 31, 2007		12.19		4.69			80,848		1.28			0.18			1.28			79
	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
C Shares
	Year Ended March 31, 2007		11.36		3.96			37,356		1.98			(0.52	)		1.98			79
	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

See Notes to Financial Highlights and Notes to Financial Statements.

118

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
	Year Ended March 31, 2007	$	12.83	$	(0.10	)(a)	$	0.24		$	0.14		$	—		$	—		$	—
	Year Ended March 31, 2006		9.38		(0.09	)(a)		3.54			3.45			—			—			—
	Period Ended March 31, 2005		9.60		(0.08	)(a)		(0.14	)		(0.22	)		—			—			—
	Period Ended May 31, 2004(b)		10.00		(0.03	)(a)		(0.37	)		(0.40	)		—			—			—
A Shares
	Year Ended March 31, 2007		12.74		(0.14	)(a)		0.23			0.09			—			—			—
	Year Ended March 31, 2006		9.34		(0.13	)(a)		3.53			3.40			—			—			—
	Period Ended March 31, 2005		9.59		(0.11	)(a)		(0.14	)		(0.25	)		—			—			—
	Period Ended May 31, 2004(b)		10.00		(0.04	)(a)		(0.37	)		(0.41	)		—			—			—
C Shares
	Year Ended March 31, 2007		12.59		(0.22	)(a)		0.22			—			—			—			—
	Year Ended March 31, 2006		9.29		(0.20	)(a)		3.50			3.30			—			—			—
	Period Ended March 31, 2005		9.58		(0.15	)(a)		(0.14	)		(0.29	)		—			—			—
	Period Ended May 31, 2004(d)		10.14		(0.05	)(a)		(0.51	)		(0.56	)		—			—			—
International Equity Fund
I Shares
	Year Ended March 31, 2007		14.49		0.20			2.41			2.61			(0.27	)		—	*		(0.27	)
	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			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	)		—			—			—
A Shares
	Year Ended March 31, 2007		14.34		0.16			2.40			2.56			(0.23	)		—	*		(0.23	)
	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			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	)		—			—			—
C Shares
	Year Ended March 31, 2007		13.58		0.05			2.25			2.30			(0.12	)		—	*		(0.12	)
	Year Ended March 31, 2006		11.01		—			2.57			2.57			—			—			—
	Period Ended March 31, 2005		9.49		(0.02	)(a)		1.54			1.52			—	*		—			—	*
	Year Ended May 31, 2004		7.50		(0.01	)(a)		2.06			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	)		—			—			—

[Additional columns below]

[Continued from above table, first column(s) repeated]

															Ratio of
												Ratio of			Expenses to
									Ratio			Net			Average Net
									of 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(1)			Period (000)		Assets(2)			Assets(2)			Offset)(2)			Rate(3)
Emerging Growth Stock Fund
I Shares
	Year Ended March 31, 2007	$	12.97		1.09	%	$	111,078		1.17	%		(0.85	)%		1.18	%		103	%
	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
	Year Ended March 31, 2007		12.83		0.71			615		1.48			(1.16	)		1.49			103
	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	(c)		11
C Shares
	Year Ended March 31, 2007		12.59		0.00			99		2.17			(1.84	)		2.18			103
	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(d)		9.58		(5.52	)		34		2.11			(1.95	)		18.36	(c)		11
International Equity Fund
I Shares
	Year Ended March 31, 2007		16.83		18.21			1,165,510		1.22			1.31			1.22			81
	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
A Shares
	Year Ended March 31, 2007		16.67		18.00			14,277		1.52			1.05			1.52			81
	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
C Shares
	Year Ended March 31, 2007		15.76		16.97			8,429		2.22			0.35			2.22			81
	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

See Notes to Financial Highlights and Notes to Financial Statements.

119

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
	Year Ended March 31, 2007	$	15.81	$	0.35		$	2.84		$	3.19		$	(0.36	)	$	—		$	(0.36	)
	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			1.96			(0.24	)		—			(0.24	)
	Year Ended May 31, 2004		8.39		0.14	(a)		2.71			2.85			(0.13	)		—			(0.13	)
	Year Ended May 31, 2003		9.76		0.10	(a)		(1.43	)		(1.33	)		(0.04	)		—			(0.04	)
	Year Ended May 31, 2002		11.18		0.04			(1.43	)		(1.39	)		(0.03	)		—			(0.03	)
A Shares
	Year Ended March 31, 2007		15.66		0.28			2.84			3.12			(0.29	)		—			(0.29	)
	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			1.88			(0.12	)		—			(0.12	)
	Year Ended May 31, 2004		8.28		0.07	(a)		2.68			2.75			(0.10	)		—			(0.10	)
	Year Ended May 31, 2003		9.64		0.10	(a)		(1.45	)		(1.35	)		(0.01	)		—			(0.01	)
	Year Ended May 31, 2002		11.05		(0.02	)		(1.38	)		(1.40	)		(0.01	)		—			(0.01	)
C Shares
	Year Ended March 31, 2007		15.29		0.21			2.71			2.92			(0.22	)		—			(0.22	)
	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			1.78			(0.10	)		—			(0.10	)
	Year Ended May 31, 2004		8.10		0.02	(a)		2.62			2.64			(0.05	)		—			(0.05	)
	Year Ended May 31, 2003		9.48		0.01	(a)		(1.39	)		(1.38	)		—			—			—
	Year Ended May 31, 2002		10.93		(0.12	)		(1.33	)		(1.45	)		—			—			—
Large Cap Quantitative Equity Fund
I Shares
	Year Ended March 31, 2007		13.75		0.07	(a)		0.69			0.76			(0.06	)		(0.37	)		(0.43	)
	Year Ended March 31, 2006		13.25		0.01	(a)		1.55			1.56			—	*		(1.06	)		(1.06	)
	Period Ended March 31, 2005		12.08		(0.02	)(a)		1.91			1.89			—			(0.72	)		(0.72	)
	Period Ended May 31, 2004(e)		10.00		(0.02	)(a)		2.35			2.33			—			(0.25	)		(0.25	)
A Shares
	Year Ended March 31, 2007		13.65		0.03	(a)		0.69			0.72			(0.03	)		(0.37	)		(0.40	)
	Year Ended March 31, 2006		13.18		(0.02	)(a)		1.55			1.53			—			(1.06	)		(1.06	)
	Period Ended March 31, 2005		12.05		(0.05	)(a)		1.90			1.85			—			(0.72	)		(0.72	)
	Period Ended May 31, 2004(f)		11.35		(0.05	)(a)		1.00			0.95			—			(0.25	)		(0.25	)
C Shares
	Year Ended March 31, 2007		13.37		(0.07	)(a)		0.68			0.61			—			(0.37	)		(0.37	)
	Year Ended March 31, 2006		13.03		(0.13	)(a)		1.53			1.40			—			(1.06	)		(1.06	)
	Period Ended March 31, 2005		12.00		(0.13	)(a)		1.88			1.75			—			(0.72	)		(0.72	)
	Period Ended May 31, 2004(g)		11.64		(0.11	)(a)		0.72			0.61			—			(0.25	)		(0.25	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

															Ratio of
												Ratio of			Expenses to
									Ratio			Net			Average Net
									of 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(1)			Period (000)		Assets(2)			Assets(2)			Offset)(2)			Rate(3)
International Equity Index Fund
I Shares
	Year Ended March 31, 2007	$	18.64		20.27	%	$	994,685		0.61	%		1.99	%		0.61	%		8	%
	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
A Shares
	Year Ended March 31, 2007		18.49		20.03			5,921		0.91			1.69			0.91			8
	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
C Shares
	Year Ended March 31, 2007		17.99		19.13			7,342		1.61			0.99			1.61			8
	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
Large Cap Quantitative Equity Fund
I Shares
	Year Ended March 31, 2007		14.08		5.63			309,126		0.92			0.48			0.92			450
	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(e)		12.08		23.43			66,812		1.13			(0.22	)		1.33			344
A Shares
	Year Ended March 31, 2007		13.97		5.38			944		1.17			0.24			1.17			450
	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(f)		12.05		8.48			155		1.55			(0.67	)		10.70	(c)		344
C Shares
	Year Ended March 31, 2007		13.61		4.60			1,255		1.92			(0.54	)		1.92			450
	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(g)		12.00		5.34			1,573		2.30			(1.42	)		3.09			344

See Notes to Financial Highlights and Notes to Financial Statements.

120

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
	Year Ended March 31, 2007	$	17.20	$	0.25		$	1.87		$	2.12		$	(0.26	)	$	(1.27	)	$	(1.53	)
	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			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	)
A Shares
	Year Ended March 31, 2007		17.36		0.20			1.89			2.09			(0.21	)		(1.27	)		(1.48	)
	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			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	)
C Shares
	Year Ended March 31, 2007		17.00		0.08			1.84			1.92			(0.09	)		(1.27	)		(1.36	)
	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			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	)		—			—			—
Large Cap Value Equity Fund
I Shares
	Year Ended March 31, 2007		13.85		0.23			1.85			2.08			(0.23	)		(0.57	)		(0.80	)
	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			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	)
A Shares
	Year Ended March 31, 2007		13.82		0.19			1.83			2.02			(0.19	)		(0.57	)		(0.76	)
	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			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	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

															Ratio of
												Ratio of			Expenses to
									Ratio			Net			Average Net
									of 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(1)			Period (000)		Assets(2)			Assets(2)			Offset)(2)			Rate(3)
Large Cap Relative Value Fund
I Shares
	Year Ended March 31, 2007	$	17.79		12.51	%	$	1,554,971		0.85	%		1.41	%		0.85	%		58	%
	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
A Shares
	Year Ended March 31, 2007		17.97		12.25			46,878		1.10			1.19			1.10			58
	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
C Shares
	Year Ended March 31, 2007		17.56		11.40			68,436		1.85			0.42			1.85			58
	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
Large Cap Value Equity Fund
I Shares
	Year Ended March 31, 2007		15.13		15.26			893,491		0.83			1.62			0.83			95
	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
A Shares
	Year Ended March 31, 2007		15.08		14.81			62,390		1.13			1.32			1.13			95
	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

See Notes to Financial Highlights and Notes to Financial Statements.

121

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
	Year Ended March 31, 2007	$	13.68	$	0.09		$	1.81		$	1.90		$	(0.09	)	$	(0.57	)	$	(0.66	)
	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			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	)
Mid-Cap Equity Fund
I Shares
	Year Ended March 31, 2007		13.67		0.06			1.21			1.27			(0.06	)		(0.99	)		(1.05	)
	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			1.63			(0.05	)		—			(0.05	)
	Year Ended May 31, 2003		9.79		(0.03	)(a)		(1.02	)**		(1.05	)**		—			—			—
	Year Ended May 31, 2002		10.95		0.01			(1.17	)		(1.16	)		—			—			—
A Shares
	Year Ended March 31, 2007		13.12		0.02			1.16			1.18			(0.03	)		(0.99	)		(1.02	)
	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			1.53			(0.03	)		—			(0.03	)
	Year Ended May 31, 2003		9.47		(0.05	)(a)		(1.00	)		(1.05	)		—			—			—
	Year Ended May 31, 2002		10.64		(0.03	)		(1.14	)		(1.17	)		—			—			—
C Shares
	Year Ended March 31, 2007		12.15		(0.01	)		1.01			1.00			—			(0.99	)		(0.99	)
	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			1.39			(0.01	)		—			(0.01	)
	Year Ended May 31, 2003		8.97		(0.10	)(a)		(0.95	)		(1.05	)		—			—			—
	Year Ended May 31, 2002		10.14		0.02			(1.19	)		(1.17	)		—			—			—
Mid-Cap Value Equity Fund
I Shares
	Year Ended March 31, 2007		13.14		0.14			2.04			2.18			(0.13	)		(2.17	)		(2.30	)
	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			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 (h)		10.00		0.02			0.94			0.96			(0.01	)		—			(0.01	)
A Shares
	Year Ended March 31, 2007		13.10		0.11			2.03			2.14			(0.10	)		(2.17	)		(2.27	)
	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(i)		9.39		0.02	(a)		1.55			1.57			(0.02	)		—			(0.02	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

															Ratio of
												Ratio of			Expenses to
									Ratio			Net			Average Net
									of 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(1)			Period (000)		Assets(2)			Assets(2)			Offset)(2)			Rate(3)
Large Cap Value Equity Fund
C Shares
	Year Ended March 31, 2007	$	14.92		14.04	%	$	40,223		1.83	%		0.62	%		1.83	%		95	%
	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
Mid-Cap Equity Fund
I Shares
	Year Ended March 31, 2007		13.89		9.59			333,976		1.07			0.43			1.07			189
	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
A Shares
	Year Ended March 31, 2007		13.28		9.28			11,773		1.37			0.12			1.37			189
	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
C Shares
	Year Ended March 31, 2007		12.16		8.51			10,854		2.07			(0.58	)		2.07			189
	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
Mid-Cap Value Equity Fund
I Shares
	Year Ended March 31, 2007		13.02		17.47			278,949		1.06			1.08			1.06			196
	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 (h)		10.95		9.65			174,859		1.27			0.29			1.37			30
A Shares
	Year Ended March 31, 2007		12.97		17.11			3,362		1.36			0.78			1.36			196
	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(i)		10.94		16.73			610		1.60			0.24			4.23			95

See Notes to Financial Highlights and Notes to Financial Statements.

122

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
C Shares
	Year Ended March 31, 2007	$	13.06	$	0.02		$	2.01		$	2.03		$	(0.01	)	$	(2.17	)	$	(2.18	)
	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			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(h)		10.00		(0.01	)		0.93			0.92			—			—			—
Select Large Cap Growth Stock Fund
I Shares
	Year Ended March 31, 2007		25.83		0.15	(a)		0.99			1.14			(0.05	)		—			(0.05	)
	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			0.87			(0.04	)		—			(0.04	)
	Year Ended May 31, 2004		20.78		(0.06	)(a)		2.59			2.53			—			—			—
	Year Ended May 31, 2003		23.25		—	(a)		(2.47	)		(2.47	)		—			—			—
	Year Ended May 31, 2002		26.74		(0.02	)		(3.47	)		(3.49	)		—			—			—
A Shares
	Year Ended March 31, 2007		25.67		0.07	(a)		0.99			1.06			—			—			—
	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			0.80			(0.04	)		—			(0.04	)
	Period Ended May 31, 2004(j)		22.32		(0.10	)(a)		1.04			0.94			—			—			—
C Shares
	Year Ended March 31, 2007		24.11		(0.11	)(a)		0.93			0.82			—			—			—
	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			0.63			—			—			—
	Year Ended May 31, 2004		19.85		(0.29	)(a)		2.48			2.19			—			—			—
	Year Ended May 31, 2003		22.45		(0.20	)(a)		(2.40	)		(2.60	)		—			—			—
	Year Ended May 31, 2002		26.10		(0.41	)		(3.24	)		(3.65	)		—			—			—
Small Cap Growth Stock Fund
I Shares
	Year Ended March 31, 2007		23.65		(0.11	)(a)		(1.74	)		(1.85	)		—			(1.19	)		(1.19	)
	Year Ended March 31, 2006		19.99		(0.14	)(a)		5.46			5.32			—			(1.66	)		(1.66	)
	Period Ended March 31, 2005		20.25		(0.08	)(a)		2.27			2.19			—			(2.45	)		(2.45	)
	Year Ended May 31, 2004		15.19		(0.16	)(a)		5.22			5.06			—			—			—
	Year Ended May 31, 2003		17.28		(0.12	)(a)		(1.72	)		(1.84	)		—			(0.25	)		(0.25	)
	Year Ended May 31, 2002		18.37		—			(1.02	)		(1.02	)		—			(0.07	)		(0.07	)
A Shares
	Year Ended March 31, 2007		23.02		(0.17	)(a)		(1.70	)		(1.87	)		—			(1.19	)		(1.19	)
	Year Ended March 31, 2006		19.56		(0.21	)(a)		5.33			5.12			—			(1.66	)		(1.66	)
	Period Ended March 31, 2005		19.92		(0.14	)(a)		2.23			2.09			—			(2.45	)		(2.45	)
	Year Ended May 31, 2004		15.00		(0.22	)(a)		5.14			4.92			—			—			—
	Year Ended May 31, 2003		17.12		(0.17	)(a)		(1.70	)		(1.87	)		—			(0.25	)		(0.25	)
	Year Ended May 31, 2002		18.26		(0.17	)		(0.90	)		(1.07	)		—			(0.07	)		(0.07	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

															Ratio of
												Ratio of			Expenses to
									Ratio			Net			Average Net
									of 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(1)			Period (000)		Assets(2)			Assets(2)			Offset)(2)			Rate(3)
Mid-Cap Value Equity Fund
C Shares
	Year Ended March 31, 2007	$	12.91		16.27	%	$	6,269		2.06	%		0.07	%		2.06	%		196	%
	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(h)		10.92		9.24			5,465		1.89			(0.31	)		2.72			30
Select Large Cap Growth Stock Fund
I Shares
	Year Ended March 31, 2007		26.92		4.42			98,027		0.97			0.59			0.98			160
	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
A Shares
	Year Ended March 31, 2007		26.73		4.13			371		1.28			0.26			1.29			160
	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(j)		23.26		4.21			365		1.65			(0.71	)		4.48	(c)		49
C Shares
	Year Ended March 31, 2007		24.93		3.40			32,895		1.98			(0.44	)		1.99			160
	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
Small Cap Growth Stock Fund
I Shares
	Year Ended March 31, 2007		20.61		(7.80	)		845,570		1.16			(0.51	)		1.16			139
	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
A Shares
	Year Ended March 31, 2007		19.96		(8.06	)		24,320		1.46			(0.81	)		1.46			139
	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

See Notes to Financial Highlights and Notes to Financial Statements.

123

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
C Shares
	Year Ended March 31, 2007	$	21.53	$	(0.29	)(a)	$	(1.59	)	$	(1.88	)	$	—		$	(1.19	)	$	(1.19	)
	Year Ended March 31, 2006		18.51		(0.33	)(a)		5.01			4.68			—			(1.66	)		(1.66	)
	Period Ended March 31, 2005		19.06		(0.23	)(a)		2.13			1.90			—			(2.45	)		(2.45	)
	Year Ended May 31, 2004		14.45		(0.34	)(a)		4.95			4.61			—			—			—
	Year Ended May 31, 2003		16.62		(0.26	)(a)		(1.66	)		(1.92	)		—			(0.25	)		(0.25	)
	Year Ended May 31, 2002		17.85		(0.02	)		(1.14	)		(1.16	)		—			(0.07	)		(0.07	)
Small Cap Quantitative Equity Fund
I Shares
	Period Ended March 31, 2007(k)		10.00		0.01	(a)		(0.19	)		(0.18	)		(0.01	)		—			(0.01	)
A Shares
	Period Ended March 31, 2007(k)		10.00		(0.02	)(a)		(0.19	)		(0.21	)		—			—			—
C Shares
	Period Ended March 31, 2007(k)		10.00		(0.09	)(a)		(0.19	)		(0.28	)		—			—			—
Small Cap Value Equity Fund
I Shares
	Year Ended March 31, 2007		20.93		0.10			1.25			1.35			(0.11	)		(4.82	)		(4.93	)
	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			3.19			(0.06	)		(1.53	)		(1.59	)
	Year Ended May 31, 2004		13.73		0.06	(a)		4.53			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	)
A Shares
	Year Ended March 31, 2007		20.79		0.05			1.24			1.29			(0.06	)		(4.82	)		(4.88	)
	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			3.12			(0.02	)		(1.53	)		(1.55	)
	Period Ended May 31, 2004(l)		15.75		0.03	(a)		2.41			2.44			(0.01	)		—			(0.01	)
C Shares
	Year Ended March 31, 2007		20.39		0.05			1.20			1.25			(0.06	)		(4.82	)		(4.88	)
	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			3.08			(0.01	)		(1.53	)		(1.54	)
	Year Ended May 31, 2004		13.55		(0.10	)(a)		4.46			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	)
Life Vision Aggressive Growth Fund(4)
I Shares
	Year Ended March 31, 2007		12.32		0.12	(a)		1.05			1.17			(0.25	)		(0.24	)		(0.49	)
	Year Ended March 31, 2006†		11.07		0.07	(a)		1.45			1.52			(0.14	)		(0.13	)		(0.27	)
	Period Ended March 31, 2005†		10.25		0.09			0.85			0.94			(0.12	)		—			(0.12	)
	Year Ended May 31, 2004		8.55		0.04	(a)		1.70			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	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

															Ratio of
												Ratio of			Expenses to
									Ratio			Net			Average Net
									of 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(1)			Period (000)		Assets(2)			Assets(2)			Offset)(2)			Rate(3)
Small Cap Growth Stock Fund
C Shares
	Year Ended March 31, 2007	$	18.46		(8.68	)%	$	21,545		2.16	%		(1.51	)%		2.16	%		139	%
	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
Small Cap Quantitative Equity Fund
I Shares
	Period Ended March 31, 2007(k)		9.81		(1.81	)		14,690		1.11			0.11			1.68			565
A Shares
	Period Ended March 31, 2007(k)		9.79		(2.10	)		49		1.41			(0.25	)		2.40	(c)		565
C Shares
	Period Ended March 31, 2007(k)		9.72		(2.80	)		11		2.11			(0.93	)		3.01	(c)		565
Small Cap Value Equity Fund
I Shares
	Year Ended March 31, 2007		17.35		7.41			674,619		1.18			0.55			1.18			62
	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
A Shares
	Year Ended March 31, 2007		17.20		7.17			7,629		1.44			0.28			1.44			62
	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(l)		18.18		15.51			4,088		1.55			0.30			2.15			44
C Shares
	Year Ended March 31, 2007		16.76		7.10			35,289		1.43			0.30			1.43			62
	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
Life Vision Aggressive Growth Fund(4)
I Shares
	Year Ended March 31, 2007		13.00		9.60			53,098		0.18			0.94			0.18			52
	Year Ended March 31, 2006†		12.32		13.90			52,765		0.21			0.66			0.26			31
	Period Ended March 31, 2005†		11.07		9.15			43,283		0.21			0.98			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

See Notes to Financial Highlights and Notes to Financial Statements.

124

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(4)
A Shares
	Year Ended March 31, 2007	$	12.29	$	0.08	(a)	$	1.05		$	1.13		$	(0.21	)	$	(0.24	)	$	(0.45	)
	Year Ended March 31, 2006†		11.05		0.04	(a)		1.44			1.48			(0.11	)		(0.13	)		(0.24	)
	Period Ended March 31, 2005†		10.23		0.06			0.85			0.91			(0.09	)		—			(0.09	)
	Period Ended May 31, 2004(m)		9.46		(0.01	)(a)		0.81			0.80			(0.03	)		—			(0.03	)
C Shares
	Year Ended March 31, 2007		12.33		—	(a)		1.04			1.04			(0.15	)		(0.24	)		(0.39	)
	Period Ended March 31, 2006(n)†		11.07		0.01	(a)		1.46			1.47			(0.08	)		(0.13	)		(0.21	)
B Shares
	Year Ended March 31, 2007		12.19		0.03	(a)		1.02			1.05			(0.16	)		(0.24	)		(0.40	)
	Year Ended March 31, 2006†		10.98		(0.02	)(a)		1.45			1.43			(0.09	)		(0.13	)		(0.22	)
	Period Ended March 31, 2005†		10.18		0.03			0.83			0.86			(0.06	)		—			(0.06	)
	Year Ended May 31, 2004		8.53		(0.04	)(a)		1.70			1.66			(0.01	)		—			(0.01	)
	Period Ended May 31, 2003(o)		7.23		(0.01	)		1.31			1.30			—			—			—
Life Vision Conservative Fund(4)
I Shares
	Year Ended March 31, 2007		11.21		0.45	(a)		0.30			0.75			(0.48	)		(0.11	)		(0.59	)
	Year Ended March 31, 2006†		11.09		0.34			0.20			0.54			(0.36	)		(0.06	)		(0.42	)
	Period Ended March 31, 2005†		10.87		0.27			0.29			0.56			(0.30	)		(0.04	)		(0.34	)
	Period Ended May 31, 2004(p)		10.71		0.15	(a)		0.14			0.29			(0.13	)		—			(0.13	)
A Shares
	Year Ended March 31, 2007		11.21		0.41	(a)		0.32			0.73			(0.45	)		(0.11	)		(0.56	)
	Year Ended March 31, 2006†		11.09		0.30			0.20			0.50			(0.32	)		(0.06	)		(0.38	)
	Period Ended March 31, 2005†		10.86		0.23			0.30			0.53			(0.26	)		(0.04	)		(0.30	)
	Period Ended May 31, 2004(q)		10.68		0.12	(a)		0.18			0.30			(0.12	)		—			(0.12	)
C Shares
	Year Ended March 31, 2007		11.20		0.34	(a)		0.31			0.65			(0.37	)		(0.11	)		(0.48	)
	Period Ended March 31, 2006(n)†		11.08		0.26			0.20			0.46			(0.28	)		(0.06	)		(0.34	)
B Shares
	Year Ended March 31, 2007		11.22		0.36	(a)		0.31			0.67			(0.40	)		(0.11	)		(0.51	)
	Year Ended March 31, 2006†		11.09		0.25			0.21			0.46			(0.27	)		(0.06	)		(0.33	)
	Period Ended March 31, 2005†		10.86		0.19			0.30			0.49			(0.22	)		(0.04	)		(0.26	)
	Year Ended May 31, 2004		10.43		0.17	(a)		0.39			0.56			(0.13	)		—			(0.13	)
	Period Ended May 31, 2003(o)		10.00		0.01			0.42			0.43			—			—			—
Life Vision Growth and Income Fund(4)
I Shares
	Year Ended March 31, 2007		12.43		0.25	(a)		0.82			1.07			(0.35	)		(0.26	)		(0.61	)
	Year Ended March 31, 2006†		11.41		0.17	(a)		1.08			1.25			(0.23	)		—			(0.23	)
	Period Ended March 31, 2005†		10.76		0.14			0.69			0.83			(0.18	)		—			(0.18	)
	Year Ended May 31, 2004		9.33		0.14	(a)		1.43			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	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

															Ratio of
												Ratio of			Expenses to
									Ratio			Net			Average Net
									of 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(1)			Period (000)		Assets(2)			Assets(2)			Offset)(2)			Rate(3)
Life Vision Aggressive Growth Fund(4)
A Shares
	Year Ended March 31, 2007	$	12.97		9.31	%	$	3,040		0.48	%		0.63	%		0.48	%		52	%
	Year Ended March 31, 2006†		12.29		13.50			2,619		0.52			0.42			0.62			31
	Period Ended March 31, 2005†		11.05		8.90			2,080		0.55			0.86			1.01			29
	Period Ended May 31, 2004(m)		10.23		8.43			867		0.51			(0.24	)		5.15			44
C Shares
	Year Ended March 31, 2007		12.98		8.54			1,573		1.18			(0.03	)		1.18			52
	Period Ended March 31, 2006(n)†		12.33		13.40			1,146		1.17			0.03			1.22			31
B Shares
	Year Ended March 31, 2007		12.84		8.71			5,575		0.93			0.18			0.93			52
	Year Ended March 31, 2006†		12.19		13.10			5,756		0.99			(0.14	)		1.10			31
	Period Ended March 31, 2005†		10.98		8.44			5,452		1.03			0.19			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(4)
I Shares
	Year Ended March 31, 2007		11.37		6.91			3,362		0.20			4.00			0.32			43
	Year Ended March 31, 2006†		11.21		4.96			3,066		0.20			3.33			0.56			29
	Period Ended March 31, 2005†		11.09		5.18			414		0.17			3.18			1.52			121
	Period Ended May 31, 2004(p)		10.87		2.68			30		0.25			2.41			85.33	(c)		138
A Shares
	Year Ended March 31, 2007		11.38		6.64			811		0.50			3.61			0.62			43
	Year Ended March 31, 2006†		11.21		4.63			1,324		0.53			2.85			0.83			29
	Period Ended March 31, 2005†		11.09		4.88			606		0.56			2.50			1.51			121
	Period Ended May 31, 2004(q)		10.86		2.82			474		0.57			2.06			4.00			138
C Shares
	Year Ended March 31, 2007		11.37		5.91			792		1.20			2.99			1.32			43
	Period Ended March 31, 2006(n)†		11.20		4.22			835		1.03			2.39			1.59			29
B Shares
	Year Ended March 31, 2007		11.38		6.12			4,653		0.95			3.23			1.07			43
	Year Ended March 31, 2006†		11.22		4.23			5,189		0.97			2.34			1.19			29
	Period Ended March 31, 2005†		11.09		4.50			5,635		0.96			2.11			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
Life Vision Growth and Income Fund(4)
I Shares
	Year Ended March 31, 2007		12.89		8.73			111,848		0.17			2.00			0.17			45
	Year Ended March 31, 2006†		12.43		11.05			97,964		0.19			1.46			0.24			34
	Period Ended March 31, 2005†		11.41		7.77			87,520		0.22			1.60			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

See Notes to Financial Highlights and Notes to Financial Statements.

125

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(4)
A Shares
	Year Ended March 31, 2007	$	12.41	$	0.21	(a)	$	0.82		$	1.03		$	(0.31	)	$	(0.26	)	$	(0.57	)
	Year Ended March 31, 2006†		11.39		0.15	(a)		1.06			1.21			(0.19	)		—			(0.19	)
	Period Ended March 31, 2005†		10.75		0.11			0.68			0.79			(0.15	)		—			(0.15	)
	Period Ended May 31, 2004(r)		10.18		0.06	(a)		0.58			0.64			(0.07	)		—			(0.07	)
C Shares
	Year Ended March 31, 2007		12.39		0.13	(a)		0.80			0.93			(0.23	)		(0.26	)		(0.49	)
	Period Ended March 31, 2006(s)†		11.41		0.11	(a)		1.02			1.13			(0.15	)		—			(0.15	)
B Shares
	Year Ended March 31, 2007		12.41		0.16	(a)		0.82			0.98			(0.26	)		(0.26	)		(0.52	)
	Year Ended March 31, 2006†		11.39		0.08	(a)		1.08			1.16			(0.14	)		—			(0.14	)
	Period Ended March 31, 2005†		10.74		0.06			0.69			0.75			(0.10	)		—			(0.10	)
	Year Ended May 31, 2004		9.34		0.07	(a)		1.42			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(4)
I Shares
	Year Ended March 31, 2007		10.85		0.31	(a)		0.55			0.86			(0.37	)		(0.46	)		(0.83	)
	Year Ended March 31, 2006†		10.49		0.24	(a)		0.64			0.88			(0.28	)		(0.24	)		(0.52	)
	Period Ended March 31, 2005†		10.06		0.18			0.52			0.70			(0.22	)		(0.05	)		(0.27	)
	Year Ended May 31, 2004		9.02		0.16	(a)		1.04			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	)
A Shares
	Year Ended March 31, 2007		10.84		0.28	(a)		0.55			0.83			(0.33	)		(0.46	)		(0.79	)
	Year Ended March 31, 2006†		10.48		0.20	(a)		0.64			0.84			(0.24	)		(0.24	)		(0.48	)
	Period Ended March 31, 2005†		10.05		0.15			0.52			0.67			(0.19	)		(0.05	)		(0.24	)
	Period Ended May 31, 2004(t)		9.58		0.10	(a)		0.45			0.55			(0.08	)		—			(0.08	)
C Shares
	Year Ended March 31, 2007		10.82		0.23	(a)		0.52			0.75			(0.25	)		(0.46	)		(0.71	)
	Period Ended March 31, 2006(s)†		10.49		0.15	(a)		0.62			0.77			(0.20	)		(0.24	)		(0.44	)
B Shares
	Year Ended March 31, 2007		10.82		0.22	(a)		0.56			0.78			(0.28	)		(0.46	)		(0.74	)
	Year Ended March 31, 2006†		10.46		0.16	(a)		0.64			0.80			(0.20	)		(0.24	)		(0.44	)
	Period Ended March 31, 2005†		10.03		0.11			0.52			0.63			(0.15	)		(0.05	)		(0.20	)
	Year Ended May 31, 2004		9.00		0.09	(a)		1.04			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(4)
I Shares
	Year Ended March 31, 2007		10.86		0.21	(a)		0.77			0.98			(0.26	)		(0.02	)		(0.28	)
	Period Ended March 31, 2006(u)†		10.00		0.09	(a)		0.90			0.99			(0.13	)		—			(0.13	)
A Shares
	Period Ended March 31, 2007(v)		11.42		0.05	(a)		0.11			0.16			(0.02	)		—			(0.02	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

															Ratio of
												Ratio of			Expenses to
									Ratio			Net			Average Net
									of 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(1)			Period (000)		Assets(2)			Assets(2)			Offset)(2)			Rate(3)
Life Vision Growth and Income Fund(4)
A Shares
	Year Ended March 31, 2007	$	12.87		8.44	%	$	6,778		0.47	%		1.71	%		0.47	%		45	%
	Year Ended March 31, 2006†		12.41		10.73			5,737		0.51			1.24			0.58			34
	Period Ended March 31, 2005†		11.39		7.37			3,575		0.57			1.33			0.91			59
	Period Ended May 31, 2004(r)		10.75		6.32			1,426		0.56			1.04			1.95			97
C Shares
	Year Ended March 31, 2007		12.83		7.62			5,535		1.17			1.05			1.17			45
	Period Ended March 31, 2006(s)†		12.39		9.94			2,820		1.15			0.89			1.20			34
B Shares
	Year Ended March 31, 2007		12.87		7.95			16,966		0.92			1.24			0.92			45
	Year Ended March 31, 2006†		12.41		10.21			17,829		0.96			0.71			1.07			34
	Period Ended March 31, 2005†		11.39		7.00			16,641		1.01			0.83			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(4)
I Shares
	Year Ended March 31, 2007		10.88		8.02			193,107		0.16			2.80			0.16			49
	Year Ended March 31, 2006†		10.85		8.48			158,301		0.18			2.17			0.22			34
	Period Ended March 31, 2005†		10.49		6.98			132,522		0.21			2.10			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
A Shares
	Year Ended March 31, 2007		10.88		7.77			11,069		0.46			2.53			0.46			49
	Year Ended March 31, 2006†		10.84		8.16			5,821		0.47			1.92			0.59			34
	Period Ended March 31, 2005†		10.48		6.74			8,161		0.47			1.91			0.87			83
	Period Ended May 31, 2004(t)		10.05		5.79			3,541		0.55			1.49			1.27			109
C Shares
	Year Ended March 31, 2007		10.86		7.01			24,424		1.19			2.12			1.19			49
	Period Ended March 31, 2006(s)†		10.82		7.40			1,674		1.13			1.43			1.19			34
B Shares
	Year Ended March 31, 2007		10.86		7.36			12,723		0.91			2.03			0.91			49
	Year Ended March 31, 2006†		10.82		7.60			14,073		0.92			1.41			1.06			34
	Period Ended March 31, 2005†		10.46		6.28			14,797		0.92			1.37			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 Fund(4)
I Shares
	Year Ended March 31, 2007		11.56		9.18			2,067		0.20			1.87			2.20			67
	Period Ended March 31, 2006(u)†		10.86		9.94			270		0.20			1.80			13.92	(c)		25
A Shares
	Period Ended March 31, 2007(v)		11.56		1.43			2		0.50			1.64			2.36	(c)		67

See Notes to Financial Highlights and Notes to Financial Statements.

126

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 Target Date 2025 Fund(4)
I Shares
	Year Ended March 31, 2007	$	11.11	$	0.15	(a)	$	0.91	$	1.06	$	(0.23	)	$	(0.01	)	$	(0.24	)
	Period Ended March 31, 2006(w)†		10.00		0.09	(a)		1.14		1.23		(0.12	)		—			(0.12	)
A Shares
	Period Ended March 31, 2007(x)		10.82		0.07	(a)		1.23		1.30		(0.18	)		(0.01	)		(0.19	)
Life Vision Target Date 2035 Fund(4)
I Shares
	Year Ended March 31, 2007		10.89		0.12	(a)		0.90		1.02		(0.22	)		(0.05	)		(0.27	)
	Period Ended March 31, 2006(y)†		10.00		0.07	(a)		0.94		1.01		(0.12	)		—			(0.12	)
A Shares
	Period Ended March 31, 2007(z)		11.07		0.08	(a)		0.73		0.81		(0.19	)		(0.05	)		(0.24	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

															Ratio of
												Ratio of			Expenses to
									Ratio			Net			Average Net
									of 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(1)			Period (000)		Assets(2)			Assets(2)			Offset)(2)			Rate(3)
Life Vision Target Date 2025 Fund(4)
I Shares
	Year Ended March 31, 2007	$	11.93		9.64	%	$	4,704		0.20	%		1.28	%		1.28	%		48	%
	Period Ended March 31, 2006(w)†		11.11		12.33			1,110		0.20			1.86			11.64	(c)		17
A Shares
	Period Ended March 31, 2007(x)		11.93		12.01			45		0.50			0.86			2.00			48
Life Vision Target Date 2035 Fund(4)
I Shares
	Year Ended March 31, 2007		11.64		9.41			1,318		0.20			1.05			2.45			50
	Period Ended March 31, 2006(y)†		10.89		10.14			590		0.20			1.41			10.98	(c)		40
A Shares
	Period Ended March 31, 2007(z)		11.64		7.39			4		0.50			0.77			4.75			50

See Notes to Financial Highlights and Notes to Financial Statements.

127

NOTES TO FINANCIAL HIGHLIGHTS

STI CLASSIC FUNDS  March 31, 2007

*	Amount represents less than $0.005.
**	Includes redemption fees of $0.001.
***	Includes return of capital of $0.03.
(1)	Total return excludes sales charge. Not annualized for periods less than one year.
(2)	Annualized for periods less than one year.
(3)	Not annualized for periods less than a year.
(4)	The Life Vision Funds and its shareholders indirectly bear a pro rata share of the expenses of the underlying funds. The expense ratios do not include such expenses.
#	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 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.
(a)	Per share data calculated using average shares outstanding method.
(b)	Commenced operations on February 23, 2004.
(c)	Ratio reflects the impact of the initial low level of average net assets associated with commencement of operations.
(d)	Commenced operations on February 27, 2004.
(e)	Commenced operations on August 7, 2003.
(f)	Commenced operations on October 8, 2003.
(g)	Commenced operations on October 13, 2003.
(h)	Commenced operations on November 30, 2001.
(i)	Commenced operations on October 27, 2003.
(j)	Commenced operations on October 14, 2003.
(k)	Commended operations on April 3, 2006.
(l)	Commenced operations on October 9, 2003.
(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 January 5, 2007.
(w)	Commenced operations on October 21, 2005.
(x)	Commenced operations on July 12, 2006.
(y)	Commenced operations on November 2, 2005.
(z)	Commenced operations on May 4, 2006.
†	Net Investment Income (Loss), Net Realized and Unrealized Gains (Losses) on Investments and the Ratio of Net Investment Income (Loss) to Average Net Assets have been adjusted due to the reclassification of short-term gains from Net Investment Income to Net Realized and Unrealized Gains (Losses) on Investments.

128

NOTES TO FINANCIAL STATEMENTS

STI CLASSIC FUNDS  March 31, 2007

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 50 funds as of March 31, 2007. 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 Select Large Cap Growth Stock Fund (formerly the Quality Growth Stock Fund), the Small Cap Growth Stock Fund, the Small Cap Quantitative Equity Fund, the Small Cap Value Equity 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 financial statements of the remaining funds are presented separately. 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 Funds’ prospectuses provide a description of each Fund’s 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 the 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.

129

NOTES TO FINANCIAL STATEMENTS (continued)

STI CLASSIC FUNDS  March 31, 2007

2. Reorganization

Life Vision Moderate Growth Fund — The Trust entered into a plan of reorganization on the behalf of the Balanced Fund and the Life Vision Moderate Growth Fund that provides for (i) the acquisition by the Life Vision Moderate Growth Fund of all of the net assets of the Balanced Fund in exchange for I Shares, A Shares, and C Shares of the Life Vision Moderate Growth Fund, (ii) the distribution of such shares to the shareholders of the Balanced Fund and (iii) the dissolution of the Balanced Fund. The reorganization was approved by the Board of Trustees (the “Board”) on November 14, 2006 and completed on February 28, 2007. 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
				Life Vision Moderate		Life Vision Moderate
		Balanced Fund		Growth Fund		Growth Fund
Shares			6,599,362		16,050,580		21,610,264
Net Assets		$	60,087,436	$	173,582,176	$	233,669,612
Net Asset Value:
	I Shares	$	9.14	$	10.81	$	10.81
	A Shares	$	9.20	$	10.81	$	10.81
	C Shares	$	9.04	$	10.80	$	10.80

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. 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 Board. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds’ accounting agent shall seek to obtain a bid price from at least one independent broker. Investments in other investment companies are valued at their respective daily net asset values.

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

130

NOTES TO FINANCIAL STATEMENTS (continued)

STI CLASSIC FUNDS  March 31, 2007

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 established by the Funds (“Trigger Points”), the Funds may use a systematic valuation model provided by a Fair Value Pricing Service 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 investment companies (some of which are affiliated), 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 underlying securities 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 a 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

131

NOTES TO FINANCIAL STATEMENTS (continued)

STI CLASSIC FUNDS  March 31, 2007

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. The Fund will segregate or earmark liquid assets in an amount at least equal in value to its commitments to purchase when-issued and forward commitment securities.

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 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 and the International Equity Index 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 Funds realize 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 fiscal year are recognized as ordinary income or loss for Federal income tax purposes. The Funds could be exposed to risk if a counterparty is unable to meet the terms of a forward foreign currency contract or if the value of the foreign currency changes unfavorably. As of March 31, 2007, there were no open forward foreign currency contracts.

Securities Lending — Each Fund (except the Small Cap Quantitative Equity Fund and the Life Vision 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 securities purchased with cash 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 initial value of the collateral must be at least 102% of the market value of the securities loaned if the securities loaned are U.S. securities (105% for non-U.S. securities); and maintained in an amount equal to at least 102% (103% for non-U.S. securities) 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 1940 Act and money market instruments including commercial paper, repurchase agreements, U.S. Treasury Bills and U.S. Agency Obligations. At March 31, 2007, the Portfolio was invested in repurchase agreements, asset backed securities and corporate bonds (with interest rates ranging from 5.390% to 5.648% and maturity dates ranging from 04/02/07 to 02/25/21).

132

NOTES TO FINANCIAL STATEMENTS (continued)

STI CLASSIC FUNDS  March 31, 2007

The Funds paid securities lending fees during the year ended March 31, 2007, 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		131
International Equity Fund		224
International Equity Index Fund		263
Large Cap Relative Value Fund		88
Large Cap Value Equity Fund		54
Mid-Cap Equity Fund		39
Mid-Cap Value Equity Fund		31
Select Large Cap Growth Stock Fund		4
Small Cap Growth Stock Fund		530
Small Cap Value Equity Fund		75

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. The International Equity Fund and the International Equity Index Fund do not have any compensating balance arrangements with their custodian, Brown Brothers Harriman & Co.

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. Expenses attributable to the Trust and the STI Classic Variable Trust (collectively, the “STI Complex”) are allocated across the STI Complex based upon 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 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 — Prior to November 20, 2006, a redemption fee of 2% of the value of the shares sold was 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 was excluded under the Funds’ Redemption Fee Policy. On November 20, 2006, the Redemption Fee Policy was removed from all Funds except for the International Equity and International Equity Index Funds. For financial statement purposes, these amounts are recorded as an addition to paid-in capital and are included in the Statements

133

NOTES TO FINANCIAL STATEMENTS (continued)

STI CLASSIC FUNDS  March 31, 2007

of Changes in Net Assets within “Change in Net Assets from Capital Transactions”. Fees for the Funds during the years ended March 31, 2007 and March 31, 2006 were as follows:

	Year Ended		Year Ended
	03/31/07($)		03/31/06($)
Aggressive Growth Stock Fund		266		4
Capital Appreciation Fund		953		1,291
Emerging Growth Stock Fund		1		—
International Equity Fund		26,327		21,374
International Equity Index Fund		50,088		5,066
Large Cap Quantitative Equity Fund		105		—
Large Cap Relative Value Fund		3,599		1,604
Large Cap Value Equity Fund		6		204
Mid-Cap Equity Fund		2,007		165
Mid-Cap Value Equity Fund		1,118		134
Select Large Cap Growth Stock Fund		6		336
Small Cap Growth Stock Fund		23,750		3,989
Small Cap Value Equity Fund		462		182
Life Vision Conservative Fund		55		—
Life Vision Growth and Income Fund		276		5
Life Vision Moderate Growth Fund		—		4

      Amounts designated as “—” are $0.

New Accounting Pronouncements — In July 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 affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50 percent) that each tax position will be sustained upon examination by the applicable tax authority based on the technical merits of the position. 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 no later than the last business day of the first financial reporting date which occurs during the fiscal year beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Accordingly, the Funds are required to implement FIN 48 in their net asset value per share calculations on September 28, 2007. Management has not completed their analysis on whether the adoption of FIN 48 will have an impact to the financial statements once adopted.

In September 2006, the 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 GAAP from the application of this Statement relate to the definition of fair value, the methods used to measure fair value and expanded disclosures about fair value measurements. As of March 31, 2007, 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.

134

NOTES TO FINANCIAL STATEMENTS (continued)

STI CLASSIC FUNDS  March 31, 2007

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 an advisory agreement. 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% applies on amounts over $1 billion. Fee rates for the year ended March 31, 2007 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		0.80		—			0.80
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
Select Large Cap Growth Stock Fund		0.85		0.85		—			0.85
Small Cap Growth Stock Fund		1.15		1.10		—			1.10
Small Cap Quantitative Equity Fund		1.05		1.05		(0.02	)		1.03
Small Cap Value Equity Fund		1.15		1.13		—			1.13
Life Vision Aggressive Growth Fund		0.10		0.10		—			0.10
Life Vision Conservative Fund		0.10		0.10		(0.10	)		—
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		(1.98	)		—
Life Vision Target Date 2025 Fund		0.10		0.10		(1.07	)		—
Life Vision Target Date 2035 Fund		0.10		0.10		(2.26	)		—

*  Aggregate annual fees paid to the Investment Adviser, who pays Zevenbergen Capital Investments LLC a portion of the fees to serve as the Fund’s Sub-Adviser.

135

NOTES TO FINANCIAL STATEMENTS (continued)

STI CLASSIC FUNDS  March 31, 2007

The Investment Adviser has contractually agreed, until at least August 1, 2007 (until August 1, 2008 for the Select Large Cap Growth Stock Fund) 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(%)
Select Large Cap Growth Stock Fund	I Shares		0.95
Select Large Cap Growth Stock Fund	A Shares		1.25
Select Large Cap Growth Stock Fund	C Shares		1.95
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
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 2025 Fund	I Shares		0.20
Life Vision Target Date 2025 Fund	A Shares		0.50
Life Vision Target Date 2035 Fund	I Shares		0.20
Life Vision Target Date 2035 Fund	A Shares		0.50

Under the Expense Limitation Agreements, 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 contractual waivers or reimbursements at a date not to exceed three years from the date of the corresponding Expense Limitation Agreement. 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. During the year ended March 31, 2007, the Investment Adviser did not recapture any of its prior contractual waivers or reimbursements. The Investment Adviser does not intend to recapture such amounts. As of March 31, 2007, the cumulative potential reimbursement based on reimbursements within three years from the date of the corresponding Expense Limitation

136

NOTES TO FINANCIAL STATEMENTS (continued)

STI CLASSIC FUNDS  March 31, 2007

Agreement (until August 1, 2009 (until August 1, 2010 for the Select Large Cap Growth Stock Fund) ), as reduced by amounts forfeited during the fiscal year, are as follows (in thousands):

	Amount($)
Life Vision Conservative Fund		32
Life Vision Target Date 2015 Fund		33
Life Vision Target Date 2025 Fund		34
Life Vision Target Date 2035 Fund		34

During the year ended March 31, 2007, 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 has entered into 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, calculated and paid monthly, (expressed as a percentage of the combined average daily net assets of the STI Complex) 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 $2,714 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 STI Complex, including $300,000 towards the premium for Directors and Officers Liability/ Errors and Omissions insurance coverage, and $25,000 towards 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 STI Complex 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 year ended March 31, 2007 were as follows:

137

NOTES TO FINANCIAL STATEMENTS (continued)

STI CLASSIC FUNDS  March 31, 2007

	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
Select Large Cap 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
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		N/A		N/A
Life Vision Target Date 2025 Fund		0.30		N/A		N/A
Life Vision Target Date 2035 Fund		0.30		N/A		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 their respective net assets and transaction costs.

Other — Certain officers of the STI Complex 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 plus reimbursement for certain expenses incurred. Trustees receive an additional fee for attendance at committee meetings. The current retainer and meeting fees are as follows:

	Chairman($)		Trustee($)
Annual Retainer		55,000		44,000
Regular Meeting Fee		10,000		8,000
Special Meeting Fee		5,000		4,000
Committee Meeting Fee		4,500		3,000

The Trust approved a deferred compensation plan for its trustees, effective January 1, 2007. Under that plan, a trustee may elect to defer all or a portion of his or her compensation. Amounts deferred are retained by the Trust, and the value of such deferred amounts is determined by reference to the change in value of Class I Shares of one or more series of the STI Classic Funds as specified by the trustee. Benefits under the deferred compensation plan are payable upon retirement. As of March 31, 2007, under the deferred compensation plan, the Trust had a deferred liability of approximately $68,635.

138

NOTES TO FINANCIAL STATEMENTS (continued)

STI CLASSIC FUNDS  March 31, 2007

The Investment Adviser provides services to the STI Complex 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 STI Complex, including providing certain related services, and receives an annual fee of $156,750 for providing these services. The fees above are allocated across the assets of the STI Complex. For the year ended March 31, 2007, the total amount paid by the Trust for compliance services was $546,818.

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 year ended March 31, 2007, 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
Select Large Cap Growth Stock Fund		—
Small Cap Growth Stock Fund		9
Small Cap Value Equity Fund		1
Amounts designated as “—” round to less than $1,000.

139

NOTES TO FINANCIAL STATEMENTS (continued)

STI CLASSIC FUNDS  March 31, 2007

5. Investment Transactions

The cost of security purchases and the proceeds from sales and maturities of securities, excluding securities maturing less than one year from acquisition and U.S. government securities, for the year ended March 31, 2007 were as follows (in thousands):

			Sales and
	Purchases($)		Maturities($)
Aggressive Growth Stock Fund		202,240		150,725
Capital Appreciation Fund		1,034,996		1,285,551
Emerging Growth Stock Fund		136,956		83,457
International Equity Fund		918,298		840,629
International Equity Index Fund		124,213		70,774
Large Cap Quantitative Equity Fund		1,451,826		1,446,099
Large Cap Relative Value Equity Fund		929,934		929,805
Large Cap Value Equity Fund		835,590		850,466
Mid-Cap Equity Fund		740,779		849,461
Mid-Cap Value Equity Fund		502,897		509,884
Select Large Cap Growth Stock Fund		171,728		166,766
Small Cap Growth Stock Fund		1,819,849		2,480,491
Small Cap Quantitative Equity Fund		118,862		104,215
Small Cap Value Equity Fund		455,254		595,203
Life Vision Aggressive Growth Fund		31,860		32,496
Life Vision Conservative Fund		3,844		4,147
Life Vision Growth and Income Fund		71,827		56,348
Life Vision Moderate Growth Fund		144,318		85,507
Life Vision Target Date 2015 Fund		2,350		663
Life Vision Target Date 2025 Fund		4,349		955
Life Vision Target Date 2035 Fund		1,061		429

6. Federal Tax Policies and Information

It is the policy of each Fund to qualify or 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 from 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 and return of capital on securities), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification.

At March 31, 2007, 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 March 31, 2007, are presented on

140

NOTES TO FINANCIAL STATEMENTS (continued)

STI CLASSIC FUNDS  March 31, 2007

each Fund’s Schedule of Portfolio Investments. The tax character of distributions paid to shareholders during the year ended March 31, 2007 was as follows (in thousands):

	Distributions Paid From
	Net		Net Long		Total
	Investment		Term Capital		Distributions
Fund	Income($)		Gains($)		Paid($)*
Capital Appreciation Fund		20,866		39,738		60,604
International Equity Fund		18,678		153		18,831
International Equity Index Fund		18,293		—		18,293
Large Cap Quantitative Equity Fund		3,062		7,799		10,861
Large Cap Relative Value Fund		53,247		83,793		137,040
Large Cap Value Equity Fund		14,207		35,813		50,020
Mid-Cap Equity Fund		1,714		26,299		28,013
Mid-Cap Value Equity Fund		30,066		14,308		44,374
Select Large Cap Growth Stock Fund		168		—		168
Small Cap Growth Stock Fund		15,457		52,014		67,471
Small Cap Quantitative Equity Fund		19		—		19
Small Cap Value Equity Fund		46,044		130,494		176,538
Life Vision Aggressive Growth Fund		1,323		1,067		2,390
Life Vision Conservative Fund		378		68		446
Life Vision Growth and Income Fund		3,732		2,608		6,340
Life Vision Moderate Growth Fund		7,147		6,638		13,785
Life Vision Target Date 2015 Fund		30		2		32
Life Vision Target Date 2025 Fund		50		1		51
Life Vision Target Date 2035 Fund		22		4		26

*  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 either $0 or have been rounded to $0.

141

NOTES TO FINANCIAL STATEMENTS (continued)

STI CLASSIC FUNDS  March 31, 2007

The tax character of distributions paid to shareholders during the period 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 Equity 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
Select Large Cap 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
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
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 either $0 or have been rounded to $0.

As of March 31, 2007 the components of accumulated earnings (deficit) on a tax basis were as follows (in thousands):

	Undistributed		Undistributed				Accumulated
	Ordinary		Long Term		Accumulated		Capital and
	Income($)		Capital Gains($)		Earnings($)		Other Losses($)**
Aggressive Growth Stock Fund		—		—		—		(18,823	)
Capital Appreciation Fund		—		61,573		61,573		—
Emerging Growth Stock Fund		—		1,034		1,034		—
International Equity Fund		15,808		56,135		71,943		—
International Equity Index Fund		4,070		—		4,070		(44,845	)
Large Cap Quantitative Equity Fund		19,583		3,015		22,598		—
Large Cap Relative Value Fund		22,826		56,375		79,201		—
Large Cap Value Equity Fund		21,798		14,483		36,281		—
Mid-Cap Equity Fund		6,908		2,555		9,463		—
Mid-Cap Value Equity Fund		22,663		1,652		24,315		—
Select Large Cap Growth Stock Fund		43		—		43		(176,881	)
Small Cap Growth Stock Fund		—		53,557		53,557		—
Small Cap Quantitative Equity Fund		1		—		1		(67	)
Small Cap Value Equity Fund		2,435		79,589		82,024		—
Life Vision Aggressive Growth Fund		423		2,834		3,257		—
Life Vision Conservative Fund		25		78		103		—
Life Vision Growth and Income Fund		438		4,879		5,317		—

[Additional columns below]

[Continued from above table, first column(s) repeated]

				Total
	Unrealized			Accumulated
	Appreciation			Earnings
	(Depreciation)($)***			(Deficit)($)
Aggressive Growth Stock Fund		58,048			39,225
Capital Appreciation Fund		161,088			222,661
Emerging Growth Stock Fund		17,009			18,043
International Equity Fund		266,922			338,865
International Equity Index Fund		359,009			318,234
Large Cap Quantitative Equity Fund		6,683			29,281
Large Cap Relative Value Fund		313,929			393,130
Large Cap Value Equity Fund		128,251			164,532
Mid-Cap Equity Fund		59,218			68,681
Mid-Cap Value Equity Fund		11,695			36,010
Select Large Cap Growth Stock Fund		11,092			(165,746	)
Small Cap Growth Stock Fund		159,656			213,213
Small Cap Quantitative Equity Fund		(45	)		(111	)
Small Cap Value Equity Fund		116,960			198,984
Life Vision Aggressive Growth Fund		11,513			14,770
Life Vision Conservative Fund		352			455
Life Vision Growth and Income Fund		19,600			24,917

142

NOTES TO FINANCIAL STATEMENTS (concluded)

STI CLASSIC FUNDS  March 31, 2007

	Undistributed		Undistributed				Accumulated
	Ordinary		Long Term		Accumulated		Capital and
	Income($)		Capital Gains($)		Earnings($)		Other Losses($)**
Life Vision Moderate Growth Fund		354		549		903		—
Life Vision Target Date 2015 Fund		1		22		23		—
Life Vision Target Date 2025 Fund		3		65		68		—
Life Vision Target Date 2035 Fund		—		27		27		—

[Additional columns below]

[Continued from above table, first column(s) repeated]

			Total
	Unrealized		Accumulated
	Appreciation		Earnings
	(Depreciation)($)***		(Deficit)($)
Life Vision Moderate Growth Fund		18,874		19,777
Life Vision Target Date 2015 Fund		68		91
Life Vision Target Date 2025 Fund		130		198
Life Vision Target Date 2035 Fund		70		97

**  As of the latest tax year end of March 31, 2007, 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
	2009($)		2010($)		2011($)		2012($)		2013($)		2014($)		2015($)
Aggressive Growth Stock Fund		—		3,369		—		—		1,399		2,683		11,372
International Equity Index Fund		—		15,965		16,546		9,207		3,127		—		—
Select Large Cap Growth Stock Fund		114,701		52,653		9,527		—		—		—		—
Small Cap Quantitative Equity Fund		—		—		—		—		—		—		67

During the year ended March 31, 2007, the Emerging Growth Stock Fund, International Equity Fund, International Equity Index Fund, Large Cap Value Equity Fund, Select Large Cap Growth Stock Fund and Small Cap Growth Stock Fund utilized $525, $25,598, $7,672, $30,146, $17,564 and $665 in capital loss carryforwards, 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 realization for tax purposes of unrealized gains/losses on investments in passive foreign investment companies and return of capital adjustments.

7. Risks

The International Equity and International Equity Index Funds may 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 these Funds’ investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar.

8. Subsequent Events

Effective May 31, 2007, the Capital Appreciation Fund, the Large Cap Relative Value Fund and the Mid-Cap Equity Fund will be renamed the Large Cap Growth Stock Fund, the Large Cap Core Equity Fund and the Mid-Cap Core Equity Fund, respectively.

At the meeting on May 15, 2007, the Board voted to remove the Redemption Fee Policy from the International Equity Fund and International Equity Index Fund. This change will be effective on August 1, 2007.

143

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

STI CLASSIC FUNDS  March 31, 2007

To the Board of Trustees and Shareholders of
STI Classic Funds:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of portfolio investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Aggressive Growth Stock Fund, Capital Appreciation Fund, Emerging Growth Stock Fund, International Equity Fund, International Equity Index Fund, Large Cap Quantitative Equity Fund (formerly, Strategic Quantitative Equity Fund), Large Cap Relative Value Fund, Large Cap Value Equity Fund, Mid-Cap Equity Fund, Mid-Cap Value Equity Fund, Select Large Cap Growth Stock Fund (formerly, Quality Growth Stock Fund), Small Cap Growth Stock Fund, Small Cap Quantitative Equity Fund, Small Cap Value Equity Fund, Life Vision Aggressive Growth Fund, Life Vision Conservative Fund, Life Vision Growth and Income Fund, Life Vision Moderate Growth Fund, Life Vision Target Date 2015 Fund, Life Vision Target Date 2025 Fund, and Life Vision Target Date 2035 Fund (twenty-one of the fifty funds constituting STI Classic Funds, hereafter referred to as the “Funds”) at March 31, 2007, and the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at March 31, 2007, by correspondence with the custodians and brokers provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Columbus, Ohio
May 30, 2007

144

OTHER FEDERAL TAX INFORMATION

STI CLASSIC FUNDS  March 31, 2007

(Unaudited)

For corporate shareholders, the following percentage of the total ordinary income distributions paid by the Funds during the year ended March 31, 2007 qualify for the corporate dividends received deductions:

	Dividend
	Received
	Deduction(%)
Capital Appreciation Fund		100.00
Large Cap Quantitative Equity Fund		19.09
Large Cap Relative Value Fund		58.17
Large Cap Value Equity Fund		53.97
Mid-Cap Equity Fund		57.22
Mid-Cap Value Equity Fund		14.57
Select Large Cap Growth Stock Fund		100.00
Small Cap Growth Stock Fund		22.19
Small Cap Quantitative Equity Fund		100.00
Small Cap Value Equity Fund		37.76
Life Vision Aggressive Growth Fund		37.77
Life Vision Conservative Fund		4.30
Life Vision Growth and Income Fund		22.73
Life Vision Moderate Growth Fund		13.20
Life Vision Target Date 2015 Fund		31.08
Life Vision Target Date 2025 Fund		40.21
Life Vision Target Date 2035 Fund		45.64

In addition, the Funds may elect to pass through foreign taxes paid by the Funds to its shareholders under Code 853 of the Internal Revenue Code. For the year ended March 31, 2007, the International Equity Fund and International Equity Index Fund elected to pass through foreign taxes of $2,123 and $2,343, respectively (in thousands).

For the year ended March 31, 2007, the following Funds have qualified dividend income of:

	Qualified
	Dividend
	Income(%)
Capital Appreciation Fund		100.00
International Equity Fund		85.07
International Equity Index Fund		90.56
Large Cap Quantitative Equity Fund		18.13
Large Cap Relative Value Fund		57.98
Large Cap Value Equity Fund		53.76
Mid-Cap Equity Fund		53.90
Mid-Cap Value Equity Fund		13.79
Select Large Cap Growth Stock Fund		100.00
Small Cap Growth Stock Fund		21.87
Small Cap Quantitative Equity Fund		100.00
Small Cap Value Equity Fund		40.00
Life Vision Aggressive Growth Fund		48.40
Life Vision Conservative Fund		6.43
Life Vision Growth and Income Fund		30.20
Life Vision Moderate Growth Fund		17.14
Life Vision Target Date 2015 Fund		41.95
Life Vision Target Date 2025 Fund		54.82
Life Vision Target Date 2035 Fund		61.08

145

TRUSTEES AND OFFICERS OF THE STI CLASSIC FUNDS

STI CLASSIC FUNDS  March 31, 2007

(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.” Mr. Ridley is a trustee who may be deemed to be an “interested person” of the Trust.

					Number of
Name, Business	Position		Term of		Portfolios
Address,	Held		Office and		in Fund
State of Residence	with		Length of	Principal Occupation(s)	Complex
and Date of Birth	Trust		Time Served	During the Past 5 Years	Overseen		Other Directorships Held
INTERESTED TRUSTEE* Clarence H. Ridley 3435 Stelzer Road Columbus, OH 43219 (Georgia) DOB 06/42		Trustee	Indefinite; since November 2001	Chairman, Haverty Furniture Companies		57	Crawford & Co.; Haverty Furniture Companies
INDEPENDENT TRUSTEES
Jeffrey M. Biggar 3435 Stelzer Road Columbus, OH 43219 (Ohio) DOB 02/50		Trustee	Indefinite; since January 2007	Retired. Chief Executive Officer and Senior Managing Director, Sterling (National City Corp.) (2002-2006)		57	None
F. Wendell Gooch 3435 Stelzer Road Columbus, OH 43219 (Indiana) DOB 12/32		Trustee	Indefinite; since May 1992	Retired		57	SEI Family of Funds
Sidney E. Harris 3435 Stelzer Road Columbus, OH 43219 (Georgia) DOB 07/49		Trustee	Indefinite; since November 2004	Professor (since 1997), Dean (1997-2004), J. Mack Robinson College of Business, Georgia State University		57	ServiceMaster Company; Total System Services, Inc.
Warren Y. Jobe 3435 Stelzer Road Columbus, OH 43219 (Georgia) DOB 11/40		Trustee	Indefinite; since November 2004	Retired. Executive Vice President, Georgia Power Company and Senior Vice President, Southern Company (1998-2001)		57	WellPoint, Inc; UniSource Energy Corp.; HomeBanc Corp.
Connie D. McDaniel 3435 Stelzer Road Columbus, OH 43219 (Georgia) DOB 04/58		Trustee	Indefinite; since May 2005	Vice President Global Finance Transformation (since 2007), Vice President and Controller (1999-2007), The Coca-Cola Company		57	None
James O. Robbins 3435 Stelzer Road Columbus, OH 43219 (Florida) DOB 07/42		Trustee	Indefinite; since May 2000	Retired. President and Chief Executive Officer, Cox Communications, Inc. (1985-2005)		57	Bessemer Securities, Inc.; Humana, Inc.
Charles D. Winslow 3435 Stelzer Road Columbus, OH 43219 (Florida) DOB 07/35		Trustee	Indefinite; since November 2004	Retired. Formerly Partner, Accenture (consulting)		57	None

  *  Mr. Ridley may be deemed an “interested person” of the Trust as that term is defined in the 1940 Act because of a material business relationship with the parent of the Adviser.

146

TRUSTEES AND OFFICERS OF THE STI CLASSIC FUNDS (concluded)

STI CLASSIC FUNDS  March 31, 2007

(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 3435 Stelzer Road Columbus, OH 43219 DOB 08/64	President and Chief Executive Officer	One year; since July 2004	Senior Vice President, Relationship Management, BISYS Fund Services (since 2002); Vice President, Client Services, BISYS Fund Services (1997-2002)
Deborah A. Lamb 50 Hurt Plaza Suite 1400 Atlanta, GA 30303 DOB 10/52	Executive Vice President; Assistant Secretary; Chief Compliance Officer	One year; since September 2004; since November 2003; since August 2004 (respectively)	Chief Compliance Officer, Managing Director, Trusco Capital Management, Inc. (since 2003); President, Investment Industry Consultants, LLC (2000-2003)
Martin R. Dean 3435 Stelzer Road Columbus, OH 43219 DOB 11/63	Treasurer, Chief Financial Officer and Chief Accounting Officer	One year; since March 2007	Vice President, Fund Administration, BISYS Fund Services
Cynthia J. Surprise 3435 Stelzer Road Columbus, OH 43219 DOB 07/46	Secretary and Chief Legal Officer	One year; since February 2005	Senior Counsel, Legal Services, BISYS Fund Services (since 2004); Director and Counsel, Investors Bank & Trust Company (1999-2004)
Jennifer A. English 3435 Stelzer Road Columbus, OH 43219 DOB 03/72	Assistant Secretary	One year; since November 2005	Assistant Counsel, Legal Services, BISYS Fund Services (since 2005); Assistant Counsel, PFPC Inc. (2002-2005); Associate Legal Product Manager, Fidelity Investments (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.

147

ADDITIONAL INFORMATION

STI CLASSIC FUNDS  March 31, 2007

(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 of 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 October 24, 2006, and requested and reviewed additional material from the Adviser in preparation for its quarterly meeting held on November 14, 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; (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 Funds’ 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 the 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 held 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. As part of its consideration, the Board also reviewed a single consolidated form of advisory agreement representing the substance of the Trust’s three existing agreements with the Adviser and considered whether to adopt the consolidated form of agreement going forward.

Based on the Board’s deliberations and evaluation of the information it received, the Board, including the Independent Trustees, approved the consolidated form of agreement with the Adviser, the agreement with the Subadviser, and the selection of the Adviser and Subadviser, 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 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

148

ADDITIONAL INFORMATION (continued)

STI CLASSIC FUNDS  March 31, 2007

(Unaudited)

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 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.

149

ADDITIONAL INFORMATION (continued)

STI CLASSIC FUNDS  March 31, 2007

(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; and (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 October 1, 2006 through March 31, 2007.

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		Expenses Paid		Expense Ratio
		Account Value		Account Value		During Period*		During Period**
		10/01/06		03/31/07		10/01/06-03/31/07		10/01/06-03/31/07
Aggressive Growth Stock Fund	I Shares	$	1,000.00	$	1,098.20	$	6.07		1.16	%
	A Shares		1,000.00		1,096.20		7.63		1.46
	C Shares		1,000.00		1,093.60		11.27		2.16
Capital Appreciation Fund	I Shares		1,000.00		1,045.30		5.00		0.98
	A Shares		1,000.00		1,043.50		6.52		1.28
	C Shares		1,000.00		1,039.60		10.07		1.98
Emerging Growth Stock Fund	I Shares		1,000.00		1,120.00		6.24		1.18
	A Shares		1,000.00		1,117.60		7.81		1.48
	C Shares		1,000.00		1,113.20		11.49		2.18
International Equity Fund	I Shares		1,000.00		1,133.50		6.44		1.21
	A Shares		1,000.00		1,133.30		8.03		1.51
	C Shares		1,000.00		1,128.20		11.73		2.21
International Equity Index Fund	I Shares		1,000.00		1,157.30		3.28		0.61
	A Shares		1,000.00		1,156.00		4.89		0.91
	C Shares		1,000.00		1,151.40		8.64		1.61
Large Cap Quantitative Equity Fund	I Shares		1,000.00		1,066.90		4.74		0.92
	A Shares		1,000.00		1,066.00		6.08		1.18
	C Shares		1,000.00		1,062.70		9.87		1.92
Large Cap Relative Value Fund	I Shares		1,000.00		1,074.80		4.40		0.85
	A Shares		1,000.00		1,074.00		5.69		1.10
	C Shares		1,000.00		1,069.90		9.55		1.85
Large Cap Value Equity Fund	I Shares		1,000.00		1,093.00		4.33		0.83
	A Shares		1,000.00		1,090.90		5.89		1.13
	C Shares		1,000.00		1,086.60		9.52		1.83
Mid-Cap Equity Fund	I Shares		1,000.00		1,124.20		5.67		1.07
	A Shares		1,000.00		1,123.00		7.25		1.37
	C Shares		1,000.00		1,118.30		10.93		2.07
Mid-Cap Value Equity Fund	I Shares		1,000.00		1,150.30		5.68		1.06
	A Shares		1,000.00		1,148.30		7.28		1.36
	C Shares		1,000.00		1,143.90		11.01		2.06
Select Large Cap Growth Stock Fund	I Shares		1,000.00		1,047.20		5.00		0.98
	A Shares		1,000.00		1,045.80		6.53		1.28
	C Shares		1,000.00		1,042.20		10.08		1.98

150

ADDITIONAL INFORMATION (continued)

STI CLASSIC FUNDS  March 31, 2007

(Unaudited)

		Beginning		Ending		Expenses Paid		Expense Ratio
		Account Value		Account Value		During Period*		During Period**
		10/01/06		03/31/07		10/01/06-03/31/07		10/01/06-03/31/07
Small Cap Growth Stock Fund	I Shares	$	1,000.00	$	1,070.50	$	6.04		1.17	%
	A Shares		1,000.00		1,069.00		7.58		1.47
	C Shares		1,000.00		1,065.20		11.17		2.17
Small Cap Quantitative Equity Fund	I Shares		1,000.00		1,066.00		5.82		1.13
	A Shares		1,000.00		1,064.10		7.36		1.43
	C Shares		1,000.00		1,061.10		10.95		2.13
Small Cap Value Equity Fund	I Shares		1,000.00		1,121.20		6.29		1.19
	A Shares		1,000.00		1,119.70		7.61		1.44
	C Shares		1,000.00		1,119.50		7.61		1.44
Life Vision Aggressive Growth Fund	I Shares		1,000.00		1,085.30		0.99		0.19
	A Shares		1,000.00		1,083.90		2.55		0.49
	C Shares		1,000.00		1,080.20		6.17		1.19
	B Shares		1,000.00		1,080.90		4.88		0.94
Life Vision Conservative Fund	I Shares		1,000.00		1,043.20		1.02		0.20
	A Shares		1,000.00		1,041.70		2.55		0.50
	C Shares		1,000.00		1,038.10		6.10		1.20
	B Shares		1,000.00		1,039.20		4.83		0.95
Life Vision Growth and Income Fund	I Shares		1,000.00		1,071.10		0.93		0.18
	A Shares		1,000.00		1,069.60		2.48		0.48
	C Shares		1,000.00		1,066.40		6.08		1.18
	B Shares		1,000.00		1,067.30		4.79		0.93
Life Vision Moderate Growth Fund	I Shares		1,000.00		1,059.50		0.87		0.17
	A Shares		1,000.00		1,058.50		2.41		0.47
	C Shares		1,000.00		1,054.30		5.99		1.17
	B Shares		1,000.00		1,055.80		4.72		0.92
Life Vision Target Date 2015	I Shares		1,000.00		1,072.40		1.03		0.20
	A Shares(a)		1,000.00		1,014.30		1.20		0.50
Life Vision Target Date 2025	I Shares		1,000.00		1,082.70		1.04		0.20
	A Shares		1,000.00		1,081.30		2.59		0.50
Life Vision Target Date 2035	I Shares		1,000.00		1,084.40		1.04		0.20
	A Shares		1,000.00		1,082.80		2.60		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 January 5, 2007 (commencement of operations) to March 31, 2007 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 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 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.

151

ADDITIONAL INFORMATION (continued)

STI CLASSIC FUNDS  March 31, 2007

(Unaudited)

		Beginning		Ending		Expenses Paid		Expense Ratio
		Account Value		Account Value		During Period*		During Period**
		10/01/06		03/31/07		10/01/06-03/31/07		10/01/06-03/31/07
Aggressive Growth Stock Fund	I Shares	$	1,000.00	$	1,019.15	$	5.84		1.16	%
	A Shares		1,000.00		1,017.65		7.34		1.46
	C Shares		1,000.00		1,014.16		10.85		2.16
Capital Appreciation Fund	I Shares		1,000.00		1,020.04		4.94		0.98
	A Shares		1,000.00		1,018.55		6.44		1.28
	C Shares		1,000.00		1,015.06		9.95		1.98
Emerging Growth Stock Fund	I Shares		1,000.00		1,019.05		5.94		1.18
	A Shares		1,000.00		1,017.55		7.44		1.48
	C Shares		1,000.00		1,014.06		10.95		2.18
International Equity Fund	I Shares		1,000.00		1,018.90		6.09		1.21
	A Shares		1,000.00		1,017.40		7.59		1.51
	C Shares		1,000.00		1,013.91		11.10		2.21
International Equity Index Fund	I Shares		1,000.00		1,021.89		3.07		0.61
	A Shares		1,000.00		1,020.39		4.58		0.91
	C Shares		1,000.00		1,016.90		8.10		1.61
Large Cap Quantitative Equity Fund	I Shares		1,000.00		1,020.34		4.63		0.92
	A Shares		1,000.00		1,019.05		5.94		1.18
	C Shares		1,000.00		1,015.36		9.65		1.92
Large Cap Relative Value Fund	I Shares		1,000.00		1,020.69		4.28		0.85
	A Shares		1,000.00		1,019.45		5.54		1.10
	C Shares		1,000.00		1,015.71		9.30		1.85
Large Cap Value Equity Fund	I Shares		1,000.00		1,020.79		4.18		0.83
	A Shares		1,000.00		1,019.30		5.69		1.13
	C Shares		1,000.00		1,015.81		9.20		1.83
Mid-Cap Equity Fund	I Shares		1,000.00		1,019.60		5.39		1.07
	A Shares		1,000.00		1,018.10		6.89		1.37
	C Shares		1,000.00		1,014.61		10.40		2.07
Mid-Cap Value Equity Fund	I Shares		1,000.00		1,019.65		5.34		1.06
	A Shares		1,000.00		1,018.15		6.84		1.36
	C Shares		1,000.00		1,014.66		10.35		2.06
Select Large Cap Growth Stock Fund	I Shares		1,000.00		1,020.04		4.94		0.98
	A Shares		1,000.00		1,018.55		6.44		1.28
	C Shares		1,000.00		1,015.06		9.95		1.98
Small Cap Growth Stock Fund	I Shares		1,000.00		1,019.10		5.89		1.17
	A Shares		1,000.00		1,017.60		7.39		1.47
	C Shares		1,000.00		1,014.11		10.90		2.17
Small Cap Quantitative Equity Fund	I Shares		1,000.00		1,019.30		5.69		1.13
	A Shares		1,000.00		1,017.80		7.19		1.43
	C Shares		1,000.00		1,014.31		10.70		2.13
Small Cap Value Equity Fund	I Shares		1,000.00		1,019.00		5.99		1.19
	A Shares		1,000.00		1,017.75		7.24		1.44
	C Shares		1,000.00		1,017.75		7.24		1.44
Life Vision Aggressive Growth Fund	I Shares		1,000.00		1,023.98		0.96		0.19
	A Shares		1,000.00		1,022.49		2.47		0.49
	C Shares		1,000.00		1,019.00		5.99		1.19
	B Shares		1,000.00		1,020.24		4.73		0.94
Life Vision Conservative Fund	I Shares		1,000.00		1,023.93		1.01		0.20
	A Shares		1,000.00		1,022.44		2.52		0.50
	C Shares		1,000.00		1,018.95		6.04		1.20
	B Shares		1,000.00		1,020.19		4.78		0.95
Life Vision Growth and Income Fund	I Shares		1,000.00		1,024.03		0.91		0.18
	A Shares		1,000.00		1,022.54		2.42		0.48
	C Shares		1,000.00		1,019.05		5.94		1.18
	B Shares		1,000.00		1,020.29		4.68		0.93

152

ADDITIONAL INFORMATION (concluded)

STI CLASSIC FUNDS  March 31, 2007

(Unaudited)

		Beginning		Ending		Expenses Paid		Expense Ratio
		Account Value		Account Value		During Period*		During Period**
		10/01/06		03/31/07		10/01/06-03/31/07		10/01/06-03/31/07
Life Vision Moderate Growth Fund	I Shares	$	1,000.00	$	1,024.08	$	0.86		0.17	%
	A Shares		1,000.00		1,022.59		2.37		0.47
	C Shares		1,000.00		1,019.10		5.89		1.17
	B Shares		1,000.00		1,020.34		4.63		0.92
Life Vision Target Date 2015	I Shares		1,000.00		1,023.93		1.01		0.20
	A Shares(a)		1,000.00		1,010.73		1.20		0.50
Life Vision Target Date 2025	I Shares		1,000.00		1,023.93		1.01		0.20
	A Shares		1,000.00		1,022.44		2.52		0.50
Life Vision Target Date 2035	I Shares		1,000.00		1,023.93		1.01		0.20
	A Shares		1,000.00		1,022.44		2.52		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 January 5, 2006 (commencement of operations) to March 31, 2007 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.

Other 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 1-202-551-8090.

153

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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 • No Bank Guarantee • May Lose Value

STI-AE-0307

5/07

2007 Annual Report

Bond and Money Market Funds

March 31, 2007

TABLE OF CONTENTS

STI CLASSIC FUNDS March 31, 2007

Letter to Shareholders	1
Management Discussion of Fund Performance
Bond Funds:
Georgia Tax-Exempt Bond Fund	3
High Grade Municipal Bond Fund	5
High Income Fund	7
Intermediate Bond Fund	9
Investment Grade Bond Fund	11
Investment Grade Tax-Exempt Bond Fund	13
Limited Duration Fund	15
Limited-Term Federal Mortgage Securities Fund	17
Maryland Municipal Bond Fund	19
North Carolina Tax-Exempt Bond Fund	21
Seix Floating Rate High Income Fund	23
Seix High Yield Fund	25
Short-Term Bond Fund	27
Short-Term U.S. Treasury Securities Fund	29
Strategic Income Fund	31
Total Return Bond Fund	33
Ultra-Short Bond Fund	35
U.S. Government Securities Fund	37
U.S. Government Securities Ultra-Short Bond Fund	39
Virginia Intermediate Municipal Bond Fund	41
Money Market Funds:
Prime Quality Money Market Fund	43
Tax-Exempt Money Market Fund	44
U.S. Government Securities Money Market Fund	45
U.S. Treasury Money Market Fund	46
Virginia Tax-Free Money Market Fund	47
Schedules of Portfolio Investments	49
Statements of Assets and Liabilities	167
Statements of Operations	171
Statements of Changes in Net Assets	175
Financial Highlights	189
Notes to Financial Statements	201
Report of Independent Registered Public Accounting Firm	220
Other Federal Tax Information	221
Trustees and Officers of the STI Classic Funds	222
Additional Information	224

LETTER TO SHAREHOLDERS

March 31, 2007

Dear Valued STI Classic Funds Shareholder,

The equity markets struggled midway through the first quarter after a healthy start but finished in positive territory by March 31st. Anxiety about the pace of economic growth and fears of spillover affects from an already weakening housing market weighed on the stock market, increased its volatility, and sent some investors toward the relative perceived safety of bonds. The S&P 500 index gained 0.6% and is up 11.8% over the trailing 12 months, while the Lehman Brothers U.S. Aggregate Bond Index added 1.5% for the quarter and 6.6% over the previous year.

In previous letters, we emphasized our expectation that economic momentum would slow and the rate of growth would decelerate for a variety of reasons. We also relayed our view that inflation pressures would gradually ease. This forecast is playing out much as we expected. The challenge for investors and observers in this type of environment is that the individual bits of information and data points rarely move evenly or consistently and often leave investors with ambiguous results. A likely scenario for the upcoming quarter is a continuation of mixed reports.

Job growth was firm and hourly wages increased, but consumers also spent more money on energy, namely gasoline. The housing market became a focus of concern, weighed down by fears that increased delinquencies and foreclosures in the sub prime market would spill over into other credits and the broader economy. Government reports on capital spending also weakened as did estimates of first quarter S&P 500 operating earnings growth. Exports, however, continued to enjoy healthy gains amid a relatively strong global environment. Inflation reports remained stubbornly stuck at levels above the Federal Reserve’s unofficial 1-2% comfort zone, sparking central bank rhetoric about the need to remain vigilant in its monetary policy.

Stocks began and ended the quarter on a firm note, but the middle period was weak. In particular, a confluence of events sent global equity prices lower on February 27th and began a modest sell-off that extended into the first half of March. A sharp decline in Asian emerging markets, a more pessimistic economic forecast from former Fed chairman Alan Greenspan, and weak U.S. economic reports precipitated the drop. However, reasonable valuations and selective positive earnings news helped draw investors back to the market toward the end of the quarter. Mid-Cap and International stocks outperformed, while Growth and Value styles generated mixed performance. Merger and acquisition activity as well as leveraged buyouts were major catalysts that unlocked value in the market despite the softer economic undercurrent.

In the fixed income markets, bond yields fell and prices rose during the stock market’s decline, but at the end of Q1, yields drifted higher as confidence returned. Point to point, the yield on the 10-year Treasury note fell modestly to 4.65% from 4.71% at the end of the fourth quarter. Shorter maturity bond yields fell somewhat further causing the yield curve to return to a slightly positive slope between two- and ten-year maturities. Despite concerns over the health of the economy, High Yield bonds outperformed the Investment Grade market, though inflation-linked TIPS notes also outperformed.

Our outlook for the economy for the remainder of the year is unchanged: positive, sub-par growth, with a gradual decline in core inflation. This type of environment has and will continue to create stress on some companies with weaker business models and balance sheets. However, many of the stronger, well capitalized firms, whose stocks have lagged to date, are likely to be recognized by the markets. We expect a similar scenario for bonds, where credit quality becomes a greater focus in a range-bound market. To be sure, we expect some nervous indigestion from time to time, but on balance, we believe equities will move higher by the end of the year, while bonds will earn close to the coupons.

1

There are many exciting changes taking place in the STI Classic Fund family and at Trusco Capital that we believe will enhance our products and improve performance in the coming quarters. However, as we anxiously welcome the new, I wish to express a strong note of gratitude to Bob Rhodes, who retired from Trusco Capital Management on March 31, 2007. Bob was a founding member and Executive Vice President of Trusco and made significant contributions to the growth and success of Trusco and the STI Classic Funds. We are deeply indebted to him for his performance and strong personal integrity that has set a high standard for us all going forward.

I close this letter with thanks to you, our valued clients. We very much appreciate your support and confidence over the years, and we will strive to earn that trust again in 2007 and the years to follow.

Sincerely,

David H. Eidson
President and CEO
Trusco Capital Management, Inc.

2

GEORGIA TAX-EXEMPT BOND FUND

Portfolio Manager

• Chris Carter, CFA

Investment Concerns

Mutual fund investing involves risk, including possible loss of principal. Bonds offer a relatively stable level of income, although bond prices will fluctuate providing the potential for principal gain or loss. Intermediate-term, higher-quality bonds generally offer less risk than longer-term bonds and a lower rate of return.

The geographical concentration of portfolio holdings in this fund may involve increased risk.

The Fund’s income may be subject to certain state and local taxes and, depending on your tax status, the federal alternative minimum tax.

The Fund is subject to the risk that principal value reacts in opposition to the movement of interests rates and that a rising interest rate environment increases the risk of loss of principal.

Management Discussion of Fund Performance

How did the Fund perform against its benchmark for the period ended March 31, 2007?

For the 12 months ended March 31, 2007, the Georgia Tax-Exempt Bond Fund had a total return of 4.95% (I Shares) versus a 5.62% return for the Lehman Brothers 10 Year Municipal Bond Index. The Fund maintained an overweight of less than one-year and 20-year and longer paper. Trading activity and portfolio events during the period resulted in exposure to the 7-year, 10-year, 20-year, and long bond sectors being increased, and exposure to the less than one-year through three-year sectors being reduced. Five, 10, and 30-year generic AAA rated municipal bond yields declined 7, 22, and 36 basis points (0.07%, 0.22% and 0.36%) respectively, over the twelve months. The two-year to 30-year municipal bond yield curve flattened 36 basis points (0.36%) to 58 basis points (0.58%) of slope.¹

What factors influenced the Fund’s performance for the period ended March 31, 2007?

The Fund slightly underperformed its benchmark index for the period; the underperformance was due primarily to management fees, which are associated with a mutual fund but not associated with our benchmark index, the Lehman Brothers 10 Year Municipal Bond Index.¹

How do you plan to position the Fund, based on market conditions?

The Fund continues to favor premium bonds (prices greater than par) for their income benefit and relative price stability. All activity will occur within an investment grade construct and the average credit quality of Fund holdings should remain high.¹

3

GEORGIA TAX-EXEMPT BOND FUND

This chart assumes an initial hypothetical investment of $10,000 made on 3/31/97. Total return is based on net change in N.A.V. (net asset value) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

The Fund’s performance is compared to the Lehman Brothers 10 Year Municipal Bond Index a widely recognized index of long-term investment grade tax-exempt bonds. The index includes general obligation bonds, revenue bonds, insured bonds and prefunded bonds with maturities between 8 and 12 years. The index is unmanaged and does not reflect the deduction of fees or taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

				Average Annual Total Returns as of 3/31/07 (%)
Georgia Tax-Exempt Bond Fund		Inception Date		1 Year		3 Year		5 Year		10 Year
A Shares	without sales charge		01/19/94		4.68		3.01		4.39		4.69
	with sales charge*				-0.31		1.36		3.38		4.18
C Shares	without CDSC		06/06/95		3.81		2.28		3.71		4.12
	with CDSC*				2.81		2.28		3.71		4.12
I Shares			01/18/94		4.95		3.22		4.58		4.90
Lehman Brothers 10 Year Municipal Bond Index					5.62		3.57		5.37		5.78

The expense ratios for A, C and I Shares are 0.78%, 1.63% and 0.63%, respectively.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.sticlassicfunds.com.

* Class A Share performance reflects the maximum front-end sales charge of 4.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares.

4

HIGH GRADE MUNICIPAL BOND FUND (formerly Florida Tax-Exempt Bond Fund)

Portfolio Manager

• Ronald Schwartz, CFA, CFP

Investment Concerns

Mutual fund investing involves risk, including possible loss of principal. Bonds offer a relatively stable level of income, although bond prices will fluctuate providing the potential for principal gain or loss. Intermediate-term, higher-quality bonds generally offer less risk than longer-term bonds and a lower rate of return.

The Fund is subject to the risk that principal value reacts in opposition to the movement of interests rates and that a rising interest rate environment increases the risk of loss of principal.

The geographical concentration of portfolio holdings in this fund may involve increased risk.

The Fund’s income may be subject to certain state and local taxes and, depending on your tax status, the federal alternative minimum tax.

Management Discussion of Fund Performance

How did the Fund perform against its benchmark for the period ended March 31, 2007?

For the 12 month period ended March 31, 2007 the High Grade Municipal Bond Fund returned 4.54% (I Shares) out performing the Lipper Insured Municipal Debt Funds Average² which returned 4.39% for the period, however, under performing the Lehman 10 Year Municipal Bond Index which produced a 5.62% total return. After the repeal of the Florida Intangible Tax by Governor Bush in October 2006, the Fund changed its investment strategy away from a Florida Tax-Exempt Fund to a National Insured Fund. The Fund continues to transition to its new objectives and strategies. The large concentration of Florida paper has been a detriment to the portfolio versus its new indices as has its underweighting of longer dated maturities.¹

What factors influenced the Fund’s performance for the period ended March 31, 2007?

The year 2006 was the fourth year in a row where additional credit and duration risk paid off. The 2-30 year municipal curve flattening dramatically from a slope of 94 basis points (0.94%) as of March 31, 2006 to 55 basis points (0.55%) by December 31, 2006. Issuance remained below previous year’s level and often was met with insatiable demand as U.S. property insurance concerns added to tax-exempt portfolios and a broadening base of “alternative investors” were attracted to the sector for its strong credit characteristics and a yield curve that remained steeper than other fixed income categories. Municipal yields remain nearly unchanged by the end of first quarter 2007; as the
2-30 year curve steepened 3 basis points (0.03%) to a slope of 58.¹

How do you plan to position the Fund, based on market conditions?

The nervous nature of financial markets so far in 2007 is consistent with our forecast of positive but below average economic growth and a gradual easing in inflation pressures. We believe the next move by the Federal Open Market Committee will be to lower its target federal funds rate, but that move is unlikely to occur before the second half of 2007. We will continue to hold a wide range of credits across the maturity spectrum, while maintaining a quality bias and a neutral duration position near term.¹

² The Lipper Intermediate Municipal Debt Funds Average consists of managed mutual funds that invest in municipal debt issues with dollar-weighted average maturities of five to ten years. It is not possible to invest directly in any index.

5

HIGH GRADE MUNICIPAL BOND FUND

This chart assumes an initial hypothetical investment of $10,000 made on 3/31/97. Total return is based on net change in N.A.V. (net asset value) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

The Fund’s performance is compared to the Lehman Brothers 10 Year Municipal Bond Index a widely recognized index of long-term investment grade tax-exempt bonds. The index includes general obligation bonds, revenue bonds, insured bonds and prefunded bonds with maturities between 8 and 12 years. The index is unmanaged and does not reflect the deduction of fees or taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

				Average Annual Total Returns as of 3/31/07 (%)
High Grade Municipal Bond Fund		Inception Date		1 Year		3 Year		5 Year		10 Year
A Shares	without sales charge		01/18/94		4.38		2.52		4.28		4.88
	with sales charge*				-0.58		0.88		3.28		4.37
C Shares	without CDSC		06/01/95		3.49		1.75		3.62		4.31
	with CDSC*				2.49		1.75		3.62		4.31
I Shares			01/25/94		4.54		2.66		4.48		5.09
Lehman Brothers 10 Year Municipal Bond Index					5.62		3.57		5.37		5.78

The expense ratios for A, C and I Shares are 0.76%, 1.61% and 0.61%, respectively.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.sticlassicfunds.com.

* Class A Share performance reflects the maximum front-end sales charge of 4.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares.

6

HIGH INCOME FUND

Portfolio Manager(s)

• George Goudelias

• Michael McEachern, CFA

Investment Concerns

Mutual fund investing involves risk, including possible loss of principal. Bonds offer a relatively stable level of income, although bond prices will fluctuate providing the potential for principal gain or loss. Intermediate-term, higher-quality bonds generally offer less risk than longer-term bonds and a lower rate of return.

Although the Fund’s yield may be higher than that of fixed income funds that purchase higher-rated securities, the potentially higher yield is a function of the greater risk that the Fund’s share price will decline.

The Fund is subject to the risk that principal value reacts in opposition to the movement of interests rates and that a rising interest rate environment increases the risk of loss of principal.

Management Discussion of Fund Performance

How did the Fund perform against its benchmark for the period ended March 31, 2007?

For the 12 month period ended March 31, 2007 the High Income Fund returned 14.58% (I Shares) outperforming the 11.58% return for the Lehman Brothers U.S. Corporate High Yield Bond Index.

What factors influenced the Fund’s performance for the period ended March 31, 2007?

The Fund outperformed the Lehman U.S. Corporate High Yield Bond Index again because of its yield advantage and superior security selection. Among the best performing issues were the Metals company, Freeport MacMoran, the financial printer, Clarke American, and Aramark, a Food Service provider. GMAC and GM underperformed this quarter because of worries about sub-prime exposure. We believe, however, that this has already been accounted for and that both of these issuers should do well in the second quarter of 2007. The portfolio also benefited from a void in the Homebuilding industry that lagged with increased uncertainty about the outlook for new home sales.¹

How do you plan to position the Fund, based on market conditions?

In this sixth year of recovery, the economy could be approaching an inflection point. Gross Domestic Product² growth is steady, but has slowed. Housing starts dropped from a record 2.3 million unit pace in early 2006 to a more sustainable 1.5 million early this year. (1.0 million starts would signal a true housing recession.) Business spending on equipment and software is showing signs of weakness. On the positive side, the consumer has been the economy’s main support for the past six months. With personal income growing comfortably and unemployment low, there is no evidence that consumption will stall. The Federal Open Market Committee, faced with vulnerability in certain crucial economic sectors, but inflationary pressures from higher energy prices and the weak dollar, is expected to maintain their 5.25% federal funds target until one of these cross currents begins to dominate.

Despite an ambivalent outlook for the economy, high yield fundamentals remain solid. Defaults continue to be near historic lows. Corporate balance sheets remain relatively healthy. Event risk continue to be a concern, but the bonds most affected were originally issued as investment grade and lack covenant protection. By analyzing the impact of a possible leveraging event on each portfolio holding, we have, for the most part, been able to avoid the negative affects of the recent surge in leveraged buyouts. Technical factors continue to be positive for high yield. Demand remains strong and the net new supply is being absorbed by the bank loan market. With quality spreads between CCC’s and BB’s near historic lows, we continue to structure the portfolio in an effort outperform significantly if CCC’s come under pressure. Given strong fundamental and technical conditions, we believe that the Fund could outperform the benchmark moderately if quality spreads remain within a tight range. In an environment with no dominant trends, we expect potentially superior security selection, a Seix strength, should pay off to an even greater degree.¹

¹ The Gross Domestic Product (“GDP”) is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period, though GDP is usually calculated on an annual basis. It includes all of private and public consumption, government outlays, investments and exports less imports that occur within a defined territory.

7

HIGH INCOME FUND

This chart assumes an initial hypothetical investment of $10,000 made on 3/31/97. Total return is based on net change in N.A.V. (net asset value) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

The Fund’s performance is compared to the Lehman Brothers U.S. Corporate High Yield Bond Index, a widely recognized, market value-weighted index that covers the universe of fixed rate, non-investment grade debt. The index is unmanaged and does not reflect the deduction of fees or taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

				Average Annual Total Returns as of 3/31/07 (%)
												Since
High Income Fund		Inception Date		1 Year		3 Year		5 Year		10 Year		Inception
A Shares	without sales charge		10/27/03		14.22		9.39		—		—		10.28
	with sales charge*				8.76		7.64		—		—		8.71
C Shares	without CDSC		05/04/94		13.45		8.80		9.45		5.45		5.53
	with CDSC*				12.45		8.80		9.45		5.45		5.53
I Shares			10/03/01		14.58		9.74		10.31		—		10.04
Lehman Brothers U.S. Corporate High Yield Bond Index					11.58		8.59		10.39		6.75		—

The gross expense ratios for the A, C and I Shares are 1.05%, 1.75% and 0.75%, respectively. The net expense ratios for the A, C and I Shares are 1.00%, 1.70% and 0.70%, respectively. Investment performance reflects voluntary fee waivers, which may be discontinued at any time. Without these fee wiavers, performance would have been lower.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.sticlassicfunds.com.

* Class A Share performance reflects the maximum front-end sales charge of 4.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares.

8

INTERMEDIATE BOND FUND

Portfolio Manager(s)

• John Talty, CFA

• Perry Troisi

Investment Concerns

Mutual fund investing involves risk, including possible loss of principal. Bond funds will tend to experience smaller fluctuations in value than stock funds. However, investors in any bond fund should anticipate fluctuations in price, especially for longer-term issues and in environments of rising interest rates.

Management Discussion of Fund Performance

How did the Fund perform against its benchmark for the period ended March 31, 2007?

For the 12 months ended March 31, 2007 the Intermediate Bond Fund lagged the benchmark a bit with a total return of 5.97% (I Shares) versus the 6.14% return for the Lehman Brothers Intermediate Government/Credit index.

What factors influenced the Fund’s performance for the period ended March 31, 2007?

Our underweight to the best performing sector, Corporates, was the primary reason for the underperformance. Mortgages, which did not perform as well as the overall index, also contributed.

How do you plan to position the Fund, based on market conditions?

Our opportunistic allocation to mortgages instituted during the latter part of last year was established during a period of stable to lower volatility. This enabled us to maximize yield and collect nominal spread tightening. Since the sub-prime and Chinese equity fears surfaced in the waning days of February, volatility rose dramatically. This is not a positive development for mortgage spreads. We have virtually eliminated these positions to help reduce portfolio risk.¹

9

INTERMEDIATE BOND FUND

This chart assumes an initial hypothetical investment of $10,000 made on 6/30/99. Total return is based on net change in N.A.V. (net asset value) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

The Fund’s performance is compared to the Lehman Brothers Intermediate Government/Credit Bond Index which is a widely-recognized, market-value weighted (higher market value bonds have more influence than lower market value bonds) index of U.S. Treasury and agency securities, corporate bond issues and mortgage-backed securities having maturities of 10 years or less. The index is unmanaged and does not reflect the deduction of fees or taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

				Average Annual Total Returns as of 3/31/07 (%)
		Inception								Since
Intermediate Bond Fund		Date†		1 Year		3 Year		5 Year		Inception
A Shares	without sales charge		10/11/04		5.62		2.37		4.23		5.03
	with sales charge*				0.61		0.72		3.23		4.37
C Shares	without CDSC		10/11/04		4.92		1.87		3.92		4.83
	with CDSC*				3.92		1.87		3.92		4.83
I Shares			06/30/99		5.97		2.67		4.42		5.15
Lehman Brothers Intermediate Government/Credit Index					6.14		2.60		4.91		—

The expense ratios for A, C and I Shares are 0.55%, 1.30% and 0.30%, respectively.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.sticlassicfunds. com.

*	Class A Share performance reflects the maximum front-end sales charge of 4.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares, Institutional Shares were renamed I Shares.
†	The quoted returns reflect the performance from June 30, 1999 to October 11, 2004 of the Seix Intermediate Bond Fund, an open-end investment company that was the predecessor fund to the Intermediate Bond Fund.

Performance for the I Shares, which commenced operations on October 11, 2004, is the historical performance of the Seix Intermediate Bond Fund’s Class I Shares prior to that date.

Performance for the C Shares, which commenced operations on October 11, 2004, is the historical performance of the Seix Intermediate Bond Fund’s Class I Shares prior to that date. The historical performance has not been adjusted to reflect the Fund’s C Share expenses. If it had been, the performance would have been lower.

The Class A Shares began operating on October 11, 2004. Performance between December 30, 1997 to January 25, 2002 and January 25, 2002 to October 11, 2004 is that of the Class I Shares and Class P Shares, respectively, of the Seix Intermediate Bond Fund, the Fund’s predecessor. The performance of the predecessor fund’s Class I Shares has not been adjusted to reflect the Fund’s A Share expenses. If it had been, the performance would have been lower.

As of January 31, 2007, the High Quality Bond Fund merged into the Intermediate Bond Fund.

10

INVESTMENT GRADE BOND FUND

Portfolio Manager(s)

• Perry Troisi

• John Talty, CFA

Investment Concerns

Mutual fund investing involves risk, including possible loss of principal. Bonds offer a relatively stable level of income, although bond prices will fluctuate providing the potential for principal gain or loss. Intermediate-term, higher-quality bonds generally offer less risk than longer-term bonds and a lower rate of return.

The Fund is subject to the risk that principal value reacts in opposition to the movement of interest rates and that a rising interest rate environment increases the risk of loss of principal.

Management Discussion of Fund Performance

How did the Fund perform against its benchmark for the period ended March 31, 2007?

For the 12 month period ended March 31, 2007 the Investment Grade Bond Fund returned 5.79% (I Shares). This performance lagged its benchmarks, the Lehman Brother U.S. Government/Credit Index and the Lehman Brothers U.S. Aggregate Bond Index for the 12 month period ended March 31, 2007. The Lehman Brothers U.S. Govt/Credit Index and the Lehman Brothers U.S. Aggregate Bond Index returned 6.38% and 6.59% respectively, for the 12 month period.

What factors influenced the Fund’s performance for the period ended March 31, 2007?

The Fed has effectively kept rates range-bound and inflationary pressures under control, and we would be surprised to see any Fed action before the fourth quarter, absent surprises.

Although recent events in the sub-prime mortgage market have impacted investor’s views about the economy, we believe the sub-prime problem is an isolated phenomenon with little risk to the portfolio. Our mortgage allocation is composed of conventional agency guaranteed pass-through securities and AAA-rated senior tier CMBS. In addition, while the major commercial banks have nominal exposure to the sub-prime market, their risk is well managed. On the other hand, we have reduced our mortgage overweight which was added last year, providing higher incremental yield during a lower volatility period than we currently see.¹

How do you plan to position the Fund, based on market conditions?

We have reviewed every credit and assessed its LBO potential. Among the list of concerns are items such as debt to equity ratios, cash flow, motivation of management, shareholder activism, history of aggressive merger and acquisition activities, size of the business and commitment to capital expenditures. An undervalued stock price is the most significant warning sign. We have sold companies that could be vulnerable and added defensive issues in the utility and pipeline industries. We purchased household names such as Conoco, IBM, Wal-Mart and Caterpillar where size alone should prevent the threat of a leveraged buyout. In general, we remain underweighted in corporates but are poised to act on weakness.¹

11

INVESTMENT GRADE BOND FUND

This chart assumes an initial hypothetical investment of $10,000 made on 3/31/97. Total return is based on net change in N.A.V. (net asset value) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

The Fund’s performance is compared to the Lehman Brothers U.S. Government/Credit Bond Index a widely recognized composite index made up of the Lehman Brothers U.S. Government Index and the Lehman Brothers U.S. Credit Index which include U.S. Government, Treasury and agency securities, as well as high grade corporate bonds. The Fund’s performance is also compared to the Lehman Brothers U.S. Aggregate Bond Index a widely recognized index of U.S. Treasury and agency securities, corporate bond issues, mortgage-backed securities, asset-backed securities and corporate mortgage-backed securities. The indices are unmanaged and do not reflect the deduction of fees or taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

				Average Annual Total Returns as of 3/31/07 (%)
Investment Grade Bond Fund		Inception Date		1 Year		3 Year		5 Year		10 Year
A Shares	without sales charge		06/11/92		5.48		2.72		4.51		5.21
	with sales charge*				0.46		1.06		3.51		4.70
C Shares	without CDSC		06/07/95		4.84		2.09		3.94		4.66
	with CDSC*				3.84		2.09		3.94		4.66
I Shares			07/16/92		5.79		3.08		4.90		5.61
Lehman Brothers U.S. Government/ Credit Bond Index					6.38		2.90		5.57		6.51
Lehman Brothers U.S. Aggregate Bond Index					6.59		3.31		5.35		6.46

The expense ratios for A, C and I Shares are 0.86%, 1.56% and 0.56%, respectively.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.sticlassicfunds.com.

* Class A Share performance reflects the maximum front-end sales charge of 4.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares.

12

INVESTMENT GRADE TAX-EXEMPT BOND FUND

Portfolio Manager

• Ronald Schwartz, CFA, CFP

Investment Concerns

Mutual fund investing involves risk, including possible loss of principal. Bonds offer a relatively stable level of income, although bond prices will fluctuate providing the potential for principal gain or loss. Intermediate-term, higher-quality bonds generally offer less risk than longer-term bonds and a lower rate of return.

The Fund’s income may be subject to certain state and local taxes and, depending on your tax status, the federal alternative minimum tax.

The Fund is subject to the risk that principal value reacts in opposition to the movement of interests rates and that a rising interest rate environment increases the risk of loss of principal.

Management Discussion of Fund Performance

How did the Fund perform against its benchmark for the period ended March 31, 2007?

For the 12 month period ended March 31, 2007 the Investment Grade Tax-Exempt Fund returned 4.51% (I Shares) out performing the Lehman Brothers 5 Year Municipal Bond Index which returned 4.28% and the Lipper Intermediate Municipal Debt Funds Average which returned 4.21%¹. While the Fund outperformed the benchmark and average, its overall high credit quality bias and underweighting of longer dated maturities were a determinant to the Fund’s performance. Market volatility lead to trading opportunities that proved beneficial to the Funds performance.

What factors influenced the Fund’s performance for the period ended March 31, 2007?

The year 2006 was the fourth year in a row where additional credit and duration risk paid off. The 2-30 year municipal curve flattening dramatically from a slope of 94 basis points (0.94%) as of March 31, 2006 to 55 basis points (0.55%) by December 31, 2006. Issuance remained below previous year’s level and often was met with insatiable demand as U.S. property insurance concerns added to tax-exempt portfolios and a broadening base of “alternative investors” were attracted to the sector for its strong credit characteristics and a yield curve that remained steeper than other fixed income categories. Municipal yields remained nearly unchanged by the end of first quarter 2007; as the
2-30 year curve steepened 3 basis points (0.03%) to a slope of 58.²

How do you plan to position the Fund, based on market conditions?

The nervous nature of financial markets so far in 2007 is consistent with our forecast of positive but below average economic growth and a gradual easing in inflation pressures. We believe the next move by the Federal Open Market Committee will be to lower its target federal funds rate, but that move is unlikely to occur before the second half of 2007. We will continue to hold a wide range of credits across the maturity spectrum, while maintain a quality bias and a neutral duration position near term.²

¹ The Lipper Intermediate Municipal Debt Funds Average consists of managed mutual funds that invest in municipal debt issues with dollar-weighted average maturities of five to ten years. It is not possible to invest directly in any index.

13

INVESTMENT GRADE TAX-EXEMPT BOND FUND

This chart assumes an initial hypothetical investment of $10,000 made on 3/31/97. Total return is based on net change in N.A.V. (net asset value) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

The Fund’s performance is compared to the Lehman Brothers 5 Year Municipal Bond Index a widely recognized index of intermediate investment grade tax-exempt bonds. The index includes general obligation bonds, revenue bonds, insured bonds and prefunded bonds with maturities between 4 and 6 years. The index is unmanaged and does not reflect the deduction of fees or taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

Investment Grade			Average Annual Total Returns as of 3/31/07 (%)
Tax-Exempt Bond Fund		Inception Date	1 Year	3 Year	5 Year	10 Year
A Shares	without sales charge	06/09/92	4.20	2.62	4.33	5.14
	with sales charge*		-0.77	0.95	3.31	4.63
C Shares	without CDSC	06/01/95	3.48	2.00	3.74	4.59
	with CDSC*		2.48	2.00	3.74	4.59
I Shares		10/21/93	4.51	2.99	4.71	5.56
Lehman Brothers 5 Year Municipal Bond Index			4.28	2.22	4.12	4.79

The expense ratios for A, C and I Shares are 0.87%, 1.57% and 0.57%, respectively.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.sticlassicfunds.com.

* Class A Share performance reflects the maximum front-end sales charge of 4.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares.

14

LIMITED DURATION FUND

Portfolio Manager(s)

• Joseph Calabrese, CFA

• John Talty, CFA

Investment Concerns

Mutual fund investing involves risk, including possible loss of principal. Bond funds will tend to experience smaller fluctuations in value than stock funds. However, investors in any bond fund should anticipate fluctuations in price, especially for longer-term issues and in environments of rising interest rates.

Management Discussion of Fund Performance

How did the Fund perform against its benchmark for the period ended March 31, 2007?

The Limited Duration Fund slightly lagged its benchmark the Merrill Lynch 3 Month U.S. Treasury Bill for the one year period ended March 31, 2007. The Fund produced a 5.04% (I Shares) total return versus the 5.07% return of the benchmark.

What factors influenced the Fund’s performance for the period ended March 31, 2007?

The Fund generates the majority of its return through the collection of interest. By utilizing asset-backed securities with attractive spreads over money market instruments, Agencies and Treasuries, the Fund strives to produce a steady source of income with price preservation as a secondary goal.

The Fund rewarded constituents with performance of 1.19% during the first quarter of 2007. This was accomplished as the Federal Open Market Committee had successfully managed a delicate balance of supporting a static economy while keeping a guarded eye on inflation. Looking at dwindling returns of other asset classes, investors are finally becoming more conscious of risk. The subprime mortgage issue, Chinese equity fears and a continuously active market for leveraged buyouts has significantly increased volatility. We continue to believe bonds have good relative value in this environment relative to the risks of other asset classes.¹

How do you plan to position the Fund, based on market conditions?

The recent demise of sub-prime mortgages loans made to normally unqualified homebuyers has made it difficult to interpret the strength of the economy. The mirage of housing appreciation gave lenders the ability to eschew appraisals, loan documentation and income verification in the interest of profitability. With housing data spotty and earnings expectations for homebuilders tumbling, many fear the onset of a housing bubble about to burst. “Easy money” borrowing surely had an influence. In hindsight, if the health of the real estate market was overstated then, it is not nearly as weak as it looks today. We believe the sub-prime problem is an isolated phenomenon that has little or no risk to your fixed income portfolio. Since sub-primes are residential in nature, our AAA-rated Commercial Mortgage Backed Securities are unaffected. Our Asset Backed Securities are primarily credit card receivables, auto loans or aged home equity loans (which are due to be repaid shortly).¹

We believe the Federal Reserve has been deft at keeping markets wondering while rates remain range-bound. The unanticipated deletion of “additional firming” from its latest formal text was a signal and may be a test to this Federal Reserve’s credibility. While the next move in rates is still unknown, the bond market tends to forecast varying degrees of lower rates. We would be surprised to see any action before the fourth quarter unless outside forces intervene to alter this timetable.

15

LIMITED DURATION FUND

This chart assumes an initial hypothetical investment of $10,000 made on 10/25/02. Total return is based on net change in N.A.V. (net asset value) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

The Fund’s performance is compared to the Merrill Lynch 3 Month U.S. Treasury Bill Index which is a widely-recognized index that tracks the performance of 3 Month U.S. Treasury Bills. The index is unmanaged and does not reflect the deduction of fees or taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

		Average Annual Total Returns as of 3/31/07 (%)
				Since
Limited Duration Fund	Inception Date	1 Year	3 Year	Inception
I Shares	10/25/02	5.04	3.40	2.61
Merrill Lynch 3 Month U.S. Treasury Bill Index		5.07	3.41	—

The expense ratio for I Shares is 0.16%.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.sticlassicfunds. com.

^† The quoted returns reflect the performance from October 25, 2002 to October 11, 2004 of the Seix Limited Duration Fund, an open-end investment company that was the predecessor fund to the Limited Duration Fund.   Effective August 1, 2005, Institutional Shares were renamed I Shares.

16

LIMITED-TERM FEDERAL MORTGAGE SECURITIES FUND

Portfolio Manager(s)

• Joseph Calabrese, CFA

• John Talty, CFA

Investment Concerns

Mutual fund investing involves risk, including possible loss of principal. Bonds offer a relatively stable level of income, although bond prices will fluctuate providing the potential for principal gain or loss. Intermediate-term, higher-quality bonds generally offer less risk than longer-term bonds and a lower rate of return.

U.S. Government guarantees apply only to the underlying securities of the Fund’s portfolio and not the Fund’s shares.

The Fund is subject to the risk that principal value reacts in opposition to the movement of interests rates and that a rising interest rate environment increases the risk of loss of principal.

Management Discussion of Fund Performance

How did the Fund perform against its benchmark for the period ended March 31, 2007?

For the 12 month period ended March 31, 2007 the Limited-Term Federal Mortgage Securities Fund slightly underperformed the Merrill Lynch 1-5 Year AAA U.S. Treasury/Agencies Index, and outperformed the Merrill Lynch 1-5 Year U.S. Treasuries Index. The Fund produced a 5.33% (I Shares) total return and the Merrill Lynch 1-5 Year AAA U.S. Treasury/Agencies Index and the Merrill Lynch 1-5 Year U.S. Treasuries Index produced a 5.39% and 5.26% return, respectively, for the period. The slight underperformance of the Fund compared to the Merrill Lynch 1-5 Year AAA U.S. Treasury Index was attributable to the fees and expenses associated with the Fund, but not the Index.

What factors influenced the Fund’s performance for the period ended March 31, 2007?

Our mortgage overweight enables us to maximize yield which is crucial to short duration performance.¹

We maintained our allocation to Mortgages for its income benefit. We sold low coupon MBS and agency debentures and bought Treasuries as we await better value. We added positions in Adjustable Rate MBS. We will continue to reinvest prepayments into the MBS component to maximize our exposure to that sector.¹

How do you plan to position the Fund, based on market conditions?

The recent demise of sub-prime mortgages—loans made to normally unqualified homebuyers—has made it difficult to interpret the strength of the economy. The mirage of housing appreciation gave lenders the ability to eschew appraisals, loan documentation and income verification in the interest of profitability. With housing data spotty and earnings expectations for homebuilders tumbling, many fear the onset of a housing bubble about to burst. “Easy money” borrowing surely had an influence. In hindsight, if the health of the real estate market was overstated then, it is not nearly as weak as it looks today. We believe the sub-prime problem is an isolated phenomenon that has little or no risk to your fixed income portfolio. Our mortgage allocation is composed of conventionally issued pass-through securities and collateralized mortgage obligations guaranteed by FHLMC, FNMA and GNMA.¹

We believe the Federal Reserve has been deft at keeping markets wondering while rates remain range-bound. The unanticipated deletion of “additional firming” from its latest formal text was a signal and could be a test to this Federal Reserve’s credibility. While the next move in rates is still unknown, the bond market tends to forecast varying degrees of lower rates. We would be surprised to see any action before the fourth quarter unless outside forces intervene to alter this timetable.

17

LIMITED-TERM FEDERAL MORTGAGE SECURITIES FUND

This chart assumes an initial hypothetical investment of $10,000 made on 3/31/97. Total return is based on net change in N.A.V. (net asset value) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

The Fund’s performance is compared to the Merrill Lynch 1-5 Year AAA U.S. Treasuries/Agencies Index and the Merrill Lynch 1-5 Year U.S. Treasuries Index. The Merrill Lynch 1-5 Year AAA U.S. Treasuries/ Agencies Index tracks the performance of U.S. government and agency bonds that have a minimum issue size of $150 million. The Merrill Lynch 1-5 Year U.S. Treasuries Index is a widely recognized, capitalization weighted index of U.S. Treasury securities with maturities of one year or greater and no more than 5 years. The indices are unmanaged and do not reflect the deduction of fees or taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

Limited-Term Federal Mortgage			Average Annual Total Returns as of 3/31/07 (%)
Securities Fund		Inception Date	1 Year	3 Year	5 Year	10 Year
A Shares	without sales charge	07/18/94	5.03	2.34	3.27	4.60
	with sales charge*		2.43	1.47	2.75	4.34
C Shares	without CDSC	06/07/95	4.18	1.66	2.74	4.16
	with CDSC*		3.18	1.66	2.74	4.16
I Shares		06/06/94	5.33	2.55	3.51	4.85
Merrill Lynch 1-5 Year AAA U.S. Treasury/Agencies Index			5.39	2.30	3.62	5.18
Merrill Lynch 1-5 Year U.S. Treasuries Index			5.26	2.15	3.52	5.09

The expense ratios for A, C and I Shares are 0.78%, 1.58% and 0.58%, respectively.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.sticlassicfunds.com.

* Class A Share performance reflects the maximum front-end sales charge of 2.50% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares.

18

MARYLAND MUNICIPAL BOND FUND

Portfolio Manager

• George E. Calvert, Jr.

Investment Concerns

Mutual fund investing involves risk, including possible loss of principal. Bonds offer a relatively stable level of income, although bond prices will fluctuate providing the potential for principal gain or loss. Intermediate-term, higher-quality bonds generally offer less risk than longer-term bonds and a lower rate of return.

The geographical concentration of portfolio holdings in this fund may involve increased risk.

The Fund’s income may be subject to certain state and local taxes and, depending on your tax status, the federal alternative minimum tax.

The Fund is subject to the risk that principal value reacts in opposition to the movement of interests rates and that a rising interest rate environment increases the risk of loss of principal.

Management Discussion of Fund Performance

How did the Fund perform against its benchmark for the period ended March 31, 2007?

The Maryland Municipal Bond Fund outperformed the Lipper Maryland Municipal Debt Funds Average¹ for the year; however underperformed the Fund’s benchmark index, the Lehman Brothers 10 Year Municipal Bond Index. The Fund returned 4.93% (I Shares) versus 4.40% for the Lipper average and 5.62% (without expenses) for the Lehman Brothers 10 Year Municipal Bond Index. Market returns improved with maturity extension and with exposure to lower grade credits during this period. The Fund’s holdings of lower investment grade (rated A and BBB) bonds assisted relative performance while the weighting to the longer maturities was neither under nor overweight our typical levels as a percentage of assets.²

What factors influenced the Fund’s performance for the period ended March 31, 2007?

The Fund maintained a duration shorter than the Lehman 10 Year Index throughout the period. During the period, longer maturity municipals outperformed shorter bonds and this outperformance increased as maturity was extended. The Fund was set up more short-to-neutral during this period, which along with fees ultimately resulted in the Fund lagging it’s benchmark..

The demand for higher yielding securities, in general, has forced credit spreads to narrow levels for several years and spreads remain near all time lows in some sectors. The Fund has a nearly 30% combined weighting to health care and higher education bonds, many with lower investment grade ratings, and these helped performance. As the long end of the market continued to perform well and term interest rates refused to move upwards, a greater allocation to long bonds would have been advantageous over this 12 month period.²

How do you plan to position the Fund, based on market conditions?

We will purchase a diversity of credits and seek a spread to AAA benchmarks yield with most trades, while adhering to an overall high grade orientation. This is difficult in Maryland as there are a limited number of cities and counties and demand is intense for higher yielding bonds. With forecasts for the U.S. economy, interest rates and housing markets differing widely, a duration positioning towards the middle of the Fund’s historic range is expected. However, the Fund will not ignore the performance potential of longer bonds or the returns to be obtained in the intermediate range from a steeper curve. The Fund currently holds an ample weighting in the 5 to 10 year area but may replace some seasoned 15-years and longer bonds that have rolled shorter and have less call protection.²

¹ The Lipper Maryland Municipal Debt Funds Average reflects the performance of mutual funds with similar objectives tracked by Lipper Inc. and excludes the effect of sales charges.

19

MARYLAND MUNICIPAL BOND FUND

This chart assumes an initial hypothetical investment of $10,000 made on 3/31/97. Total return is based on net change in N.A.V. (net asset value) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

The Fund’s performance is compared to the Lehman Brothers 10 Year Municipal Bond Index a widely recognized index of long-term investment grade tax-exempt bonds. The index includes general obligation bonds, revenue bonds, insured bonds and prefunded bonds with maturities between 8 and 12 years. The index is unmanaged and does not reflect the deduction of fees or taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

				Average Annual Total Returns as of 3/31/07 (%)
												Since
Maryland Municipal Bond Fund		Inception Date†		1 Year		3 Year		5 Year		10 Year		Inception
A Shares	without sales charge		04/13/05		4.77		3.01		4.58		5.07		4.50
	with sales charge*				-0.24		1.35		3.75		4.56		4.04
C Shares	without CDSC		04/25/96		3.88		2.20		3.69		4.16		4.07
	with CDSC*				2.88		2.20		3.69		4.16		4.07
I Shares			03/01/96		4.93		3.22		4.70		5.13		4.56
Lehman Brothers 10 Year Municipal Bond Index					5.62		3.57		5.37		5.78		—

The expense ratios for A, C and I Shares are 0.80%, 1.65% and 0.65%, respectively.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.sticlassicfunds.com.

*	Class A Share performance reflects the maximum front-end sales charge of 4.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares.
†	The A Shares were offered beginning on 4/14/05. The A Shares performance between 3/1/96 to 4/14/05 is that of the Class I Shares of the Fund, and has not been adjusted to reflect A Share expenses. If it had been performance would have been lower.

20

NORTH CAROLINA TAX-EXEMPT BOND FUND

Portfolio Manager

• Chris Carter, CFA

Investment Concerns

Mutual fund investing involves risk, including possible loss of principal. Bonds offer a relatively stable level of income, although bond prices will fluctuate providing the potential for principal gain or loss. Intermediate-term, higher-quality bonds generally offer less risk than longer-term bonds and a lower rate of return.

The geographical concentration of portfolio holdings in this fund may involve increased risk.

The Fund’s income may be subject to certain state and local taxes and, depending on your tax status, the federal alternative minimum tax.

The Fund is subject to the risk that principal value reacts in opposition to the movement of interests rates and that a rising interest rate environment increases the risk of loss of principal.

Management Discussion of Fund Performance

How did the Fund perform against its benchmark for the period ended March 31, 2007?

For the 12 month period ended March 31, 2007, the North Carolina Tax-Exempt Bond Fund had a total return of 5.17% (I Shares) versus an average return of 4.40% for the Lipper North Carolina Municipal Debt Funds Average¹ and 5.62% (without expenses) for the Funds benchmark the Lehman Brothers 10 Year Municipal Bond Index. The Fund’s high relative allocation to 15-year and longer paper contributed largely to its performance. The Fund maintained an overweight of less than one-year and 15-year and longer paper. Trading activity and portfolio events during the period resulted in exposure to the 10-year, 20-year, and long bond sectors being increased, and exposure to the less than 1-year, 3-year, 7-year, and 15-year sectors being reduced. Five, 10, and 30-year generic AAA rated municipal bond yields declined 7, 22, and 36 basis points (0.07%, 0.22% and 0.36%) respectively, over the 12 months. The 2-year to 30-year municipal bond yield curve flattened 36 basis points (0.36%) to 58 basis points (0.58%) of slope.

What factors influenced the Fund’s performance for the period ended March 31, 2007?

The factors behind the Fund’s performance were its high relative allocation to bonds with final maturities exceeding 15 years and a pre-refunding event. The slight underperformance of the Fund compared to the Lehman Brother 10 Year Municipal Bond Index was attributable to a few factors, fees and expenses associated with a mutual fund, the Index is not limited to North Carolina exempt bonds where as the Fund is, limited to those types of securities, and the Index may contain sectors the Fund will avoid.²

How do you plan to position the Fund, based on market conditions?

The Fund continues to favor premium bonds (prices greater than par) for their income benefit and relative price stability. All activity will occur within an investment grade construct and the average credit quality of Fund holdings should remain high.²

¹ The Lipper North Carolina Municipal Debt Funds Average is average of mutual funds that invests at least 65% of their assets in municipal debt issues that are exempt from taxation in North Carolina, with dollar-weighted average maturities of five to ten years.

21

NORTH CAROLINA TAX-EXEMPT BOND FUND

This chart assumes an initial hypothetical investment of $10,000 made on 1/8/04. Total return is based on net change in N.A.V. (net asset value) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

The Fund’s performance is compared to the Lehman Brothers 10 Year Municipal Bond Index a widely recognized index of long-term investment grade tax-exempt bonds. The index includes general obligation bonds, revenue bonds, insured bonds and prefunded bonds with maturities between 8 and 12 years. The index is unmanaged and does not reflect the deduction of fees or taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

				Average Annual Total Returns as of 3/31/07 (%)
North Carolina								Since
Tax-Exempt Bond Fund		Inception Date†		1 Year		3 Year		Inception
A Shares	without sales charge		03/21/05		5.02		3.31		3.49
	with sales charge*				0.06		1.65		1.94
C Shares	without CDSC		03/21/05		4.14		2.81		3.03
	with CDSC*				3.14		2.81		3.03
I Shares			01/08/04		5.17		3.23		3.42
Lehman Brothers 10 Year Municipal Bond Index					5.62		3.57		—

The gross expense ratios for the A, C and I Shares are 0.82%, 1.67% and 0.67%, respectively. The Adviser has contractually agreed to waive fees and reimburse expenses until at least August 1, 2007 in order to keep total operating expenses from exceeding 0.86%, 1.71% and 0.71% for A, C and I Shares, respectively. In absence of such fee waivers, total return would be reduced.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.sticlassicfunds.com.

†	The Fund began operations on March 21, 2005. Performance from January 8, 2004 to March 21, 2005 is that of the CCMI Tax-Exempt North Carolina Bond Fund, the Fund’s predecessor. The historical performance has not been adjusted to reflect the Fund’s A or C Share expenses. If it had been, the performance would have been lower.
*	Class A Share performance reflects the maximum front-end sales charge of 4.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares.

22

SEIX FLOATING RATE HIGH INCOME FUND

Portfolio Manager(s)

• George Goudelias

• Michael McEachern, CFA

Investment Concerns

Mutual fund investing involves risk, including possible loss of principal. Bond funds will tend to experience smaller fluctuations in value than stock funds. However, investors in any bond fund should anticipate fluctuations in price, especially for longer-term issues and in environments of rising interest rates.

Although the Fund’s yield may be higher than that of fixed income funds that purchase higher-rated securities, the potentially higher yield is a function of the greater risk that the Fund’s share price will decline.

Management Discussion of Fund Performance

How did the Fund perform against its benchmark for the period ended March 31, 2007?

The Seix Floating Rate High Income Fund outperformed its benchmark, the Credit Suisse First Boston Institutional Leveraged Loan Index for the 12 month period ended March 31, 2007. The Fund returned 7.47% (I Shares) versus 7.45% for the index.

What factors influenced the Fund’s performance for the period ended March 31, 2007?

Outperformance was helped by an allocation to Bonds, an overweight to Metals/Minerals, Utilities, Media/Telecom, and Gaming, and an underweight to Food/Tobacco and Housing, which underperformed during the quarter.¹

We continued to find opportunities in issuers and industries that exhibited both solid asset coverage and solid cash flow generation. We have built up some liquidity in the portfolio to potentially take advantage of opportunities should the market start to reprice risk.

How do you plan to position the Fund, based on market conditions?

We continue to remain positive on the credit markets but remain cognizant of the current spread environment. We feel a conservative posture is prudent considering the pricing pressures and lack of covenant protection afforded to investors more recently and look to take advantage of weakness as the technicals change coming into a period of heavy supply in the second quarter.¹

23

SEIX FLOATING RATE HIGH INCOME FUND

This chart assumes an initial hypothetical investment of $10,000 made on 3/2/06. Total return is based on net change in N.A.V. (net asset value) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

The Fund’s performance is compared to the Credit Suisse First Boston (“CSFB”) Institutional Leveraged Loan Index is designed to mirror the investible universe of the U.S.-denominated leveraged loan market. The index is unmanaged and does not reflect the deduction of fees or taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

			Average Annual Total Returns
			as of 3/31/07 (%)
					Since
Seix Floating Rate High Yield Fund		Inception Date	1 Year		Inception
A Shares	without sales charge with sales charge*	05/08/061		7.28 4.55		6.73 4.23
I Shares	without load	03/02/06		7.47		6.90
CSFB Institutional Leveraged Loan Index				7.45		—

The gross expense ratios for A and I Shares are 0.85% and 0.55%, respectively. The Adviser has contractually agreed to waive fees and reimburse expenses until at least August 1, 2007 in order to keep total operating expenses from exceeding 0.85% and 0.55% for A and I Shares, respectively. In absence of such fee waivers, total return would be reduced.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.sticlassicfunds.com.

1	The A Shares were offered beginning on May 8, 2006. That A Shares performance between March 2, 2006 to May 8, 2006 is that of the I Shares of the Fund and has not been adjusted to reflect A Shares expenses.
*	Class A Share performance reflects the maximum front-end sales charge of 2.50%.

24

SEIX HIGH YIELD FUND

Portfolio Manager(s)

• George Goudelias

• Michael McEachern, CFA

Investment Concerns

Mutual fund investing involves risk, including possible loss of principal. Bond funds will tend to experience smaller fluctuations in value than stock funds. However, investors in any bond fund should anticipate fluctuations in price, especially for longer-term issues and in environments of rising interest rates.

Although the Fund’s yield may be higher than that of fixed income funds that purchase higher-rated securities, the potentially higher yield is a function of the greater risk that the Fund’s share price will decline.

Management Discussion of Fund Performance

How did the Fund perform against its benchmark for the period ended March 31, 2007?

The Seix High Yield Fund, which concentrates on the higher quality sector of the high yield market, posted a total return of 8.68% (I Shares) for the 12 month period ended March 31, 2007 versus the 11.42% for the Fund’s benchmark, the Merrill Lynch High Yield Master Index.

What factors influenced the Fund’s performance for the period ended March 31, 2007?

Underperformance of the Funds compared to our benchmark was primarily a factor of the High Yield Fund’s focus on high quality. The lowest quality credits outperformed the general high yield market during the past 12 months. Our void in GM and Ford manufacturing entities—neither of which passed our credit screens—contributed to the lag as well. The Fund was overweighted in the more stable sectors such as Energy and Utilities.¹

Seix has no plans to change the investment process or our focus on credit fundamentals and thorough security research.

How do you plan to position the Fund, based on market conditions?

Despite an ambivalent outlook for the economy, high yield fundamentals remain solid. Defaults continue to be near historic lows. Corporate balance sheets remain relatively healthy. Event risk continues to be a concern, but the bonds most affected were originally issued as investment grade and lack covenant protection. By analyzing the impact of a possible leveraging event on each portfolio holding, we have, for the most part, been able to avoid the negative affects of the recent surge in leveraged buyouts.

Technical factors continue to be positive for high yield. Demand remains strong and the net new supply is being absorbed by the Bank Loan market. With quality spreads between CCC’s and BB’s near historic lows, we continue to structure the portfolio in an effort to outperform significantly if CCC’s come under pressure. Given strong fundamental and technical conditions, we believe that the Fund can outperform the benchmark moderately if quality spreads remain within a tight range. In an environment with no dominant trends, we expect potentially superior security selection, a Seix strength, could pay off to an even greater degree.¹

25

SEIX HIGH YIELD FUND

This chart assumes an initial hypothetical investment of $10,000 made on 12/29/00. Total return is based on net change in N.A.V. (net asset value) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

The Fund’s performance is compared to the Merrill Lynch High Yield Master Index which is a widely-recognized index of U.S. high yield corporate bond issues having maturities of at least one year. The index in unmanaged and does not reflect the deduction of fees or taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

			Average Annual Total Returns as of 3/31/07 (%)†
									Since
Seix High Yield Fund		Inception Date†	1 Year		3 Year		5 Year		Inception
A Shares	without sales charge with sales charge*	12/21/01		8.61 3.47		5.96 4.25		7.87 6.82		8.33 7.49
C Shares	without CDSC with CDSC*	10/11/04		7.62 6.62		5.31 5.31		7.62 7.62		8.15 8.15
I Shares		12/29/00		8.68		6.11		8.11		8.54
Merrill Lynch High Yield Master Index				11.42		8.49		10.00		—

The expense ratios for A, C and I Shares are 0.74%, 1.49% and 0.49%, respectively.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.sticlassicfunds.com.

* Class A Share performance reflects the maximum front-end sales charge of 4.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares, Institutional Shares were renamed I Shares.

^† The quoted returns reflect the performance from December 29, 2000 to October 11, 2004 of the Seix High Yield Fund, an open-end investment company that was the predecessor fund to the Seix High Yield Fund.

Performance for the I Shares, which commenced operations on October 11, 2004, is the historical performance of the Seix High Yield Fund’s Class I Shares prior to that date.

Performance for the C Shares, which commenced operations on October 11, 2004, is the historical performance of the Seix High Yield Fund’s Class I Shares prior to that date. The historical performance has not been adjusted to reflect the Fund’s C Share expenses. If it had been, the performance would have been lower.

The Class A Shares began operating on October 11, 2004. Performance between December 29, 2000 to December 21, 2001 and December 21, 2001 to October 11, 2004 is that of the Class I Shares and Class P Shares, respectively, of the Seix High Yield Fund, the Fund’s predecessor. The performance of the predecessor fund’s Class I Shares has not been adjusted to reflect the Fund’s A Share expenses. If it had been, the performance would have been lower.

26

SHORT-TERM BOND FUND

Portfolio Manager(s)

• Robert W. Corner

• H. Rick Nelson

Investment Concerns

Mutual fund investing involves risk, including possible loss of principal. Bonds offer a relatively stable level of income, although bond prices will fluctuate providing the potential for principal gain or loss. Intermediate-term, higher-quality bonds generally offer less risk than longer-term bonds and a lower rate of return.

The Fund is subject to the risk that principal value reacts in opposition to the movement of interest rates and that a rising interest rate environment increases the risk of loss of principal.

Management Discussion of Fund Performance

How did the Fund perform against its benchmark for the period ended March 31, 2007?

The Short-Term Bond Fund returned 5.23% (I Shares) for the 12 month period ended March 31, 2007 slightly lagged the 5.28% return of the benchmark, the Citigroup 1-3 Year Government/Credit Index.

The Fund’s increased allocation to mortgage backed securities added to performance as volatility remained low and spreads narrow. Our underweight position to corporate credit detracted from performance as credit product continued its four-plus year string of good returns.¹ Our underweight allocation to U.S. Treasury securities and U.S. Agency debt securities helped boost performance as these two “low risk” sectors had the lowest relative returns for the year.

What factors influenced the Fund’s performance for the period ended March 31, 2007?

Key themes over the last year that significantly influenced the fixed income markets were (i) the probable end of the Federal Reserve (the “Fed”) tightening cycle amidst slowing economic growth while inflation remained stubbornly above the Feds comfort zone of 2%; (ii) the inversion of the U.S. Treasury yield curve as yields peaked then reversed course while the Fed held the fed funds rate steady at 5.25%; (iii) the unraveling of the housing market boom and follow through deterioration of the sub prime market; (iv) low market volatility which provided support for structured product (i.e. MBS) performance; (v) generally tight credit spreads due to substantial demand from overseas and from Collateralized Debt Obligation buyers which boosted returns on corporate bonds, especially lower rated (i.e. BBB) bonds.

The first quarter of the year saw rising yields due to accelerating inflation, oil prices above $70/barrel, and 50 basis points (0.50%) of tightening by the Federal Open Market Committee (“FOMC”) pushing the fed fund rate to its cycle high of 5.25%. This point in time proved to be a meaningful turning point in the fixed income markets as the U.S. Treasury curve inverted for the first time upon the FOMC’s tightening move on June 29.

In the second quarter, investment grade fixed income markets posted their best quarterly performance in more than three years on prospects that the Fed had ended its tightening cycle as a result of slower growth from a weaker housing market and abating inflation concerns. The yield of two year U.S. Treasury note fell by almost 50 basis points during the quarter.

Yields rose slightly in the third quarter as predictions of Fed ease were pushed further into the future on signs of a stabilizing economy coupled with Fed anti inflation rhetoric.

The final fiscal quarter of the year witnessed a systematic re-evaluation of risks as stocks sagged, swap spreads and credit spreads leaked out, and sub prime fallout broadened. The FOMC maintained the overnight fed funds rate at 5.25% and moved to a “neutral” bias citing moderating growth. However, the FOMC was still concerned about the potential risks of stubbornly high inflation.

How do you plan to position the Fund, based on market conditions?

Looking forward, we continue to believe the next move by the Fed will be an ease. However, the key to lower rates, employment and consumer spending, have remained resilient. Also keeping the Fed in a temporary holding pattern is stubbornly high inflation. As such, we expect to maintain a neutral duration with a bias to add to duration if yields rise.¹

We also expect the current “inverted” yield curve to return to a more normal shape over time — positively impacting short-term bonds on a relative basis. Our curve strategy is to be slightly bulleted focusing on the 1-5 year part of the yield curve in order to take advantage of the eventual normalization of the yield curve.

While both swap and credit spreads widened slightly in the Fund’s last fiscal quarter of 2006, we believe there is the potential for further widening in credit spreads as the sub prime situation continues to unfold and there is abundant cash and financial flexibility in the hands of companies, hedge funds, and private equity. As such, we expect to remain underweight credit due to (still) relatively tight spreads and the continued risks mentioned above.¹

We remain overweight high quality MBS as swap spreads are attractive compared to credit spreads. This focus adds incremental yield to portfolios without lowering credit quality.¹

The Fund also anticipates using futures, options, swaps and CDS to better implement the above mentioned strategies with the objective of potentially boosting Fund performance.

27

SHORT-TERM BOND FUND

This chart assumes an initial hypothetical investment of $10,000 made on 3/31/97. Total return is based on net change in N.A.V. (net asset value) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

The Fund’s performance is compared to the Citigroup 1-3 Year Government/Credit Index a widely recognized index of U.S. Treasury securities, government agency obligations, and corporate debt securities rated at least investment grade (BBB). The securities in the index have maturities of one year or greater and less than three years. The index is unmanaged and does not reflect the deduction of fees or taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

			Average Annual Total Returns as of 3/31/07 (%)
Short-Term Bond Fund		Inception Date	1 Year		3 Year		5 Year		10 Year
A Shares	without sales charge with sales charge*	03/22/93		5.11 2.48		2.55 1.68		2.74 2.21		4.16 3.90
C Shares	without CDSC with CDSC*	06/20/95		4.29 3.29		1.97 1.97		2.25 2.25		3.73 3.73
I Shares	without load	03/15/93		5.23		2.77		2.96		4.36
Citigroup 1-3 Year Government/Credit Index				5.28		2.54		3.58		5.09

The expense ratios for A, C and I Shares are 0.68%, 1.48% and 0.48%, respectively.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.sticlassicfunds.com.

*    Class A Share performance reflects the maximum front-end sales charge of 2.50% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares.

28

SHORT-TERM U.S. TREASURY SECURITIES FUND

Portfolio Manager(s)

• H. Rick Nelson

• Chad Stephens

Investment Concerns

Mutual fund investing involves risk, including possible loss of principal. Bonds offer a relatively stable level of income, although bond prices will fluctuate providing the potential for principal gain or loss. Intermediate-term, higher-quality bonds generally offer less risk than longer-term bonds and a lower rate of return.

U.S. Government guarantees apply only to the underlying securities of the Fund’s portfolio and not the Fund’s shares.

The Fund is subject to the risk that principal value reacts in opposition to the movement of interests rates and that a rising interest rate environment increases the risk of loss of principal.

Management Discussion of Fund Performance

How did the Fund perform against its benchmark for the period ended March 31, 2007?

The Short-Term U.S. Treasury Securities Fund returned 4.64% (I Shares) for the 12 month period ended March 31 placing it slightly below the Lipper Short U.S. Treasury Funds category median return of 4.70%. The Fund also underperformed the 4.98% return for the Citigroup 1-3 Year Treasury Index and the 5.01% for the Citigroup 6 month Treasury Bill Index. The underperformance of the Fund compared to the Fund’s stated 1-3 year benchmark index is due to the expenses of the Fund as market based indices do not reflect embedded fees and expenses.

What factors influenced the Fund’s performance for the period ended March 31, 2007?

Key themes over the last year that significantly influenced the fixed income markets were (i) the probable end of the Federal Reserve (“Fed”) tightening cycle amidst slowing economic growth while inflation remained stubbornly above the Feds comfort zone of 2%; (ii) the inversion of the U.S. Treasury yield curve as yields peaked then reversed course while the Federal Reserve (the “Fed”) held the fed funds rate steady at 5.25%; (iii) the unraveling of the housing market boom and follow through deterioration of the sub prime market; (iv) low market volatility which provided support for structured product (i.e. MBS) performance; (v) generally tight credit spreads due to substantial demand from overseas and from Collateralize Debt Obligation buyers which boosted returns on corporate bonds, especially lower rated (i.e. BBB) bonds.

The first quarter of the year saw rising yields due to accelerating inflation, oil prices above $70/barrel, and 50 basis points (0.50%) of tightening by the Federal Open Market Committee (“FOMC”) pushing the fed fund rate to its cycle high of 5.25%. This point in time proved to be a meaningful turning point in the fixed income markets as the U.S. Treasury curve inverted for the first time upon the FOMC’s tightening move on June 29.

In the second quarter, investment grade fixed income markets posted their best quarterly performance in more than three years on prospects that the Fed had ended its tightening cycle as a result of slower growth from a weaker housing market and abating inflation concerns. The yield of two year U.S. Treasury note fell by almost 50 basis points (0.50%) during the quarter.

Yields rose slightly in the third quarter as predictions of Fed ease were pushed further into the future on signs of a stabilizing economy coupled with Fed anti inflation rhetoric.

The final fiscal quarter of the year witnessed a systematic reevaluation of risks as stocks sagged, swap spreads and credit spreads leaked out, and sub prime fallout broadened. The FOMC maintained the overnight fed funds rate at 5.25% and moved to a “neutral” bias citing moderating growth. However, the FOMC was still concerned about the potential risks of stubbornly high inflation.

How do you plan to position the Fund, based on market conditions?

Looking forward, we continue to believe the next move by the Fed will be an ease. However, the key to lower rates, employment and consumer spending, have remained resilient. Also keeping the Fed in a temporary holding pattern is stubbornly high inflation. As such, we plan to maintain a neutral duration with a bias to add to duration if yields rise.

We expect the current “inverted” yield curve to return to a more normal shape over time — positively impacting short-term bonds on a relative basis. Our curve strategy is to be slightly bulleted focusing on the 1-5 year part of the yield curve in order to take advantage of the eventual normalization of the yield curve.

The Fund also anticipates using futures and options to better implement the above mentioned strategies with the objective of boosting Fund performance.¹

29

SHORT-TERM U.S. TREASURY SECURITIES FUND

This chart assumes an initial hypothetical investment of $10,000 made on 3/31/97. Total return is based on net change in N.A.V. (net asset value) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

The Fund’s performance is compared to the Citigroup 1-3 Year Treasury Index and the Citigroup 6 Month Treasury Bill Index. The Citigroup 1-3 Year Treasury Index is a widely recognized index of U.S. Treasury securities with maturities of one year or greater and less than three years. The Citigroup 6 Month Treasury Bill Index tracks the performance of 6 month U.S. Treasury Bills. The indices are unmanaged and do not reflect the deduction of fees or taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

				Average Annual Total Returns as of 3/31/07 (%)
Short-Term U.S. Treasury
Securities Fund		Inception Date		1 Year		3 Year		5 Year		10 Year
A Shares	without sales charge		03/18/93		4.46		1.75		2.31		3.79
	with sales charge*				1.86		0.90		1.79		3.53
C Shares	without CDSC		06/22/95		3.62		1.16		1.86		3.46
	with CDSC*				2.62		1.16		1.86		3.46
I Shares			03/15/93		4.64		1.92		2.48		3.96
Citigroup 1-3 Year Treasury Index					4.98		2.28		3.10		4.75
Citigroup 6 Month Treasury Bill Index					5.01		3.37		2.58		3.81

The gross expense ratios for the A, C and I Shares are 0.72%, 1.54% and 0.54%, respectively. The net expense ratios for the A, C and I Shares are 0.68%, 1.50% and 0.50%, respectively. Investment performance reflects voluntary fee waivers, which may be discontinued at any time. Without these fee wiavers, performance would have been lower.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.sticlassicfunds.com.

*    Class A Share performance reflects the maximum front-end sales charge of 2.50% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares.

30

STRATEGIC INCOME FUND

Portfolio Manager(s)

• Michael McEachern, CFA

• Adrien Webb, CFA

Investment Concerns

Mutual fund investing involves risk, including possible loss of principal. Bonds offer a relatively stable level of income, although bond prices will fluctuate providing the potential for principal gain or loss. Intermediate-term, higher-quality bonds generally offer less risk than longer-term bonds and a lower rate of return.

U.S. Government guarantees apply only to the underlying securities of the Fund’s portfolio and not the Fund’s shares.

Although the Fund’s yield may be higher than that of fixed income funds that purchase higher-rated securities, the potentially higher yield is a function of the greater risk that the Fund’s share price will decline.

International investing involves increased risk and volatility.

The Fund is subject to the risk that principal value reacts in opposition to the movement of interests rates and that a rising interest rate environment increases the risk of loss of principal.

Management Discussion of Fund Performance

How did the Fund perform against its benchmark for the period ended March 31, 2007?

For the 12 month period ended March 31, 2007 the Strategic Income Fund well outperformed its benchmark, the Strategic Income Hybrid Index. With a total return of 8.66% (I Shares) versus 6.49% for the Index. The Fund uses a hybrid blended benchmark of 34% of the Merrill Lynch AAA U.S. Treasury/Agency Master Index, 33% of the Merrill Lynch U.S. High Yield Master Index and 33% of the Merrill Lynch AAA Global Government Bond II ex-U.S. Index for performance comparison purposes.

What factors influenced the Fund’s performance for the period ended March 31, 2007?

The Fed has effectively kept rates range-bound and inflationary pressures under control, and we would be surprised to see any Fed action before the fourth quarter, absent surprises. Although recent events in the sub-prime mortgage market have affected investors’ views about the economy, we believe the sub-prime problem is an isolated phenomenon with little risk to the portfolio. Our mortgage allocation is composed of conventional agency guaranteed pass-through securities and AAA-rated senior tier CMBS. In addition, while the major commercial banks have nominal exposure to the sub-prime market, their risk is well managed. On the other hand, we have reduced our mortgage overweight which was added last year, providing higher incremental yield during a lower volatility period than we currently see

How do you plan to position the Fund, based on market conditions?

We have reviewed every credit and assessed its LBO potential. Among the list of concerns are items such as debt to equity ratios, cash flow, motivation of management, shareholder activism, history of aggressive merger and acquisition activities, size of the business and commitment to capital expenditures. An undervalued stock price is the most significant warning sign. We have sold companies that could be vulnerable and added defensive issues in the utility and pipeline industries. We purchased household names such as Conoco, IBM, Wal-Mart and Caterpillar where size alone should prevent the threat of a leveraged buyout. In general, we remain underweighted in corporates but are poised to act on weakness.

31

STRATEGIC INCOME FUND

This chart assumes an initial hypothetical investment of $10,000 made on 11/30/01. Total return is based on net change in N.A.V. (net asset value) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

The Fund’s performance is compared to the Strategic Income Hybrid Index a blended hybrid index which consists of 33% of the Merrill Lynch AAA U.S. Treasury/Agency Master Index, 34% of the Merrill Lynch U.S. High Yield Master II Index and 33% of the Merrill Lynch AAA Global Government Bond II ex U.S. Index. The Merrill Lynch AAA U.S. Treasury/Agency Master Index, the Merrill Lynch U.S. High Yield Master II Index and the Merrill Lynch AAA Global Government Bond II ex U.S. Index. The Merrill Lynch AAA U.S. Treasury/Agency Master Index is a widely-recognized U.S. government index that tracks the performance of the combined U.S. Treasury and U.S. agency markets. It includes U.S. dollar-denominated, U.S. Treasury and U.S. agency bonds, issued in the U.S. domestic bond market, having a at least one year remaining term to maturity, a fixed coupon schedule and a minimum amount outstanding of $1 billion for U.S. Treasuries and $150 million for U.S. agencies. The Merrill Lynch U.S. High Yield Master II Index is a widely-recognized, market-value weighted index that tracks the performance of below investment grade U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market. The Merrill Lynch Global Government Bond II ex U.S. Index is a widely recognized subset of the Merrill Lynch Global Government bond Index including Belgian, Danish, Irish, Italian, New Zealand, Portuguese, Spanish and Swedish returns. The indices are unmanaged and do not reflect the deduction of fees or taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

				Average Annual Total Returns as of 3/31/07 (%)
Strategic Income Fund		Inception Date		1 Year		3 Year		5 Year		Since Inception
A Shares	without sales charge		10/08/03		8.31		4.69		—		5.67
	with sales charge*				3.19		3.00		—		4.18
C Shares	without CDSC		11/30/01		7.48		4.07		5.67		5.16
	with CDSC*				6.48		4.07		5.67		5.16
I Shares			11/30/01		8.66		4.94		6.38		5.86
Merrill Lynch AAA U.S. Treasury/Agency Master Index					5.90		2.72		5.02		—
Merrill Lynch U.S. High Yield Master II Index					11.59		8.56		10.07		—
Merrill Lynch AAA Global Government Bond II ex U.S. Index					5.26		4.49		4.93		—
Strategic Income Hybrid Index					6.49		4.59		6.36		—

The expense ratios for A, C and I are 1.02%, 1.72% and 0.72%, respectively.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.sticlassicfunds.com.

*    Class A Share performance reflects the maximum front-end sales charge of 4.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares.

32

TOTAL RETURN BOND FUND (formerly Core Bond Fund)

Portfolio Manager(s)

• John Talty, CFA

• Perry Troisi

Investment Concerns

Bonds offer a relatively stable level of income, although bond prices will fluctuate providing the potential for principal gain or loss. Intermediate-term, higher-quality bonds generally offer less risk than longer-term bonds and a lower rate of return.

Management Discussion of Fund Performance

How did the Fund perform against its benchmark for the period ended March 31, 2007?

For the 12 month period ended March 31, 2007 the Total Return Bond Fund slightly lagged its benchmark, the Lehman Brothers U.S. Aggregate Bond Index. The Fund produced a 6.16% (I Share) total return versus the Lehman Brothers Index return of 6.59%.

What factors influenced the Fund’s performance for the period ended March 31, 2007?

Our mortgage allocation is composed of conventional agency guaranteed pass-through securities and AAA-rated senior tier CMBS. In addition, while the major commercial banks have nominal exposure to the sub-prime market, their risk is well managed. On the other hand, we have reduced our mortgage overweight which was added last year, providing higher incremental yield during a lower volatility period than we currently see. We continue to be underweight corporate exposure, and have worked to minimize LBO risk.¹

How do you plan to position the Fund, based on market conditions?

The Federal Reserve has effectively kept rates range-bound and inflationary pressures under control, and we would be surprised to see any Fed action before the fourth quarter, absent surprises. Although recent events in the sub-prime mortgage market have impacted investor’s views about the economy, we believe the sub-prime problem is an isolated phenomenon with little risk to the portfolio.

33

TOTAL RETURN BOND FUND

This chart assumes an initial hypothetical investment of $10,000 made on 12/30/97. Total return is based on net change in N.A.V. (net asset value) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

The Fund’s performance is compared to the Lehman Brothers U.S. Aggregate Bond Index a widely-recognized index of U.S. Treasury and agency securities, corporate bond issues, mortgage-backed securities, asset-backed securities and corporate mortgage-backed securities. The index is unmanaged and does not reflect the deduction of fees or taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

				Average Annual Total Returns as of 3/31/07 (%)
										Since
Total Return Bond Fund		Inception Date		1 Year		3 Year		5 Year		Inception
A Shares	without sales charge		01/25/02		5.82		2.83		4.56		5.09
	with sales charge*				0.75		1.16		3.55		4.53
C Shares	without CDSC		10/11/04		5.10		2.43		4.45		5.02
	with CDSC*				4.10		2.43		4.45		5.02
I Shares			12/30/97		6.16		3.18		4.91		5.27
Lehman Brothers U.S. Aggregate Bond Index					6.59		3.31		5.35		—

The expense ratios for A, C and I Shares are 0.56%, 1.31% and 0.31%, respectively.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.sticlassicfunds.com.

The Total Return Bond Fund began operations on 10/11/04. Performance for the Total Return Bond Fund A Shares prior to 10/11/04 and 1/25/02 is that of the P Shares and I Shares, respectively, of the Seix Core Bond Fund, the Fund’s predecessor, which commenced operations on 12/30/97. Performance for the Total Return Bond Fund C Shares prior to 10/11/04 is that of the I Shares of the Fund’s predecessor. Performance of the I Shares prior to 10/11/04 is that of the I Shares of the Fund’s predecessor. The performance of the predecessor Fund’s I Shares has not been adjusted to reflect the A Shares or C Shares expenses. If it had been, the performance would have been lower.

*    Class A Share performance reflects the maximum front-end sales charge of 4.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and Institutional Shares were renamed I Shares.

As of September 29, 2006, the STI Classic Total Return Bond Fund merged into the STI Classic Core Bond Fund. Following the merger, the STI Classic Core Bond Fund was renamed the STI Classic Total Return Bond Fund.

34

ULTRA-SHORT BOND FUND

Portfolio Manager(s)

• Robert W. Corner

• H. Rick Nelson

Investment Concerns

Bonds offer a relatively stable level of income, although bond prices will fluctuate providing the potential for principal gain or loss. Intermediate-term, higher-quality bonds generally offer less risk than longer-term bonds and a lower rate of return.
U.S. Government guarantees apply only to the underlying securities of the Fund’s portfolio and not the Fund’s shares.

Management Discussion of Fund Performance

How did the Fund perform against its benchmark for the period ended March 31, 2007?

The Ultra Short Bond Fund returned 5.44% (I Shares) for the 12 month period ended March 31, 2007 outperforming the 5.01% return for the Fund’s benchmark index, the Citigroup 6 Month U.S. Treasury Bill Index.

The Fund’s increased allocation to mortgage backed securities added to performance as volatility remained low and spreads narrow. Our lower allocation to corporate credit detracted from performance as credit product continued its four-plus year string of good returns. Our underweight allocation to U.S. Treasury securities and U.S. Agency debt securities helped boost performance as these two “low risk” sectors had the lowest relative returns for the year.¹

What factors influenced the Fund’s performance for the period ended March 31, 2007?

Key themes over the last year that significantly influenced the fixed income markets were (i) the probable end of the Federal Reserve (“Fed”) tightening cycle amidst slowing economic growth while inflation remained stubbornly above the Feds comfort zone of 2%; (ii) the inversion of the U.S. Treasury yield curve as yields peaked then reversed course while the Fed held the fed funds rate steady at 5.25%; (iii) the unraveling of the housing market boom and follow through deterioration of the sub prime market; (iv) low market volatility which provided support for structured product (i.e. MBS) performance; (v) generally tight credit spreads due to substantial demand from overseas and from Collateralize Debt Obligation buyers which boosted returns on corporate bonds, especially lower rated (i.e. BBB) bonds.

The first quarter of the year saw rising yields due to accelerating inflation, oil prices above $70/barrel, and 50 basis points (0.50%) of tightening by the Federal Open Market Committee (“FOMC”) pushing the fed fund rate to its cycle high of 5.25%. This point in time proved to be a meaningful turning point in the fixed income markets as the U.S. Treasury curve inverted for the first time upon the FOMC’s tightening move on June 29.

In the second quarter, investment grade fixed income markets posted their best quarterly performance in more than three years on prospects that the Fed had ended its tightening cycle as a result of slower growth from a weaker housing market and abating inflation concerns. The yield of two year U.S. Treasury note fell by almost 50 basis points (0.50%) during the quarter.

Yields rose slightly in the third quarter as predictions of Fed ease were pushed further into the future on signs of a stabilizing economy coupled with Fed anti inflation rhetoric.

The final fiscal quarter of the year witnessed a systematic reevaluation of risks as stocks sagged, swap spreads and credit spreads leaked out, and sub prime fallout broadened. The FOMC maintained the overnight fed funds rate at 5.25% and moved to a “neutral” bias citing moderating growth. However, the FOMC was still concerned about the potential risks of stubbornly high inflation.

How do you plan to position the Fund, based on market conditions?

Looking forward, we continue to believe the next move by the Fed will be an ease. However, the key to lower rates, employment and consumer spending, have remained resilient. Also keeping the Fed in a temporary holding pattern is stubbornly high inflation. As such, we expect to maintain a neutral duration with a bias to add to duration if yields rise.¹

We also expect the current “inverted” yield curve to return to a more normal shape over time — positively impacting short-term bonds on a relative basis. Our curve strategy is to be slightly bulleted focusing on the 1-5 year part of the yield curve in order to take advantage of the eventual normalization of the yield curve.¹

While both swap and credit spreads widened slightly in the last fiscal quarter of the year, we believe there is the potential for further widening in credit spreads as the sub prime situation continues to unfold and there is abundant cash and financial flexibility in the hands of companies, hedge funds, and private equity. As such, we expect to remain underweight credit due to (still) relatively tight spreads and the continued risks mentioned above.¹

We remain overweight high quality MBS as swap spreads are attractive compared to credit spreads. This focus adds incremental yield to portfolios without lowering credit quality.¹

The Fund also anticipates using futures, options, swaps and CDS to better implement the above mentioned strategies with the objective of potentially boosting Fund performance.¹

35

ULTRA-SHORT BOND FUND

This chart assumes an initial hypothetical investment of $10,000 made on 4/15/02. Total return is based on net change in N.A.V. (net asset value) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

The Fund’s performance is compared to the Citigroup 6 Month U.S. Treasury Bill Index which is a widely-recognized index which tracks the performance of 6 Month U.S. Treasury Bills. The index is unmanaged and does not reflect the deduction of fees or taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

			Average Annual Total Returns as of 3/31/07 (%)
Ultra-Short Bond Fund	Inception Date		1 Year		3 Year		Since Inception
I Shares		04/15/02		5.44		3.19		2.88
Citigroup 6 Month U.S. Treasury Bill Index				5.01		3.37		—

The expense ratio for I Shares is 0.30%.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.sticlassicfunds. com.

Effective August 1, 2005, Institutional Shares were renamed I Shares.

36

U.S. GOVERNMENT SECURITIES FUND

Portfolio Manager(s)

• Joseph Calabrese, CFA

• John Talty, CFA

Investment Concerns

Mutual fund investing involves risk, including possible loss of principal. Bonds offer a relatively stable level of income, although bond prices will fluctuate providing the potential for principal gain or loss. Intermediate-term, higher-quality bonds generally offer less risk than longer-term bonds and a lower rate of return.

U.S. Government guarantees apply only to the underlying securities of the Fund’s portfolio and not the Fund’s shares.

The Fund is subject to the risk that principal value reacts in opposition to the movement of interests rates and that a rising interest rate environment increases the risk of loss of principal.

Management Discussion of Fund Performance

How did the Fund perform against its benchmark for the period ended March 31, 2007?

For the 12 months ended March 31, 2007, the U.S. Government Securities Fund returned 5.86% (I Shares). The Fund underperformed the Merrill Lynch Government/Mortgage Custom Index which returned 6.57% and outperformed the Lehman Brothers Intermediate U.S. Government Bond which returned 5.75%.

What factors influenced the Fund’s performance for the period ended March 31, 2007?

The Fund was underweighted to mortgages during a rally in the sector at mid-year. We repositioned the portfolio early in the rally but the majority of the annual shortfall was concentrated in the third quarter of 2006. During this period, we also chose to concentrate on higher coupon securities whose selection underperformed the overall market in a very strong absolute return quarter. We swapped positions in Adjustable Rate Mortgage-Backed Securities for better structure and shorter durations. We established an allocation to intermediate Treasury Inflation Protected Securities. Inflation has remained slightly elevated and seasonal accretion improves the relative value of the sector. Provided the Fed maintains their diligence on the inflation front, we see this as one of the few opportunities for spread tightening among the major investment grade alternatives in the months ahead.

How do you plan to position the Fund, based on market conditions?

The recent demise of sub-prime mortgages — loans made to normally unqualified homebuyers — has made it difficult to interpret the strength of the economy. The mirage of housing appreciation gave lenders the ability to eschew appraisals, loan documentation and income verification in the interest of profitability. With housing data spotty and earnings expectations for homebuilders tumbling, many fear the onset of a housing bubble about to burst. “Easy money” borrowing surely had an influence. In hindsight, if the health of the real estate market was overstated then, it is not nearly as weak as it looks today. We believe the sub-prime problem is an isolated phenomenon that has little or no risk to the Fund’s portfolio. Our mortgage allocation is composed of conventionally issued pass-through securities guaranteed by FHLMC, FNMA and GNMA. Should these bonds widen in sympathy during the sub-prime contagion, an attractive buying opportunity could present itself.

The Fed has been deft at keeping markets wondering while rates remain range-bound. The unanticipated deletion of “additional firming” from its latest formal text was a signal and will be a test to this Fed’s credibility. While the next move in rates is still unknown, the bond market tends to forecast varying degrees of lower rates. We would be surprised to see any action before the fourth quarter unless outside forces intervene to alter this timetable.

37

U.S. GOVERNMENT SECURITIES FUND

This chart assumes an initial hypothetical investment of $10,000 made on 3/31/97. Total return is based on net change in N.A.V. (net asset value) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

The Fund’s performance is compared to the Merrill Lynch Government/Mortgage Custom Index and the Lehman Brothers Intermediate U.S. Government Bond Index. The Merrill Lynch Government/Mortgage Custom Index is a synthetic index created by combining the Merrill Lynch Government Master Index, which is a comprised of U.S. Treasury securities and U.S. government agency securities with a maturity of at least one year; and the Merrill Lynch Mortgage Master Index, which is comprised of mortgage-backed securities including 15 and 30 year single family mortgages in addition to aggregated pooled mortgages. The Lehman Brothers Intermediate U.S. Government bond index is a market value-weighted index of U.S. Treasury securities, U.S. government agency obligations, and corporate debt backed by the U.S. Government, fixed-rate nonconvertible corporate debt securities, Yankee bonds, and nonconvertible debt securities issued by or guaranteed by foreign governments and agencies. All securities in the Index are rated investment grade (BBB) or higher, with maturities of at least one year. The indices are unmanaged and do not reflect the deduction of fees or taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

				Average Annual Total Returns as of 3/31/07 (%)
U.S. Government Securities Fund		Inception Date		1 Year		3 Year		5 Year		10 Year
A Shares	without sales charge		06/06/94		5.54		2.53		3.90		5.22
	with sales charge*				0.51		0.89		2.90		4.72
C Shares	without CDSC		06/07/95		4.81		1.88		3.30		4.66
	with CDSC*				3.81		1.88		3.30		4.66
I Shares			08/01/94		5.86		2.87		4.29		5.62
Merrill Lynch Government/Mortgage Custom Index					6.57		3.44		5.11		6.33
Lehman Brothers Intermediate U.S. Government Bond Index					5.75		2.39		4.29		5.64

The expense ratios for A, C and I Shares are 0.87%, 1.57% and 0.57%, respectively.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.sticlassicfunds.com.

*    Class A Share performance reflects the maximum front-end sales charge of 4.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares.

38

U.S. GOVERNMENT SECURITIES ULTRA-SHORT BOND FUND

Portfolio Manager(s)

• Robert W.Corner

• H. Rick Nelson

Investment Concerns

Bonds offer a relatively stable level of income, although bond prices will fluctuate providing the potential for principal gain or loss. Intermediate-term, higher-quality bonds generally offer less risk than longer-term bonds and a lower rate of return.

U.S. Government guarantees apply only to the underlying securities of the Fund’s portfolio and not the Fund’s shares.

The Fund is subject to the risk that principal value reacts in opposition to the movement of interests rates and that a rising interest rate environment increases the risk of loss of principal.

Management Discussion of Fund Performance

How did the Fund perform against its benchmark for the period ended March 31, 2007?

The U.S. Government Securities Ultra-Short Bond Fund returned 5.50% (I Shares) for the one year period ended March 31, 2007 out performing the 5.01% return for the Funds benchmark the Citigroup 6 Month Treasury Bill Index.

The Fund’s increased allocation to mortgage backed securities added to performance as volatility remained low and spreads narrow.¹

Our underweight allocation to U.S. Treasury securities and U.S. Agency debt securities helped boost performance as these two “low risk” sectors had the lowest relative returns for the year.¹

What factors influenced the Fund’s performance for the period ended March 31, 2007?

Key themes over the last year that significantly influenced the fixed income markets were (i) the probable end of the Federal Reserve (the “Fed”) tightening cycle amidst slowing economic growth while inflation remained stubbornly above the Feds comfort zone of 2%; (ii) the inversion of the U.S. Treasury yield curve as yields peaked then reversed course while the Fed held the fed funds rate steady at 5.25%; (iii) the unraveling of the housing market boom and follow through deterioration of the sub prime market; (iv) low market volatility which provided support for structured product (i.e. MBS) performance; (v) generally tight credit spreads due to substantial demand from overseas and from Collateralize Debt Obligation buyers which boosted returns on corporate bonds, especially lower rated (i.e. BBB) bonds.

The first quarter of the fiscal year saw rising yields due to accelerating inflation, oil prices above $70/barrel, and 50 basis points (0.50%) of tightening by the Federal Open Market Committee (“FOMC”) pushing the fed fund rate to its cycle high of 5.25%. This point in time proved to be a meaningful turning point in the fixed income markets as the U.S. Treasury curve inverted for the first time upon the FOMC’s tightening move on June 29.

In the second quarter, investment grade fixed income markets posted their best quarterly performance in more than three years on prospects that the Fed had ended its tightening cycle as a result of slower growth from a weaker housing market and abating inflation concerns. The yield of two year U.S. Treasury note fell by almost 50 basis points (0.50%) during the quarter.

Yields rose slightly in the third quarter as predictions of Fed ease were pushed further into the future on signs of a stabilizing economy coupled with Fed anti inflation rhetoric.

The final fiscal quarter of the year witnessed a systematic reevaluation of risks as stocks sagged, swap spreads and credit spreads leaked out, and sub prime fallout broadened. The FOMC maintained the overnight fed funds rate at 5.25% and moved to a “neutral” bias citing moderating growth. However, the FOMC was still concerned about the potential risks of stubbornly high inflation.

How do you plan to position the Fund, based on market conditions?

Looking forward, we continue to believe the next move by the Fed will be an ease. However, the key to lower rates, employment and consumer spending, have remained resilient. Also keeping the Fed in a temporary holding pattern is stubbornly high inflation. As such, we expect to maintain a neutral duration with a bias to add to duration if yields rise.¹

We also expect the current “inverted” yield curve to return to a more normal shape over time — positively impacting short-term bonds on a relative basis. Our curve strategy is to be slightly bulleted focusing on the 1-5 year part of the yield curve in order to take advantage of the eventual normalization of the yield curve.¹

We remain overweight high quality MBS as swap spreads are attractive compared to credit spreads. This focus adds incremental yield to portfolios without lowering credit quality.¹

The Fund also anticipates using futures, options, swaps and CDS to better implement the above mentioned strategies with the objective of potentially boosting Fund performance.¹

39

U.S. GOVERNMENT SECURITIES ULTRA-SHORT BOND FUND

This chart assumes an initial hypothetical investment of $10,000 made on 4/11/02. Total return is based on net change in N.A.V. (net asset value) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

The Fund’s performance is compared to the Citigroup 6 Month U.S. Treasury Bill Index which is a widely-recognized index which tracks the performance of the 6 Month U.S. Treasury Bills. The index is unmanaged and does not reflect the deduction of fees or taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

			Average Annual Total Returns as of 3/31/07 (%)
U.S. Government Securities
Ultra-Short Bond Fund	Inception Date		1 Year		3 Year		Since Inception
I Shares		04/11/02		5.50		3.23		2.83
Citigroup 6 Month U.S. Treasury Bill Index				5.01		3.37		—

The gross expense ratio is 0.34%. The net expense ratio is 0.28%. Investment performance reflects voluntary fee waivers, which may be discontinued at any time. Without these fee wiavers, performance would have been lower.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.sticlassicfunds. com.

Effective August 1, 2005, Institutional Shares were renamed I Shares.

40

VIRGINIA INTERMEDIATE MUNICIPAL BOND FUND

Portfolio Manager

• George E. Calvert, Jr.

Investment Concerns

The geographical concentration of portfolio holdings in this fund may involve increased risk.

Mutual fund investing involves risk, including possible loss of principal. Bonds offer a relatively stable level of income, although bond prices will fluctuate providing the potential for principal gain or loss. Intermediate-term, higher-quality bonds generally offer less risk than longer-term bonds and a lower rate of return.

The Fund’s income may be subject to certain state and local taxes and, depending on your tax status, the federal alternative minimum tax.

The Fund is subject to the risk that principal value reacts in opposition to the movement of interests rates and that a rising interest rate environment increases the risk of loss of principal.

Management Discussion of Fund Performance

How did the Fund perform against its benchmark for the period ended March 31, 2007?

The Fund outperformed the Lipper Other States Intermediate Municipal Debt Funds Average¹ peer group and the Lehman Brother 5 Year Municipal Bond Index for the 12 month period with a total return of 4.67% (I Shares) compared to 4.10% and 4.28%, respectively. Returns improved with maturity extension and by holding lower grade credits. The Fund’s commitment to bonds in the 10 to 20 year area of the curve and a 10% weighting in bonds rated below single-A were the primary factors in performance. The lower quality bonds included bonds secured by Virginia’s master tobacco settlement revenue and bonds for senior living facilities.

What factors influenced the Fund’s performance for the period ended March 31, 2007?

The demand for higher yielding securities, in general, has held credit spreads to narrow levels for several years and in some sectors spreads remain near all time lows. Long rates have refused to go higher for a variety of reasons the last few years even though the U.S. economy has continued to advance. This has rewarded portfolios with a longer duration and hurt more defensively positioned funds as bond prices declined inside 10 years. Had we not begun the period with a more defensive duration profile, a larger commitment to the 15-years and longer area of the curve would have been advantageous.²

How do you plan to position the Fund, based on market conditions?

We will continue to hold a diversity of sectors and credits and seek a yield spread to AAA benchmarks on most trades, without deviating from an overall high grade orientation. The Fund’s holdings across the maturity spectrum are not expected to vary substantially from the past weightings. Forecasts for the U.S. economy and particularly the housing market differ widely as do forecasts for interest rates. With these uncertainties, a duration neutral positioning towards the middle of the Fund’s historical range is expected with a slightly heavier weighting in the 5 to 10 year maturities in anticipation of a steeper yield curve.²

¹ The Lipper Other States Intermediate Municipal Debt Funds Index consists of managed mutual funds that invest in municipal debt issues with dollar-weighted average maturities of five to ten years. It is not possible to invest directly in any index.

41

VIRGINIA INTERMEDIATE MUNICIPAL BOND FUND

This chart assumes an initial hypothetical investment of $10,000 made on 3/31/97. Total return is based on net change in N.A.V. (net asset value) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

The Fund’s performance is compared to the Lehman Brothers 5 Year Municipal Bond Index a widely recognized index of intermediate investment grade tax-exempt bonds. The index includes general obligation bonds, revenue bonds, insured bonds and prefunded bonds with maturities between 4 and 6 years. The index is unmanaged and does not reflect the deduction of fees or taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

				Average Annual Total Returns as of 3/31/07 (%)
Virginia Intermediate
Municipal Bond Fund		Inception Date		1 Year		3 Year		5 Year		10 Year
A Shares	without sales charge		05/05/93		4.52		2.70		4.03		4.45
	with sales charge*				-0.45		1.05		3.03		3.94
C Shares	without CDSC		09/01/05		3.64		2.32		3.82		4.35
	with CDSC*				2.64		2.32		3.82		4.35
I Shares			01/11/93		4.67		2.82		4.13		4.50
Lehman Brothers 5 Year Municipal Bond Index					4.28		2.22		4.12		4.79

The gross expense ratios for A, C and I Shares are 0.78%, 1.63% and 0.63%, respectively. The net expense ratios for the A, C and I Shares are 0.75%, 1.60% and 0.60%, respectively. The Adviser has contractually agreed to waive fees and reimburse expenses until at least August 1, 2007 in order to keep total operating expenses from exceeding 0.75%, 1.60% and 0.60% for A, C and I Shares, respectively. In absence of such fee waivers, total return would be reduced.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.sticlassicfunds.com.

* Class A Share performance reflects the maximum front-end sales charge of 4.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, T Shares were renamed I Shares.

The C Shares were offered beginning on 9/1/05. The C Shares performance between 1/11/93 to 9/1/05 is that of the I Shares of the Fund, and has not been adjusted to reflect C Share expenses. If it had been performance would have been lower.

42

PRIME QUALITY MONEY MARKET FUND

Portfolio Manager(s)

• E. Dean Speer, CPA, CFA
• Kimberly C. Maichle, CFA
• Greg Hallman

Investment Concerns

An investment in the Prime Quality Money Market Fund (the “Fund”) is not insured or guaranteed by the FDIC or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

Management Discussion of Fund Performance

What factors influenced the Fund’s performance for the period ended March 31, 2007?

The Fund adapted well to the Federal Open Market Committee decision to stop raising the federal funds rate at the end of the first fiscal quarter. The Fund remained positioned for an extended pause in monetary policy action by the Federal Reserve. The Fund increased exposure to prime based floating rate securities in the flat and inverted yield curve environments.¹

How do you plan to position the Fund, based on market conditions?

Our outlook is for the Federal Reserve to remain on hold for an extended period of time. The Fed’s dual mandate for controlling inflation while accommodating sustained economic growth is continually challenged by conflicting economic indicators. We believe the Fund is well positioned to respond to any Fed action in the future.¹

Yields and Maturity Distribution(%)

Yields (as of March 31, 2007)	A Shares		C Shares		I Shares
7 Day Average Yield		4.74		4.64		4.89
7 Day Effective Yield		4.85		4.75		5.01
30 Day Average Yield		4.72		4.62		4.87

Investment performance reflects voluntary fee waivers, which may be discontinued at any time. In absence of such fee waivers, yield would be reduced. However, due to rounding, the yields were not materially affected.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.sticlassicfunds.com.

The yield quotation more closely reflects the current earnings of the Fund than the total return. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares.

43

TAX-EXEMPT MONEY MARKET FUND

Portfolio Manager

• Robert Bowman, CFA

Investment Concerns

An investment in the Tax-Exempt Money Market Fund (the “Fund”) is not insured or guaranteed by the FDIC or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

Management Discussion of Fund Performance

What factors influenced the Fund’s performance for the period ended March 31, 2007?

The Fund was positioned for a steady rate environment by maintaining a mix of floating rate and fixed rate maturities. For the period the Federal Reserve has held interest rates steady at each Federal Open Market Committee (FOMC) meeting benefiting the performance of the Fund.

How do you plan to position the Fund, based on market conditions?

Our outlook is that the Federal Reserve will hold interest rates steady at the next FOMC meeting to guard against a further rise in inflation. We expect a slowing in economic growth led by housing for the second half of this year. This slowing in economic activity will alleviate the current inflation concerns and allow the Federal Reserve to begin lowering interest rates. The portfolio has been structured in an effort to benefit from a near term steady interest rate policy and then a flattening of the LIBOR¹ curve later in the year.

Yields and Maturity Distribution (%)

Yields (as of March 31, 2007)	A Shares		I Shares
7 Day Average Yield		3.07		3.22
7 Day Effective Yield		3.12		3.27
30 Day Average Yield		3.00		3.15

Investment performance reflects voluntary fee waivers, which may be discontinued at any time. In absence of such fee waivers, yield would be reduced. However, due to rounding, the yields were not materially affected.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.sticlassicfunds.com.

¹ LIBOR is an interest rate at which banks can borrow funds, in marketable size, from other banks in the London interbank market. The LIBOR is fixed on a daily basis by the British Bankers’ Association. The LIBOR is derived from a filtered average of the world’s most creditworthy banks’ interbank deposit rates for larger loans with maturities between overnight and one full year.

The yield quotation more closely reflects the current earnings of the Fund than the total return. Effective August 1, 2005, T Shares were renamed I Shares.

44

U.S. GOVERNMENT SECURITIES MONEY MARKET FUND

Portfolio Manager

• Robert Bowman, CFA

Investment Concerns

An investment in the U.S. Government Securities Money Market Fund (the “Fund”) is not insured or guaranteed by the FDIC or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

Management Discussion of Fund Performance

What factors influenced the Fund’s performance for the period ended March 31, 2007?

The Fund adapted well to the Federal Open Market Committee decision to stop raising the federal funds rate at the end of the first fiscal quarter. The Fund remained positioned for an extended pause in monetary policy action by the Federal Reserve. The Fund increased exposure to callable securities in the flat and inverted yield curve environments.¹

How do you plan to position the Fund, based on market conditions?

Our outlook is for the federal reserve to remain on hold for an extended period of time. The fed’s dual mandate for controlling inflation while accommodating sustained economic growth is continually challenged by conflicting economic indicators. We believe the fund is well positioned to respond to any fed action in the future.¹

Yields And Maturity Distribution (%)

Yields (as of March 31, 2007)	A Shares		I Shares
7 Day Average Yield		4.58		4.73
7 Day Effective Yield		4.68		4.84
30 Day Average Yield		4.56		4.71

Investment performance reflects voluntary fee waivers, which may be discontinued at any time. In absence of such fee waivers, yield would be reduced. However, due to rounding, the yields were not materially affected.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.sticlassicfunds.com.

The yield quotation more closely reflects the current earnings of the Fund than the total return. Effective August 1, 2005, T Shares were renamed I Shares.

45

U.S. TREASURY MONEY MARKET FUND

Portfolio Manager(s)

• E. Dean Speer, CPA, CFA
• Kimberly C. Maichle, CFA
• Greg Hallman

Investment Concerns

An investment in the U.S. Treasury Money Market Fund (the “Fund”) is not insured or guaranteed by the FDIC or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

Management Discussion of Fund Performance

What factors influenced the Fund’s performance for the period ended March 31, 2007?

The Fund adapted well to the Federal Open Market Committee decision to stop raising the federal funds rate at the end of the first fiscal quarter. The Fund remained positioned for an extended pause in monetary policy action by the Federal Reserve.¹

How do you plan to position the Fund, based on market conditions?

Our outlook is for the Federal Reserve to remain on hold for an extended period of time. The Fed’s dual mandate for controlling inflation while accommodating sustained economic growth is continually challenged by conflicting economic indicators. We believe the Fund is well positioned to potentially respond to any Fed action in the future.¹

Yields And Maturity Distribution (%)

Yields (as of March 31, 2007)	A Shares		I Shares
7 Day Average Yield		4.49		4.64
7 Day Effective Yield		4.59		4.75
30 Day Average Yield		4.51		4.66

Investment performance reflects voluntary fee waivers, which may be discontinued at any time. In absence of such fee waivers, yield would be reduced. However, due to rounding, the yields were not materially affected.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.sticlassicfunds.com.

The yield quotation more closely reflects the current earnings of the Fund than the total return. Effective August 1, 2005, T Shares were renamed I Shares.

46

VIRGINIA TAX-FREE MONEY MARKET FUND

Portfolio Manager

• Robert Bowman, CFA

Investment Concerns

An investment in the Virginia Tax-Free Money Market Fund (the “Fund”) is not insured or guaranteed by the FDIC or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

Management Discussion of Fund Performance

What factors influenced the Fund’s performance for the period ended March 31, 2007?

The Fund was positioned for a steady rate environment by maintaining a mix of floating rate and fixed rate maturities. For the period the Federal Reserve has held interest rates steady at each Federal Open Market Committee (FOMC) meeting benefiting the performance of the fund.

How do you plan to position the Fund, based on market conditions?

Our outlook is that the Federal Reserve will hold interest rates steady at the next FOMC meeting to guard against a further rise in inflation. We expect a slowing in economic growth led by housing for the second half of this year. This slowing in economic activity will alleviate the current inflation concerns and allow the Federal Reserve to begin lowering interest rates. The portfolio has been structured in an effort to benefit from a near term steady interest rate policy and then a flattening of the LIBOR¹ curve later in the year.

Yields and Maturity Distribution (%)

Yields (as of March 31, 2007)	A Shares		I Shares
7 Day Average Yield		3.06		3.21
7 Day Effective Yield		3.10		3.26
30 Day Average Yield		2.99		3.14

Investment performance reflects voluntary fee waivers, which may be discontinued at any time. In absence of such fee waivers, yield would be reduced. However, due to rounding, the yields were not materially affected.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.sticlassicfunds.com.

¹ LIBOR is an interest rate at which banks can borrow funds, in marketable size, from other banks in the London interbank market. The LIBOR is fixed on a daily basis by the British Bankers’ Association. The LIBOR is derived from a filtered average of the world’s most creditworthy banks’ interbank deposit rates for larger loans with maturities between overnight and one full year.

The yield quotation more closely reflects the current earnings of the Fund than the total return. Effective August 1, 2005, T Shares were renamed I Shares.

47

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48

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Georgia Tax-Exempt Bond Fund

		Shares or
		Principal
		Amount($)		Value($)
Municipal Bonds (98.2%)
Georgia (94.0%)
	Association County Commissioners of Georgia Leasing Program, Georgia Public Purpose Project, COP, 5.250%, 04/01/21, Callable 04/01/14 @ 102		2,680		2,916
	Athens Housing Authority, Student Housing Lease Project, RB, 5.250%, 12/01/21, Callable 12/01/12 @ 100, AMBAC		1,000		1,059
	Atlanta Airport Passenger Facility Charge, Ser J, RB, 5.000%, 01/01/34, Callable 01/01/15 @ 100, FSA		11,000		11,495
	Atlanta Airport Passenger Facility Charge, Ser K-2, RB, AMT, 3.700%, 01/01/26, CIFG (b)		2,000		2,000
	Atlanta Airport Passenger Facility Charge, Ser K-3, RB, AMT, 3.700%, 01/01/26, XLCA (b)		1,000		1,000
	Atlanta Airport Project, Ser A, RB, AMT, 5.375%, 01/01/19, Callable 07/01/14 @ 100, FSA		5,000		5,348
	Atlanta Development Authority, Student Housing Facilities, Georgia State University, RB, 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		5,361
	Barrow County, GO, 4.500%, 10/01/11, FGIC		1,255		1,299
	Brunswick Water & Sewer, Refunding & Improvement Project, RB, 6.100%, 10/01/14, MBIA		1,000		1,127
	Burke County Development Authority, Pollution Control, Vogtle Project, RB, 3.700%, 10/01/32 (b)		4,043		4,043
	Carroll County Water Authority, Water & Sewer, RB, 5.250%, 07/01/22, Callable 07/01/15 @ 100, FSA		1,000		1,090
	Carrollton Payroll Development Authority, UWG Campus Center, RB, 5.250%, 08/01/27, Callable 08/01/14 @ 100, MBIA		1,000		1,074
	Central Valdosta Development Authority, Lowndes County Judicial Project, RB, 5.250%, 06/01/21, Callable 06/01/13 @ 102		1,885		2,037
	Cherokee County School System, GO, 5.000%, 08/01/13, MBIA		1,000		1,072
	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		2,096
	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		1,013
	Cobb-Marietta County, Coliseum & Exhibit Hall Project, RB, 5.500%, 10/01/12, MBIA		940		999
	College Park Business & Industrial Development Authority, Civic Center Project, RB, 5.750%, 09/01/20, Prerefunded 09/01/10 @ 102, AMBAC		3,000		3,251

See Notes to Financial Statements.

49

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Georgia Tax-Exempt Bond Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Georgia—continued
	Coweta County Development Authority, Newnan Water, Sewer & Light Commission, RB, 5.000%, 07/01/25, Callable 07/01/15 @ 100, MBIA		1,000		1,057
	Coweta County Water & Sewer Authority, RB, 5.000%, 06/01/25, FSA		1,000		1,113
	Dalton Utilities, RB, 6.000%, 01/01/08, MBIA		3,240		3,297
	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		1,054
	Douglasville-Douglas County Water & Sewer Authority, RB, 5.625%, 06/01/15, AMBAC		1,390		1,492
	Douglasville-Douglas County Water & Sewer Authority, RB, 5.000%, 06/01/28, Callable 12/01/15 @ 100, MBIA		2,000		2,114
	East Point Building Authority, Water & Sewer Project, RB, 5.000%, 02/01/18, Callable 02/01/17 @ 100, XLCA		3,125		3,377
	Forsyth County Hospital Authority, Baptist Health Care System Project, RB, 6.375%, 10/01/28, ETM		1,000		1,242
	Forsyth County Water & Sewer Authority, RB, 5.000%, 04/01/28, Callable 04/01/13 @ 100		1,700		1,784
	Fulton County Development Authority, Cauley Creek Water Facilities, Ser A, RB, AMT, 5.500%, 02/01/17, Callable 02/01/11 @ 100		1,310		1,378
	Fulton County Development Authority, Georgia Technology Foundation, Ser A, RB, 5.000%, 11/01/31, Callable 05/01/12 @ 100		1,000		1,043
	Fulton County Development Authority, Molecular Science Building Project, RB, 5.250%, 05/01/22, Callable 05/01/14 @ 100, MBIA		2,370		2,559
	Fulton County Development Authority, Molecular Science Building Project, RB, 5.250%, 05/01/27, Callable 05/01/14 @ 100, MBIA		3,375		3,617
	Fulton County Development Authority, Molecular Science Building Project, RB, 5.000%, 05/01/34, Callable 05/01/14 @ 100, MBIA		1,000		1,049
	Fulton County Development Authority, Spelman College, RB, 5.000%, 06/01/26, Callable 06/01/17 @ 100		1,750		1,860
	Fulton County Water & Sewer, RB, 5.000%, 01/01/16, Callable 07/01/08 @ 101, FGIC		1,630		1,671
	Fulton County Water & Sewer, RB, 5.000%, 01/01/24, Callable 01/01/14 @ 100, FGIC		2,000		2,105
	Gainesville Redevelopment Authority, Educational Facilities, Riverside Military Academy, RB, 5.125%, 03/01/37, Callable 03/01/17 @ 100		1,600		1,638
	Georgia Municipal Electric Authority, RB, 8.000%, 01/01/15, Callable 05/21/07 @ 100, ETM		1,900		2,376
	Georgia State Private College & Universities Facilities Authority, Mercer University Project, RB, 6.400%, 11/01/11, MBIA, ETM		1,675		1,791

See Notes to Financial Statements.

50

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Georgia Tax-Exempt Bond Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Georgia—continued
	Georgia State Road & Tollway Authority, Federal Highway Grant, RAN, 5.000%, 06/01/14, MBIA		3,000		3,240
	Georgia State Road & Tollway Authority, Federal Highway Grant, RAN, 5.000%, 06/01/18, Callable 06/01/16 @ 100, MBIA		2,650		2,872
	Georgia State, Ser B, GO, 4.500%, 03/01/21, Callable 03/01/16 @ 100		2,285		2,354
	Gwinnett County Development Authority, Public Schools Project, COP, 5.250%, 01/01/21, Prerefunded 01/01/14 @ 100, MBIA		2,910		3,163
	Gwinnett County Hospital Authority, Gwinnett Hospital Systems Project, Ser B, RB, 5.000%, 10/01/24, Callable 10/01/14 @ 100		1,250		1,312
	Gwinnett County, Public Schools Project, COP, 5.250%, 01/01/25, Prerefunded 01/01/14 @ 100, MBIA		1,500		1,630
	Habersham County School District, GO, 4.500%, 04/01/12, MBIA		1,335		1,385
	Henry County Hospital Authority, Henry Medical Center Project, RB, 5.500%, 07/01/08, Prerefunded 07/01/07 @ 102, AMBAC		1,640		1,680
	Henry County Water & Sewer, RB, 6.150%, 02/01/20, AMBAC		2,100		2,533
	Metropolitan Atlanta Rapid Transit Authority, Ser E, RB, 7.000%, 07/01/11, ETM		3,595		3,953
	Milledgeville-Baldwin County Development Authority, Georgia College & State University Foundation, RB, 6.000%, 09/01/33, Callable 09/01/14 @ 101		2,355		2,593
	Municipal Electric Authority of Georgia, Combustion, Ser A, RB, 5.000%, 11/01/24, Callable 11/01/07 @ 100		2,000		2,012
	Newnan Hospital Authority, Newnan Hospital Project, RB, 5.500%, 01/01/16, Callable 01/01/13 @ 100, MBIA		1,435		1,550
	Newnan Hospital Authority, Newnan Hospital Project, RB, 5.500%, 01/01/17, Callable 01/01/13 @ 100, MBIA		2,220		2,393
	Oconee County Industrial Development Authority, OIIT Project, RB, 5.250%, 07/01/23, Callable 07/01/13 @ 100		1,295		1,371
	Paulding County School District, GO, 6.000%, 02/01/10, MBIA		1,000		1,063
	Paulding County School District, Ser A, GO, 6.625%, 02/01/08		525		538
	Upper Oconee Basin Water Authority, RB, 5.000%, 07/01/26, Callable 07/01/15 @ 100, MBIA		2,000		2,118
	Valdosta & Lowndes County Hospital Authority, South Georgia Medical Center Project, RB, 5.250%, 10/01/27, Callable 10/01/12 @ 101, AMBAC		2,110		2,241
	Valdosta & Lowndes County Hospital Authority, South Georgia Medical Center Project, RB, 5.000%, 10/01/33, Callable 10/01/17 @ 100		8,000		8,336
	Vidalia Water & Sewer, RB, 6.000%, 07/01/07, ETM		605		609

See Notes to Financial Statements.

51

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Georgia Tax-Exempt Bond Fund — concluded

		Shares or
		Principal
		Amount($)		Value($)
Georgia—continued
	Walker, Dade & Catoosa Counties, Hutcheson Medical Project, Ser A, RB, 5.500%, 10/01/08, Callable 10/01/07 @ 102, FSA		1,370		1,407
					143,504
Puerto Rico (4.2%)
	Puerto Rico Electric Power Authority, Ser SS, RB, 5.000%, 07/01/24, Callable 07/01/15 @ 100, MBIA		1,000		1,067
	Puerto Rico Highway & Transportation Authority, Ser AA, RB, 5.500%, 07/01/19, MBIA		2,500		2,868
	Puerto Rico Municipal Finance Agency, Ser A, GO, 5.000%, 08/01/30, Callable 08/01/15 @ 100, FSA		2,300		2,436
					6,371
Total Municipal Bonds (Cost $146,621)					149,875
Money Market Funds (1.0%)
	Federated Tax-Free Obligations Fund, 3.490%		1,334,478		1,334
	SEI Tax Exempt Trust, Institutional Tax Free Fund, 3.350%		148,505		149
Total Money Market Funds (Cost $1,483)					1,483
Total Investments (Cost $148,104) (a) — 99.2%					151,358
Other assets in excess of liabilities — 0.8%					1,227
Net Assets — 100.0%				$	152,585

(a) Cost for federal income tax purposes is $148,104 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands):

Unrealized Appreciation	$	4,152
Unrealized Depreciation		(898	)
Unrealized Appreciation (Depreciation)	$	3,254

(b) Variable rate security. Rate presented represents rate in effect at March 31, 2007. Maturity date represents actual maturity date.

AMBAC	— Security insured by American Municipal Bond Assurance Corporation
AMT	— Alternative Minimum Tax Paper
CIFG	— Security insured by Capitalized Interest Financial Guaranty
COP	— Certificate of Participation
ETM	— Escrowed to Maturity
FGIC	— Security insured by Financial Guaranty Insurance Company
FSA	— Security insured by Financial Security Assurance
GO	— General Obligation
MBIA	— Security insured by 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.

52

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

High Grade Municipal Bond Fund

		Shares or
		Principal
		Amount($)		Value($)
Municipal Bonds (96.4%)
Alabama (2.7%)
	Homewood Educational Building Authority, Samford University, Ser A, RB, 5.000%, 12/01/34, Callable 12/01/16 @ 100, MBIA		2,500		2,639
	Montgomery Medical Clinic Board, Health Care Facility, Jackson Hospital & Clinic, RB, 5.250%, 03/01/36, Callable 03/01/16 @ 100		2,000		2,068
					4,707
California (2.1%)
	Los Angeles Unified School District, Ser B, GO, 5.000%, 07/01/20, Callable 07/01/16 @ 100, FGIC		3,365		3,623
Florida (38.0%)
	Brevard County School Board, COP, 5.500%, 07/01/17, Callable 07/01/12 @ 100, AMBAC		1,860		2,016
	Brevard County School Board, COP, 5.500%, 07/01/18, Callable 07/01/12 @ 100, AMBAC		3,015		3,267
	Brevard County Utility Authority, RB, 5.250%, 03/01/13, Callable 03/01/12 @ 100, FGIC		1,000		1,069
	Brevard County Utility Authority, RB, 5.250%, 03/01/14, Callable 03/01/12 @ 100, FGIC		1,000		1,068
	Florida State Board of Education, Capital Outlay, Public Education Project, GO, 9.125%, 06/01/14, ETM		950		1,254
	Florida State Board of Education, Capital Outlay, Public Education Project, Ser B, GO, 5.250%, 06/01/11, Callable 06/01/08 @ 101		1,000		1,027
	Florida State Board of Education, Capital Outlay, Public Education Project, Ser B, GO, 5.375%, 06/01/18, Callable 06/01/12 @ 101		2,130		2,304
	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		1,654
	Florida State Board of Education, Capital Outlay, Public Education Project, Ser D, GO, 5.625%, 06/01/15, Callable 06/01/10 @ 101		1,235		1,317
	Florida State Board of Education, Lottery, Ser A, RB, 5.375%, 07/01/15, Callable 07/01/12 @ 101, FGIC		3,500		3,799
	Florida State Division of Bond Finance, Department of Environmental Protection & Preservation, Ser 2000-A, RB, 5.375%, 07/01/11, Callable 07/01/09 @ 101, FGIC		2,130		2,227
	Greater Orlando Aviation Authority, Airport Facilities, RB, AMT, 5.500%, 10/01/17, FGIC		1,810		2,008
	Hillsborough County Industrial Development Authority, University Community Hospital Project, RB, 6.500%, 08/15/19, MBIA		145		174
	Jacksonville Electric Authority, Electrical Systems Project, Ser 3-A, RB, 5.250%, 10/01/13, Callable 10/01/07 @ 101		1,000		1,018
	Jacksonville Health Facilities Authority, Charity Obligation Group, Ser C, RB, 5.750%, 08/15/13, Prerefunded 08/15/11 @ 101		3,090		3,263
	Jacksonville Sales Tax, RB, 5.500%, 10/01/13, Callable 10/01/11 @ 100, AMBAC		1,435		1,541

See Notes to Financial Statements.

53

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

High Grade Municipal Bond Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Florida—continued
	Jacksonville Sales Tax, RB, 5.500%, 10/01/14, Callable 10/01/11 @ 100, AMBAC		1,200		1,287
	Jacksonville Sales Tax, RB, 5.500%, 10/01/15, Callable 10/01/11 @ 100, AMBAC		1,550		1,663
	Lee County Memorial Health Systems Hospital, Ser A, RB, 5.750%, 04/01/15, Callable 04/01/12 @ 100, FSA		1,000		1,091
	Lee County Transportation Facility Authority, Ser A, RB, 5.500%, 10/01/13, Callable 10/01/11 @ 100, AMBAC		2,000		2,148
	Manatee County Improvement Project, RB, 5.000%, 10/01/23, Callable 10/01/14 @ 100, FGIC		2,095		2,214
	Miami Parking Facilities Authority, RB, 5.250%, 10/01/15, MBIA		1,000		1,096
	Orange County Health Facilities Authority, Ser C, RB, 6.250%, 10/01/16, MBIA		4,855		5,685
	Orange County Tourist Development Tax Authority, RB, 5.500%, 10/01/11, Callable 10/01/09 @ 100, AMBAC		3,030		3,165
	Osceola County Tourist Development Tax Authority, Ser A, RB, 5.500%, 10/01/15, Callable 10/01/12 @ 100, FGIC		1,000		1,087
	Palm Beach County School Board Authority, Ser C, COP, 5.500%, 08/01/14, Callable 08/01/12 @ 100, FSA		2,735		2,967
	Palm Beach County School Board, COP, 5.000%, 08/01/20, Callable 08/01/17 @ 100		1,750		1,877
	Pensacola Airport Authority, Ser A, RB, AMT, 6.250%, 10/01/09, AMBAC		505		534
	Pensacola Airport Authority, Ser A, RB, AMT, 6.000%, 10/01/12, Callable 10/01/08 @ 102, MBIA		1,075		1,125
	Polk County School District Sales Tax Authority, RB, 5.250%, 10/01/15, Callable 10/01/14 @ 100, FSA		2,000		2,186
	Polk County Utility Systems Authority, RB, 6.000%, 10/01/08, FGIC, ETM		985		1,005
	Tampa Guaranteed Entitlement Authority, RB, 6.000%, 10/01/18, AMBAC		500		564
	Tampa Sales Tax Authority, Ser A, RB, 5.375%, 10/01/14, Callable 10/01/11 @ 101, AMBAC		1,640		1,767
	Tampa, University of Tampa Project, RB, 5.000%, 04/01/28, Callable 04/01/16 @ 100, CIFG		5,000		5,301
					65,768
Illinois (3.1%)
	Chicago Housing Authority, Capital Program, RB, 5.000%, 07/01/23, Callable 07/01/16 @ 100, FSA		5,000		5,296
Massachusetts (6.2%)
	Massachusetts State School Building Authority, Sales Tax, Ser A, RB, 5.000%, 08/15/37, Callable 08/15/17 @ 100		5,000		5,307
	Massachusetts State, Construction Loan, Ser A, GO, 5.000%, 03/01/23, Prerefunded 03/01/15 @ 100, FSA		5,000		5,417
					10,724
Missouri (4.9%)
	Missouri State Highways & Transit Commission, State Road, Ser B, RB, 5.000%, 05/01/22, Callable 05/01/16 @ 100		7,950		8,520

See Notes to Financial Statements.

54

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

High Grade Municipal Bond Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
New Jersey (2.5%)
	New Jersey State Transportation Trust Fund Authority, Transportation System, Ser A, RB, 5.250%, 12/15/13, MBIA		4,000		4,350
Pennsylvania (3.1%)
	Allegheny County Airport Authority, Pittsburgh International Airport, Ser B, RB, AMT, 5.000%, 01/01/18, MBIA		5,000		5,347
Puerto Rico (20.5%)
	Puerto Rico Commonwealth Highway & Transportation Authority, RB, 5.250%, 07/01/15, Callable 07/01/13 @ 100, FGIC		5,860		6,352
	Puerto Rico Commonwealth Highway & Transportation Authority, Ser G, RB, 5.250%, 07/01/15, Callable 07/01/13 @ 100, FGIC		3,000		3,252
	Puerto Rico Commonwealth Highway & Transportation Authority, Ser I, RB, 5.000%, 07/01/23, Callable 07/01/14 @ 100, FGIC		3,000		3,185
	Puerto Rico Commonwealth Infrastructure Financing Authority, Special Tax, Ser C, RB, 5.500%, 07/01/17, AMBAC		12,450		14,187
	Puerto Rico Commonwealth Municipal Finance Agency, Ser A, RB, 5.250%, 08/01/14, Callable 08/01/12 @ 100, FSA		6,965		7,487
	Puerto Rico Commonwealth Municipal Finance Agency, Ser A, RB, 5.250%, 08/01/16, Callable 08/01/12 @ 100, FSA		1,020		1,096
					35,559
Texas (4.8%)
	Kermit Independent School District, GO, 5.250%, 02/15/37, Callable 02/15/17 @ 100		4,000		4,336
	San Antonio, General Improvement, GO, 5.000%, 02/01/21, Callable 02/01/16 @ 100		3,805		4,051
					8,387
Washington (8.5%)
	NJB Properties, Lease, King County Project, Ser A, RB, 5.000%, 12/01/31, Callable 12/01/16 @ 100		10,000		10,582
	Washington State, Motor Vehicle Fuel Tax, Ser 2007-B, GO, 5.000%, 07/01/29, Callable 07/01/16 @ 100, FSA		3,885		4,121
					14,703
Total Municipal Bonds (Cost $165,194)					166,984
Money Market Fund (3.1%)
	Federated Tax-Free Obligations Fund, 3.490%		5,436,210		5,436
Total Money Market Fund (Cost $5,436)					5,436
Total Investments (Cost $170,630) (a) — 99.5%					172,420
Other assets in excess of liabilities — 0.5%					855
Net Assets — 100.0%				$	173,275

See Notes to Financial Statements.

55

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

High Grade Municipal Bond Fund — concluded

(a) Cost for federal income tax purposes is $170,630 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands):

Unrealized Appreciation	$	2,293
Unrealized Depreciation		(503	)
Unrealized Appreciation (Depreciation)	$	1,790

AMBAC	— Security insured by American Municipal Bond Assurance Corporation
AMT	— Alternative Minimum Tax Paper
CIFG	— Security insured by Capitalized Interest Financial Guaranty
COP	— Certificate of Participation
ETM	— Escrowed to Maturity
FGIC	— Security insured by Financial Guaranty Insurance Company
FSA	— Security insured by Financial Security Assurance
GO	— General Obligation
MBIA	— Security insured by Municipal Bond Insurance Association
RB	— Revenue Bond
Ser	— Series

See Notes to Financial Statements.

56

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

High Income Fund

		Shares or
		Principal
		Amount($)		Value($)
Bank Loans (3.1%)
Commercial Services (1.4%)
	Merrill Corp., 11.820%, 10/01/13 (b) (d)		1,000		1,005
Computers (0.6%)
	Stratus Technologies, Inc., 14.350%, 03/15/12 (b) (d)		450		432
Telecommunications (1.1%)
	Wind Acquisition Holdings, 12.610%, 12/07/11 (b) (d)		754		771
Total Bank Loans (Cost $2,192)					2,208
Convertible Bonds (1.5%)
Telecommunications (1.5%)
	Nortel Networks Corp., 1.750%, 04/15/12, Callable 04/15/11 @ 100 (d) (e)		530		531
	Nortel Networks Corp., 2.125%, 04/15/14, Callable 04/15/13 @ 100 (d) (e)		525		528
Total Convertible Bonds (Cost $1,055)					1,059
Corporate Bonds (90.5%)
Advertising (4.8%)
	Affinion Group, Inc., 10.125%, 10/15/13, Callable 10/15/09 @ 105.06		935		1,019
	Affinion Group, Inc., 11.500%, 10/15/15, Callable 10/15/10 @ 105.75		520		572
	Quebecor World, Inc., 9.750%, 01/15/15, Callable 01/15/11 @ 104.88 (d)		1,039		1,092
	Quebecor World Capital Corp., 8.750%, 03/15/16, Callable 03/15/11 @ 104.38 (d)		110		111
	R.H. Donnelley Corp., 10.875%, 12/15/12, Callable 12/15/07 @ 105.44		250		270
	Valassis Communications, Inc., 8.250%, 03/01/15, Callable 03/01/11 @ 104.13 (d)		355		349
					3,413
Aerospace/ Defense (1.8%)
	Esterline Technologies Corp., 6.625%, 03/01/17, Callable 03/11/12 @ 103.31 (d)		75		75
	Hawker Beechcraft Corp., 9.750%, 04/01/17, Callable 04/01/12 @ 104.88 (d) (e)		1,185		1,239
					1,314
Apparel (2.6%)
	Hanesbrands, Inc., 8.735%, 12/15/14, Callable 12/15/08 @ 102 (b) (d)		255		260
	Levi Strauss & Co., 8.875%, 04/01/16, Callable 04/01/11 @ 104.44 (e)		1,500		1,605
					1,865
Auto Manufacturers (2.9%)
	General Motors Corp., 8.375%, 07/15/33 (e)		2,320		2,082
Auto Parts & Equipment (3.1%)
	Goodyear Tire & Rubber Co. (The), 9.140%, 12/01/09 (b) (d)		1,060		1,064
	Visteon Corp., 8.250%, 08/01/10 (e)		1,180		1,204
					2,268
Beverages (0.2%)
	Cott Beverages, Inc., 8.000%, 12/15/11, Callable 05/14/07 @ 104		175		179
Chemicals (3.6%)
	Ineos Group Holdings PLC, 8.500%, 02/15/16, Callable 02/15/11 @ 104.25 (d) (e)		2,080		1,992
	PQ Corp., 7.500%, 02/15/13, Callable 02/15/09 @ 103.75 (b) (e)		605		611
					2,603
Commercial Services (3.9%)
	Atlantic Broadband, Inc., 9.375%, 01/15/14, Callable 01/15/09 @ 104.69		675		690
	Cenveo Corp., 7.875%, 12/01/13, Callable 12/01/08 @ 103.94		210		206

See Notes to Financial Statements.

57

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

High Income Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Commercial Services— continued
	Hertz Corp., 10.500%, 01/01/16, Callable 01/01/11 @ 105.25 (e)		495		564
	Seitel Acquisition Corp., 9.750%, 02/15/14 (d)		55		56
	United Rentals NA, Inc., 6.500%, 02/15/12, Callable 02/15/12 @ 103.25		305		304
	United Rentals NA, Inc., 7.750%, 11/15/13, Callable 11/15/08 @ 103.88		450		462
	Visant Holdings Corp., 8.750%, 12/01/13, Callable 12/01/08 @ 106.563 (e)		515		537
					2,819
Diversified Financial Services (8.3%)
	Ford Motor Credit Co., 8.625%, 11/01/10		1,410		1,439
	Galaxy Entertainment Finance Co. Ltd., 9.875%, 12/15/12, Callable 12/15/09 @ 104.94 (d)		100		109
	General Motors Acceptance Corp., LLC, 8.000%, 11/01/31 (e)		1,970		2,112
	Hexion US Finance Corp., 9.750%, 11/15/14, Callable 11/15/10 @ 104.88 (d)		425		446
	Hexion US Finance Corp., 9.860%, 11/15/14, Callable 11/15/08 @ 102 (b) (d)		80		82
	IDEARC, Inc., 8.000%, 11/15/16, Callable 11/15/11 @ 104 (d)		1,095		1,126
	NSG Holdings LLC, 7.750%, 12/15/25 (d)		375		392
	Residential Capital LLC, 6.500%, 04/17/13		260		258
	Snoqualmie Enterprise Authority, 9.125%, 02/01/15, Callable 02/01/11 @ 104.56 (d)		45		46
					6,010
Diversified Minerals (0.7%)
	FMG Finance Property Ltd., 10.625%, 09/01/16 (d)		435		500
Diversified Operations (5.1%)
	Activant Solutions, Inc., 9.500%, 05/01/16, Callable 05/01/11 @ 104.75		990		975
	Aramark Corp., 8.500%, 02/01/15, Callable 02/01/11 @ 104.25 (b) (d)		980		1,020
	Aramark Corp., 8.860%, 02/01/15, Callable 02/01/09 @ 102 (d)		75		77
	Freeport-McMoRan Copper & Gold, Inc., 8.250%, 04/01/15, Callable 04/01/11 @ 104.13		580		624
	Freeport-McMoRan Copper & Gold, Inc., 8.564%, 04/01/15, Callable 04/01/09 @ 102 (b)		545		573
	Freeport-McMoRan Copper & Gold, Inc., 8.375%, 04/01/17, Callable 04/01/12 @ 104.19		395		427
					3,696
Electric (4.5%)
	Aquila, Inc., 14.875%, 07/01/12 (e)		1,420		1,850
	Baldor Electric Co., 8.625%, 02/15/17, Callable 02/15/12 @ 103.31		325		344
	FPL Energy National Wind, 6.125%, 03/25/19 (d)		219		213
	PSEG Energy Holdings LLC, 10.000%, 10/01/09		10		11
	Sithe/ Independence Funding, Ser A, 9.000%, 12/30/13		750		826
					3,244
Entertainment (0.1%)
	Pokagon Gaming Authority, 10.375%, 06/15/14, Callable 06/15/10 @ 105.19 (d)		70		77
Food (3.1%)
	Pinnacle Foods Holding Corp., 8.250%, 12/01/13, Callable 12/01/08 @ 104.12		775		843

See Notes to Financial Statements.

58

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

High Income Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Food— continued
	Pinnacle Foods Holding Corp., 10.625%, 04/01/17, Callable 04/01/12 @ 105.31 (d)		1,275		1,254
	Stater Brothers Holdings, Inc., 8.125%, 06/15/12, Callable 06/15/08 @ 104.06		170		175
					2,272
Forest Products & Paper (2.3%)
	Abitibi-Consolidated, Inc., 8.550%, 08/01/10		80		81
	Abitibi-Consolidated, Inc., 8.375%, 04/01/15		65		61
	Boise Cascade LLC, 8.235%, 10/15/12, Callable 10/15/07 @ 100 (b)		600		602
	Bowater Canada Finance Corp., 7.950%, 11/15/11		190		185
	Verso Paper Holdings LLC, 9.110%, 08/01/14, Callable 08/01/08 @ 102 (b) (d)		745		764
					1,693
Healthcare — Products (2.1%)
	Universal Hospital Services, Inc., 10.125%, 11/01/11, Callable 11/01/07 @ 105.06		1,450		1,541
Healthcare — Services (8.5%)
	Community Health Systems, Inc., 6.500%, 12/15/12, Callable 12/15/08 @ 103.25		830		855
	HCA, Inc., 9.625%, 11/15/16, Callable 11/15/11 @ 104.81 (d)		990		1,069
	Sun Healthcare Group, Inc., 9.125%, 04/15/15, Callable 04/15/11 @ 104.56 (d)		1,050		1,076
	Triad Hospitals, Inc., 7.000%, 11/15/13, Callable 11/15/08 @ 103.50		1,950		2,035
	US Oncology, Inc., 10.750%, 08/15/14, Callable 08/15/09 @ 105.38		1,000		1,115
					6,150
Household Products/ Wares (0.9%)
	Mobile Services Group, Inc., 9.750%, 08/01/14, Callable 08/01/10 @ 104.88 (d)		600		635
Machinery Diversified (1.8%)
	Chart Industries, Inc., 9.125%, 10/15/15, Callable 10/15/10 @ 104.56 (d)		1,250		1,306
Media (5.6%)
	CCH I LLC, 11.000%, 10/01/15, Callable 10/01/10 @ 105.50		910		944
	Dex Media, Inc., 9.540%, 11/15/13, Callable 11/15/08 @ 104.50 (c) (f)		50		47
	General Cable Corp., 7.725%, 04/01/15, Callable 04/01/09 @ 102 (b) (d)		45		45
	General Cable Corp., 7.125%, 04/01/17, Callable 04/01/12 @ 103.56 (d)		40		40
	Kabel Deutschland GmbH, 10.625%, 07/01/14, Callable 07/01/09 @ 105.31		1,800		2,007
	LIN Television Corp., Ser B, 6.500%, 05/15/13, Callable 05/15/08 @ 103.25		10		10
	Mediacom Broadband LLC, 8.500%, 10/15/15, Callable 10/15/10 @ 104.25		555		567
	Mediacom Broadband LLC, 8.500%, 10/15/15, Callable 10/15/10 @ 104.25 (d)		205		210
	Quebecor Media, Inc., 7.750%, 03/15/16, Callable 03/15/11 @ 103.88		165		170
					4,040
Miscellaneous Manufacturer (3.6%)
	American Railcar Industries, Inc., 7.500%, 03/01/14, Callable 03/01/11 @ 103.75 (d)		70		72
	Clarke American Corp., 11.750%, 12/15/13, Callable 12/15/09 @ 105.88		1,940		2,241

See Notes to Financial Statements.

59

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

High Income Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Miscellaneous Manufacturer— continued
	Koppers, Inc., 9.875%, 10/15/13, Callable 10/15/08 @ 104.94		239		259
					2,572
Oil & Gas (1.9%)
	Cie Generale De Geophysique, 7.500%, 05/15/15, Callable 05/15/10 @ 103.75		205		211
	Cie Generale De Geophysique, 7.750%, 05/15/17, Callable 05/15/12 @ 103.88		85		89
	Denbury Resources, Inc., 7.500%, 12/15/15, Callable 12/15/10 @ 103.75		47		47
	OPTI Canada, Inc., 8.250%, 12/15/14, Callable 12/15/10 @ 104.13 (d)		975		1,014
					1,361
Packaging & Containers (1.0%)
	Graphic Packaging International, 9.500%, 08/15/13, Callable 08/15/08 @ 104.75 (e)		650		691
Pipelines (2.4%)
	Targa Resources, Inc., 8.500%, 11/01/13, Callable 11/01/09 @ 104.25 (d)		1,305		1,331
	Williams Partners LP, 7.250%, 02/01/17 (d)		350		370
					1,701
Real Estate (0.6%)
	American Real Estate Partners LP, 7.125%, 02/15/13, Callable 02/15/09 @ 103.56		25		25
	American Real Estate Partners LP, 7.125%, 02/15/13, Callable 02/15/09 @ 103.56 (d)		440		434
					459
Retail (2.1%)
	Asbury Automotive Group, Inc., 7.625%, 03/15/17, Callable 03/15/12 @ 103.81 (d)		140		140
	Brookstone Co., Inc., 12.000%, 10/15/12, Callable 10/15/09 @ 106 (e)		1,300		1,352
					1,492
Semiconductors (5.3%)
	Amkor Technology, Inc., 9.250%, 06/01/16, Callable 06/01/11 @ 104.625		135		141
	Freescale Semiconductor, Inc., 10.125%, 12/15/16, Callable 12/15/11 @ 105.06 (d) (e)		1,890		1,894
	NXP Funding LLC, 9.500%, 10/15/15, Callable 10/15/11 @ 104.75 (d)		1,745		1,802
					3,837
Software (0.8%)
	Open Solutions, Inc., 9.750%, 02/01/15, Callable 02/01/11 @ 104.88 (d)		575		592
Telecommunications (6.9%)
	Citizens Communications Co., 7.125%, 03/15/19 (d)		205		203
	Intelsat Corp., 9.000%, 06/15/16, Callable 06/15/11 @ 104.50 (d)		150		165
	Nordic Telephone Co., Holdings, 8.875%, 05/01/16, Callable 05/01/11 @ 104.44 (d)		185		198
	NTL Cable PLC, 9.125%, 08/15/16, Callable 08/15/11 @ 104.563		950		1,002
	Telecordia Technologies, Inc., 10.000%, 03/15/13, Callable 03/15/08 @ 105 (d)		1,300		1,216
	West Corp., 11.000%, 10/15/16, Callable 10/15/11 @ 105.50 (d) (e)		2,055		2,168
					4,952
Total Corporate Bonds (Cost $63,577)					65,364

See Notes to Financial Statements.

60

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

High Income Fund — concluded

		Shares or
		Principal
		Amount($)		Value($)
Short-Term Investment (26.4%)
	CSFB Enhanced Liquidity Portfolio, 5.421% (g)		19,074,056		19,074
Total Short-Term Investment (Cost $19,074)					19,074
Repurchase Agreement (4.2%)
	Merrill Lynch & Co., Inc., 5.255%, dated 03/30/07, to be repurchased on 04/02/07, repurchase price $2,998 (collateralized by U.S. Government Agencies; 6.500%, due 02/15/32; total market $3,060)		2,996		2,996
Total Repurchase Agreement (Cost $2,996)					2,996
Total Investments (Cost $88,894) (a) — 125.7%					90,701
Liabilities in excess of other assets — (25.7)%					(18,532	)
Net Assets — 100.0%				$	72,169

(a) Cost for federal income tax purposes is $88,915 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands):

Unrealized Appreciation	$	2,165
Unrealized Depreciation		(379	)
Unrealized Appreciation (Depreciation)	$	1,786

(b)	Variable rate security. Rate presented represents rate in effect at March 31, 2007. 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 adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. These securities represent 44.5% of net assets as of March 31, 2007.
(e)	This security or a partial position of the security was on loan at March 31, 2007. The total value of securities on loan at March 31, 2007 in thousands was $18,189.
(f)	Step bond.
(g)	This security was purchased with cash collateral held from securities lending.

LLC	— Limited Liability Corporation
LP	— Limited Partnership
PLC	— Public Limited Company
Ser	— Series

At March 31, 2007, liquid assets totaling $1,602, in thousands, have been designated as collateral for open swap agreements.

Credit Default Swap Agreements

			Notional			Fixed		Expiration
Underlying Instrument	Counterparty		Amount ($)			Rate (%)		Date		Value ($)
Residential Capital LLC		JP Morgan		(500	)		2.00		03/20/12		32
Residential Capital LLC		JP Morgan		(1,500	)		1.38		03/20/12		(3	)
											29

See Notes to Financial Statements.

61

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Intermediate Bond Fund

		Shares or
		Principal
		Amount($)		Value($)
Asset Backed Securities (2.4%)
Automobile ABS (1.7%)
	Chase Manhattan Auto Owner Trust, Ser 2003-B, Cl A4, 2.570%, 02/16/10		261		259
	Daimler Chrysler Auto Trust, Ser 2003-B, Cl A4, 2.860%, 03/09/09		184		183
	Daimler Chrysler Auto Trust, Ser 2003-B, Cl A4, 6.500%, 11/15/13		510		536
	Daimler Chrysler Auto Trust, Ser 2005-A, Cl A4, 3.740%, 02/08/10		410		405
	Honda Auto Receivables Owner Trust, Ser 2006-1, Cl A3, 5.070%, 02/18/10		265		265
					1,648
Credit Card ABS (0.6%)
	Citibank Credit Card Master Trust I, Ser 1998-2, Cl A, 6.050%, 01/15/10		550		554
Home Equity ABS (0.1%)
	Contimortgage Home Equity Loan Trust, Ser 1996-2, Cl A8, 7.900%, 07/15/27		55		55
	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		4		4
	Soundview Home Equity Loan Trust, Ser 2001-1, Cl A, 6.765%, 04/15/31 (b)		12		12
					77
Total Asset Backed Securities (Cost $2,271)					2,279
Collateralized Mortgage Obligations (7.2%)
	Banc of America Commercial Mortgage, Inc., Ser 2004-4, Cl A3, 4.128%, 07/10/42		355		347
	Banc of America Commercial Mortgage, Inc., Ser 2006-4, Cl A4, 5.634%, 07/10/46		530		540
	Bear Stearns Commercial Mortgage Securities, Ser 2006-PW13, Cl A4, 5.540%, 09/11/41		430		435
	Citigroup/ Deutsche Bank Commercial Mortgage Trust, Ser 2005-CD1, Cl A4, 5.225%, 07/15/44 (b)		415		415
	Citigroup/ Deutsche Bank Commercial Mortgage Trust, Ser 2006-CD2, Cl A4, 5.362%, 01/15/46 (b)		275		276
	GE Capital Commercial Mortgage Corp., Ser 2006-C1, Cl A4, 5.340%, 03/10/44 (b)		360		361
	GMAC Commercial Mortgage Securities, Inc., Ser 2003-C2, Cl A1, 4.576%, 05/10/40		522		516
	GS Mortgage Securities Corp. II, Ser 2006-GG6, Cl A2, 5.506%, 04/10/38 (b)		535		542
	GS Mortgage Securities Corp. II, Ser 2006-GG8, Cl A4, 5.560%, 11/10/39 (b)		375		380
	JP Morgan Chase Commercial Mortgage Securities Corp., Ser 2006-CB15, Cl A4, 5.814%, 06/12/43 (b)		560		578
	JP Morgan Chase Commercial Mortgage Securities Corp., Ser 2006-LDP6, Cl A4, 5.475%, 04/15/43 (b)		385		388
	LB-UBS Commercial Mortgage Trust, Ser 2006-C1, Cl A4, 5.156%, 02/15/31		790		779
	Morgan Stanley Capital I, Ser 2006-HQ10, Cl A4, 5.328%, 11/12/41 (b)		790		788
	Wachovia Bank Commercial Mortgage Trust, Ser 2006-C23, Cl A4, 5.418%, 01/15/45 (b)		455		456
Total Collateralized Mortgage Obligations (Cost $6,780)					6,801

See Notes to Financial Statements.

62

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Intermediate Bond Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Corporate Bonds (27.4%)
Aerospace/ Defense (0.6%)
	L-3 Communications Corp., 6.125%, 01/15/14, Callable 01/15/09 @ 103.06		250		246
	United Technologies Corp., 4.875%, 05/01/15		330		319
					565
Airlines (0.5%)
	Continental Airlines, Inc., Ser A, 5.983%, 04/19/22		295		294
	Southwest Airlines Co., 5.125%, 03/01/17		180		168
					462
Banks (1.6%)
	Bank of America Corp., 7.400%, 01/15/11		485		523
	Wachovia Corp., 5.300%, 10/15/11		470		473
	Wells Fargo Co., 4.875%, 01/12/11		490		487
					1,483
Beverages (0.5%)
	Sabmiller PLC, 6.200%, 07/01/11 (c)		495		511
Building Materials (0.7%)
	Lafarge SA, 6.150%, 07/15/11		270		278
	Owens Corning, Inc., 6.500%, 12/01/16 (c)		405		414
					692
Chemicals (0.3%)
	Lyondell Chemical Co., 8.250%, 09/15/16, Callable 09/15/11 @ 104.13		250		268
Coal (0.3%)
	Peabody Energy Corp., 7.375%, 11/01/16		280		295
Commercial Services (0.5%)
	Corrections Corp. of America, 7.500%, 05/01/11, Callable 05/01/07 @ 103.75		250		257
	ERAC USA Finance Co., 5.600%, 05/01/15 (c)		195		195
					452
Diversified Financial Services (8.3%)
	ABX Financing Co., 5.750%, 10/15/16 (c)		815		819
	CIT Group, Inc., 5.600%, 04/27/11		315		318
	Citigroup, Inc., 5.125%, 05/05/14		410		406
	Ford Motor Credit Corp., 7.000%, 10/01/13		185		172
	Fund American Cos., Inc., 5.875%, 05/15/13		485		485
	General Electric Capital Corp., 4.250%, 01/15/08		1,260		1,250
	GMAC LLC, 6.750%, 12/01/14		175		173
	Goldman Sachs Group, Inc. (The), 4.750%, 07/15/13		465		448
	Household Finance Corp., 4.125%, 12/15/08		745		732
	International Lease Finance Corp., Ser Q, 5.250%, 01/10/13		205		205
	International Lease Finance Corp., Ser R, 5.625%, 09/20/13		100		102
	Janus Capital Group, Inc., 5.875%, 09/15/11		195		197
	JP Morgan Chase & Co., 6.625%, 03/15/12		480		509
	Lazard Group LLC, 7.125%, 05/15/15		545		575
	Lehman Brothers Holdings, Inc., 5.250%, 02/06/12		365		365
	Morgan Stanley, 5.300%, 03/01/13		455		454
	SLM Corp., 5.625%, 04/10/07		115		115
	Western Union Co., 5.930%, 10/01/16		585		586
					7,911
Electric (1.3%)
	MidAmerican Energy Holdings Co., Ser. D, 5.000%, 02/15/14		680		659
	NRG Energy, Inc., 7.375%, 02/01/16, Callable 02/01/11 @ 103.688		250		257
	Oncor Electric Delivery Co., 6.375%, 01/15/15		315		328
					1,244

See Notes to Financial Statements.

63

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Intermediate Bond Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Entertainment (0.3%)
	WMG Acquisition Corp., 7.375%, 04/15/14, Callable 04/15/09 @ 103.688		260		248
Environment Control (0.3%)
	Allied Waste North America, Inc., 7.125%, 05/15/16, Callable 05/15/11 @ 103.56		250		254
Healthcare — Services (0.2%)
	HCA, Inc., 9.125%, 11/15/14, Callable 11/15/10 @ 104.56 (c)		170		182
Insurance (0.8%)
	American International Group, Ser G, 5.600%, 10/18/16		560		569
	MetLife, Inc., 5.000%, 06/15/15		180		175
					744
Investment Companies (0.3%)
	Credit Suisse First Boston USA, Inc., 6.500%, 01/15/12		225		237
Lodging (0.3%)
	Wynn Las Vegas LLC, 6.625%, 12/01/14, Callable 12/01/09 @ 103.31		250		248
Media (1.5%)
	Dex Media West/ Finance LLC, Ser B, 9.875%, 08/15/13, Callable 08/15/08 @ 104.938		230		251
	EchoStar DBS Corp., 7.125%, 02/01/16		260		268
	Mediacom Broadband LLC, 8.500%, 10/15/15, Callable 10/15/10 @ 104.25 (c)		250		256
	News America Holdings, Inc., 9.250%, 02/01/13		360		427
	Rogers Cable, Inc., 6.250%, 06/15/13		250		254
					1,456
Miscellaneous Manufacturer (0.7%)
	General Electric Co., 5.000%, 02/01/13		280		278
	Siemens Financierings NV, 5.750%, 10/17/16 (c)		350		356
					634
Oil & Gas (2.3%)
	Anadarko Petroleum Corp., 5.950%, 09/15/16		295		296
	Chesapeake Energy Corp., 6.500%, 08/15/17		295		291
	Devon Financing Corp. ULC, 6.875%, 09/30/11		570		606
	Enterprise Products Operating LP, Ser B, 5.600%, 10/15/14		500		499
	Weatherford International Ltd., 4.950%, 10/15/13		535		515
					2,207
Pharmaceuticals (0.4%)
	Merck & Co., Inc., 5.125%, 11/15/11		255		255
	Teva Pharmaceutical Finance LLC, 5.550%, 02/01/16		125		123
					378
Pipelines (1.2%)
	Centerpoint Energy Resources Corp., Ser B, 7.875%, 04/01/13		355		395
	El Paso Natural Gas Co., 5.950%, 04/15/17 (c)		135		136
	Kinder Morgan, Inc., 5.700%, 01/05/16		230		216
	Southern Natural Gas Co., 5.900%, 04/01/17 (c)		115		115
	Williams Cos., Inc., 7.125%, 09/01/11		240		251
					1,113
Retail (0.8%)
	Woolworths Ltd., 5.550%, 11/15/15 (c)		785		780
Semiconductors (0.3%)
	Advanced Micro Devices, Inc., 7.750%, 11/01/12, Callable 11/01/08 @ 103.88		250		253
Software (0.1%)
	Intuit, Inc., 5.750%, 03/15/17		90		89
Telecommunications (3.3%)
	AT&T, Inc., 5.100%, 09/15/14		425		415

See Notes to Financial Statements.

64

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Intermediate Bond Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Telecommunications—continued
	Cisco Systems, Inc., 5.500%, 02/22/16		450		452
	Citizens Communications Co., 9.250%, 05/15/11		220		245
	Comcast Corp., 4.950%, 06/15/16		225		214
	NTL Cable PLC, 8.750%, 04/15/14, Callable 04/15/09 @ 104.375		240		250
	Qwest Corp., 8.875%, 03/15/12		230		254
	Time Warner Inc., 5.500%, 11/15/11		190		192
	Verizon Communications, Inc., 5.550%, 02/15/16		230		230
	Vodafone Group PLC, 5.500%, 06/15/11		605		611
	Windstream Corp., 8.625%, 08/01/16, Callable 08/01/11 @ 104.31		230		252
					3,115
Total Corporate Bonds (Cost $25,737)					25,821
U.S. Government Agencies (17.1%)
Fannie Mae (17.1%)
	4.250%, 05/15/09		11,235		11,097
	5.000%, 10/15/11		4,625		4,653
	5.250%, 09/15/16		370		377
Total U.S. Government Agencies (Cost $16,078)					16,127
U.S. Government Agency Mortgages (8.6%)
Fannie Mae (5.6%)
	5.725%, 03/01/12		217		222
	6.260%, 05/01/12		305		319
	5.119%, 01/01/36 (b)		2,154		2,158
	5.412%, 04/01/36 (b)		1,099		1,104
	5.351%, 05/01/36 (b)		1,018		1,021
	5.369%, 05/01/36 (b)		442		444
					5,268
Freddie Mac (0.0%)
	6.500%, 08/01/08		23		23
Government National Mortgage Association (3.0%)
	6.400%, 10/16/20 (b)		214		216
	6.114%, 11/16/21		51		51
	4.449%, 03/16/25		326		322
	4.811%, 05/16/27		436		432
	4.212%, 01/16/28		398		390
	3.760%, 09/16/28		431		419
	4.241%, 07/16/29		199		195
	5.441%, 02/16/31 (b)		400		404
	5.269%, 03/16/37 (b)		400		398
					2,827
Total U.S. Government Agency Mortgages (Cost $8,118)					8,118
U.S. Treasury Obligations (35.6%)
U.S. Treasury Notes (35.6%)
	3.625%, 04/30/07		860		859
	3.125%, 05/15/07		7,010		6,993
	3.375%, 12/15/08		7,165		7,013
	3.500%, 08/15/09		600		586
	4.750%, 02/15/10		5,570		5,602
	4.625%, 10/31/11		160		161
	4.625%, 02/29/12		1,295		1,300
	4.375%, 08/15/12		4,660		4,631
	4.500%, 11/15/15		3,510		3,474
	2.000%, 01/15/16		2,810		2,822
	5.125%, 05/15/16		65		67
Total U.S. Treasury Obligations (Cost $33,568)					33,508
Money Market Fund (2.2%)
	STI Classic Institutional Cash Management Money Market Fund, 5.230% (d)		2,067,757		2,068
Total Money Market Fund (Cost $2,068)					2,068
Total Investments (Cost $94,620) (a) — 100.5%					94,722
Liabilities in excess of other assets — (0.5)%					(480	)
Net Assets — 100.0%				$	94,242

(a) Cost for federal income tax purposes is $94,670 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands):

Unrealized Appreciation	$	255
Unrealized Depreciation		(203	)
Unrealized Appreciation (Depreciation)	$	52

See Notes to Financial Statements.

65

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Intermediate Bond Fund — concluded

(b)	Variable rate security. Rate presented represents rate in effect at March 31, 2007. 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 adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. These securities represent 4.0% of net assets as of March 31, 2007.

(d)	Affiliate investment.
Cl	— Class
LLC	— Limited Liability Corporation
LP	— Limited Partnership
PLC	— Public Limited Company
Ser	— Series

At March 31, 2007, liquid assets totaling $1,503, in thousands, have been designated as collateral for open swap agreements.

Credit Default Swap Agreements

			Notional			Fixed		Expiration
Underlying Instrument	Counterparty		Amount ($)			Rate (%)		Date		Value ($)
Dow Jones CDS Indices; Series 7		Citibank N.A.		1,195			0.59		03/20/17		(6	)
Dow Jones CDS Indices; Series 7		Citibank N.A.		120			0.59		03/20/17		(1	)
Brunswick Corp.		Merrill Lynch		(120	)		1.15		03/20/17		(1	)
Cardinal Health, Inc.		Merrill Lynch		(120	)		0.53		03/20/17		—
Campbell Soup Co.		Citibank N.A.		(120	)		0.33		03/20/17		(1	)
H.J. Heinz Co.		Citibank N.A.		(120	)		0.74		03/20/17		(2	)
IStar Financial, Inc.		Citibank N.A.		(120	)		0.70		03/20/17		1
Lennar Corp.		Citibank N.A.		(120	)		1.02		03/20/17		5
Nordstrom, Inc.		Citibank N.A.		(120	)		0.45		03/20/17		(1	)
Nucor Corp.		Citibank N.A.		(120	)		0.24		03/20/17		(1	)
Quest Diagnostics, Inc.		Merrill Lynch		(120	)		0.78		03/20/17		1
Sprint Nextel Corp.		Citibank N.A.		(120	)		1.18		03/20/17		(1	)
Weyerhaueser Co.		Citibank N.A.		(120	)		1.05		03/20/17		—
											(7	)

Amounts designated as “—” round to less than $1,000.

See Notes to Financial Statements.

66

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Investment Grade Bond Fund

		Shares or
		Principal
		Amount($)		Value($)
Asset Backed Securities (1.3%)
Automobile ABS (1.1%)
	Daimler Chrysler Auto Trust, Ser 2005-A, Cl A4, 3.740%, 02/08/10		2,700		2,665
	Honda Auto Receivables Owner Trust, Ser 2006-1, Cl A3, 5.070%, 02/18/10		1,765		1,763
					4,428
Credit Card ABS (0.2%)
	Citibank Credit Card Issuance Trust, Ser 2008-A7, Cl A7, 4.150%, 07/07/17		1,000		940
Total Asset Backed Securities (Cost $5,335)					5,368
Collateralized Mortgage Obligations (7.2%)
	Banc of America Commercial Mortgage, Inc., Ser 2004-4, Cl A3, 4.128%, 07/10/42		2,375		2,324
	Banc of America Commercial Mortgage, Inc., Ser 2006-4, Cl A4, 5.634%, 07/10/46		1,675		1,706
	Bear Stearns Commercial Mortgage Securities, Ser 2006-PW13, Cl A4, 5.540%, 09/11/41		1,385		1,401
	Citigroup/ Deutsche Bank Commercial Mortgage Trust, Ser 2005-CD1, Cl A4, 5.225%, 07/15/44 (b)		2,995		2,993
	GE Capital Commercial Mortgage Corp., Ser 2006-C1, Cl A4, 5.340%, 03/10/44 (b)		2,450		2,458
	GMAC Commercial Mortgage Securities, Inc., Ser 2003-C2, Cl A1, 4.576%, 05/10/40		3,109		3,071
	GS Mortgage Securities Corp. II, Ser 2006-GG6, Cl A2, 5.506%, 04/10/38 (b)		3,650		3,695
	GS Mortgage Securities Corp. II, Ser 2006-GG8, Cl A4, 5.560%, 11/10/39 (b)		1,200		1,217
	JP Morgan Chase Commercial Mortgage Securities Corp., Ser 2006-CB15, Cl A4, 5.814%, 06/12/43 (b)		1,865		1,924
	JP Morgan Chase Commercial Mortgage Securities Corp., Ser 2006-LDP6, Cl A4, 5.475%, 04/15/43 (b)		1,235		1,244
	LB-UBS Commercial Mortgage Trust, Ser 2006-C1, Cl A4, 5.156%, 02/15/31		2,430		2,398
	Morgan Stanley Capital I, Ser 2006-HQ10, Cl A4, 5.328%, 11/12/41 (b)		2,705		2,695
	Wachovia Bank Commercial Mortgage Trust, Ser 2006-C23, Cl A4, 5.418%, 01/15/45 (b)		2,985		2,994
Total Collateralized Mortgage Obligations (Cost $30,012)					30,120
Corporate Bonds (30.8%)
Aerospace/ Defense (1.1%)
	Boeing Co. (The), 5.125%, 02/15/13		1,735		1,739
	L-3 Communications Corp., 6.125%, 01/15/14, Callable 01/15/09 @ 103.06		1,280		1,258
	United Technologies Corp., 4.875%, 05/01/15		1,495		1,448
					4,445
Airlines (0.5%)
	Continental Airlines, Inc., Ser A, 5.983%, 04/19/22		1,495		1,491
	Southwest Airlines Co., 5.125%, 03/01/17		870		811
					2,302

See Notes to Financial Statements.

67

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Investment Grade Bond Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Auto Manufacturers (0.5%)
	DaimlerChrysler NA Holdings Corp., 8.500%, 01/18/31		1,550		1,936
Banks (1.8%)
	Bank of America Corp., 7.400%, 01/15/11		2,685		2,893
	Wachovia Corp., 5.300%, 10/15/11		2,385		2,399
	Wells Fargo Co., 4.875%, 01/12/11		2,440		2,426
					7,718
Beverages (0.6%)
	SABMiller PLC, 6.200%, 07/01/11 (c) (d)		2,265		2,339
Building Materials (0.8%)
	Lafarge SA, 6.150%, 07/15/11		1,225		1,263
	Owens Corning, Inc., 6.500%, 12/01/16 (c)		2,190		2,237
					3,500
Chemicals (0.7%)
	Lyondell Chemical Co., 8.250%, 09/15/16, Callable 09/15/11 @ 104.13 (d)		1,250		1,338
	Potash Corp. of Saskatchewan, Inc., 5.875%, 12/01/36		1,680		1,625
					2,963
Coal (0.2%)
	Peabody Energy Corp., 7.375%, 11/01/16 (d)		890		937
Commercial Services (0.5%)
	Corrections Corp. of America, 7.500%, 05/01/11, Callable 05/01/07 @ 103.75		1,260		1,295
	ERAC USA Finance Co., 5.600%, 05/01/15 (c)		870		871
					2,166
Computers (0.2%)
	Dell, Inc., 7.100%, 04/15/28		540		576
	IBM Corp., 5.875%, 11/29/32		425		434
					1,010
Diversified Financial Services (7.5%)
	ABX Financing Co., 6.350%, 10/15/36 (c)		2,165		2,139
	CIT Group, Inc., 5.600%, 04/27/11		1,780		1,798
	Citigroup, Inc., 5.125%, 05/05/14		765		757
	Citigroup, Inc., 5.850%, 12/11/34		670		665
	Ford Motor Credit Corp., 7.000%, 10/01/13 (d)		1,340		1,246
	Fund American Cos., Inc., 5.875%, 05/15/13		2,775		2,776
	GMAC LLC, 6.750%, 12/01/14		1,260		1,239
	Goldman Sachs Group, Inc. (The), 4.750%, 07/15/13		2,500		2,410
	HSBC Holdings PLC, 7.625%, 05/17/32		950		1,125
	International Lease Finance Corp., Ser Q, 5.250%, 01/10/13		845		843
	International Lease Finance Corp., Ser R, 5.625%, 09/20/13		555		566
	Janus Capital Group, Inc., 5.875%, 09/15/11		945		957
	JP Morgan Chase & Co., 6.625%, 03/15/12		2,780		2,947
	Lazard Group LLC, 7.125%, 05/15/15		2,855		3,009
	Lehman Brothers Holdings, Inc., 5.250%, 02/06/12		1,380		1,379
	Merrill Lynch & Co., 5.770%, 07/25/11		2,540		2,598
	Morgan Stanley, 5.300%, 03/01/13		1,865		1,863
	Western Union Co., 5.930%, 10/01/16		3,020		3,025
					31,342
Electric (1.4%)
	MidAmerican Energy Holdings Co., 6.125%, 04/01/36		1,595		1,592
	NRG Energy, Inc., 7.375%, 02/01/16, Callable 02/01/11 @ 103.69		1,260		1,295

See Notes to Financial Statements.

68

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Investment Grade Bond Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Electric—continued
	Oncor Electric Delivery Co., 7.000%, 05/01/32		1,045		1,134
	Pacific Gas & Electric Co., 6.050%, 03/01/34		1,755		1,758
					5,779
Entertainment (0.3%)
	WMG Acquisition Corp., 7.375%, 04/15/14, Callable 04/15/09 @ 103.69		1,320		1,257
Environment Control (0.3%)
	Allied Waste North America, Inc., 7.125%, 05/15/16, Callable 05/15/11 @ 103.56		1,260		1,282
Healthcare — Services (0.3%)
	HCA, Inc., 9.125%, 11/15/14, Callable 11/15/10 @ 104.56 (c)		1,205		1,288
Insurance (0.8%)
	American International Group, Ser G, 5.600%, 10/18/16		3,005		3,056
	Metlife, Inc., 5.700%, 06/15/35		360		346
					3,402
Investment Companies (0.2%)
	Credit Suisse First Boston USA, Inc., 6.500%, 01/15/12		870		915
Lodging (0.3%)
	Wynn Las Vegas LLC, 6.625%, 12/01/14, Callable 12/01/09 @ 103.31		1,280		1,267
Machinery Diversified (0.1%)
	Caterpillar, Inc., 6.050%, 08/15/36		315		322
Media (1.7%)
	Dex Media West/ Finance LLC, Ser B, 9.875%, 08/15/13, Callable 08/15/08 @ 104.94		1,170		1,277
	EchoStar DBS Corp., 7.125%, 02/01/16		1,300		1,342
	Mediacom Broadband LLC, 8.500%, 10/15/15, Callable 10/15/10 @ 104.25 (c)		1,290		1,319
	News America Holdings, Inc., 6.200%, 12/15/34		845		820
	Rogers Cable, Inc., 6.250%, 06/15/13		1,280		1,299
	Time Warner, Inc., 6.500%, 11/15/36		1,040		1,037
					7,094
Miscellaneous Manufacturer (1.6%)
	General Electric Co., 5.000%, 02/01/13		4,495		4,461
	Siemens Financierings NV, 6.125%, 08/17/26 (c)		2,240		2,279
					6,740
Oil & Gas (2.3%)
	Anadarko Petroleum Corp., 5.950%, 09/15/16		1,425		1,428
	Chesapeake Energy Corp., 6.500%, 08/15/17		1,505		1,486
	ConocoPhillips, 5.900%, 10/15/32		740		748
	Devon Financing Corp. ULC, 7.875%, 09/30/31		1,885		2,234
	Enterprise Products Operating LP, Ser B, 5.750%, 03/01/35		1,720		1,586
	Weatherford International, Inc., 6.500%, 08/01/36		1,630		1,630
	Western Oil Sands, Inc., 8.375%, 05/01/12		605		676
					9,788
Pharmaceuticals (0.5%)
	Merck & Co., Inc., 5.125%, 11/15/11		1,195		1,199
	Teva Pharmaceutical Finance LLC, 6.150%, 02/01/36		760		733
					1,932
Pipelines (1.2%)
	Centerpoint Energy Resources Corp., Ser B, 7.875%, 04/01/13		1,070		1,192
	El Paso Natural Gas Co., 5.950%, 04/15/17 (c)		685		688

See Notes to Financial Statements.

69

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Investment Grade Bond Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Pipelines—continued
	Kinder Morgan Finance Co. ULC, 6.400%, 01/05/36		1,345		1,204
	Southern Natural Gas Co., 5.900%, 04/01/17 (c)		570		570
	Williams Cos., Inc., 7.125%, 09/01/11 (d)		1,230		1,289
					4,943
Retail (1.1%)
	Wal-Mart Stores, Inc., 5.250%, 09/01/35		610		554
	Woolworths Ltd., 5.550%, 11/15/15 (c)		3,920		3,893
					4,447
Semiconductors (0.3%)
	Advanced Micro Devices, Inc., 7.750%, 11/01/12, Callable 11/01/08 @ 103.88		1,270		1,284
Software (0.1%)
	Intuit, Inc., 5.750%, 03/15/17		465		459
Telecommunications (3.9%)
	AT&T, Inc., 5.100%, 09/15/14		1,895		1,851
	AT&T, Inc., 6.450%, 06/15/34		1,165		1,186
	Cisco Systems, Inc., 5.500%, 02/22/16		2,345		2,361
	Citizens Communications Co., 9.250%, 05/15/11		1,130		1,260
	Comcast Corp., 6.450%, 03/15/37		1,055		1,056
	NTL Cable PLC, 8.750%, 04/15/14, Callable 04/15/09 @ 104.375		1,220		1,269
	Qwest Corp., 8.875%, 03/15/12		1,160		1,282
	Verizon Communications, Inc., 5.550%, 02/15/16		1,635		1,636
	Vodafone Group PLC, 5.500%, 06/15/11 (d)		3,050		3,083
	Windstream Corp., 8.625%, 08/01/16, Callable 08/01/11 @ 104.31		1,170		1,280
					16,264
Total Corporate Bonds (Cost $128,709)					129,121
U.S. Government Agencies (20.4%)
Fannie Mae (16.8%)
	3.250%, 02/15/09		1,000		971
	4.250%, 05/15/09 (d)		39,420		38,940
	5.000%, 10/15/11 (d)		18,080		18,188
	5.125%, 01/02/14		500		501
	5.250%, 09/15/16 (d)		11,650		11,859
					70,459
Federal Home Loan Bank (1.3%)
	4.239%, 03/03/08 (b)		2,500		2,494
	4.790%, 03/24/08, Callable 06/24/07 @ 100 (b)		2,000		1,982
	5.000%, 05/08/18, Callable 05/08/07 @ 100		1,000		983
					5,459
Freddie Mac (2.3%)
	4.050%, 11/17/09		700		687
	6.750%, 03/15/31 (d)		7,535		9,042
					9,729
Total U.S. Government Agencies (Cost $85,356)					85,647
U.S. Government Agency Mortgages (6.6%)
Fannie Mae (5.5%)
	5.119%, 01/01/36 (b)		9,464		9,482
	5.412%, 04/01/36 (b)		4,833		4,854
	5.351%, 05/01/36 (b)		4,479		4,495
	5.369%, 05/01/36 (b)		4,108		4,123
					22,954
Freddie Mac (1.0%)
	7.000%, 05/01/07		8		8
	5.356%, 12/01/36 (b)		4,304		4,315
					4,323
Government National Mortgage Association (0.1%)
	7.000%, 04/15/13		196		202
	7.000%, 08/15/14		109		113

See Notes to Financial Statements.

70

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Investment Grade Bond Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Government National Mortgage Association—continued
	7.000%, 05/15/31		59		62
					377
Total U.S. Government Agency Mortgages (Cost $27,571)					27,654
U.S. Treasury Obligations (32.4%)
U.S. Treasury Bonds (4.5%)
	6.125%, 11/15/27 (d)		15,860		18,311
	4.500%, 02/15/36		775		731
					19,042
U.S. Treasury Notes (27.9%)
	3.125%, 05/15/07		10,135		10,111
	3.375%, 12/15/08 (d)		2,485		2,433
	3.500%, 08/15/09		12,630		12,328
	4.750%, 02/15/10		25,130		25,272
	4.875%, 04/30/11		260		263
	4.625%, 10/31/11 (d)		20,285		20,352
	4.625%, 02/29/12		4,975		4,993
	4.375%, 08/15/12		21,530		21,395
	2.000%, 01/15/16		12,575		12,627
	4.625%, 02/15/17		7,200		7,185
					116,959
Total U.S. Treasury Obligations (Cost $136,187)					136,001
Short-Term Investment (27.4%)
	CSFB Enhanced Liquidity Portfolio, 5.421% (e)		115,142,959		115,143
Total Short-Term Investment (Cost $115,143)					115,143
Money Market Fund (2.8%)
	STI Classic Institutional Cash Management Money Market Fund, 5.230% (f)		11,916,853		11,917
Total Money Market Fund (Cost $11,917)					11,917
Total Investments (Cost $540,230) (a) — 128.9%					540,971
Liabilities in excess of other assets — (28.9)%					(121,225	)
Net Assets — 100.0%				$	419,746

(a) Cost for federal income tax purposes is $540,336 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands):

Unrealized Appreciation	$	1,859
Unrealized Depreciation		(1,224	)
Unrealized Appreciation (Depreciation)	$	635

(b)	Variable rate security. Rate presented represents rate in effect at March 31, 2007. 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 adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. These securities represent 3.7% of net assets as of March 31, 2007.
(d)	This security or a partial position of the security was on loan at March 31, 2007. The total value of securities on loan at March 31, 2007 in thousands was $110,894.
(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
Ser	— Series

At March 31, 2007, liquid assets totaling $2,403, in thousands, have been designated as collateral for open swap agreements.

See Notes to Financial Statements.

71

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Investment Grade Bond Fund — concluded

Credit Default Swap Agreements

			Notional			Fixed		Expiration
Underlying Instrument	Counterparty		Amount ($)			Rate (%)		Date		Value ($)
Dow Jones CDS Indices; Series 7		Citibank N.A.		7,415			0.59		03/20/17		(36	)
Dow Jones CDS Indices; Series 7		Citibank N.A.		740			0.59		03/20/17		(5	)
Brunswick Corp.		Merrill Lynch		(740	)		1.15		03/20/17		(5	)
Campbell Soup Co.		Citibank N.A.		(740	)		0.33		12/20/17		(4	)
Cardinal Health, Inc. CDS		Merrill Lynch		(740	)		0.53		03/20/17		3
H.J. Heinz Co.		Citibank N.A.		(740	)		0.74		03/20/17		(9	)
IStar Financial, Inc.		Citibank N.A.		(740	)		0.70		12/20/17		8
Lennar Corp.		Citibank N.A.		(740	)		1.02		12/20/17		28
Nordstrom, Inc.		Citibank N.A.		(740	)		0.45		03/20/17		(6	)
Nucor Corp.		Citibank N.A.		(740	)		0.42		03/20/17		(9	)
Quest Diagnostics, Inc.		Merrill Lynch		(740	)		0.78		12/20/17		4
Sprint Nextel Corp.		Citibank N.A.		(740	)		1.18		03/20/17		(6	)
Weyerhaeuser Co.		Citibank N.A.		(740	)		1.05		12/20/11		(4	)
											(41	)

See Notes to Financial Statements.

72

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Investment Grade Tax-Exempt Bond Fund

		Shares or
		Principal
		Amount($)		Value($)
Municipal Bonds (96.4%)
Alabama (4.6%)
	Alabama Public School & College Authority, Capital Improvements, Ser C, RB, 5.750%, 07/01/17, Callable 07/01/09 @ 101.50		3,950		4,174
	Alabama Water Pollution Control Authority, RB, 5.750%, 08/15/12, Callable 08/15/09 @ 100, AMBAC		5,205		5,445
	Auburn University, Ser A, RB, 6.000%, 06/01/16, Callable 06/01/11 @ 100, MBIA		4,060		4,413
	Huntsville, Ser A, GO, 5.625%, 05/01/16, Callable 05/01/12 @ 102		2,375		2,615
	Huntsville, Ser A, GO, 5.750%, 05/01/19, Callable 05/01/12 @ 102		2,800		3,098
					19,745
Arizona (0.8%)
	Arizona Water Infrastructure Finance Authority, Water Quality, Ser A, RB, 5.625%, 10/01/12, Callable 10/01/09 @ 101		3,280		3,460
California (9.5%)
	California State Department of Water Resources Power Supply, Ser A, RB, 5.500%, 05/01/14, Callable 05/01/12 @ 101, AMBAC		3,140		3,432
	California State Department of Water Resources Power Supply, Ser A, RB, 5.500%, 05/01/15, Callable 05/01/12 @ 101, AMBAC		5,800		6,339
	California State GO, 5.000%, 08/01/19, Callable 02/01/17 @ 100		6,800		7,282
	California State, GO, 5.500%, 11/01/33, Callable 11/01/13 @ 100		11,000		11,973
	Fresno Unified School District, Ser A, GO, 6.550%, 08/01/20, Callable 02/01/13 @ 103, MBIA		1,000		1,171
	Los Angeles Unified School District, Ser B, GO, 5.000%, 07/01/20, Callable 07/01/16 @ 100, FGIC		4,000		4,307
	Orange County Loma Ridge/ Data Center Project, COP, 6.000%, 06/01/21, Prerefunded 06/01/19 @ 100, AMBAC		2,075		2,396
	Roseville Natural Gas Finance Authority, RB, 5.000%, 02/15/16		3,635		3,912
					40,812
Colorado (1.3%)
	Douglas County School District No. RE1, Douglas & Ebert Counties, GO, 5.750%, 12/15/20, Callable 12/15/14 @ 100, FGIC		2,540		2,854
	Metropolitan Wastewater Reclamation District, RB, 5.450%, 04/01/12, Callable 04/01/08 @ 100		2,570		2,614
					5,468
Florida (2.5%)
	Florida State Board of Education, Ser C, GO, 5.750%, 06/01/23, Prerefunded 06/01/10 @ 101, FGIC		5,000		5,355
	Tampa, University of Tampa Project, RB, 5.000%, 04/01/28, Callable 04/01/16 @ 100, CIFG		5,000		5,301
					10,656
Georgia (3.0%)
	Georgia State, Finance & Investment Commission, Ser C, GO, 5.500%, 07/01/16, Callable 07/01/14 @ 100		7,000		7,785

See Notes to Financial Statements.

73

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Investment Grade Tax-Exempt Bond Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Georgia—continued
	Main Street Natural Gas, Inc., Georgia Gas Project, Ser B, RB, 5.000%, 03/15/12		5,000		5,253
					13,038
Illinois (5.4%)
	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		5,045
	Illinois State Sales Tax, Ser X, RB, 5.500%, 06/15/13, Callable 06/15/07 @ 101		3,390		3,435
	Illinois State Toll Highway Authority, Ser A-1, RB, 5.000%, 01/01/20, Callable 07/01/16 @ 100, FSA		2,500		2,679
	Illinois State Toll Highway Authority, Ser A-1, RB, 5.000%, 01/01/26, Callable 07/01/16 @ 100, FSA		2,500		2,654
	Illinois State, First Ser, GO, 5.375%, 12/01/15, Callable 12/01/12 @ 100, FSA		8,600		9,307
					23,120
Indiana (2.6%)
	Indiana Finance Authority Highway Revenue, Ser A, RB, 5.000%, 12/01/19, FGIC		5,820		6,357
	Indianapolis Local Public Improvement Board, Waterworks Project, Ser A, RB, 5.250%, 07/01/33, Prerefunded 07/01/12 @ 100		4,400		4,723
					11,080
Iowa (0.5%)
	Des Moines Public Parking System, Ser A, RB, 6.375%, 06/01/18, Callable 06/01/10 @ 100, FGIC		2,005		2,164
Maryland (1.7%)
	Maryland State & Local Facilities, Second Ser, GO, 5.000%, 08/01/18, Callable 08/01/13 @ 100		7,005		7,503
Massachusetts (6.1%)
	Massachusetts State School Building Authority, Dedicated Sales Tax, Ser A, RB, 5.000%, 08/15/37, Callable 8/15/17 @ 100, AMBAC		5,000		5,307
	Massachusetts State, Consolidated Lien, Ser A, GO, 5.000%, 03/01/21, Prerefunded 03/01/15 @ 100		4,000		4,334
	Massachusetts State, Consolidated Lien, Ser C, GO, 5.250%, 09/01/23, Prerefunded 09/01/15 @ 100		10,000		11,057
	Massachusetts State, Consolidation Lien, Ser A, GO, 5.000%, 03/01/23, Prerefunded 03/01/15 @ 100, FSA		5,000		5,418
					26,116
Michigan (2.1%)
	Detroit Water Supply System, Ser A, RB, 5.000%, 07/01/13, FSA		5,160		5,504
	Michigan Municipal Bond Authority, Clean Water State Revolving Fund, RB, 5.375%, 10/01/17, Callable 10/01/12 @ 100		3,300		3,546
					9,050
Minnesota (2.5%)
	Minnesota State, GO, 5.000%, 11/01/22, Callable 11/01/16 @ 100		9,805		10,587

See Notes to Financial Statements.

74

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Investment Grade Tax-Exempt Bond Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Missouri (8.0%)
	Missouri State Highways & Transportation Commission, RB, 5.000%, 02/01/15		4,750		5,142
	Missouri State Highways & Transportation Commission, RB, 5.000%, 02/01/18		21,855		23,920
	Missouri State Highways & Transportation Commission, Senior Lien, RB, 5.000%, 02/01/16		5,000		5,438
					34,500
New Jersey (3.5%)
	Garden State Preservation Trust, Open Space & Farmland Preservation, Ser A, RB, 5.800%, 11/01/20, Callable 11/01/15 @ 100, FSA		10,000		11,390
	New Jersey State Transportation Trust Fund Authority, Ser A, RB, 5.500%, 12/15/16, FSA		3,300		3,737
					15,127
New York (12.4%)
	Buffalo School Improvements, Ser D, GO, 5.500%, 12/15/14, Callable 12/15/11 @ 100, FGIC		1,075		1,160
	Metropolitan Transportation Authority, New York Service Contract, Ser A, RB, 5.500%, 01/01/19, Callable 07/01/12 @ 100, MBIA		10,000		10,838
	New York City, Ser A, GO, 6.250%, 08/01/08, Callable 08/01/07 @ 100.75, MBIA		11,000		11,185
	New York City, Ser C, GO, 5.000%, 01/01/14		3,500		3,729
	New York City, Ser C, GO, 5.000%, 01/01/17		5,000		5,375
	Tobacco Settlement Financing Corp., Ser A1, RB, 5.250%, 06/01/13, Callable 06/01/08 @ 100		10,000		10,171
	Tobacco Settlement Financing Corp., Ser A1, RB, 5.500%, 06/01/14, Callable 06/01/09 @ 100		3,750		3,881
	Tobacco Settlement Financing Corp., Ser C1, RB, 5.250%, 06/01/12, Callable 06/01/07 @ 100		6,720		6,736
					53,075
North Carolina (1.2%)
	Charlotte Governmental Facilities, Ser F, COP, 3.660%, 06/01/33		5,331		5,331
Oregon (0.9%)
	Tri-County Metropolitan Transportation District, Payroll Tax & Grant Receipt, RB, 4.000%, 05/01/14, Callable 05/01/09 @ 100, MBIA		4,000		4,015
Pennsylvania (7.2%)
	Easton Area School District, Ser 2006, GO, 7.750%, 04/01/25, Callable 04/01/16 @ 100, FSA		8,790		11,307
	Pennsylvania State Projects, First Ser, GO, 5.250%, 02/01/13, MBIA		5,755		6,219
	Pennsylvania State, First Ser, GO, 5.000%, 01/01/18, Callable 01/01/13 @ 100, MBIA		5,690		6,064
	Pittsburgh, Ser B, GO, 5.000%, 09/01/12, FSA		6,800		7,227
					30,817

See Notes to Financial Statements.

75

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Investment Grade Tax-Exempt Bond Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Puerto Rico (9.4%)
	Puerto Rico Commonwealth Highway & Transportation Authority, RB, 5.250%, 07/01/15, Callable 07/01/13 @ 100, FGIC		5,000		5,420
	Puerto Rico Commonwealth Highway & Transportation Authority, RB, 5.250%, 07/01/17, Callable 07/01/13 @ 100, FGIC		5,260		5,702
	Puerto Rico Commonwealth Highway & Transportation Authority, Ser G, RB, 5.250%, 07/01/15, Callable 07/01/13 @ 100, FGIC		2,720		2,949
	Puerto Rico Commonwealth Highway & Transportation Authority, Ser K, RB, 5.000%, 07/01/35, Prerefunded 07/01/15 @ 100		5,040		5,476
	Puerto Rico Commonwealth Highway & Transportation Authority, Ser K, RB, 5.000%, 07/01/35, Prerefunded 07/01/15 @ 100		10,150		11,028
	Puerto Rico Commonwealth Municipal Finance Agency, Ser A, RB, 5.250%, 08/01/14, Callable 08/01/12 @ 100, FSA		4,000		4,300
	Puerto Rico Public Finance Corp., Commonwealth Appropriations, Ser A, RB, 5.375%, 06/01/17, AMBAC		5,000		5,641
					40,516
Rhode Island (1.2%)
	Rhode Island State Health & Educational Building Corp., Catholic School Project, Ser A, RB, 3.660%, 04/01/36		5,000		5,000
Texas (5.2%)
	Dallas, GO, 5.000%, 02/15/18, Callable 02/15/15 @ 100		7,175		7,690
	Garland, GO, 5.000%, 02/15/19, Callable 02/15/17 @ 100, FSA		5,000		5,383
	Irving Waterworks & Sewer, RB, 5.950%, 06/15/19, Callable 06/15/09 @ 100.50		1,460		1,538
	Lubbock County, GO, 5.500%, 02/15/16, Callable 02/15/13 @ 100, FGIC		4,360		4,761
	North Harris County Regional Water Authority, RB, 5.250%, 12/15/18, Callable 12/15/14 @ 100, MBIA		2,690		2,920
					22,292
Virginia (0.8%)
	Virginia Commonwealth Transportation Board, North Virginia Transportation District, Ser A, RB, 5.000%, 05/15/14		3,290		3,549
Washington (4.0%)
	NJB Properties, Lease, King County Project, Ser A, RB, 5.000%, 12/01/31, Callable 12/01/16 @ 100		5,000		5,290
	Pierce County School District No. 10, Tacoma, GO, 5.000%, 12/01/16, Callable 12/01/13 @ 100, FGIC		5,200		5,561
	Washington State, Motor Vehicle Fuel Tax, Ser 2007-B, GO, 5.000%, 07/01/29, Callable 07/01/16 @ 100, FSA		6,000		6,365
					17,216
Total Municipal Bonds (Cost $412,766)					414,237
Money Market Funds (6.2%)
	Federated Tax-Free Obligations Fund, 3.490%		19,894,453		19,895
	SEI Tax Exempt Trust, Institutional Tax Free Fund, 3.350%		6,584,233		6,584
Total Money Market Funds (Cost $26,479)					26,479

See Notes to Financial Statements.

76

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Investment Grade Tax-Exempt Bond Fund — concluded

	Value($)
Total Investments (Cost $439,245) (a) — 102.6%		440,716
Liabilities in excess of other assets — (2.6)%		(11,266	)
Net Assets — 100.0%	$	429,450

(a) Cost for federal income tax purposes is $439,268 (amount in thousands). Unrealized appreciation/(depreciation) on a tax basis is as follows (amounts in thousands):

Unrealized Appreciation	$	2,764
Unrealized Depreciation		(1,316	)
Unrealized Appreciation (Depreciation)	$	1,448

AMBAC	— Security insured by American Municipal Bond Assurance Corporation
COP	— Certificate of Participation
CIFG	— Security insured by Capitalized Interest Financial Guaranty
FGIC	— Security insured by Financial Guaranty Insurance Company
FSA	— Security insured by Financial Security Assurance
GO	— General Obligation
MBIA	— Security insured by Municipal Bond Insurance Association
RB	— Revenue Bond
Ser	— Series

See Notes to Financial Statements.

77

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Limited Duration Fund

		Shares or
		Principal
		Amount($)		Value($)
Asset Backed Securities (46.4%)
Automobile ABS (3.4%)
	Americredit Automobile Receivables Trust, Ser 2004-CA, Cl A3, 3.000%, 03/06/09		461		461
	USAA Auto Owner Trust, Ser 2006-4, Cl A1, 5.340%, 12/13/07		906		905
					1,366
Credit Card ABS (23.3%)
	American Express Credit Account Master Trust, Ser 2003-3, Cl A, 5.430%, 11/15/10 (b)		800		801
	American Express Credit Account Master Trust, Ser 2005-3, Cl A, 5.320%, 01/18/11 (b)		1,140		1,139
	JP Morgan Chase & Co. Credit Card Master Trust, Ser 2003-2, Cl A, 5.430%, 07/15/10 (b)		800		801
	JP Morgan Chase & Co. Issuance Trust, Ser 2005-A1, Cl A1, 5.330%, 12/15/10 (b)		1,175		1,175
	Citibank Credit Card Issuance Trust, Ser 2003-A9, Cl A, 5.455%, 11/22/10 (b)		1,600		1,603
	First USA Credit Card Master Trust, Ser 1997-4, Cl A, 5.530%, 02/17/10 (b)		986		986
	First USA Credit Card Master Trust, Ser 1997-8, Cl A, 5.470%, 05/17/10 (b)		1,000		1,001
	MBNA Credit Card Master Trust, Ser 2002-A10, Cl A, 5.460%, 02/16/10 (b)		500		500
	MBNA Credit Card Master Trust, Ser 2002-A13, Cl A, 5.450%, 05/17/10 (b)		1,400		1,402
					9,408
Diversified Financial Services (9.7%)
	Nelnet Student Loan Trust, Ser 2005-3, Cl A, 5.400%, 06/22/17 (b)		2,000		2,002
	SLM Student Loan Trust, Ser 2004-8, Cl A3, 5.450%, 07/27/15 (b)		1,924		1,927
					3,929
Home Equity ABS (10%)
	Countrywide Home Equity Loan Trust, Ser 2003-C, Cl A, 5.590%, 05/15/29 (b)		171		172
	Countrywide Home Equity Loan Trust, Ser 2006-C, Cl 2A, 5.500%, 05/15/36 (b)		904		903
	Countrywide Home Equity Loan Trust, Ser 2006-E, Cl 2A, 5.460%, 11/29/31 (b)		556		556
	Fannie Mae Guarantor Trust, Ser 2002-T10, Cl A1, 5.560%, 06/25/32 (b)		968		968
	First Franklin Mortgage Loan, Ser 2006-FF12, Cl A2, 5.360%, 09/25/36 (b)		1,412		1,411
					4,010
Total Asset Backed Securities (Cost $18,714)					18,713
U.S. Government Agencies (51.7%)
Fannie Mae (5.2%)
	3.875%, 05/15/07		2,091		2,087
Federal Home Loan Bank (30.7%)
	3.500%, 05/15/07		7,500		7,485
	3.625%, 06/20/07		4,900		4,882
					12,367
Freddie Mac (15.8%)
	3.750%, 04/15/07		2,765		2,763
	4.625%, 06/01/07		3,600		3,596
					6,359
Total U.S. Government Agencies (Cost $20,814)					20,813
Money Market Fund (1.2%)
	STI Classic Institutional Cash Management Money Market Fund, 5.230% (c)		464,044		464
Total Money Market Fund (Cost $464)					464
Total Investments (Cost $39,992) (a) — 99.3%					39,990
Other assets in excess of liabilities — 0.7%					301
Net Assets — 100.0%				$	40,291

See Notes to Financial Statements.

78

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Limited Duration Fund — concluded

(a) Cost for federal income tax purposes is $39,995 (amount in thousands). Unrealized appreciation/(depreciation) on a tax basis is as follows (amounts in thousands):

Unrealized Appreciation	$	2
Unrealized Depreciation		(7	)
Unrealized Appreciation (Depreciation)	$	(5	)

(b)	Variable rate security. Rate presented represents rate in effect at March 31, 2007. Maturity date represents actual maturity date.
(c)	Affiliate investment.
Cl	— Class
Ser	— Series

See Notes to Financial Statements.

79

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Limited-Term Federal Mortgage Securities Fund

		Shares or
		Principal
		Amount($)		Value($)
U.S. Government Agency (0.7%)
Fannie Mae (0.7%)
	6.000%, 05/15/08		3,000		3,032
Total U.S. Government Agency (Cost $3,029)					3,032
U.S. Government Agency Mortgages (93.5%)
Fannie Mae (64.1%)
	6.500%, 12/01/08		1,186		1,193
	7.500%, 09/01/12		3,136		3,205
	6.000%, 09/01/13		775		789
	4.000%, 11/01/13		7,768		7,544
	4.500%, 03/01/14		12,504		12,292
	6.000%, 09/01/16		4,802		4,892
	6.500%, 10/01/16		1,017		1,042
	5.500%, 12/01/16		2,574		2,589
	6.000%, 08/01/17		1,588		1,616
	6.000%, 10/01/17		2,875		2,927
	6.000%, 10/01/17		983		1,000
	6.000%, 06/01/19		4,867		4,949
	5.500%, 07/01/19		6,233		6,257
	5.500%, 07/01/19		1,283		1,288
	5.500%, 08/01/19		3,035		3,046
	5.000%, 09/01/19		5,331		5,265
	5.500%, 10/01/19		3,924		3,939
	5.500%, 06/01/20		7,904		7,926
	4.500%, 09/01/20		9,952		9,636
	6.000%, 08/01/21		23,874		24,271
	7.000%, 05/01/32		4,184		4,361
	6.500%, 12/01/32		2,971		3,055
	4.115%, 05/01/33 (b)		4,301		4,291
	6.000%, 11/01/33		1,419		1,436
	4.495%, 05/01/34 (b)		2,171		2,146
	7.000%, 06/01/34		3,238		3,358
	3.460%, 07/01/34 (b)		4,771		4,814
	4.756%, 06/01/35 (b)		14,006		13,858
	4.475%, 08/01/35 (b)		7,664		7,634
	5.000%, 10/01/35		14,591		14,112
	5.291%, 11/01/35 (b)		16,486		16,400
	5.159%, 01/01/36 (b)		6,514		6,532
	4.464%, 02/01/36 (b)		11,607		11,557
	4.772%, 02/01/36 (b)		14,640		14,595
	5.530%, 02/01/36 (b)		12,268		12,369
	6.014%, 05/01/36 (b)		18,737		18,914
	5.558%, 06/01/36 (b)		9,354		9,430
	6.500%, 06/01/36		9,783		9,980
	5.787%, 09/01/36 (b)		9,782		9,884
	6.000%, 10/01/36		8,639		8,704
					283,096
Freddie Mac (28.7%)
	7.000%, 11/01/16		638		660
	6.500%, 02/01/17		1,896		1,943
	5.500%, 05/01/17		3,756		3,777
	6.000%, 07/01/17		2,504		2,548
	5.000%, 02/15/19		7,809		7,777
	4.500%, 10/15/27		10,000		9,835
	6.000%, 12/01/31		13,827		14,024
	6.500%, 09/01/32		3,504		3,601
	5.007%, 12/01/32 (b)		9,880		9,935
	3.363%, 08/01/33 (b)		15,204		14,910
	4.755%, 04/01/35 (b)		6,208		6,213
	5.131%, 04/01/36 (b)		16,856		16,889
	6.500%, 09/01/36		9,971		10,168
	5.000%, 10/01/36		11,684		11,292
	5.356%, 12/01/36 (b)		2,518		2,525
	6.000%, 12/01/36		3,360		3,387
	5.000%, 03/01/37		7,204		6,962
					126,446
Government National Mortgage Association (0.7%)
	6.000%, 07/20/36		2,990		3,025
Total U.S. Government Agency Mortgages (Cost $413,509)					412,567
U.S. Treasury Obligations (3.6%)
U.S. Treasury Notes (3.6%)
	3.875%, 05/15/10 (c)		16,000		15,696
Total U.S. Treasury Obligations (Cost $15,694)					15,696
Short-Term Investment (3.7%)
	CSFB Enhanced Liquidity Portfolio, 5.421% (d)		16,240,000		16,240
Total Short-Term Investment (Cost $16,240)					16,240

See Notes to Financial Statements.

80

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Limited-Term Federal Mortgage Securities Fund — concluded

		Shares or
		Principal
		Amount($)		Value($)
Money Market Fund (1.3%)
	STI Classic U.S. Government Securities Money Market Fund, 4.710% (e)		5,514,055		5,514
Total Money Market Fund (Cost $5,514)					5,514
Total Investments (Cost $453,986) (a) — 102.8%					453,049
Liabilities in excess of other assets — (2.8)%					(12,230	)
Net Assets — 100.0%				$	440,819

(a) Cost for federal income tax purposes is $453,591 (amount in thousands). Unrealized appreciation/(depreciation) on a tax basis is as follows (amounts in thousands):

Unrealized Appreciation	$	2,118
Unrealized Depreciation		(2,660	)
Unrealized Appreciation (Depreciation)	$	(542	)

(b)	Variable rate security. Rate presented represents rate in effect at March 31, 2007. Maturity date represents actual maturity date.
(c)	This security or a partial position of the security was on loan at March 31, 2007. The total value of securities on loan at March 31, 2007 in thousands was $15,696.
(d)	This security was purchased with cash collateral held from securities lending.
(e)	Affiliate investment.

See Notes to Financial Statements.

81

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Maryland Municipal Bond Fund

		Shares or
		Principal
		Amount($)		Value($)
Municipal Bonds (99.2%)
Maryland (97.5%)
	Annapolis Public Improvement, GO, 5.000%, 04/01/08		250		253
	Anne Arundel County Special Obligation, Arundel Mills Project, RB, 5.125%, 07/01/22, Callable 07/01/14 @ 100, County Guaranteed		1,000		1,075
	Anne Arundel County, General Improvement, GO, 5.000%, 03/01/14		1,000		1,079
	Baltimore Convention Center, Baltimore Hotel Corp., Ser A, RB, 5.250%, 09/01/39, Callable 09/01/16 @ 100		1,000		1,079
	Baltimore Public Improvement, Ser A, GO, 4.750%, 10/15/16		1,000		1,078
	Baltimore Sewer Improvement, Wastewater Projects, Ser C, RB, 5.000%, 07/01/22		1,000		1,075
	Cecil County, Public Improvement, GO, 4.000%, 09/01/17, Callable 09/01/16 @ 100, CIFG		750		757
	Charles County, Public Improvement, GO, 5.000%, 03/01/16		1,000		1,092
	Frederick County Educational Facilities, Mount St. Mary’s University, RB, 4.375%, 09/01/19, Callable 09/01/17 @ 100		550		534
	Frederick County Educational Facilities, Mount St. Mary’s University, RB, 5.625%, 09/01/38, Callable 09/01/16 @ 100		500		536
	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		1,175
	Frederick County, Public Facilities, GO, 5.000%, 12/01/16, Callable 12/01/15 @ 100		1,000		1,089
	Harford County, GO, 5.000%, 07/15/25, Callable 07/15/15 @ 100		1,000		1,064
	Howard County, Public Improvement, GO, 5.000%, 02/15/15		1,000		1,089
	Maryland Community Development Administration, Department of Housing & Community Development, Ser 2, RB, AMT, 4.700%, 04/01/11		490		490
	Maryland Community Development Administration, Department of Housing & Community Development, Ser 2001B, RB, AMT, 4.100%, 07/01/08, FHA/GNMA/HUD		285		286
	Maryland Community Development Administration, Department of Housing & Community Development, Ser A, RB, AMT, 4.550%, 09/01/22, Callable 09/01/16 @ 100		500		495
	Maryland Economic Development Corp., Department of Transportation Headquarters, RB, 5.375%, 06/01/19, Callable 06/01/12 @ 100.50		1,000		1,078
	Maryland Economic Development Corp., University of Maryland College Park Project, RB, 5.750%, 06/01/18, Callable 06/01/13 @ 100		475		529
	Maryland Economic Development Corp., University Village at Sheppard Pratt, RB, 5.875%, 07/01/21, Callable 07/01/11 @ 101, ACA		250		268
	Maryland Health & Higher Educational Facilities Authority, Calvert Health Systems, RB, 5.500%, 07/01/36, Callable 07/01/14 @ 100		1,000		1,072

See Notes to Financial Statements.

82

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Maryland Municipal Bond Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Maryland—continued
	Maryland Health & Higher Educational Facilities Authority, Carroll County General Hospital, RB, 6.000%, 07/01/18, Callable 07/01/12 @ 100		500		541
	Maryland Health & Higher Educational Facilities Authority, Carroll County General Hospital, RB, 6.000%, 07/01/21, Callable 07/01/12 @ 100		250		271
	Maryland Health & Higher Educational Facilities Authority, Catholic Health Initiatives, Ser A, RB, 6.000%, 12/01/24, Callable 06/01/10 @ 101, ETM		250		270
	Maryland Health & Higher Educational Facilities Authority, Doctors Community Hospital, Ser A, RB, 4.000%, 07/01/13		500		496
	Maryland Health & Higher Educational Facilities Authority, Goucher College, RB, 5.375%, 07/01/25, Callable 07/01/14 @ 100		565		605
	Maryland Health & Higher Educational Facilities Authority, Hebrew Home of Greater Washington, RB, 5.700%, 01/01/21, Callable 01/01/12 @ 100		480		508
	Maryland Health & Higher Educational Facilities Authority, Hebrew Home of Greater Washington, RB, 5.700%, 01/01/22, Callable 01/01/12 @ 100		510		540
	Maryland Health & Higher Educational Facilities Authority, Lifebridge Health, Ser A, RB, 5.125%, 07/01/34, Callable 07/01/14 @ 100		1,000		1,048
	Maryland Health & Higher Educational Facilities Authority, University of Maryland Medical System, RB, 5.750%, 07/01/21, Callable 07/01/11 @ 100		1,225		1,300
	Maryland Health & Higher Educational Facilities Authority, University of Maryland Medical System, Ser A, RB, 4.500%, 07/01/26, Callable 07/01/16 @ 100		500		499
	Maryland Health & Higher Educational Facilities Authority, Western Maryland Health System, Ser A, RB, 5.000%, 07/01/15, MBIA/FHA		1,000		1,081
	Maryland Transportation Authority, Baltimore/ Washington International Airport, Ser B, RB, AMT, 5.375%, 03/01/15, Callable 03/01/12 @ 101, AMBAC		1,000		1,070
	Maryland, Capital Improvements, Ser A, GO, 5.000%, 02/15/17, Callable 02/15/15 @ 100		1,000		1,082
	Maryland, Capital Improvements, Ser A, GO, 5.000%, 02/15/19, Callable 02/15/15 @ 100		1,000		1,077
	Maryland, State & Local Facilities, Ser 2, GO, 5.000%, 08/01/16, Callable 08/01/13 @ 100		1,000		1,074
	Montgomery County Economic Development, Trinity Health Care Group, RB, 5.500%, 12/01/16, Callable 12/01/11 @ 100		1,000		1,067
	Montgomery County Housing Opportunities Commission, Aston Woods Apartments, Ser A, RB, 4.900%, 05/15/31, Callable 05/15/08 @ 102, FNMA		1,150		1,182
	Montgomery County Housing Opportunities Commission, Ser A, RB, 4.450%, 07/01/17, Callable 01/01/11 @ 100		150		150
	Montgomery County Housing Opportunities Commission, Ser A, RB, 6.000%, 07/01/20, Callable 07/01/10 @ 100		1,005		1,050

See Notes to Financial Statements.

83

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Maryland Municipal Bond Fund — concluded

		Shares or
		Principal
		Amount($)		Value($)
Maryland—continued
	Montgomery County Revenue Authority, Lease, College Arts Center Project, Ser A, RB, 5.000%, 05/01/28, Callable 05/01/15 @ 100		1,000		1,052
	Montgomery County, Anticipation Notes, Ser A, GO, 3.750%, 06/01/26, LOC: Dexia Credit Local (b)		200		200
	St. Mary’s County, Public Improvement, GO, 5.500%, 07/01/11		665		715
	Talbot County Public Facilities, GO, 5.375%, 03/15/17, Callable 03/15/12 @ 101		1,000		1,077
	Washington Suburban Sanitation District, GO, 4.000%, 06/01/07		200		200
					35,525
Puerto Rico (1.7%)
	Puerto Rico Housing Bank & Finance Agency, Affordable Housing Mortgage Portfolio I, RB, AMT, 6.250%, 04/01/29, Callable 07/01/07 @ 100, GNMA/FNMA/FHLMC		625		626
Total Municipal Bonds (Cost $35,298)					36,151
Money Market Fund (1.5%)
	Federated Maryland Municipal Cash Trust, 3.000% (b)		534,450		534
Total Money Market Fund (Cost $534)					534
Total Investments (Cost $35,832) (a) — 100.7%					36,685
Liabilities in excess of other assets — (0.7)%					(254	)
Net Assets — 100.0%				$	36,431

(a) Cost for federal income tax purposes is $35,830 (amount in thousands). Unrealized appreciation/(depreciation) on a tax basis is as follows (amounts in thousands):

Unrealized Appreciation	$	890
Unrealized Depreciation		(35	)
Unrealized Appreciation (Depreciation)	$	855

(b) Variable rate security. Rate presented represents rate in effect at March 31, 2007. Maturity date represents actual maturity date.

ACA	— Security insured by American Capital Access
AMBAC	— Security insured by American Municipal Bond Assurance Corporation
AMT	— Alternative Minimum Tax Paper
CIFG	— Security insured by Capitalized Interest Financial Guaranty
ETM	— Escrowed to Maturity
FHA	— Security insured by Federal Housing Administration
FHLMC	— Security insured by Freddie Mac
FNMA	— Security insured by Fannie Mae
GNMA	— Security insured by Government National Mortgage Association
GO	— General Obligation
HUD	— Security insured by Department of Housing and Urban Development
LOC	— Letter of Credit
MBIA	— Security insured by Municipal Bond Insurance Association
RB	— Revenue Bond
Ser	— Series

See Notes to Financial Statements.

84

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

North Carolina Tax-Exempt Bond Fund

		Shares or
		Principal
		Amount($)		Value($)
Municipal Bonds (96.3%)
North Carolina (92.4%)
	Appalachian State University, Procurement Services Building, RB, 5.000%, 07/15/30, Callable 07/15/15 @ 100, MBIA		1,250		1,322
	Brunswick County Enterprise System, Ser A, RB, 5.250%, 04/01/22, Callable 04/01/14 @ 100, FSA		500		539
	Buncombe County, COP, 5.250%, 10/01/17, Callable 10/01/13 @ 100, AMBAC		585		627
	Charlotte Transit Projects, Ser A, COP, 5.000%, 06/01/33, Callable 06/01/13 @ 100		1,920		1,986
	Charlotte Water & Sewer System, RB, 5.250%, 06/01/15, Prerefunded 06/01/09 @ 101		500		522
	Charlotte Water & Sewer System, Ser A, RB, 4.625%, 07/01/36, Callable 07/01/16 @ 100		2,500		2,528
	Charlotte, Convention Facilities Project, COP, 5.000%, 12/01/25, Callable 12/01/15 @ 100		1,000		1,053
	Charlotte-Mecklenberg Hospital Authority, Carolina’s Health Care System, Ser A, RB, 5.000%, 01/15/13, Callable 01/15/08 @ 101		500		510
	Dare County, COP, 5.000%, 06/01/23, Callable 12/01/12 @ 100, AMBAC		830		872
	Iredell County Public Facilities Project, COP, 5.250%, 10/01/20, Callable 10/01/13 @ 100, AMBAC		500		535
	Lee County Public Facilities Project, COP, 4.750%, 04/01/28, Callable 04/01/17 @ 100, FSA		1,145		1,182
	North Carolina Capital Facilities Finance Agency, Duke University Project, Ser A, RB, 5.250%, 07/01/42, Prerefunded 10/01/12 @ 100		3,000		3,227
	North Carolina Capital Facilities Finance Agency, Educational Facilities, Brevard College Corp., RB, 5.000%, 10/01/26, Callable 04/01/17 @ 100		1,000		1,028
	North Carolina Capital Facilities Finance Agency, Educational Facilities, Trinity Episcopal School Project, RB, 3.660%, 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, Radian		500		531
	North Carolina Eastern Municipal Power Agency, Power System, Ser C, RB, 5.375%, 01/01/16, Callable 01/01/13 @ 100		500		531
	North Carolina Educational Facilities Finance Agency, Belmont Abbey College, RB, 3.660%, 06/01/18, LOC: Wachovia Bank N.A. (b)		400		400
	North Carolina Educational Facilities Finance Agency, Wingate University, RB, 3.660%, 05/01/22, LOC: Bank of America N.A. (b)		400		400
	North Carolina Housing Finance Agency Homeownership, Ser 24-A, RB, AMT, 4.900%, 01/01/38, Callable 01/01/16 @ 100		1,000		1,007
	North Carolina Medical Care Commission Retirement Facilities, First Mortgage, Given Estates, RB, 5.000%, 07/01/33, Callable 07/01/17 @ 102		1,000		1,031

See Notes to Financial Statements.

85

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

North Carolina Tax-Exempt Bond Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
North Carolina—continued
	North Carolina Medical Care Commission, Health Care Facilities, First Mortgage, Arbor Acres United Methodist, RB, 4.500%, 01/01/32, Callable 01/01/17 @ 100		1,250		1,221
	North Carolina Medical Care Commission, Health Care Facilities, Novant Health Obligations Group, RB, 5.000%, 11/01/39, Callable 11/01/16 @ 100		1,000		1,043
	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		1,356
	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		524
	North Carolina Municipal Power Agency, No. 1 Catawba Electric, Ser A, RB, 5.500%, 01/01/15, MBIA		500		555
	North Carolina State Education Assistance Authority, Student Loans, Ser A-3, RB, 3.690%, 09/01/35, AMBAC (b)		1,500		1,500
	North Carolina State Education Assistance Authority, Student Loans, Subser Q, RB, AMT, 3.770%, 07/01/36 (b)		2,250		2,250
	Onslow County Hospital Authority, Onsolow Memorial Hospital Project, RB, 5.125%, 04/01/18, Callable 10/01/16 @ 100 MBIA/FHA		500		540
	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, Ser A, RB, 5.000%, 03/01/26, Callable 03/01/16 @ 100		2,000		2,132
	Raleigh Durham Airport Authority, Ser A, RB, 5.000%, 05/01/30, Callable 05/01/15 @ 100, AMBAC		2,000		2,103
	Rockingham County, COP, 5.000%, 04/01/18, Callable 04/01/12 @ 101, AMBAC		500		530
	Salisbury Enterprise System, RB, 5.000%, 02/01/20, Callable 02/01/12 @ 101, FSA		500		531
	University of North Carolina at Wilmington, COP, 5.000%, 06/01/31, Callable 06/01/15 @ 100, FGIC		1,295		1,358
	University of North Carolina Systems Pool, Ser A, RB, 5.375%, 04/01/21, Callable 10/01/12 @ 100, AMBAC		230		248
	University of North Carolina Systems Pool, Ser A, RB, 5.375%, 04/01/21, Prerefunded 10/01/12 @ 100, AMBAC		170		184
	University of North Carolina Systems Pool, Ser A, RB, 5.375%, 04/01/22, Prerefunded 10/01/12 @ 100, AMBAC		215		233
	University of North Carolina Systems Pool, Ser A, RB, 5.000%, 04/01/23, Callable 04/01/15 @ 100, AMBAC		1,910		2,028
	Wake County Hospital, RB, 5.125%, 10/01/13, MBIA, ETM		350		378

See Notes to Financial Statements.

86

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

North Carolina Tax-Exempt Bond Fund — concluded

		Shares or
		Principal
		Amount($)		Value($)
North Carolina—continued
	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		1,060
	Wilmington, Ser A, COP, 5.350%, 06/01/24, Prerefunded 06/01/09 @ 101, MBIA		500		522
	Wilson Combined Enterprise Systems, RB, 5.250%, 12/01/18, Callable 12/01/12 @ 100, FSA		500		537
					41,591
Puerto Rico (3.9%)
	Puerto Rico Convention Center Authority, Hotel Occupancy Tax, Ser A, RB, 5.000%, 07/01/31, Callable 07/01/16 @ 100, AMBAC		1,000		1,065
	Puerto Rico Highway & Transportation Authority, Ser AA, RB, 5.500%, 07/01/19, MBIA		595		683
					1,748
Total Municipal Bonds (Cost $42,798)					43,339
Money Market Funds (7.3%)
	Federated Tax-Free Obligations Fund, 3.490% (b)		2,164,405		2,164
	SEI Tax Exempt Trust, Institutional Tax Free Fund, 3.350% (b)		1,134,585		1,135
Total Money Market Funds (Cost $3,299)					3,299
Total Investments (Cost $46,097) (a) — 103.6%					46,638
Liabilities in excess of other assets — (3.6)%					(1,610	)
Net Assets — 100.0%				$	45,028

(a) Cost for federal income tax purposes is $46,097 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands):

Unrealized Appreciation	$	630
Unrealized Depreciation		(89	)
Unrealized Appreciation (Depreciation)	$	541

(b) Variable rate security. Rate presented represents rate in effect at March 31, 2007. Maturity date represents actual maturity date.

AMBAC	— Security insured by American Municipal Bond Assurance Corporation
AMT	— Alternative Minimum Tax Paper
COP	— Certificate of Participation
ETM	— Escrowed to Maturity
FGIC	— Security insured by Financial Guaranty Insurance Company
FHA	— Security insured by Federal Housing Administration
FSA	— Security insured by Financial Security Assurance
LOC	— Letter of Credit
MBIA	— Security insured by Municipal Bond Insurance Association
Radian	— Security insured by Radian
RB	— Revenue Bond
Ser	— Series

See Notes to Financial Statements.

87

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Seix Floating Rate High Income Fund

		Principal
		Amount($)		Value($)
Bank Loans (89.9%)
Advertising (2.2%)
	Affinion Group, Inc., 8.100%, 10/01/12 (b) (d)		4,063		4,083
	PRIMEDIA, Inc., 7.570%, 09/30/13 (b) (d)		2,950		2,951
	Proquest, 8.345%, 02/09/13 (b) (d)		2,000		2,003
	Readers’s Digest Association, Inc. (The), 7.375%, 03/02/13 (b) (d)		2,000		2,004
	Valassis Communications, Inc., 0.000%, 03/02/14 (b) (c) (d)		427		425
	Valassis Communications, Inc., 7.070%, 03/02/14 (b) (d)		1,573		1,573
					13,039
Aerospace/ Defense (0.7%)
	AM General Corp., 8.320%, 09/30/12 (b) (d)		32		32
	AM General Corp., 8.363%, 09/30/12 (b) (d)		952		958
	BE Aerospace, Inc., 7.108%, 08/14/12 (b) (d)		833		835
	Hawker Beechcraft, Inc., 0.000%, 04/02/14 (b) (c) (d)		195		196
	Hawker Beechcraft, Inc., 0.000%, 04/02/14 (b) (c) (d)		2,305		2,310
					4,331
Airlines (0.3%)
	US Airways Group, Inc., 7.850%, 03/23/14 (b) (d)		2,000		2,012
Apparel (0.3%)
	Hanesbrands, Inc., 7.570%, 09/05/13 (b) (d)		926		931
	Hanesbrands, Inc., 9.110%, 03/05/14 (b) (d)		1,000		1,025
					1,956
Auto Parts & Equipment (1.2%)
	Baker Tanks, Inc., 7.570%, 11/23/12 (b) (d)		2,963		2,977
	Goodyear Tire & Rubber Co. (The), 8.140%, 04/30/10 (b) (d)		4,000		4,022
					6,999
Building Materials (4.8%)
	Brand Services, Inc., 0.000%, 02/07/13 (b) (c) (d)		7,500		7,275
	Building Materials Corp., 8.125%, 02/22/14 (b) (d)		4,000		3,993
	Contech Construction Products, Inc., 7.330%, 01/31/13 (b) (d)		3,974		3,989
	Landsource Communications, 8.125%, 02/26/13 (b) (d)		4,000		4,016
	Landsource Communications, 9.875%, 02/26/13 (b) (d)		1,000		1,012
	Ohmstede Ltd., 8.592%, 08/02/13 (b) (d)		2,957		2,968
	Quality Home Brands, 8.140%, 12/01/12 (b) (d)		2,980		2,989
	USG Corp., 0.000%, 08/02/11 (b) (c) (d)		2,000		1,985
					28,227
Chemicals (4.7%)
	Celanese AG, 7.114%, 06/01/10 (b) (d)		1,859		1,861
	Celanese Holdings LLC, 0.000%, 04/02/14 (b) (c) (d)		2,500		2,500
	Columbian Chemicals Co., 7.114%, 02/11/13 (b) (d)		3,960		3,960
	Compass Minerals International, Inc., 6.854%, 12/22/12 (b) (d)		2,625		2,624
	Georgia Gulf Corp., 7.320%, 08/02/13 (b) (d)		2,425		2,435
	Hexion Specialty Chemicals, Inc., 7.875%, 05/05/13 (b) (d)		4,087		4,108
	Hexion Specialty Chemicals, Inc., 7.875%, 05/15/13 (b) (d)		886		890
	Huntsman International LLC, 7.070%, 08/16/12 (b) (d)		2,974		2,978
	Ineos Group Holdings PLC, 7.580%, 12/14/13 (b) (d)		990		999
	Ineos Group Holdings PLC, 8.080%, 12/14/14 (b) (d)		990		1,001
	Lucite International Ltd., 8.070%, 07/03/13 (b) (d)		260		262
	Lucite International Ltd., 8.070%, 07/03/13 (b) (d)		735		742
	Lyondell Chemical Co., 7.110%, 08/16/13 (b) (d)		3,483		3,487
					27,847

See Notes to Financial Statements.

88

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Seix Floating Rate High Income Fund — continued

		Principal
		Amount($)		Value($)
Coal (0.7%)
	Alpha Natural Resources, Inc., 7.100%, 10/26/12 (b) (d)		3,957		3,966
Commercial Services (8.2%)
	Astoria Generating Co. LLC, 7.320%, 08/13/13 (b) (d)		1,418		1,424
	Cenveo Corp., 0.000%, 03/16/14 (b) (c) (d)		3,310		3,313
	Cenveo Corp., 0.000%, 03/16/14 (b) (c) (d)		690		691
	Eastman Kodak Co., 7.570%, 10/18/12 (b) (d)		2,168		2,171
	Harlan Sprague Dawley, Inc., 7.950%, 01/11/12 (b) (d)		2,178		2,186
	Hertz Corp. (The), 7.071%, 12/21/12 (b) (d)		693		698
	Live Nation, Inc., 8.070%, 06/21/13 (b) (d)		1,995		2,004
	Live Nation, Inc., 8.120%, 06/21/13 (b) (d)		4,950		4,975
	Merrill Corp., 7.589%, 05/15/11 (b) (d)		4,455		4,481
	Merrill Corp., 11.820%, 10/01/13 (b) (d)		3,000		3,015
	National Money Mart Co., 8.050%, 10/30/12 (b) (d)		1,147		1,151
	National Money Mart Co., 8.494%, 10/30/12 (b) (d)		843		846
	National Pizza Products, LP, 7.112%, 04/26/13 (b) (d)		1,667		1,667
	Oshkosh Truck Corp., 7.346%, 12/06/13 (b) (d)		4,988		5,005
	Quintiles Transnational Corp., 7.433%, 03/21/13 (b) (d)		990		991
	Quintiles Transnational Corp., 9.360%, 03/21/14 (b) (d)		2,000		2,018
	Rent-A-Center, Inc., 7.105%, 06/30/12 (b) (d)		2,985		2,991
	Rental Service, Corp., 8.850%, 11/21/13 (b) (d)		4,000		4,070
	Sedgwick CMS Holdings, Inc., 6.580%, 01/31/13 (b) (d)		1,985		1,989
	Vanguard Car Rental USA, Inc., 8.348%, 05/26/13 (b) (d)		2,820		2,844
					48,530
Computers (3.9%)
	Acxiom Corp., 7.083%, 09/15/12 (b) (d)		2,735		2,749
	Dresser, Inc., 8.125%, 10/31/13 (b) (d)		2,885		2,906
	Reynolds & Reynolds Co., 7.813%, 10/23/12 (b) (d)		1,990		1,994
	Reynolds & Reynolds Co., 10.845%, 10/23/13 (b) (d)		2,000		2,045
	Sanmina-Sci Corp., 7.875%, 01/31/08 (b) (d)		5,000		5,016
	Spansion LLC, 8.360%, 10/30/12 (b) (d)		4,000		4,027
	Stratus Technologies, Inc., 8.548%, 03/15/12 (b) (d)		995		993
	Sungard Data Systems, Inc., 7.820%, 02/11/13 (b) (d)		1,967		1,982
	TTM Technologies, Inc., 7.616%, 10/27/12 (b) (d)		1,500		1,502
					23,214
Diversified Financial Services (6.0%)
	HCP Acquisition, Inc., 7.570%, 02/22/14 (b) (d)		4		4
	IDEARC, Inc., 7.320%, 11/09/14 (b) (d)		6,000		6,032
	Level 3 Communications, Inc., 7.570%, 03/01/14 (b) (d)		3,000		3,010
	LSP General Finance Co. LLC, 0.875%, 03/29/13 (b) (d)		3		3
	LSP General Finance Co. LLC, 7.114%, 03/29/13 (b) (d)		4,000		4,005
	LSP General Finance Co. LLC, 7.114%, 03/29/13 (b) (d)		178		178
	Nasdaq Stock Market, Inc., 7.070%, 04/18/12 (b) (d)		563		565
	Nasdaq Stock Market, Inc., 7.070%, 04/18/12 (b) (d)		971		974
	Peach Holdings, Inc., 9.120%, 11/21/13 (b) (d)		5,963		5,992
	TPF Generation Holdings LLC, 7.370%, 12/15/11 (b) (d)		94		95
	TPF Generation Holdings LLC, 7.370%, 12/15/13 (b) (d)		301		303
	TPF Generation Holdings LLC, 7.355%, 12/21/13 (b) (d)		1,601		1,609
	VNU, Inc., 7.610%, 08/09/13 (b) (d)		8,955		9,031

See Notes to Financial Statements.

89

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Seix Floating Rate High Income Fund — continued

		Principal
		Amount($)		Value($)
Diversified Financial Services—continued
	WideOpenWest Finance LLC, 7.610%, 05/01/13 (b) (d)		4,000		4,023
					35,824
Diversified Operations (1.5%)
	Aramark Corp., 7.360%, 01/27/14 (b) (d)		165		165
	Aramark Corp., 7.470%, 01/27/14 (b) (d)		2,335		2,343
	Freeport-McMoRan Copper & Gold, Inc., 0.000%, 03/19/14 (b) (c) (d)		6,114		6,122
					8,630
Education (0.2%)
	Education Management LLC, 7.375%, 05/23/12 (b) (d)		995		999
Electric (2.6%)
	Boston Generating LLC, 5.241%, 12/21/13 (b) (d)		345		347
	Boston Generating LLC, 7.570%, 12/21/13 (b) (d)		1,555		1,566
	Boston Generating LLC, 7.616%, 12/21/13 (b) (d)		97		97
	Generac Power Systems, Inc., 7.860%, 11/07/13 (b) (d)		3,960		3,976
	Generac Power Systems, Inc., 11.360%, 04/07/14 (b) (d)		1,000		1,000
	LSP-Kendall Energy LLC, 7.364%, 10/07/13 (b) (d)		1,882		1,873
	Mirant North America LLC, 7.070%, 01/03/13 (b) (d)		3,204		3,210
	NRG Energy, Inc., 7.364%, 02/01/13 (b) (d)		3,512		3,535
					15,604
Energy (2.1%)
	Longview Power LLC, 0.000%, 02/27/14 (b) (c) (d)		1,167		1,174
	Longview Power LLC, 7.570%, 02/27/14 (b) (d)		333		336
	Longview Power LLC, 9.500%, 02/27/14 (b) (d)		1,000		1,006
	NE Energy, 9.850%, 10/19/11 (b) (d)		1,000		1,011
	NE Energy, 7.850%, 10/19/13 (b) (d)		894		900
	NE Energy, 7.850%, 10/19/13 (b) (d)		106		106
	Sandridge Energy, Inc., 8.975%, 04/15/14 (b) (d)		5,000		5,056
	Sandridge Energy, Inc., 8.625%, 04/15/15 (b) (d)		3,000		3,060
					12,649
Entertainment (4.5%)
	Cedar Fair LP, 7.825%, 08/30/12 (b) (d)		3,980		4,011
	Cinemark, Inc., 7.377%, 10/04/13 (b) (d)		1,990		1,997
	Isle of Capri Casinos, 7.118%, 02/04/11 (b) (d)		2,947		2,964
	Penn National Gaming, Inc., 7.114%, 10/03/12 (b) (d)		1,985		1,997
	Regal Cinemas, Inc., 7.114%, 02/26/13 (b) (d)		2,970		2,977
	Venetian Casino Resort LLC, 7.120%, 06/15/11 (b) (d)		385		387
	Venetian Casino Resort LLC, 7.120%, 06/15/11 (b) (d)		2,865		2,883
	Venetian Casino Resort LLC, 8.120%, 04/06/13 (b) (d)		3,263		3,288
	Venetian Macau Ltd., 0.375%, 05/26/12 (b) (d)		2,616		2,634
	Venetian Macau Ltd., 8.620%, 05/26/12 (b) (d)		384		387
	Wimar Opco LLC, 7.860%, 01/03/12 (b) (d)		2,971		3,000
					26,525
Environment Control (0.5%)
	Allied Waste North America, Inc., 5.322%, 01/15/12 (b) (d)		831		834
	Allied Waste North America, Inc., 7.142%, 01/15/12 (b) (d)		1,873		1,880
					2,714
Food (1.5%)
	Dean Foods Co., 0.000%, 04/02/14 (b) (c) (d)		2,500		2,500
	Pinnacle Foods Group, Inc., 7.360%, 11/15/10 (b) (d)		2,006		2,016
	Pinnacle Foods Group, Inc., 0.000%, 04/02/14 (b) (c) (d)		2,100		2,100

See Notes to Financial Statements.

90

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Seix Floating Rate High Income Fund — continued

		Principal
		Amount($)		Value($)
Food—continued
	SUPERVALU, Inc., 7.090%, 06/02/12 (b) (d)		1,995		2,001
					8,617
Forest Products & Paper (0.5%)
	Georgia-Pacific Corp., 7.361%, 01/27/11 (b) (d)		1,900		1,907
	Verso Paper Holdings LLC, 7.125%, 08/03/13 (b) (d)		907		911
					2,818
Healthcare — Services (6.0%)
	Beverly Enterprises, Inc., 8.114%, 04/07/11 (b) (d)		3,205		3,217
	Capella Healthcare, Inc., 8.364%, 11/30/12 (b) (d)		3,980		4,000
	Conseco, Inc., 7.320%, 10/03/13 (b) (d)		998		999
	CRC Health Corp., 7.864%, 02/06/13 (b) (d)		2,970		3,000
	Davita, Inc., 6.825%, 10/12/12 (b) (d)		1,421		1,423
	HCA, Inc., 0.000%, 11/17/12 (b) (c) (d)		5,000		4,968
	HCA, Inc., 7.614%, 11/06/13 (b) (d)		3,990		4,026
	Matria Healthcare, Inc., 7.362%, 01/19/12 (b) (d)		1,087		1,090
	Multiplan, Inc., 7.820%, 04/08/13 (b) (d)		2,675		2,689
	Multiplan, Inc., 7.820%, 04/12/13 (b) (d)		939		945
	National Mentor Holdings, Inc., 5.257%, 06/28/13 (b) (d)		110		110
	National Mentor Holdings, Inc., 7.867%, 06/28/13 (b) (d)		1,876		1,881
	Talecris Biotherapeutics, Inc., 8.860%, 12/06/13 (b) (d)		2,993		3,004
	Vanguard Health Systems, Inc., 7.614%, 09/23/11 (b) (d)		3,980		4,010
					35,362
Investment Companies (0.5%)
	Thermal North America, Inc., 8.120%, 10/27/08 (b) (d)		3,000		3,015
Leisure Time (2.0%)
	Sabre Holdings Corp., 0.000%, 09/30/14 (b) (c) (d)		2,000		2,000
	TDS Investor Corp., 7.864%, 08/09/13 (b) (d)		535		539
	TDS Investor Corp., 7.864%, 08/09/13 (b) (d)		5,437		5,479
	Worldspan LP, 8.330%, 12/07/13 (b) (d)		1,995		2,007
	Worldspan LP, 12.360%, 12/07/14 (b) (d)		2,000		2,013
					12,038
Lodging (3.3%)
	Kerzner International Ltd., 0.500%, 08/31/13 (b) (d)		750		741
	Kerzner International Ltd., 8.340%, 08/31/13 (b) (d)		2,286		2,257
	Kerzner International Ltd., 8.340%, 08/31/13 (b) (d)		214		212
	Kerzner International Ltd., 8.346%, 08/31/13 (b) (d)		550		543
	Metro-Goldwyn-Mayer, Inc., 8.614%, 03/15/12 (b) (d)		2,987		2,984
	Metro-Goldwyn-Mayer, Inc., 8.620%, 04/08/12 (b) (d)		3,300		3,294
	MGM Mirage, Inc., 6.999%, 11/22/09 (b) (d)		1,357		1,314
	MotorCity Casino, 7.350%, 07/26/12 (b) (d)		2,967		2,989
	PA Meadows, 8.360%, 11/15/11 (b) (d)		3,000		3,019
	Seminole Indian Casinos, 0.000%, 03/05/14 (b) (c) (d)		259		261
	Seminole Indian Casinos, 0.000%, 03/05/14 (b) (c) (d)		874		876
	Seminole Indian Casinos, 0.000%, 03/05/14 (b) (c) (d)		866		872
					19,362
Machinery Diversified (0.6%)
	NACCO Materials Handling Group, Inc., 7.356%, 02/24/13 (b) (d)		3,483		3,500
Media (10.0%)
	Cablevision Systems Corp., 7.110%, 03/21/12 (b) (d)		3,470		3,479
	Entravision Communications Corp., 6.860%, 03/29/13 (b) (d)		1,975		1,979

See Notes to Financial Statements.

91

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Seix Floating Rate High Income Fund — continued

		Principal
		Amount($)		Value($)
Media—continued
	Gray Television, Inc., 6.820%, 12/31/14 (b) (d)		2,970		2,971
	Insight Midwest Holdings LLC, 6.610%, 10/06/13 (b) (d)		2,500		2,478
	Mediacom LLC, 7.101%, 04/15/15 (b) (d)		4,130		4,126
	MediaNews Group, Inc., 7.070%, 06/28/13 (b) (d)		2,978		2,978
	Next Media Operating, Inc., 7.320%, 11/04/12 (b) (d)		1,338		1,335
	Next Media Operating, Inc., 7.320%, 11/04/12 (b) (d)		594		591
	Penton Media, Inc., 10.345%, 02/01/14 (b) (d)		1,000		1,011
	Persona Communications Corp., 8.100%, 10/12/13 (b) (d)		765		773
	Persona Communications Corp., 8.120%, 10/12/13 (b) (d)		1,235		1,247
	Persona Communications Corp., 11.364%, 04/12/14 (b) (d)		2,000		2,030
	Philadelphia Newspapers, 8.100%, 06/29/13 (b) (d)		2,912		2,926
	Quebecor Media, Inc., 7.360%, 01/17/13 (b) (d)		2,970		2,985
	San Juan Cable LLC, 7.348%, 10/31/12 (b) (d)		990		991
	TCM Media, Inc., 8.860%, 06/30/10 (b) (d)		1,958		1,963
	Umbrella Acquisition, 0.000%, 09/16/14 (b) (c) (d)		785		785
	Umbrella Acquisition, 0.000%, 09/16/14 (b) (c) (d)		12,215		12,216
	Umbrella Acquisition, 0.000%, 09/16/14 (b) (c) (d)		5,000		5,013
	VTR Globalcom SA, 8.321%, 09/20/14 (b) (d)		4,000		4,005
	Wenner Media LLC, 7.070%, 09/29/13 (b) (d)		2,865		2,879
	Yell Group PLC, 7.320%, 08/07/13 (b) (d)		1,000		1,007
					59,768
Mining (0.8%)
	Longyear Holdings, 8.614%, 10/18/12 (b) (d)		264		265
	Longyear Holdings, 8.614%, 10/18/12 (b) (d)		246		247
	Longyear Holdings, 8.614%, 10/18/12 (b) (d)		2,475		2,481
	Longyear Holdings, 12.364%, 10/18/13 (b) (d)		2,000		2,040
					5,033
Miscellaneous Manufacturer (3.8%)
	Activant Solutions Holdings, Inc., 7.375%, 05/01/13 (b) (d)		3,726		3,726
	Bombardier, Inc., 7.860%, 06/28/13 (b) (d)		6,380		6,412
	Covalence Specialty Materials Corp., 7.375%, 02/07/13 (b) (d)		2,596		2,595
	John Maneely Co., 8.505%, 12/06/13 (b) (d)		2,977		2,985
	Nutro Products, Inc., 7.364%, 04/14/13 (b) (d)		2,906		2,913
	Samsonite Corp., 7.600%, 12/21/13 (b) (d)		1,995		2,008
	Universal City Development, 7.360%, 06/09/11 (b) (d)		1,851		1,859
					22,498
Oil & Gas (1.3%)
	Niska Gas Storage, 7.070%, 05/01/11 (b) (d)		363		364
	Niska Gas Storage, 7.090%, 05/01/13 (b) (d)		2,239		2,244
	Niska Gas Storage, 7.090%, 05/01/13 (b) (d)		224		225
	OPTI Canada, Inc., 7.230%, 05/17/13 (b) (d)		3,000		3,011
	Petroleum Geo-Services ASA, 7.610%, 12/16/12 (b) (d)		861		866
	Western Refining Co., 0.000%, 04/05/14 (b) (c) (d)		196		198
	Western Refining Co., 0.000%, 04/05/14 (b) (c) (d)		804		806
					7,714
Packaging & Containers (0.7%)
	Berry Plastics, 7.110%, 09/05/13 (b) (d)		3,980		3,996
Pipelines (1.7%)
	El Paso Corp., 5.230%, 07/24/11 (b) (d)		2,000		2,010

See Notes to Financial Statements.

92

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Seix Floating Rate High Income Fund — continued

		Principal
		Amount($)		Value($)
Pipelines—continued
	Energy Transfer Equity LP, 7.080%, 02/08/12 (b) (d)		4,000		4,022
	Regency Gas Services LLC, 7.830%, 08/01/11 (b) (d)		167		167
	Targa Resources, Inc., 5.478%, 10/31/12 (b) (d)		777		786
	Targa Resources, Inc., 7.610%, 10/31/12 (b) (d)		3,187		3,215
					10,200
Real Estate (0.8%)
	CB Richard Ellis, 6.820%, 12/20/13 (b) (d)		3,000		3,006
	Mattamy Group, 7.625%, 04/11/13 (b) (d)		1,985		1,990
					4,996
Retail (3.6%)
	Capital Automotive LP, 7.070%, 12/16/10 (b) (d)		4,519		4,560
	Neiman Marcus Group, Inc., 7.352%, 04/06/13 (b) (d)		3,627		3,655
	Petco Animal Supplies, Inc., 7.652%, 10/26/13 (b) (d)		3,990		4,016
	Quiznos Master LLC (The), 7.618%, 05/05/13 (b) (d)		2,985		2,992
	Sally Holdings LLC, 7.860%, 11/10/13 (b) (d)		2,993		3,014
	Sports Authority, Inc. (The), 7.614%, 04/06/13 (b) (d)		2,978		2,983
					21,220
Semiconductors (1.1%)
	Advanced Micro Devices, Inc., 7.570%, 12/31/13 (b) (d)		5,714		5,742
	ON Semiconductor Corp., 7.060%, 09/06/13 (b) (d)		959		963
					6,705
Telecommunications (6.9%)
	American Cellular Corp., 0.000%, 03/15/14 (b) (c) (d)		1,250		1,254
	American Cellular Corp., 7.320%, 03/15/14 (b) (d)		4,000		4,012
	Cequel Communications LLC, 7.610%, 10/01/13 (b) (d)		4,000		4,004
	Cequel Communications LLC, 9.860%, 05/05/14 (b) (d)		1,000		1,021
	Charter Communications Operating LLC, 7.985%, 03/21/13 (b) (d)		4,000		3,989
	Clearwire Corp., 12.070%, 08/18/09 (b) (d)		1,990		2,020
	Hawaiian Telecom Communications, Inc., 6.051%, 04/30/12 (b) (d)		4,480		4,413
	IPC Information Systems, Inc., 7.320%, 02/26/14 (b) (d)		499		502
	IPC Information Systems, Inc., 11.864%, 09/20/14 (b) (d)		1,500		1,508
	Paetec Holding Corp., 8.820%, 02/09/13 (b) (d)		1,500		1,515
	Sorenson Communications, Inc., 8.320%, 08/01/13 (b) (d)		3,971		3,981
	Sorenson Communications, Inc., 12.350%, 02/01/14 (b) (d)		1,000		1,014
	Time Warner Telecom Holdings, Inc., 7.320%, 10/12/13 (b) (d)		3,925		3,943
	US Telepacific Corp., 9.859%, 08/07/11 (b) (d)		1,120		1,132
	West Corp., 7.735%, 10/23/13 (b) (d)		5,000		5,028
	Wind Acquisition Holdings, 12.610%, 12/07/11 (b) (d)		1,507		1,541
					40,877
Transportation (0.3%)
	Volnay Acquisition (Compagnie Generale), 7.320%, 01/12/14 (b) (d)		1,995		2,007
Total Bank Loans (Cost $531,351)					532,792
Corporate Bonds (6.6%)
Auto Parts & Equipment (0.9%)
	Goodyear Tire & Rubber Co. (The), 9.140%, 12/01/09 (b) (d)		5,075		5,094
Diversified Financial Services (1.2%)
	General Motors Acceptance Corp., LLC, 8.000%, 11/01/31		3,000		3,216
	IDEARC, Inc., 8.000%, 11/15/16, Callable 11/15/11 @ 104 (d)		4,000		4,114
					7,330

See Notes to Financial Statements.

93

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Seix Floating Rate High Income Fund — continued

		Principal
		Amount($)		Value($)
Diversified Operations (0.5%)
	Freeport-McMoRan Copper & Gold, Inc., 8.564%, 04/01/15, Callable 04/01/09 @ 102 (b)		3,000		3,154
Electric (0.9%)
	Mission Energy Holdings Co., 13.500%, 07/15/08		1,900		2,071
	TXU Energy Co. LLC, 5.850%, 09/16/08, Callable 09/16/07 @ 100 (b) (d)		3,000		3,000
					5,071
Healthcare — Products (0.2%)
	Universal Hospital Services, Inc., 10.125%, 11/01/11, Callable 11/01/07 @ 105.06		1,000		1,063
Healthcare — Services (0.5%)
	HCA, Inc., 9.625%, 11/15/16, Callable 11/15/11 @ 104.81 (d)		3,000		3,240
Media (1.2%)
	Compagnie Susquehanna, 9.875%, 05/15/14, Callable 05/15/10 @ 104.94 (d)		4,000		4,100
	Mediacom LLC, 9.500%, 01/15/13, Callable 01/15/08 @ 101.58		3,000		3,094
					7,194
Semiconductors (0.3%)
	Freescale Semiconductor, Inc., 9.125%, 12/15/14, Callable 12/15/10 @ 104.56 (d)		2,000		1,985
Telecommunications (0.9%)
	Qwest Communications International, Inc., 8.860%, 02/15/09, Callable 02/15/08 @ 100 (b)		5,000		5,050
Total Corporate Bonds (Cost $38,675)					39,181
Repurchase Agreements (12.4%)
	ABN AMRO Bank N.V., 5.305%, dated 03/30/07, to be repurchased on 04/02/07, repurchase price $43,671 (collateralized by U.S. Government Agencies; 4.500% — 6.000%, 10/12/07 - 02/01/37; total market value $44,526)		43,652		43,652
	Lehman Brothers, Inc., 5.255%, dated 03/30/07, to be repurchased on 04/02/07, repurchase price $30,189 (collateralized by U.S. Government Agencies; 5.500%, 11/01/34; total market value $30,777)		30,176		30,176
Total Repurchase Agreements (Cost $73,828)					73,828
Total Investments (Cost $643,854) (a) — 108.9%					645,801
Liabilities in excess of other assets — (8.9)%					(52,624	)
Net Assets — 100.0%				$	593,177

(a) Cost for federal income tax purposes is $643,958 (amount in thousands). Unrealized appreciation/ (depreciation)on a tax basis is as follows (amounts in thousands):

Unrealized Appreciation	$	2,716
Unrealized Depreciation		(873	)
Unrealized Appreciation (Depreciation)	$	1,843

(b)	Variable rate security. Rate presented represents rate in effect at March 31, 2007. Maturity date represents actual maturity date.
(c)	This security has not settled as of March 31, 2007 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.

See Notes to Financial Statements.

94

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Seix Floating Rate High Income Fund — concluded

(d) Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund’s adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. These securities represent 84.6% of net assets as of March 31, 2007.

LLC	— Limited Liability Corporation
LP	— Limited Partnership
PLC	— Public Limited Company

As of March 31, 2007, the Fund had the following unfunded loan commitments:

	Unfunded		Unrealized
Borrower	Commitments($)		Depreciation($)
MGM Mirage, Inc., 6.999%, 11/22/09		1,643		(51	)
Hawaiian Telecom Communications, Inc., 6.051%, 04/30/12		3,520		(53	)
				(104	)

The commitments are available until the maturity date of the respective security.

See Notes to Financial Statements.

95

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Seix High Yield Fund

		Shares or
		Principal
		Amount($)		Value($)
Bank Loans (1.8%)
Chemicals (0.2%)
	Celanese AG, 7.114%, 06/01/10 (b) (d)		2,788		2,792
Computers (0.3%)
	Reynolds & Reynolds Co., 7.813%, 10/23/12 (b) (d)		2,985		2,992
Lodging (0.1%)
	Metro-Goldwyn-Mayer, Inc., 8.620%, 04/08/12 (b) (d)		1,000		998
Media (0.4%)
	Umbrella Acquisition, 0.000%, 09/16/14 (b) (d) (h)		4,698		4,698
	Umbrella Acquisition, 0.000%, 09/16/14 (b) (d) (h)		302		302
					5,000
Semiconductors (0.5%)
	Advanced Micro Devices, Inc., 7.570%, 12/31/13 (b) (d)		5,275		5,301
Telecommunications (0.3%)
	Sorenson Communications, Inc., 8.320%, 08/01/13 (b) (d)		1,986		1,990
	Wind Acquisition Holdings, 12.610%, 12/07/11 (b) (d)		1,500		1,534
					3,524
Total Bank Loans (Cost $20,572)					20,607
Corporate Bonds (95.6%)
Advertising (3.2%)
	Affinion Group, Inc., 10.125%, 10/15/13, Callable 10/15/09 @ 105.06		2,887		3,147
	Quebecor World, Inc., 9.750%, 01/15/15, Callable 01/15/11 @ 104.88 (d)		460		483
	R.H. Donnelley Corp., 6.875%, 01/15/13, Callable 01/15/09 @ 103.44 (e)		2,475		2,407
	R.H. Donnelley Corp., 6.875%, 01/15/13		450		438
	R.H. Donnelley Corp., 8.875%, 01/15/16, Callable 01/15/11 @ 104.44		22,890		24,320
	Valassis Communications, Inc., 8.250%, 03/01/15, Callable 03/01/11 @ 104.13 (d) (e)		6,700		6,583
					37,378
Aerospace/Defense (0.6%)
	Esterline Technologies Corp., 6.625%, 03/01/17, Callable 03/11/12 @ 103.31 (d)		1,255		1,261
	Hawker Beechcraft Acquisition Co. LLC, 8.500%, 04/01/15 (d)		1,045		1,085
	Hawker Beechcraft Acquisition Co. LLC, 8.875%, 04/01/15 (d)		1,800		1,861
	Transdigm, Inc., 7.750%, 07/15/14, Callable 07/15/09 @ 105.81		200		207
	Transdigm, Inc., 7.750%, 07/15/14, Callable 07/15/09 @ 105.81 (d)		2,180		2,251
					6,665
Apparel (1.0%)
	Hanesbrands, Inc., 8.735%, 12/15/14, Callable 12/15/08 @ 102 (b) (d)		4,115		4,192
	Levi Strauss & Co., 9.750%, 01/15/15, Callable 01/15/10 @ 104.88		4,375		4,801
	Levi Strauss & Co., 8.875%, 04/01/16, Callable 04/01/11 @ 104.44 (e)		2,450		2,622
					11,615

See Notes to Financial Statements.

96

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Seix High Yield Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Auto Manufacturers (1.1%)
	General Motors Corp., 8.375%, 07/15/33 (e)		14,395		12,920
Auto Parts & Equipment (1.6%)
	American Axle & Manufacturing, Inc., 7.875%, 03/01/17, Callable 03/01/12 @ 103.94		4,665		4,653
	Goodyear Tire & Rubber Co. (The), 8.625%, 12/01/11, Callable 12/01/09 @ 104.31 (d)		4,815		5,176
	Goodyear Tire & Rubber Co. (The), 9.000%, 07/01/15, Callable 07/01/10 @ 104.50 (e)		3,550		3,896
	Tenneco, Inc., 8.625%, 11/15/14, Callable 11/15/09 @ 104.31 (e)		4,745		4,947
					18,672
Beverages (0.3%)
	Cott Beverages, Inc., 8.000%, 12/15/11, Callable 05/14/07 @ 104		3,062		3,123
Building Materials (0.6%)
	U.S. Concrete, Inc., 8.375%, 04/01/14, Callable 04/01/09 @ 104.19 (e)		6,395		6,491
Chemicals (4.1%)
	ARCO Chemical Co., 10.250%, 11/01/10		4,455		4,945
	Huntsman International LLC, 11.625%, 10/15/10, Callable 10/15/07 @ 105.81		5,985		6,486
	Ineos Group Holdings PLC, 8.500%, 02/15/16, Callable 02/15/11 @ 104.25 (d) (e)		11,425		10,939
	Lyondell Chemical Co., 8.000%, 09/15/14, Callable 09/15/10 @ 104		4,970		5,206
	Lyondell Chemical Co., 8.250%, 09/15/16, Callable 09/15/11 @ 104.13 (e)		11,905		12,739
	Mosaic Co., 7.375%, 12/01/14, Callable 12/01/10 @ 103.69 (d)		905		943
	Mosaic Co., 7.625%, 12/01/16, Callable 12/01/11 @ 103.81 (d)		800		844
	Reichhold Industries, Inc., 9.000%, 08/15/14, Callable 08/15/10 @ 104.50 (d)		5,310		5,443
					47,545
Commercial Services (3.7%)
	Ashtead Capital, Inc., 9.000%, 08/15/16, Callable 08/15/11 @ 104.50 (d) (e)		3,470		3,696
	Cenveo Corp., 7.875%, 12/01/13, Callable 12/01/08 @ 103.94		3,490		3,420
	Corrections Corp. of America, 7.500%, 05/01/11, Callable 05/01/07 @ 103.75		5,250		5,394
	Hanover Compressor Co., 7.500%, 04/15/13, Callable 04/15/10 @ 103.75		1,225		1,256
	Hertz Corp., 10.500%, 01/01/16, Callable 01/01/11 @ 105.25 (e)		5,340		6,087
	Seitel Acquisition Corp., 9.750%, 02/15/14 (d)		3,240		3,281
	Service Corp. International, 6.750%, 04/01/15 (d)		3,050		3,046
	Service Corp. International, 7.500%, 04/01/27 (d)		4,335		4,335
	United Rentals NA, Inc., 6.500%, 02/15/12, Callable 02/15/12 @ 103.25		4,895		4,883
	United Rentals NA, Inc., 7.750%, 11/15/13, Callable 11/15/08 @ 103.88 (e)		7,005		7,197
					42,595

See Notes to Financial Statements.

97

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Seix High Yield Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Diversified Financial Services (11.3%)
	BCP Crystal US Holdings Corp., 9.625%, 06/15/14, Callable 06/15/09 @ 104.81		3,410		3,873
	Ford Motor Credit Corp., 6.625%, 06/16/08		3,000		2,991
	Ford Motor Credit Corp., 5.800%, 01/12/09		4,760		4,669
	Ford Motor Credit Corp., 7.250%, 10/25/11		6,090		5,919
	Ford Motor Credit Corp., 8.110%, 01/13/12 (b)		2,530		2,473
	Ford Motor Credit Corp., 7.000%, 10/01/13 (e)		7,145		6,642
	Ford Motor Credit Corp., 8.000%, 12/15/16		9,325		8,973
	Galaxy Entertainment Finance Co. Ltd., 9.875%, 12/15/12, Callable 12/15/09 @ 104.94 (d) (e)		1,840		2,010
	GMAC LLC, 8.000%, 11/01/31 (e)		30,995		33,231
	Hexion US Finance Corp., 9.750%, 11/15/14, Callable 11/15/10 @ 104.88 (d)		7,345		7,703
	Hexion US Finance Corp., 9.860%, 11/15/14, Callable 11/15/08 @ 102 (b) (d)		1,550		1,589
	IDEARC, Inc., 8.000%, 11/15/16, Callable 11/15/11 @ 104 (d) (e)		29,830		30,688
	Level 3 Financing, Inc., 8.750%, 02/15/17 (d) (e)		7,155		7,209
	NSG Holdings LLC, 7.750%, 12/15/25 (d)		5,520		5,768
	Residential Capital LLC, 6.000%, 02/22/11		850		838
	Residential Capital LLC, 6.500%, 04/17/13		4,850		4,804
	Snoqualmie Enterprise Authority, 9.125%, 02/01/15, Callable 02/01/11 @ 104.56 (d)		1,090		1,124
					130,504
Diversified Minerals (1.7%)
	FMG Finance Property Ltd., 10.000%, 09/01/13 (d)		12,985		14,121
	FMG Finance Property Ltd., 10.625%, 09/01/16 (d)		5,145		5,917
					20,038
Diversified Operations (4.0%)
	Aramark Corp., 8.500%, 02/01/15, Callable 02/01/11 @ 104.25 (d)		8,915		9,272
	Aramark Corp., 8.860%, 02/01/15, Callable 02/01/09 @ 102 (b) (d)		1,485		1,526
	Freeport-McMoRan Copper & Gold, Inc., 8.250%, 04/01/15, Callable 04/01/11 @ 104.13		9,390		10,105
	Freeport-McMoRan Copper & Gold, Inc., 8.564%, 04/01/15, Callable 04/01/09 @ 102 (b)		8,845		9,298
	Freeport-McMoRan Copper & Gold, Inc., 8.375%, 04/01/17, Callable 04/01/12 @ 104.19		3,725		4,028
	Leucadia National Corp., 7.000%, 08/15/13 (e)		4,190		4,211
	Leucadia National Corp., 7.125%, 03/15/17, Callable 03/15/12 @ 103.56 (d)		4,370		4,343
	Nell AF SARL, 8.375%, 08/15/15, Callable 08/15/10 @ 104.19 (d) (e)		3,105		3,237
					46,020
Electric (8.4%)
	AES Corp. (The), 8.750%, 05/15/13, Callable 05/15/08 @ 104.38 (d)		3,497		3,724
	Aquila, Inc., 9.950%, 02/01/11		4,740		5,190
	Aquila, Inc., 14.875%, 07/01/12 (e)		4,200		5,471

See Notes to Financial Statements.

98

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Seix High Yield Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Electric—continued
	Baldor Electic Co., 8.625%, 02/15/17, Callable 02/15/12 @ 103.31		1,470		1,555
	Elwood Energy LLC, 8.159%, 07/05/26		5,459		5,691
	FPL Energy National Wind, 6.125%, 03/25/19 (d)		2,103		2,049
	FPL Energy Wind Funding LLC, 6.876%, 06/27/17 (d)		2,891		2,934
	Homer City Funding LLC, 8.137%, 10/01/19		1,832		1,992
	Inergy LP/Inergy Finance, 8.250%, 03/01/16, Callable 03/01/11 @ 104.13		1,565		1,643
	Midwest Generation LLC, 8.750%, 05/01/34, Callable 05/01/09 @ 104.38		686		744
	Midwest Generation LLC, Ser A, 8.300%, 07/02/09		2,823		2,900
	Midwest Generation LLC, Ser B, 8.560%, 01/02/16		8,747		9,567
	Mirant Mid-Atlantic LLC, Ser B, 9.125%, 06/30/17		5,814		6,643
	Mirant Mid-Atlantic LLC, Ser C, 10.060%, 12/30/28		2,338		2,864
	NRG Energy, Inc., 7.375%, 02/01/16, Callable 02/01/11 @ 103.67		15,585		16,015
	NRG Energy, Inc., 7.375%, 01/15/17, Callable 11/15/11 @ 100		3,625		3,720
	PSEG Energy Holdings LLC, 8.625%, 02/15/08		5,074		5,182
	PSEG Energy Holdings LLC, 10.000%, 10/01/09		946		1,032
	Reliant Energy, Inc., 9.500%, 07/15/13, Callable 07/15/08 @ 104.75 (e)		6,595		7,180
	Reliant Energy, Inc., 6.750%, 12/15/14, Callable 12/15/09 @ 103.38		160		169
	Sierra Pacific Power Co., Ser A, 8.000%, 06/01/08		250		256
	Sithe/ Independence Funding, Ser A, 9.000%, 12/30/13		6,300		6,940
	Tenaska Alabama Partners LP, 7.000%, 06/30/21 (d)		3,460		3,482
					96,943
Electronics (0.5%)
	Flextronics International Ltd., 6.500%, 05/15/13		6,305		6,242
Entertainment (1.4%)
	Capitol Records, Inc., 8.375%, 08/15/09 (d)		208		218
	Isle of Capri Casinos, Inc., 9.000%, 03/15/12, Callable 03/15/08 @ 103		2,705		2,820
	Mohegan Tribal Gaming Authority, 6.125%, 02/15/13, Callable 02/15/09 @ 103.06		3,274		3,225
	Pokagon Gaming Authority, 10.375%, 06/15/14, Callable 06/15/10 @ 105.188 (d)		1,465		1,615
	WMG Acquisition Corp., 7.375%, 04/15/14, Callable 04/15/09 @ 103.69		6,572		6,260
	WMG Holdings Corp., 10.148%, 12/15/14, Callable 12/15/09 @ 104.75 (c) (g)		2,063		1,578
					15,716
Environment Control (0.5%)
	Aleris International, Inc., 9.000%, 12/15/14, Callable 12/15/10 @ 104.50 (d) (e)		3,720		3,924
	Allied Waste North America, Inc., 6.875%, 06/01/17, Callable 06/02/12 @ 103.44 (e)		1,880		1,885
					5,809

See Notes to Financial Statements.

99

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Seix High Yield Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Food (1.8%)
	Del Monte Corp., 8.625%, 12/15/12, Callable 12/15/07 @ 104.31		7,127		7,413
	Pinnacle Foods Holding Corp., 8.250%, 12/01/13, Callable 12/01/08 @ 104.12		6,020		6,547
	Smithfield Foods, Inc., Ser B, 8.000%, 10/15/09		3,370		3,513
	Stater Brothers Holdings, Inc., 8.125%, 06/15/12, Callable 06/15/08 @ 104.06		2,645		2,724
					20,197
Forest Products & Paper (2.7%)
	Abitibi-Consolidated, Inc., 8.550%, 08/01/10		3,430		3,473
	Abitibi-Consolidated, Inc., 8.375%, 04/01/15 (e)		2,685		2,524
	Abitibi-Consolidated, Inc., 8.850%, 08/01/30		1,030		917
	Boise Cascade LLC, 8.235%, 10/15/12, Callable 08/21/12 @ 102 (b)		4,115		4,130
	Boise Cascade LLC, 7.125%, 10/15/14, Callable 10/15/09 @ 103.56		4,405		4,361
	Bowater Canada Finance Corp., 7.950%, 11/15/11		6,680		6,496
	Georgia-Pacific Corp., 8.125%, 05/15/11 (e)		1,754		1,842
	Verso Paper Holdings LLC, 9.110%, 08/01/14, Callable 08/01/08 @ 102 (b) (d) (e)		4,605		4,720
	Verso Paper Holdings LLC, 9.125%, 08/01/14, Callable 08/01/10 @ 104.56 (d) (e)		2,025		2,106
					30,569
Healthcare — Services (2.7%)
	HCA, Inc., 9.125%, 11/15/14, Callable 11/15/10 @ 104.56 (d)		10,845		11,591
	HCA, Inc., 9.250%, 11/15/16, Callable 11/15/11 @ 104.63 (d)		10,955		11,818
	HCA, Inc., 9.625%, 11/15/16, Callable 11/15/11 @ 104.81 (d) (e)		2,690		2,905
	Triad Hospitals, Inc., 7.000%, 05/15/12, Callable 05/15/08 @ 103.50		4,190		4,347
					30,661
Insurance (1.2%)
	AFC Capital Trust I, Ser B, 8.207%, 02/03/27		4,852		5,024
	Crum & Forster Holdings Corp., 10.375%, 06/15/13, Callable 06/15/08 @ 105.19 (e)		2,785		3,008
	Fairfax Financial Holdings Ltd., 7.750%, 04/26/12 (e)		3,075		3,060
	Fairfax Financial Holdings Ltd., 7.375%, 04/15/18 (e)		1,140		1,074
	Markel Corp., 7.350%, 08/15/34		1,010		1,082
					13,248
Lodging (3.2%)
	Boyd Gaming Corp., 8.750%, 04/15/12, Callable 04/15/07 @ 104.38		3,815		3,982
	Boyd Gaming Corp., 7.750%, 12/15/12, Callable 12/15/07 @ 103.88 (e)		3,560		3,676
	Mandalay Resort Group, Ser B, 10.250%, 08/01/07		10,956		11,093
	MGM Mirage, Inc., 8.500%, 09/15/10		905		967
	MGM Mirage, Inc., 6.625%, 07/15/15		1,600		1,536
	San Pasqual Casino, 8.000%, 09/15/13, Callable 09/15/09 @ 104 (d)		2,865		2,947

See Notes to Financial Statements.

100

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Seix High Yield Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Lodging—continued
	Seminole Hard Rock Entertainment, Inc., 7.848%, 03/15/14, Callable 3/15/09 @ 102 (b) (d)		2,350		2,397
	Station Casinos, Inc., 7.750%, 08/15/16, Callable 08/15/11 @ 102.91 (e)		4,280		4,392
	Wynn Las Vegas LLC, 6.625%, 12/01/14, Callable 12/01/09 @ 103.31		5,650		5,594
					36,584
Machinery Diversified (0.7%)
	Case New Holland, Inc., 9.250%, 08/01/11, Callable 08/01/07 @ 104.62		3,340		3,506
	Case New Holland, Inc., 7.125%, 03/01/14, Callable 03/01/10 @ 103.56		1,520		1,581
	Chart Industries, Inc., 9.125%, 10/15/15, Callable 10/15/10 @ 104.56 (d)		2,700		2,822
					7,909
Media (8.3%)
	Block Communications, Inc., 8.250%, 12/15/15, Callable 12/15/10 @ 104.13 (d)		3,545		3,598
	Dex Media, Inc., 8.000%, 11/15/13, Callable 11/15/08 @ 104		360		377
	Dex Media, Inc., 8.520%, 11/15/13, Callable 11/15/08 @ 104.50 (c) (g)		2,625		2,445
	Dex Media, Inc., 8.520%, 11/15/13, Callable 11/15/08 @ 104.50 (c) (e) (g)		955		889
	DirecTV Holdings LLC, 8.375%, 03/15/13, Callable 03/15/08 @ 104.19		8,935		9,415
	EchoStar DBS Corp., 7.125%, 02/01/16		27,975		28,885
	General Cable Corp., 7.725%, 04/01/15, Callable 04/01/09 @ 102 (b) (d)		3,335		3,335
	General Cable Corp., 7.125%, 04/01/17, Callable 04/01/12 @ 103.56 (d) (e)		795		800
	Kabel Deutschland GmbH, 10.625%, 07/01/14, Callable 07/01/09 @ 105.31 (e)		13,365		14,902
	LIN Television Corp., 6.500%, 05/15/13, Callable 05/15/12 @ 103.25		4,600		4,502
	LIN Television Corp., Ser B, 6.500%, 05/15/13, Callable 05/15/08 @ 103.25		2,305		2,256
	Mediacom Broadband LLC, 8.500%, 10/15/15, Callable 10/15/10 @ 104.25 (d)		3,905		3,993
	Mediacom Broadband LLC, 8.500%, 10/15/15, Callable 10/15/10 @ 104.25 (e)		6,640		6,789
	Mediacom LLC, 9.500%, 01/15/13, Callable 01/15/08 @ 101.583		1,000		1,031
	Morris Publishing Group LLC, 7.000%, 08/01/13, Callable 08/01/08 @ 103.50		1,010		965
	Quebecor Media, Inc., 7.750%, 03/15/16, Callable 03/15/11 @ 103.88		3,750		3,853

See Notes to Financial Statements.

101

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Seix High Yield Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Media—continued
	Quebecor World Capital Corp., 8.750%, 03/15/16, Callable 03/15/11 @ 104.38 (d)		6,185		6,262
	Rogers Cable, Inc., 8.750%, 05/01/32		1,400		1,729
					96,026
Miscellaneous Manufacturer (0.6%)
	American Railcar Industries, Inc., 7.500%, 03/01/14, Callable 03/01/11 @ 103.75 (d)		1,200		1,233
	Bombardier, Inc., 6.300%, 05/01/14 (d)		1,340		1,273
	Bombardier, Inc., 8.000%, 11/15/14, Callable 11/15/10 @ 104 (d)		1,900		1,967
	Koppers, Inc., 9.875%, 10/15/13, Callable 10/15/08 @ 104.94		2,201		2,388
					6,861
Oil & Gas (5.7%)
	Chesapeake Energy Corp., 7.500%, 09/15/13, Callable 09/15/08 @ 103.75		2,672		2,792
	Chesapeake Energy Corp., 7.750%, 01/15/15, Callable 01/15/08 @ 103.88 (e)		2,770		2,888
	Cie Generale De Geophysique, 7.500%, 05/15/15, Callable 05/15/10 @ 103.75		5,515		5,680
	Cie Generale De Geophysique, 7.750%, 05/15/17, Callable 05/15/12 @ 103.88		1,510		1,574
	Compton Petroleum Finance Corp., 7.625%, 12/01/13, Callable 12/01/09 @ 103.813		6,415		6,271
	Denbury Resources, Inc., 7.500%, 12/15/15, Callable 12/15/10 @ 103.75		781		789
	Encore Acquisition Co., 7.250%, 12/01/17, Callable 12/01/10 @ 103.63		525		499
	Forest Oil Corp., 8.000%, 12/15/11		2,913		3,037
	OPTI Canada, Inc., 8.250%, 12/15/14, Callable 12/15/10 @ 104.13 (d)		14,085		14,647
	Petrohawk Energy Corp., 9.125%, 07/15/13, Callable 07/15/10 @ 104.56		6,215		6,619
	Pioneer Natural Resource Co., 5.875%, 07/15/16		5,670		5,276
	Pioneer Natural Resource Co., 6.875%, 05/01/18		2,280		2,241
	Sabine Pass LNG LP, 7.250%, 11/30/13 (d) (e)		2,895		2,917
	Sabine Pass LNG LP, 7.500%, 11/30/16 (d)		5,590		5,632
	Western Oil Sands, Inc., 8.375%, 05/01/12		4,724		5,279
					66,141
Oil & Gas Services (0.4%)
	Hanover Compressor Co., 8.625%, 12/15/10, Callable 12/15/07 @ 104.31		1,175		1,234
	Hanover Equipment Trust 1, Ser B, 8.750%, 09/01/11, Callable 09/01/07 @ 104.38		3,571		3,714
					4,948
Packaging & Containers (0.8%)
	Graphic Packaging International, 9.500%, 08/15/13, Callable 08/15/08 @ 104.75 (e)		6,200		6,595
	Silgan Holdings, Inc., 6.750%, 11/15/13, Callable 11/15/08 @ 103.38		3,000		2,970
					9,565

See Notes to Financial Statements.

102

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Seix High Yield Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Pipelines (2.6%)
	El Paso Natural Gas Co., 8.625%, 01/15/22		2,800		3,398
	El Paso Natural Gas Co., 8.375%, 06/15/32		4,200		5,175
	El Paso Natural Gas Co., Ser A, 7.625%, 08/01/10, Callable 08/01/07 @ 103.81		5,565		5,808
	Southern Natural Gas Co., 8.000%, 03/01/32		4,160		4,941
	Tennessee Gas Pipeline Co., 7.500%, 04/01/17		645		719
	Transcontinental Gas Pipe Line Corp., Ser B, 8.875%, 07/15/12		325		370
	Williams Partners LP, 7.250%, 02/01/17 (d) (e)		8,585		9,078
					29,489
Real Estate (0.7%)
	American Real Estate Partners LP, 7.125%, 02/15/13, Callable 02/15/09 @ 103.56		4,845		4,784
	American Real Estate Partners LP, 7.125%, 02/15/13, Callable 02/15/09 @ 103.56 (d)		3,300		3,259
					8,043
REITS (1.1%)
	Host Marriott LP, 6.750%, 06/01/16		3,330		3,355
	Omega Healthcare Investors, Inc., 7.000%, 04/01/14, Callable 04/01/09 @ 103.50		4,970		5,020
	Omega Healthcare Investors, Inc., 7.000%, 01/15/16, Callable 01/15/11 @ 103.50		2,105		2,126
	Rouse Co. (The), 3.625%, 03/15/09		835		796
	Rouse Co. (The), 8.000%, 04/30/09		885		923
					12,220
Retail (0.6%)
	Asbury Automotive Group, Inc., 7.625%, 03/15/17, Callable 03/15/12 @ 103.81 (d)		2,595		2,601
	Gamestop Corp., 9.233%, 10/01/11, Callable 10/01/07 @ 102 (b)		1,075		1,110
	Gamestop Corp., 8.000%, 10/01/12, Callable 10/01/09 @ 104		2,025		2,147
	Rite Aid Corp., 8.125%, 05/01/10, Callable 05/01/07 @ 104.06		1,270		1,305
					7,163
Semiconductors (3.4%)
	Amkor Technology, Inc., 9.250%, 06/01/16, Callable 06/01/11 @ 104.63		2,430		2,533
	Avago Technologies Finance Ltd., 10.860%, 06/01/13, Callable 12/01/07 @ 102 (b)		2,110		2,210
	Freescale Semiconductor, Inc., 8.875%, 12/15/14, Callable 12/15/10 @ 104.44 (d)		1,960		1,962
	Freescale Semiconductor, Inc., 10.125%, 12/15/16, Callable 12/15/11 @ 105.06 (d) (e)		21,415		21,470
	NXP Funding LLC, 9.500%, 10/15/15, Callable 10/15/11 @ 104.75 (d) (e)		10,690		11,037
					39,212
Telecommunications (14.7%)
	Citizens Communications Co., 9.250%, 05/15/11		7,955		8,870
	Citizens Communications Co., 7.125%, 03/15/19 (d)		3,420		3,386
	Citizens Communications Co., 9.000%, 08/15/31		8,930		9,778
	Clear Channel Communications, Inc., 5.500%, 09/15/14 (e)		2,505		2,218

See Notes to Financial Statements.

103

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Seix High Yield Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Telecommunications—continued
	Embarq Corp., 7.995%, 06/01/36 (e)		14,190		14,652
	GCI, Inc., 7.250%, 02/15/14, Callable 02/15/09 @ 103.62		4,460		4,460
	Inmarsat Finance II PLC, 7.522%, 11/15/12, Callable 11/15/08 @ 105.19 (c) (g)		4,980		4,706
	Inmarsat Group Ltd., 7.625%, 06/30/12, Callable 03/01/08 @ 103.81		2,679		2,793
	Intelsat Subsidiary Holding Co. Ltd., 8.250%, 01/15/13, Callable 01/15/09 @ 104.13		10,360		10,800
	Nordic Telephone Co. Holdings, 8.875%, 05/01/16, Callable 05/01/11 @ 104.438 (d)		5,780		6,185
	NTL Cable PLC, 8.750%, 04/15/14, Callable 04/15/09 @ 104.375 (e)		7,144		7,430
	NTL Cable PLC, 9.125%, 08/15/16, Callable 08/15/11 @ 104.56		3,650		3,851
	PanAmSat Holdings Corp., 9.000%, 08/15/14, Callable 08/15/09 @ 104.50		7,419		8,031
	Qwest Communications International, Inc., 8.860%, 02/15/09, Callable 02/15/08 @ 100 (b)		3,360		3,394
	Qwest Communications International, Inc., 7.250%, 02/15/11, Callable 02/15/08 @ 103.62		13,075		13,385
	Qwest Corp., 7.875%, 09/01/11		7,020		7,459
	Qwest Corp., 8.875%, 03/15/12		865		956
	Qwest Corp., 8.605%, 06/15/13 (b)		3,000		3,270
	Qwest Corp., 7.500%, 10/01/14		1,745		1,841
	Rogers Wireless, Inc., 9.625%, 05/01/11		9,668		11,022
	Rogers Wireless, Inc., 9.750%, 06/01/16		4,270		5,380
	Valor Telecommunications Enterprise LLC, 7.750%, 02/15/15, Callable 02/15/10 @ 103.88		2,580		2,780
	Windstream Corp., 8.625%, 08/01/16, Callable 08/01/11 @ 104.31 (e)		21,390		23,395
	Windstream Corp., 7.000%, 03/15/19, Callable 03/15/12 @ 103.50 (d)		8,240		8,240
					168,282
Transportation (0.4%)
	CHC Helicopter Corp., 7.375%, 05/01/14, Callable 05/01/09 @ 103.69		4,847		4,714
Total Corporate Bonds (Cost $1,084,703)					1,100,108
Short-Term Investment (12.9%)
	CSFB Enhanced Liquidity Portfolio, 5.421% (f)		149,062,054		149,062
Total Short-Term Investment (Cost $149,062)					149,062
Repurchase Agreements (0.6%)
	HSBC Securities, Inc., 5.295%, dated 03/30/07, to be repurchased on 04/02/07, repurchase price $4,574 (collateralized by U.S. Government Agencies; 6.000%, 08/20/36; total market value $4,668)		4,573		4,573

See Notes to Financial Statements.

104

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Seix High Yield Fund — concluded

		Shares or
		Principal
		Amount($)		Value($)
Repurchase Agreements—continued
	Lehman Brothers, Inc., 5.255%, dated 03/30/07, to be repurchased on 04/02/07, repurchase price $2,183 (collateralized by U.S. Government Agencies; 5.500%, 11/01/34; total market value $2,229)		2,182		2,182
Total Repurchase Agreements (Cost $6,755)					6,755
Total Investments (Cost $1,261,092) (a) — 110.9%					1,276,532
Liabilities in excess of other assets — (10.9)%					(125,193	)
Net Assets — 100.0%				$	1,151,338

(a) Cost for federal income tax purposes is $1,261,565 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands):

Unrealized Appreciation	$	22,260
Unrealized Depreciation		(7,293	)
Unrealized Appreciation (Depreciation)	$	14,967

(b)	Variable rate security. Rate presented represents rate in effect at March 31, 2007. 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 adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. These securities represent 29.7% of net assets as of March 31, 2007.
(e)	This security or a partial position of the security was on loan at March 31, 2007. The total value of securities on loan at March 31, 2007 in thousands was $142,376.
(f)	This security was purchased with cash collateral held from securities lending.
(g)	Step bond.
(h)	This security has not settled as of March 31, 2007 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.

105

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Short-Term Bond Fund

		Shares or
		Principal
		Amount($)		Value($)
Asset Backed Securities (5.3%)
Automobile ABS (5.3%)
	Capital Auto Receivables Asset Trust, Ser 2006-1, Cl A3, 5.030%, 10/15/09		3,315		3,308
	Capital One Prime Auto Receivable Trust, Ser 2005-1, Cl A3, 4.320%, 08/15/09 (b)		3,007		2,994
	Capital One Prime Auto Receivable Trust, Ser 2006-1 Cl A3, 4.990%, 09/15/10		4,900		4,893
	Honda Auto Receivables Owner Trust, Ser 2005-6, Cl A3, 4.850%, 10/19/09		2,520		2,513
	Household Automotive Trust, Ser 2006-3, Cl A3, 5.280%, 09/19/11 (b)		3,920		3,938
	Nissan Auto Receivables Owner Trust, Ser 2003-B, Cl A4, 2.050%, 03/16/09		577		575
	USAA Auto Owner Trust, Ser 2006-4 Cl A3, 5.010%, 06/15/11		5,000		5,003
Total Asset Backed Securities (Cost $23,205)					23,224
Collateralized Mortgage Obligations (19.4%)
	Adjustable Rate Mortgage Trust, Ser 2005-1, Cl 2A22, 4.585%, 05/25/35 (b)		1,640		1,610
	Banc of America Commercial Mortgage, Inc., Ser 2004-2, Cl A2, 3.520%, 11/10/38		1,765		1,720
	Banc of America Commercial Mortgage, Inc., Ser 2004-5, Cl A3, 4.561%, 11/10/41		2,300		2,248
	Bear Stearns Alternative-A Trust, Ser 2006-2, Cl 23A1, 5.968%, 03/25/36 (b)		4,321		4,373
	Bear Stearns Commercial Mortgage Securities, Ser 2005-T20, Cl A1, 4.940%, 10/12/42		1,679		1,672
	CS First Boston Mortgage Securities Corp., Ser 2004-C3, Cl A3, 4.302%, 07/15/36		3,975		3,904
	CS First Boston Mortgage Securities Corp., Ser 2005-C1, Cl A2, 4.609%, 02/15/38		4,325		4,266
	Deutsche Mortgage Securities, Inc., Ser 2004-5, Cl A2, 4.980%, 07/25/34		3,500		3,466
	Fannie Mae, Ser 2005-51, Cl KC, 4.500%, 01/25/25		6,312		6,226
	First Horizon Alternative Mortgage Securities, Ser 2005-AA3, Cl 2A1, 5.185%, 05/25/35 (b)		2,300		2,374
	First Horizon Alternative Mortgage Securities, Ser 2005-AA7, Cl 2A1, 5.416%, 09/25/35 (b)		2,422		2,424
	Greenwich Capital Commercial Funding Corp., Ser 2004-GG1, Cl A3, 4.344%, 06/10/36		2,150		2,122
	Greenwich Capital Commercial Funding Corp., Ser 2005-GG3, Cl A2, 4.305%, 08/10/42		4,025		3,947
	JP Morgan Chase Commercial Mortgage Securities, Ser 2005-LDP1, Cl A2, 4.625%, 03/15/46		3,395		3,351
	LB Commercial Conduit Mortgage Trust, Ser 1998-C4, Cl A1B, 6.210%, 10/15/35		1,972		1,992
	LB-UBS Commercial Mortgage Trust, Ser 2005-C1, Cl A2, 4.310%, 02/15/30		4,500		4,408

See Notes to Financial Statements.

106

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Short-Term Bond Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Collateralized Mortgage Obligations—continued
	Morgan Stanley Capital I, Ser 1998-XL2, Cl A2, 6.17%, 10/03/08, 6.170%, 10/03/34		5,340		5,411
	Morgan Stanley Capital I, Ser 2006-HQ8, Cl A1, 5.124%, 03/12/44		1,195		1,193
	Residential Accredit Loans, Inc., Ser 2003-QS17, Cl CB3, 5.500%, 09/25/33		3,125		3,109
	Wachovia Bank Commercial Mortgage Trust, Ser 2002-C1 Cl A2, 5.681%, 04/15/34		1,459		1,464
	Wachovia Bank Commercial Mortgage Trust, Ser 2005-C16, Cl A2, 4.380%, 10/15/41		5,047		4,952
	Washington Mutual, Ser 2005-AR4, Cl A1, 3.624%, 04/25/35 (b)		280		280
	Wells Fargo Mortgage Backed Securities Trust, Ser 2004-S, Cl A5, 3.539%, 09/25/34 (b)		3,420		3,333
	Wells Fargo Mortgage Backed Securities Trust, Ser 2006-16, Cl A12, 5.000%, 11/25/36		5,440		5,401
	Wells Fargo Mortgage Backed Securities Trust, Ser 2006-AR8, Cl 2A4, 5.240%, 04/25/36 (b)		4,220		4,194
	Wells Fargo Mortgage Backed Securities Trust, Ser 2006-AR8, Cl 3A1, 5.246%, 04/25/36 (b)		4,884		4,860
Total Collateralized Mortgage Obligations (Cost $84,079)					84,300
Commercial Paper (1.1%)
	Rabobank USA Finance Corp., 5.363%, 04/03/07 (d)		4,700		4,697
Total Commercial Paper (Cost $4,699)					4,697
Corporate Bonds (19.4%)
Aerospace/Defense (0.4%)
	Raytheon Co., 8.300%, 03/01/10		1,700		1,853
Banks (3.0%)
	JP Morgan Chase & Co., 7.600%, 05/01/07		3,441		3,446
	Wachovia Corp., 6.375%, 02/01/09		3,300		3,373
	Wells Fargo & Co., 4.125%, 03/10/08		6,100		6,031
					12,850
Beverages (0.9%)
	Diageo Capital PLC, 3.375%, 03/20/08		4,025		3,952
Chemicals (0.4%)
	Equistar Chemical Funding Corp., 10.125%, 09/01/08		1,470		1,547
Commercial Services (0.3%)
	ERAC USA Finance Co., 7.350%, 06/15/08 (e)		1,125		1,145
Diversified Financial Services (8.6%)
	Boeing Capital Corp., 4.750%, 08/25/08		2,437		2,425
	CIT Group, Inc., 4.250%, 02/01/10		3,160		3,090
	Credit Suisse First Boston USA, Inc., 6.500%, 06/01/08		2,455		2,487
	General Electric Capital Corp., 4.125%, 03/04/08 (c)		4,765		4,718
	General Electric Capital Corp., 4.875%, 10/21/10		1,700		1,691
	Goldman Sachs Group Inc., 5.300%, 02/14/12		2,125		2,126
	HSBC Finance Corp., 4.125%, 03/11/08		3,400		3,365
	ING USA Global Trust, 4.500%, 10/01/10		4,250		4,175
	International Lease Finance Corp., Ser Q, 4.625%, 06/02/08		2,955		2,936
	John Deere Capital Corp., 3.900%, 01/15/08		3,130		3,098

See Notes to Financial Statements.

107

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Short-Term Bond Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Diversified Financial Services—continued
	Merrill Lynch & Co., Inc., 4.831%, 10/27/08		2,060		2,049
	Merrill Lynch & Co., Inc., 4.790%, 08/04/10		1,725		1,708
	Salomon Smith Barney Holdings, 6.500%, 02/15/08		3,705		3,743
					37,611
Energy (0.5%)
	MidAmerican Energy Holdings Co., 3.500%, 05/15/08		2,000		1,963
Media (1.1%)
	Comcast Cable Communications, Inc., 8.375%, 05/01/07		1,155		1,158
	News America, Inc., 6.625%, 01/09/08		1,810		1,825
	Time Warner, Inc., 6.150%, 05/01/07		1,585		1,585
					4,568
Miscellaneous Manufacturer (0.9%)
	Honeywell International, Inc., 7.500%, 03/01/10		3,165		3,374
	Stanley Works (The), 5.000%, 03/15/10		630		628
					4,002
Oil & Gas (0.4%)
	Anadarko Petroleum Corp., 3.250%, 05/01/08		1,240		1,213
	Enterprise Products Partners LP, Ser B, 4.625%, 10/15/09		740		730
					1,943
Regional Authorities (0.9%)
	Ontario Province, 5.000%, 10/18/11		3,985		4,006
REITS (0.3%)
	Simon Property Group LP, 6.375%, 11/15/07		1,500		1,508
Telecommunications (1.4%)
	BellSouth Telecommunications, Inc., 5.875%, 01/15/09		1,450		1,467
	SBC Communications, Inc., 4.125%, 09/15/09 (c)		790		772
	Verizon Global Funding Corp., 6.125%, 06/15/07		1,470		1,472
	Vodafone Group PLC, 5.350%, 02/27/12		2,500		2,506
					6,217
Transportation (0.3%)
	Union Pacific Corp., 6.650%, 01/15/11		1,215		1,270
Total Corporate Bonds (Cost $84,657)					84,435
Master Notes (1.4%)
Banks (1.4%)
	Bank of America Corp., 5.383% (b) (f)		6,000		6,000
	Total Master Notes (Cost $6,000)				6,000
U.S. Government Agencies (12.5%)
Fannie Mae (1.4%)
	5.200%, 11/20/09, Callable 05/20/08 @ 100 (c)		6,000		5,992
Federal Home Loan Bank (4.8%)
	5.100%, 09/19/08 (c)		6,350		6,366
	5.000%, 10/16/09, Callable 10/16/08 @ 100 (c)		7,930		7,912
	5.300%, 01/22/10, Callable 01/22/08 @ 100		6,525		6,518
					20,796
Freddie Mac (6.3%)
	4.250%, 06/23/08 (c)		11,745		11,644
	5.000%, 11/01/10, Callable 11/01/07 @ 100 (c)		6,680		6,651
	5.125%, 11/24/10, Callable 11/24/08 @ 100		5,375		5,368
	5.400%, 02/02/12, Callable 02/02/09 @ 100		3,850		3,862
					27,525
Total U.S. Government Agencies (Cost $54,249)					54,313

See Notes to Financial Statements.

108

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Short-Term Bond Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
U.S. Government Agency Mortgages (18.8%)
Fannie Mae (10.3%)
	7.030%, 08/01/07		380		380
	6.826%, 11/01/07		1,265		1,261
	6.070%, 10/01/08		2,084		2,086
	3.810%, 12/01/08 (b)		3,855		3,725
	6.595%, 07/01/09		1,952		1,978
	6.850%, 08/01/09		3,859		3,959
	6.955%, 10/01/10 (b)		2,801		2,939
	4.000%, 12/01/14		3,223		3,122
	4.500%, 07/01/15		2,417		2,359
	5.000%, 11/25/26		2,070		2,058
	7.098%, 09/01/33 (b)		740		752
	7.013%, 10/01/33 (b)		1,013		1,030
	4.328%, 03/01/34 (b)		2,031		2,004
	4.673%, 05/01/35 (b)		6,373		6,352
	4.803%, 06/01/35 (b)		4,256		4,242
	5.380%, 06/01/36 (b)		6,344		6,368
					44,615
Freddie Mac (7.2%)
	4.000%, 07/01/08		1,666		1,645
	3.750%, 12/15/11		1,790		1,747
	5.591%, 01/25/12		2,250		2,282
	5.516%, 03/31/14		5,550		5,550
	4.000%, 07/15/14		5,093		5,016
	5.875%, 05/15/16 (b)		3,659		3,683
	4.500%, 08/15/19		102		99
	5.000%, 12/15/20		1,965		1,957
	4.500%, 10/15/28		2,330		2,291
	4.288%, 03/01/34 (b)		1,882		1,853
	4.943%, 04/01/34 (b)		1,503		1,507
	6.298%, 09/01/36 (b)		3,754		3,827
					31,457
Government National Mortgage Association (1.3%)
	5.995%, 02/16/24 (b)		840		852
	3.772%, 05/16/25		4,966		4,818
					5,670
Total U.S. Government Agency Mortgages (Cost $82,203)					81,742
U.S. Treasury Obligations (22.2%)
U.S. Treasury Notes (22.2%)
	2.625%, 05/15/08 (c)		29,395		28,688
	4.375%, 11/15/08		5,620		5,591
	4.500%, 02/15/09 (c)		25,285		25,218
	3.500%, 08/15/09 (c)		13,570		13,245
	4.875%, 08/15/09 (c)		14,250		14,342
	3.500%, 02/15/10		2,055		1,998
	4.750%, 02/15/10		2,755		2,771
	4.250%, 01/15/11		2,250		2,228
	4.750%, 01/31/12 (c)		2,540		2,562
Total U.S. Treasury Obligations (Cost $96,347)					96,643
Short-Term Investment (28.8%)
	CSFB Enhanced Liquidity Portfolio, 5.421% (g)		125,391,125		125,391
Total Short-Term Investment (Cost $125,391)					125,391
Money Market Fund (1.1%)
	STI Classic Institutional Cash Management Money Market Fund, 5.230% (h)		4,662,901		4,663
Total Money Market Fund (Cost $4,663)					4,663
Total Investments (Cost $565,493) (a) — 130.0%					565,408
Liabilities in excess of other assets — (30.0)%					(130,408	)
Net Assets — 100.0%				$	435,000

(a) Cost for federal income tax purposes is $565,783 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands):

Unrealized Appreciation	$	922
Unrealized Depreciation		(1,297	)
Unrealized Appreciation (Depreciation)	$	(375	)

(b)	Variable rate security. Rate presented represents rate in effect at March 31, 2007. Maturity date represents actual maturity date.
(c)	This security or a partial position of the security was on loan at March 31, 2007. The total value of securities on loan at March 31, 2007 in thousands was $121,814.
(d)	Rate represents the effective yield at purchase.

See Notes to Financial Statements.

109

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Short-Term Bond Fund — concluded

(e)	Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund’s adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. This security represents 0.3% of net assets as of March 31, 2007.
(f)	Perpetual Maturity.
(g)	This security was purchased with cash collateral held from securities lending.
(h)	Affiliate investment.

Cl	— Class
LP	— Limited Partnership
PLC	— Public Limited Company
REIT	— Real Estate Investment Trust
Ser	— Series

See Notes to Financial Statements.

110

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Short-Term U.S. Treasury Securities Fund

		Shares or
		Principal
		Amount($)		Value($)
U.S. Treasury Obligations (97.7%)
U.S. Treasury Notes (97.7%)
	3.375%, 02/15/08		4,200		4,144
	3.750%, 05/15/08		20,800		20,551
	4.375%, 11/15/08		25,500		25,366
	4.875%, 08/15/09 (b)		8,000		8,052
	4.125%, 08/15/10		4,000		3,950
	4.500%, 11/15/10		2,925		2,923
	4.625%, 02/29/12 (b)		4,210		4,226
Total U.S. Treasury Obligations (Cost $69,160)					69,212
Short-Term Investment (6.2%)
	CSFB Enhanced Liquidity Portfolio, 5.421% (c)		4,410,000		4,410
Total Short-Term Investment (Cost $4,410)					4,410
Money Market Fund (1.5%)
	Federated U.S. Treasury Cash Reserve Fund, 4.800%		1,036,502		1,037
Total Money Market Fund (Cost $1,037)					1,037
Total Investments (Cost $74,607) (a) — 105.4%					74,659
Liabilities in excess of other assets — (5.4)%					(3,848	)
Net Assets — 100.0%				$	70,811

(a) Cost for federal income tax purposes is $74,655 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands):

Unrealized Appreciation	$	100
Unrealized Depreciation		(96	)
Unrealized Appreciation (Depreciation)	$	4

(b)	This security or a partial position of the security was on loan at March 31, 2007. The total value of securities on loan at March 31, 2007 in thousands was $4,293.
(c)	This security was purchased with cash collateral held from securities lending.

See Notes to Financial Statements.

111

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Strategic Income Fund

		Shares or
		Principal
		Amount($)		Value($)
Bank Loans (1.9%)
Commercial Services (0.9%)
	Merrill Corp., 11.820%, 10/01/13 (b) (d)		1,000		1,005
Computers (0.4%)
	Stratus Technologies, Inc., 14.350%, 03/15/12 (b) (d)		550		528
Telecommunications (0.6%)
	Wind Acquisition Holdings, 12.610%, 12/07/11 (b) (d)		754		771
Total Bank Loans (Cost $2,289)					2,304
Corporate Bonds (45.3%)
Advertising (2.6%)
	Affinion Group, Inc., 10.125%, 10/15/13, Callable 10/15/09 @ 105.063		800		872
	Affinion Group, Inc., 11.500%, 10/15/15, Callable 10/15/10 @ 105.75		480		528
	Quebecor World, Inc., 9.750%, 01/15/15, Callable 01/15/11 @ 104.88 (d)		960		1,008
	Quebecor World Capital Corp., 8.750%, 03/15/16, Callable 03/15/11 @ 104.375 (d)		140		142
	R.H. Donnelley Corp., 10.875%, 12/15/12, Callable 12/15/07 @ 105.44		275		297
	Valassis Communications, Inc., 8.250%, 03/01/15, Callable 03/01/11 @ 104.13 (d)		325		319
					3,166
Apparel (1.5%)
	Hanesbrands, Inc., 8.735%, 12/15/14, Callable 12/15/08 @ 102 (b) (d)		230		234
	Levi Strauss & Co., 8.875%, 04/01/16, Callable 04/01/11 @ 104.44		1,500		1,605
					1,839
Auto Manufacturers (1.6%)
	General Motors Corp., 8.375%, 07/15/33 (e)		2,105		1,889
Auto Parts & Equipment (0.9%)
	Visteon Corp., 8.250%, 08/01/10		1,070		1,091
Beverages (0.1%)
	Cott Beverages, Inc., 8.000%, 12/15/11, Callable 05/14/07 @ 104		155		158
Chemicals (1.4%)
	Ineos Group Holdings PLC, 8.500%, 02/15/16, Callable 02/15/11 @ 104.25 (d) (e)		895		857
	PQ Corp., 7.500%, 02/15/13, Callable 02/15/09 @ 103.75 (b)		790		798
					1,655
Commercial Services (2.1%)
	Atlantic Broadband, Inc., 9.375%, 01/15/14, Callable 01/15/09 @ 104.69		625		639
	Cenveo Corp., 7.875%, 12/01/13, Callable 12/01/08 @ 103.94		195		191
	Hertz Corp., 10.500%, 01/01/16, Callable 01/01/11 @ 105.25		440		502
	United Rentals NA, Inc., 6.500%, 02/15/12, Callable 02/15/12 @ 103.25		300		299
	United Rentals NA, Inc., 7.750%, 11/15/13, Callable 11/15/08 @ 103.88		380		390
	Visant Holdings Corp., 8.750%, 12/01/13, Callable 12/01/08 @ 106.563		490		511
					2,532
Diversified Financial Services (5.6%)
	Dow Jones CDX High Yield, Ser 7-T1, 8.375%, 12/29/11 (d) (e)		1,420		1,471
	Ford Motor Credit Co., 8.625%, 11/01/10		1,275		1,301
	General Motors Acceptance Corp., LLC, 8.000%, 11/01/31		1,775		1,904

See Notes to Financial Statements.

112

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Strategic Income Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Diversified Financial Services—continued
	Hexion US Finance Corp., 9.750%, 11/15/14, Callable 11/15/10 @ 104.88 (d)		390		409
	Hexion US Finance Corp., 9.860%, 11/15/14, Callable 11/15/08 @ 102 (b) (d)		75		77
	IDEARC, Inc., 8.000%, 11/15/16, Callable 11/15/11 @ 104 (d)		975		1,003
	NSG Holdings LLC, 7.750%, 12/15/25 (d)		350		366
	Residential Capital LLC, 6.500%, 04/17/13		230		228
	Snoqualmie Enterprise Authority, 9.125%, 02/01/15, Callable 02/01/11 @ 104.56 (d)		40		41
					6,800
Diversified Minerals (0.4%)
	FMG Finance Property Ltd., 10.625%, 09/01/16 (d)		400		460
Diversified Operations (2.0%)
	Activant Solutions, Inc., 9.500%, 05/01/16, Callable 05/01/11 @ 104.75 (e)		985		970
	Freeport-McMoRan Copper & Gold, Inc., 8.250%, 04/01/15, Callable 04/01/11 @ 104.13		520		560
	Freeport-McMoRan Copper & Gold, Inc., 8.564%, 04/01/15, Callable 04/01/09 @ 102 (b)		495		520
	Freeport-McMoRan Copper & Gold, Inc., 8.375%, 04/01/17, Callable 04/01/12 @ 104.19		355		384
					2,434
Electric (1.9%)
	Aquila, Inc., 14.875%, 07/01/12		1,485		1,934
	Baldor Electric Co., 8.625%, 02/15/17, Callable 02/15/12 @ 103.31		295		312
	PSEG Energy Holdings LLC, 10.000%, 10/01/09		10		11
					2,257
Entertainment (0.1%)
	Pokagon Gaming Authority, 10.375%, 06/15/14, Callable 06/15/10 @ 105.188 (d)		75		83
Food (2.3%)
	Pinnacle Foods Holding Corp., 8.250%, 12/01/13, Callable 12/01/08 @ 104.12		1,240		1,349
	Pinnacle Foods Holding Corp., 10.625%, 04/01/17, Callable 04/01/12 @ 105.31 (d)		1,415		1,392
					2,741
Forest Products & Paper (0.2%)
	Abitibi-Consolidated, Inc., 8.550%, 08/01/10		75		76
	Bowater Canada Finance Corp., 7.950%, 11/15/11		175		170
					246
Healthcare — Products (1.3%)
	Universal Hospital Services, Inc., 10.125%, 11/01/11, Callable 11/01/07 @ 105.063		1,460		1,551
Healthcare — Services (4.4%)
	Community Health Systems, Inc., 6.500%, 12/15/12, Callable 12/15/08 @ 103.25		750		773
	HCA, Inc., 9.625%, 11/15/16, Callable 11/15/11 @ 104.81 (d) (e)		920		993
	Sun Healthcare Group, Inc., 9.125%, 04/15/15, Callable 04/15/11 @ 104.56 (d)		950		974
	Triad Hospitals, Inc., 7.000%, 11/15/13, Callable 11/15/08 @ 103.50		1,800		1,878
	US Oncology, Inc., 10.750%, 08/15/14, Callable 08/15/09 @ 105.38		675		753
					5,371

See Notes to Financial Statements.

113

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Strategic Income Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Household Products/Wares (0.6%)
	Mobile Services Group, Inc., 9.750%, 08/01/14, Callable 08/01/10 @ 104.88 (d)		690		730
Machinery Diversified (1.1%)
	Chart Industries, Inc., 9.125%, 10/15/15, Callable 10/15/10 @ 104.56 (d)		1,250		1,306
Media (2.5%)
	Dex Media, Inc., 9.540%, 11/15/13, Callable 11/15/08 @ 104.50 (c) (g)		50		47
	General Cable Corp., 7.725%, 04/01/15, Callable 04/01/09 @ 102 (b) (d)		35		35
	General Cable Corp., 7.125%, 04/01/17, Callable 04/01/12 @ 103.56 (d)		35		35
	Kabel Deutschland GmbH, 10.625%, 07/01/14, Callable 07/01/09 @ 105.31		1,750		1,951
	LIN Television Corp., Ser B, 6.500%, 05/15/13, Callable 05/15/08 @ 103.25		10		10
	Mediacom Broadband LLC, 8.500%, 10/15/15, Callable 10/15/10 @ 104.25 (d)		205		210
	Mediacom Broadband LLC, 8.500%, 10/15/15, Callable 10/15/10 @ 104.25		500		511
	Quebecor Media, Inc., 7.750%, 03/15/16, Callable 03/15/11 @ 103.875		195		200
					2,999
Miscellaneous Manufacturer (2.0%)
	American Railcar Industries, Inc., 7.500%, 03/01/14, Callable 03/01/11 @ 103.75 (d)		55		57
	Clarke American Corp., 11.750%, 12/15/13, Callable 12/15/09 @ 105.875		1,860		2,148
	Koppers, Inc., 9.875%, 10/15/13, Callable 10/15/08 @ 104.94		181		196
					2,401
Oil & Gas (0.9%)
	Cie Generale De Geophysique, 7.500%, 05/15/15, Callable 05/15/10 @ 103.75		50		52
	Cie Generale De Geophysique, 7.750%, 05/15/17, Callable 05/15/12 @ 103.88		75		78
	Denbury Resources, Inc., 7.500%, 12/15/15, Callable 12/15/10 @ 103.75		39		39
	OPTI Canada, Inc., 8.250%, 12/15/14, Callable 12/15/10 @ 104.13 (d)		885		920
					1,089
Packaging & Containers (0.7%)
	Graphic Packaging International, 9.500%, 08/15/13, Callable 08/15/08 @ 104.75		810		862
Pipelines (1.2%)
	Targa Resources, Inc., 8.500%, 11/01/13, Callable 11/01/09 @ 104.25 (d)		1,455		1,484
Real Estate (0.3%)
	American Real Estate Partners LP, 7.125%, 02/15/13, Callable 02/15/09 @ 103.56		25		25
	American Real Estate Partners LP, 7.125%, 02/15/13, Callable 02/15/09 @ 103.56 (d)		395		390
					415
Retail (1.1%)
	Asbury Automotive Group, Inc., 7.625%, 03/15/17, Callable 03/15/12 @ 103.81 (d)		125		125
	Brookstone Co., Inc., 12.000%, 10/15/12, Callable 10/15/09 @ 106 (e)		1,200		1,248
					1,373
Semiconductors (2.9%)
	Amkor Technology, Inc., 9.250%, 06/01/16, Callable 06/01/11 @ 104.625		105		109

See Notes to Financial Statements.

114

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Strategic Income Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Semiconductors—continued
	Freescale Semiconductor, Inc., 10.125%, 12/15/16, Callable 12/15/11 @ 105.06 (d) (e)		1,710		1,715
	NXP Funding LLC, 9.500%, 10/15/15, Callable 10/15/11 @ 104.75 (d)		1,630		1,683
					3,507
Software (0.4%)
	Open Solutions, Inc., 9.750%, 02/01/15, Callable 02/01/11 @ 104.88 (d)		525		541
Telecommunications (3.2%)
	Citizens Communications Co., 7.125%, 03/15/19 (d)		185		183
	Nordic Telephone Co., Holdings, 8.875%, 05/01/16, Callable 05/01/11 @ 104.438 (d)		225		241
	NTL Cable PLC, 9.125%, 08/15/16, Callable 08/15/11 @ 104.563		800		844
	Telecordia Technologies, Inc., 10.000%, 03/15/13, Callable 03/15/08 @ 105 (d)		1,200		1,122
	West Corp., 11.000%, 10/15/16, Callable 10/15/11 @ 105.50 (d) (e)		1,345		1,419
					3,809
	Total Corporate Bonds (Cost $53,291)				54,789
Foreign Government Bonds (15.9%)
Argentina (0.0%)
	Republic of Argentina, 8.280%, 12/31/33		40		46
Brazil (0.2%)
	Republic of Brazil, 7.875%, 03/07/15		170		194
	Republic of Brazil, 8.250%, 01/20/34		80		100
					294
Canada (3.9%)
	Province of Ontario, 5.450%, 04/27/16		4,630		4,767
Colombia (0.1%)
	Republic of Colombia, 7.375%, 01/27/17		100		109
Peru (0.0%)
	Republic of Peru, 8.750%, 11/21/33		35		46
United Kingdom (11.7%)
	United Kingdom, 2.250%, 07/08/08 (d)		14,475		13,987
Total Foreign Government Bonds (Cost $19,165)					19,249
U.S. Treasury Obligations (33.7%)
U.S. Treasury Bonds (7.7%)
	4.500%, 02/15/36		9,905		9,339
U.S. Treasury Notes (26.0%)
	3.625%, 04/30/07		1,920		1,918
	4.750%, 02/28/09		1,965		1,970
	4.625%, 02/29/12		23,565		23,652
	2.000%, 01/15/16		3,700		3,715
	4.625%, 02/15/17		110		110
					31,365
Total U.S. Treasury Obligations (Cost $40,714)					40,704
Preferred Stocks (0.2%)
Diversified Operations (0.2%)
	Freeport-McMoRan Copper & Gold, Inc., 6.750%		2,500		267
Total Preferred Stocks (Cost $250)					267
Short-Term Investments (11.4%)
	Brown Brothers Harriman & Co., Cayman Islands Cash Sweep, 4.630%		3,608		3,608
	CSFB Enhanced Liquidity Portfolio, 5.421% (f)		10,108,298		10,108
Total Short-Term Investments (Cost $13,716)					13,716
Total Investments (Cost $129,425) (a) — 108.4%					131,029
Liabilities in excess of other assets — (8.4)%					(10,209	)
Net Assets — 100.0%				$	120,820

See Notes to Financial Statements.

115

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Strategic Income Fund — continued

(a) Cost for federal income tax purposes is $129,451 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands):

Unrealized Appreciation	$	1,962
Unrealized Depreciation		(384	)
Unrealized Appreciation (Depreciation)	$	1,578

(b)	Variable rate security. Rate presented represents rate in effect at March 31, 2007. 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 adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. These securities represent 31.7% of net assets as of March 31, 2007.
(e)	This security or a partial position of the security was on loan at March 31, 2007. The total value of securities on loan at March 31, 2007 in thousands was $9,619.
(f)	This security was purchased with cash collateral held from securities lending.
(g)	Step bond.

LLC	— Limited Liability Corporation
LP	— Limited Partnership
PLC	— Public Limited Company
Ser	— Series

At March 31, 2007, liquid assets totaling $1,851, in thousands, have been designated as collateral for open swap agreements.

Credit Default Swap Agreements

					Fixed
			Notional		Rate		Expiration
Underlying Instrument	Counterparty		Amount ($)		(%)		Date		Value ($)
Argentina Government		Merrill Lynch		130		2.13		03/20/12		—
										—

Amounts designated as “—” round to less than $1,000.

See Notes to Financial Statements.

116

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Total Return Bond Fund

		Shares or
		Principal
		Amount($)		Value($)
Asset Backed Securities (0.2%)
Automobile ABS (0.2%)
	Honda Auto Receivables Owner Trust, Ser 2006-1, Cl A3, 5.070%, 02/18/10		1,235		1,234
Home Equity ABS (0.0%)
	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, 6.765%, 04/15/31 (b)		5		5
					16
Total Asset Backed Securities (Cost $1,252)					1,250
Collateralized Mortgage Obligations (5.1%)
	Banc of America Commercial Mortgage, Inc., Ser 2004-4, Cl A3, 4.128%, 07/10/42		2,625		2,569
	Banc of America Commercial Mortgage, Inc., Ser 2006-4, Cl A4, 5.634%, 07/10/46		2,130		2,169
	Bear Stearns Commercial Mortgage Securities, Ser 2006-PW13, Cl A4, 5.540%, 09/11/41		1,725		1,745
	Citigroup/ Deutsche Bank Commercial Mortgage Trust, Ser 2005-CD1, Cl A4, 5.225%, 07/15/44 (b)		1,910		1,908
	Citigroup/ Deutsche Bank Commercial Mortgage Trust, Ser 2006-CD2, Cl A4, 5.362%, 01/15/46 (b)		1,250		1,255
	GE Capital Commercial Mortgage Corp., Ser 2006-C1, Cl A4, 5.340%, 03/10/44 (b)		2,970		2,980
	GMAC Commercial Mortgage Securities, Inc., Ser 2003-C2, Cl A1, 4.576%, 05/10/40		2,687		2,654
	GS Mortgage Securities Corp. II, Ser 2006-GG6, Cl A2, 5.506%, 04/10/38 (b)		2,455		2,486
	GS Mortgage Securities Corp. II, Ser 2006-GG8, Cl A4, 5.560%, 11/10/39 (b)		1,500		1,521
	JP Morgan Chase Commercial Mortgage Securities Corp., Ser 2006-CB15, Cl A4, 5.814%, 06/12/43 (b)		2,415		2,492
	JP Morgan Chase Commercial Mortgage Securities Corp., Ser 2006-LDP6, Cl A4, 5.475%, 04/15/43 (b)		1,565		1,576
	LB-UBS Commercial Mortgage Trust, Ser 2006-C1, Cl A4, 5.156%, 02/15/31		2,050		2,023
	Morgan Stanley Capital 1, Ser 2006-HQ10, Cl A4, 5.328%, 11/12/41 (b)		3,425		3,413
	Wachovia Bank Commercial Mortgage Trust, Ser 2006-C23, Cl A4, 5.418%, 01/15/45 (b)		2,085		2,091
Total Collateralized Mortgage Obligations (Cost $30,766)					30,882
Corporate Bonds (19.4%)
Aerospace/ Defense (0.8%)
	Boeing Co. (The), 5.125%, 02/15/13		1,355		1,359
	L-3 Communications Corp., 6.125%, 01/15/14, Callable 01/15/09 @ 103.06		1,700		1,670
	United Technologies Corp., 4.875%, 05/01/15		1,590		1,540
					4,569
Airlines (0.3%)
	Continental Airlines, Inc., Ser A, 5.983%, 04/19/22		1,170		1,168
	Southwest Airlines Co., 5.125%, 03/01/17		785		731
					1,899

See Notes to Financial Statements.

117

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Total Return Bond Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Auto Manufacturers (0.3%)
	DaimlerChrysler NA Holdings Corp., 8.500%, 01/18/31		1,215		1,517
Banks (1.0%)
	Bank of America Corp., 7.400%, 01/15/11		2,090		2,252
	Wachovia Corp., 5.300%, 10/15/11		1,865		1,876
	Wells Fargo Co., 4.875%, 01/12/11		1,910		1,899
					6,027
Beverages (0.3%)
	SABMiller PLC, 6.200%, 07/01/11 (c)		1,975		2,039
Building Materials (0.5%)
	Lafarge SA, 6.150%, 07/15/11		970		1,000
	Owens Corning, Inc., 6.500%, 12/01/16 (c)		1,700		1,737
					2,737
Chemicals (0.5%)
	Lyondell Chemical Co., 8.250%, 09/15/16, Callable 09/15/11 @ 104.13		1,650		1,765
	Potash Corp. of Saskatchewan, Inc., 5.875%, 12/01/36		1,310		1,268
					3,033
Coal (0.1%)
	Peabody Energy Corp., 7.375%, 11/01/16		690		726
Commercial Services (0.4%)
	Corrections Corp. of America, 7.500%, 05/01/11, Callable 05/01/07 @ 103.75		1,670		1,715
	ERAC USA Finance Co., 5.600%, 05/01/15 (c)		525		526
					2,241
Computers (0.1%)
	Dell, Inc., 7.100%, 04/15/28		425		453
	IBM Corp., 5.875%, 11/29/32		335		342
					795
Diversified Financial Services (4.2%)
	ABX Financing Co., 6.350%, 10/15/36 (c)		1,675		1,655
	CIT Group, Inc., 5.600%, 04/27/11		1,395		1,409
	Citigroup, Inc., 5.125%, 05/05/14		500		495
	Citigroup, Inc., 5.850%, 12/11/34		755		750
	Ford Motor Credit Corp., 7.000%, 10/01/13		1,755		1,631
	Fund American Cos., Inc., 5.875%, 05/15/13		2,090		2,091
	GMAC LLC, 6.750%, 12/01/14		1,655		1,627
	Goldman Sachs Group, Inc. (The), 4.750%, 07/15/13		2,110		2,034
	HSBC Holdings PLC, 7.625%, 05/17/32		690		817
	International Lease Finance Corp., Ser Q, 5.250%, 01/10/13		775		773
	International Lease Finance Corp., Ser R, 5.625%, 09/20/13		425		433
	Janus Capital Group, Inc., 5.875%, 09/15/11		735		744
	JP Morgan Chase & Co., 6.625%, 03/15/12		2,035		2,157
	Lazard Group LLC, 7.125%, 05/15/15		2,215		2,335
	Lehman Brothers Holdings, Inc., 5.250%, 02/06/12		1,075		1,074
	Merrill Lynch & Co., 5.770%, 07/25/11		1,985		2,031
	Morgan Stanley, 5.300%, 03/01/13		1,690		1,688
	Western Union Co., 5.930%, 10/01/16		2,355		2,361
					26,105
Electric (0.9%)
	MidAmerican Energy Holdings Co., 6.125%, 04/01/36		1,300		1,297
	NRG Energy, Inc., 7.375%, 02/01/16, Callable 02/01/11 @ 103.688		1,660		1,705

See Notes to Financial Statements.

118

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Total Return Bond Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Electric—continued
	Oncor Electric Delivery Co., 7.000%, 05/01/32		810		879
	Pacific Gas & Electric Co., 6.050%, 03/01/34		1,500		1,504
					5,385
Entertainment (0.3%)
	WMG Acquisition Corp., 7.375%, 04/15/14, Callable 04/15/09 @ 103.688		1,740		1,657
Environment Control (0.3%)
	Allied Waste North America, Inc., 7.125%, 05/15/16, Callable 05/15/11 @ 103.56		1,670		1,699
Healthcare — Services (0.3%)
	HCA, Inc., 9.125%, 11/15/14, Callable 11/15/10 @ 104.56 (c)		1,590		1,699
Insurance (0.5%)
	American International Group, Ser G, 5.600%, 10/18/16		2,340		2,380
	Metlife, Inc., 5.700%, 06/15/35		430		413
					2,793
Investment Companies (0.1%)
	Credit Suisse First Boston USA, Inc., 6.500%, 01/15/12		710		746
Lodging (0.3%)
	Wynn Las Vegas LLC, 6.625%, 12/01/14, Callable 12/01/09 @ 103.31		1,690		1,673
Machinery Diversified (0.0%)
	Caterpillar, Inc., 6.050%, 08/15/36		245		250
Media (1.4%)
	Dex Media West/ Finance LLC, Ser B, 9.875%, 08/15/13, Callable 08/15/08 @ 104.938		1,540		1,681
	EchoStar DBS Corp., 7.125%, 02/01/16		1,720		1,777
	Mediacom Broadband LLC, 8.500%, 10/15/15, Callable 10/15/10 @ 104.25 (c)		1,700		1,738
	News America Holdings, Inc., 6.200%, 12/15/34		770		747
	Rogers Cable, Inc., 6.250%, 06/15/13		1,690		1,715
	Time Warner, Inc., 6.500%, 11/15/36		815		813
					8,471
Miscellaneous Manufacturer (0.9%)
	General Electric Co., 5.000%, 02/01/13		3,495		3,469
	Siemens Financierings NV, 6.125%, 08/17/26 (c)		1,745		1,775
					5,244
Oil & Gas (1.3%)
	Anadarko Petroleum Corp., 5.950%, 09/15/16		1,115		1,117
	Chesapeake Energy Corp., 6.500%, 08/15/17		1,175		1,160
	ConocoPhillips, 5.900%, 10/15/32		580		586
	Devon Financing Corp. ULC, 7.875%, 09/30/31		1,530		1,815
	Enterprise Products Operating LP, Ser B, 5.750%, 03/01/35		1,340		1,235
	Weatherford International, Inc., 6.500%, 08/01/36		1,275		1,275
	Western Oil Sands, Inc., 8.375%, 05/01/12		470		525
					7,713
Pharmaceuticals (0.3%)
	Merck & Co., Inc., 5.125%, 11/15/11		935		938
	Teva Pharmaceutical Finance LLC, 6.150%, 02/01/36		675		651
					1,589
Pipelines (0.8%)
	Centerpoint Energy Resources Corp., Ser B, 7.875%, 04/01/13		1,225		1,365
	El Paso Natural Gas Co., 5.950%, 04/15/17 (c)		535		537

See Notes to Financial Statements.

119

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Total Return Bond Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Pipelines—continued
	Kinder Morgan Finance Co. ULC, 6.400%, 01/05/36		1,050		940
	Southern Natural Gas Co., 5.900%, 04/01/17 (c)		445		445
	Williams Cos., Inc., 7.125%, 09/01/11		1,620		1,697
					4,984
Retail (0.6%)
	Wal-Mart Stores, Inc., 5.250%, 09/01/35		480		436
	Woolworths Ltd., 5.550%, 11/15/15 (c)		2,940		2,920
					3,356
Semiconductors (0.3%)
	Advanced Micro Devices, Inc., 7.750%, 11/01/12, Callable 11/01/08 @ 103.88		1,680		1,699
Software (0.1%)
	Intuit, Inc., 5.750%, 03/15/17		355		350
Telecommunications (2.5%)
	AT&T, Inc., 5.100%, 09/15/14		1,665		1,627
	AT&T, Inc., 6.450%, 06/15/34		830		845
	Cisco Systems, Inc., 5.500%, 02/22/16		1,910		1,923
	Citizens Communications Co., 9.250%, 05/15/11		1,490		1,661
	Comcast Corp., 6.450%, 03/15/37		825		826
	NTL Cable PLC, 8.750%, 04/15/14, Callable 04/15/09 @ 104.375		1,620		1,685
	Qwest Corp., 8.875%, 03/15/12		1,530		1,691
	Verizon Communications, Inc., 5.550%, 02/15/16		1,440		1,441
	Vodafone Group PLC, 5.500%, 06/15/11		2,480		2,507
	Windstream Corp., 8.625%, 08/01/16, Callable 08/01/11 @ 104.31		1,550		1,695
					15,901
Total Corporate Bonds (Cost $116,745)					116,897
U.S. Government Agencies (6.0%)
Fannie Mae (4.9%)
	4.250%, 05/15/09		12,225		12,076
	5.000%, 10/15/11		15,500		15,593
	5.250%, 09/15/16		1,950		1,985
					29,654
Freddie Mac (1.1%)
	6.750%, 03/15/31		5,535		6,642
Total U.S. Government Agencies (Cost $36,155)					36,296
U.S. Government Agency Mortgages (37.0%)
Fannie Mae (24.1%)
	5.500%, 07/01/16		115		116
	5.500%, 11/01/18		291		292
	5.000%, 12/01/18		8,153		8,065
	5.000%, 01/01/19		3,432		3,394
	5.500%, 07/01/19		75		75
	5.500%, 08/01/19		603		605
	5.500%, 09/01/19		3,005		3,019
	5.500%, 09/01/19		197		198
	5.000%, 10/01/19		616		608
	5.000%, 10/01/19		530		522
	5.500%, 12/01/19		156		157
	4.500%, 05/01/20		5,255		5,087
	4.500%, 12/01/20		10,917		10,568
	5.500%, 04/01/21		1,358		1,362
	5.500%, 07/01/21		1,548		1,552
	6.500%, 06/01/32		64		65
	6.500%, 07/01/32		330		339
	5.500%, 01/01/33		14,521		14,367
	6.500%, 03/01/33		188		192
	5.500%, 06/01/33		2,245		2,221
	5.500%, 07/01/33		391		387
	5.500%, 10/01/33		4,393		4,347
	6.500%, 10/01/33		92		94
	6.500%, 10/01/33		84		86
	5.000%, 11/01/33		5,449		5,264
	5.000%, 11/01/33		3,642		3,518
	6.000%, 11/01/33		136		138
	6.500%, 11/01/33		682		696
	6.500%, 11/01/33		96		98
	5.500%, 01/01/34		567		561
	4.500%, 03/01/34		10,427		9,799
	5.000%, 03/01/34		2,768		2,674
	5.000%, 03/01/34		3,492		3,373
	5.000%, 04/01/34		7,137		6,895
	6.500%, 07/01/34		107		109

See Notes to Financial Statements.

120

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Total Return Bond Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Fannie Mae—continued
	5.000%, 09/01/35		566		547
	4.500%, 10/01/35		1,498		1,408
	6.000%, 10/01/35		3,453		3,478
	6.000%, 12/01/35		715		720
	5.119%, 01/01/36 (b)		7,144		7,157
	6.000%, 01/01/36		4,630		4,668
	5.000%, 03/01/36		3,998		3,862
	5.412%, 04/01/36 (b)		3,646		3,662
	5.469%, 04/01/36		2,706		2,728
	5.500%, 04/01/36		6,829		6,757
	5.351%, 05/01/36 (b)		3,380		3,392
	5.369%, 05/01/36 (b)		4,918		4,935
	5.443%, 01/01/37		4,966		4,986
	5.500%, 01/01/37		5,557		5,499
					144,642
Freddie Mac (10.9%)
	5.000%, 11/01/18		56		55
	5.500%, 12/01/18		104		104
	5.000%, 01/01/19		650		642
	6.500%, 07/01/32		133		137
	6.000%, 12/01/32		773		783
	6.000%, 04/01/33		1,239		1,249
	6.000%, 10/01/33		26		27
	6.000%, 11/01/33		659		667
	6.000%, 11/01/33		488		491
	6.000%, 12/01/33		240		243
	5.000%, 07/01/34		54		52
	6.000%, 07/01/34		962		972
	6.000%, 10/01/34		220		223
	5.000%, 04/01/35		6,598		6,374
	5.500%, 04/01/35		4,407		4,365
	6.000%, 04/01/35		3,941		3,973
	5.000%, 07/01/35		5,132		4,965
	5.000%, 12/01/35		7,406		7,166
	5.500%, 03/01/36		7,055		6,981
	6.000%, 11/01/36		10,204		10,280
	5.356%, 12/01/36 (b)		3,364		3,373
	5.287%, 02/01/37 (b)		4,085		4,095
	5.289%, 02/01/37 (b)		8,414		8,436
					65,653
Government National Mortgage Association (2.0%)
	6.000%, 07/20/36		2,390		2,418
	6.000%, 08/20/36		9,313		9,423
					11,841
Total U.S. Government Agency Mortgages (Cost $223,130)					222,136
U.S. Treasury Obligations (30.1%)
U.S. Treasury Bonds (2.3%)
	6.125%, 11/15/27		11,525		13,306
	4.500%, 02/15/36		610		575
					13,881
U.S. Treasury Notes (27.8%)
	3.625%, 04/30/07		180		180
	3.125%, 05/15/07		17,220		17,180
	4.375%, 05/15/07		13,229		13,217
	3.500%, 08/15/09		28,195		27,520
	4.750%, 02/15/10		33,375		33,565
	4.875%, 04/30/11		2,705		2,738
	4.625%, 10/31/11		7,050		7,073
	4.625%, 02/29/12		750		753
	4.375%, 08/15/12		37,180		36,946
	4.500%, 11/15/15		5,570		5,513
	2.000%, 01/15/16		17,895		17,968
	4.625%, 02/15/17		4,970		4,960
					167,613
Total U.S. Treasury Obligations (Cost $181,971)					181,494

See Notes to Financial Statements.

121

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Total Return Bond Fund — concluded

		Shares or
		Principal
		Amount($)		Value($)
Money Market Fund (2.6%)
	STI Classic Institutional Cash Management Money Market Fund, 5.230% (d)		15,691,028		15,691
Total Money Market Fund (Cost $15,691)					15,691
Total Investments (Cost $605,710) (a) — 100.4%					604,646
Liabilities in excess of other assets — (0.4)%					(2,617	)
Net Assets — 100.0%				$	602,029

(a) Cost for federal income tax purposes is $605,749 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands):

Unrealized Appreciation	$	1,687
Unrealized Depreciation		(2,790	)
Unrealized Appreciation (Depreciation)	$	(1,103	)

(b)	Variable rate security. Rate presented represents rate in effect at March 31, 2007. 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 adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. These securities represent 2.5% of net assets as of March 31, 2007.
(d)	Affiliate investment.

Cl	— Class
LLC	— Limited Liability Corporation
LP	— Limited Partnership
PLC	— Public Limited Company
Ser	— Series

At March 31, 2007, liquid assets totaling $3,023, in thousands, have been designated as collateral for open swap agreements.

Credit Default Swap Agreements

						Fixed
			Notional			Rate		Expiration
Underlying Instrument	Counterparty		Amount ($)			(%)		Date		Value ($)
Dow Jones CDS Indices; Series 7		Citibank N.A.		5,600			0.59		03/20/17		(27	)
Dow Jones CDS Indices; Series 7		Citibank N.A.		560			0.59		03/20/17		(4	)
Brunswick Corp.		Merrill Lynch		(560	)		1.15		03/20/17		(4	)
Cardinal Health, Inc.		Merrill Lynch		(560	)		0.53		03/20/17		2
Campbell Soup Co.		Citibank N.A.		(560	)		0.33		03/20/17		(3	)
H.J. Heinz Co.		Citibank N.A.		(560	)		0.74		03/20/17		(7	)
IStar Financial, Inc.		Citibank N.A.		(560	)		0.70		03/20/17		6
Lennar Corp.		Citibank N.A.		(560	)		1.02		03/20/17		22
Nordstrom, Inc.		Citibank N.A.		(560	)		0.45		03/20/17		(4	)
Nucor Corp.		Citibank N.A.		(560	)		0.24		03/20/17		(7	)
Quest Diagnostics, Inc.		Merrill Lynch		(560	)		0.78		03/20/17		3
Sprint Nextel Corp.		Citibank N.A.		(560	)		1.18		03/20/17		(5	)
Weyerhaueser Co.		Citibank N.A.		(560	)		1.05		03/20/17		(3	)
											(31	)

See Notes to Financial Statements.

122

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Ultra-Short Bond Fund

		Shares or
		Principal
		Amount($)		Value($)
Asset Backed Securities (8.6%)
Automobile ABS (2.0%)
	Honda Auto Receivables Owner Trust, Ser 2005-6, Cl A3, 4.850%, 10/19/09		1,025		1,022
	Household Automotive Trust, Ser 2006-3, Cl A3, 5.280%, 09/19/11 (b)		475		477
	Nissan Auto Receivables Owner Trust, Ser 2003-B, Cl A4, 2.050%, 03/16/09		186		186
					1,685
Diversified Financial Services (0.8%)
	Morgan Stanley Capital I, Ser 2006-NC2, Cl A2A, 5.390%, 02/25/36 (b)		703		703
Home Equity ABS (5.8%)
	Countrywide Home Equity Loan Trust, Ser 2005-A, Cl A2, 5.560%, 02/15/30 (b)		518		519
	Household Home Equity Loan Trust, Ser 2005-C, Cl A, 5.610%, 01/20/34 (b)		1,145		1,147
	JP Morgan Mortgage Acquisition Corp., Ser 2006-WMC1, Cl A2, 5.390%, 03/25/36 (b)		757		756
	Master Asset Backed Securities Trust, Ser 2005-AB1, Cl A1A, 5.470%, 10/25/32 (b)		414		414
	Renaissance Home Equity Loan Trust, Ser 2006-1, Cl AF1, 5.829%, 05/25/36 (b)		324		323
	Residential Asset Mortgage Products, Inc., Ser 2006-NC1, Cl A1, 5.400%, 01/25/36 (b)		345		345
	Residential Asset Securities Corp., Ser 2005-KS8, Cl A1, 5.430%, 08/25/35 (b)		100		100
	Residential Funding Mortgage Securities, Ser 2006-HSA1, Cl A1, 5.430%, 11/25/35 (b)		1,021		1,021
	Soundview Home Equity Loan Trust, Ser 2006-0PT2, Cl A1, 5.390%, 05/25/36 (b)		381		381
					5,006
Total Asset Backed Securities (Cost $7,392)					7,394
Collateralized Mortgage Obligations (21.0%)
	Adjustable Rate Mortgage Trust, Ser 2005-7, Cl 7A21, 5.570%, 10/25/35 (b)		518		520
	Banc of America Commercial Mortgage, Inc., Ser 2004-2, Cl A2, 3.520%, 11/10/38		636		619
	Bear Stearns Alternative-A Trust, Ser 2006-2, Cl 23A1, 5.968%, 03/25/36 (b)		796		805
	Bear Stearns Commercial Mortgage Securities, Ser 2005-T20, Cl A1, 4.940%, 10/12/42		962		958
	Countrywide Home Loans, Ser 2002-39, Cl A16, 5.000%, 02/25/33		312		311
	CS First Boston Mortgage Securities Corp., Ser 2004-C3, Cl A3, 4.302%, 07/15/36		1,010		992
	CS First Boston Mortgage Securities Corp., Ser 2005-C1, Cl A2, 4.609%, 02/15/38		425		419
	Deutsche Mortgage Securities, Inc., Ser 2004-5, Cl A2, 4.980%, 07/25/34		475		470
	Fannie Mae, Ser 2005-51, Cl KC, 4.500%, 01/25/25		734		724
	First Horizon Alternative Mortgage Securities, Ser 2005-AA3, Cl 2A1, 5.185%, 05/25/35 (b)		736		759
	First Horizon Alternative Mortgage Securities, Ser 2005-AA7, Cl 2A1, 5.416%, 09/25/35 (b)		605		606

See Notes to Financial Statements.

123

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

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		1,250		1,234
	Greenwich Capital Commercial Funding Corp., Ser 2005-GG3, Cl A2, 4.305%, 08/10/42		500		490
	Indymac Loan Trust, Ser 2006-L1, Cl A1, 5.395%, 04/25/11 (b)		966		966
	JP Morgan Chase Commercial Mortgage Securities, Ser 2005-LDP1, Cl A1, 4.116%, 03/15/46		792		781
	LB Commercial Conduit Mortgage Trust, Ser 1998-C4, Cl A1B, 6.210%, 10/15/35		409		413
	LB-UBS Commercial Mortgage Trust, Ser 2005-C1, Cl A2, 4.310%, 02/15/30		425		416
	Morgan Stanley Capital I, Ser 2006-HQ8, Cl A1, 5.124%, 03/12/44		662		661
	Opteum Mortgage Acceptance Corp., Ser 2005-4, Cl 1A1A, 5.490%, 11/25/35 (b)		821		822
	Terra LNR Ltd., Ser 2006-1A, Cl A1, 5.450%, 06/15/17 (b) (c)		691		691
	Wachovia Bank Commercial Mortgage Trust, Ser 2005-C16, Cl A2, 4.380%, 10/15/41		1,000		981
	Washington Mutual, Ser 2005-AR4, Cl A1, 3.624%, 04/25/35 (b)		162		162
	Wells Fargo Mortgage Backed Securities Trust, Ser 2004-S, Cl A5, 3.539%, 09/25/34 (b)		750		731
	Wells Fargo Mortgage Backed Securities Trust, Ser 2006-16, Cl A12, 5.000%, 11/25/36		612		608
	Wells Fargo Mortgage Backed Securities Trust, Ser 2006-AR8, Cl 2A4, 5.240%, 04/25/36 (b)		1,014		1,008
	Wells Fargo Mortgage Backed Securities Trust, Ser 2006-AR8, Cl 3A1, 5.246%, 04/25/36 (b)		883		879
Total Collateralized Mortgage Obligations (Cost $17,917)					18,026
Commercial Paper (2.7%)
	HBOS Treasury Services PLC, 5.288%, 04/05/07 (d)		1,300		1,299
	Rabobank USA Finance Corp., 5.363%, 04/03/07 (d)		975		974
Total Commercial Paper (Cost $2,274)					2,273
Corporate Bonds (14.6%)
Banks (0.4%)
	Wells Fargo & Co., 4.125%, 03/10/08		340		336
Chemicals (0.3%)
	Equistar Chemical Funding Corp., 10.125%, 09/01/08		280		295
Commercial Services (0.7%)
	ERAC USA Finance Co., 7.350%, 06/15/08 (c)		375		382
	Fedex Corp., 2.650%, 04/01/07		200		200
					582
Diversified Financial Services (5.4%)
	Boeing Capital Corp., 4.750%, 08/25/08		325		323
	CIT Group, Inc., 5.450%, 06/08/09 (b)		1,000		1,001
	CIT Group, Inc., 4.250%, 02/01/10		250		244
	Goldman Sachs Group, Inc., 6.650%, 05/15/09		200		206
	Goldman Sachs Group, Inc. (The), 5.440%, 12/22/08 (b)		1,000		1,001
	HSBC Finance Corp., 4.125%, 03/11/08		500		495
	International Lease Finance Corp., Ser Q, 4.625%, 06/02/08		500		497
	Lehman Brothers Holdings, Inc., 5.450%, 10/22/08 (b)		850		851
					4,618
Energy (0.6%)
	Calenergy Co., Inc., 7.630% 10/15/07		270		273
	MidAmerican Energy Holdings Co., 3.500%, 05/15/08		222		218
					491
Food (0.6%)
	Kroger Co. (The), 7.650%, 04/15/07		550		550

See Notes to Financial Statements.

124

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Ultra-Short Bond Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Insurance (1.2%)
	Lincoln National Corp., 5.470%, 04/06/09 (b)		1,000		1,001
Media (1.5%)
	Comcast Cable Communications, Inc., 8.375%, 05/01/07		500		502
	News America, Inc., 6.625%, 01/09/08		280		282
	Time Warner, Inc., 6.150%, 05/01/07		500		500
					1,284
Miscellaneous Manufacturer (0.4%)
	Honeywell International, Inc., 7.500%, 03/01/10		200		213
	Stanley Works (The), 5.000%, 03/15/10		150		150
					363
Oil & Gas (0.7%)
	Anadarko Petroleum Corp., 3.250%, 05/01/08		375		367
	Enterprise Products Partners LP, Ser B, 4.625%, 10/15/09		195		192
					559
REITS (0.3%)
	Simon Property Group LP, 6.375%, 11/15/07		295		297
Telecommunications (2.3%)
	BellSouth Telecommunications, Inc., 5.875%, 01/15/09		375		379
	Verizon Global Funding Corp., 6.125%, 06/15/07		575		576
	Vodafone Group PLC, 5.440%, 12/28/07 (b)		1,000		1,000
					1,955
Transportation (0.2%)
	Union Pacific Corp., 6.650%, 01/15/11		125		131
Total Corporate Bonds (Cost $12,462)					12,462
Master Notes (1.9%)
Banks (1.9%)
	Bank of America Corp., 5.383% (b) (e)		1,650		1,650
Total Master Notes (Cost $1,650)					1,650
U.S. Government Agencies (4.2%)
Fannie Mae (1.0%)
	5.400%, 04/13/09, Callable 04/13/07 @ 100		825		825
Federal Home Loan Bank (1.7%)
	5.300%, 01/22/10, Callable 01/22/08 @ 100		875		875
	4.875%, 03/12/10		625		626
					1,501
Freddie Mac (1.5%)
	5.500%, 04/24/09, Callable 04/24/07 @ 100		425		425
	5.125%, 11/24/10, Callable 11/24/08 @ 100		425		424
	5.250%, 02/24/11, Callable 02/24/09 @ 100		425		426
					1,275
Total U.S. Government Agencies (Cost $3,599)					3,601
U.S. Government Agency Mortgages (43.5%)
Fannie Mae (25.7%)
	7.510%, 04/01/07		1,235		1,232
	6.826%, 11/01/07		548		547
	5.969%, 06/01/09		557		559
	6.595%, 07/01/09		1,376		1,394
	3.500%, 06/25/10		25		25
	6.250%, 08/25/30		550		550
	5.378%, 05/01/32 (b)		288		293
	4.755%, 01/01/33 (b)		1,744		1,753
	3.674%, 08/01/33 (b)		632		622
	7.098%, 09/01/33 (b)		506		515
	7.013%, 10/01/33 (b)		703		715
	5.313%, 01/01/34 (b)		543		548
	5.646%, 01/01/34 (b)		3,077		3,120
	4.328%, 03/01/34 (b)		748		738
	4.579%, 04/01/34 (b)		3,202		3,257
	4.609%, 07/01/34 (b)		1,189		1,199
	4.087%, 10/01/34 (b)		2,093		2,113
	4.254%, 12/01/34 (b)		823		823
	4.673%, 05/01/35 (b)		970		967

See Notes to Financial Statements.

125

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Ultra-Short Bond Fund — concluded

		Shares or
		Principal
		Amount($)		Value($)
Fannie Mae—continued
	4.280%, 06/01/35 (b)		467		464
	5.380%, 06/01/36 (b)		619		621
					22,055
Freddie Mac (16.0%)
	3.500%, 05/15/11		62		62
	4.000%, 11/15/11		494		488
	3.750%, 12/15/11		561		547
	5.000%, 02/15/14		367		366
	5.516%, 03/31/14		625		625
	4.000%, 05/15/15		1,275		1,246
	5.000%, 09/15/15		487		485
	5.500%, 12/15/15		16		16
	5.000%, 12/15/17		262		261
	3.500%, 05/15/19		189		187
	5.000%, 12/15/20		422		421
	3.000%, 04/15/21		138		137
	3.000%, 04/15/21		111		111
	4.000%, 04/15/21		26		26
	3.667%, 08/01/33 (b)		589		585
	4.953%, 10/01/33 (b)		3,291		3,335
	4.288%, 03/01/34 (b)		904		890
	4.943%, 04/01/34 (b)		209		209
	4.574%, 05/01/34 (b)		3,172		3,212
	6.298%, 09/01/36 (b)		455		464
					13,673
Government National Mortgage Association (1.8%)
	5.995%, 02/16/24 (b)		402		408
	3.772%, 05/16/25		1,201		1,165
					1,573
Total U.S. Government Agency Mortgages (Cost $37,074)					37,301
U.S. Treasury Obligation (0.3%)
U.S. Treasury Note (0.3%)
	3.500%, 02/15/10		255		248
Total U.S. Treasury Obligation (Cost $247)					248
Money Market Fund (1.0%)
	STI Classic Institutional Cash
	Management Money Market Fund, 5.230% (f)		829,558		830
Total Money Market Fund (Cost $830)					830
Total Investments (Cost $83,445) (a) — 97.8%					83,785
Other assets in excess of liabilities — 2.2%					1,861
Net Assets — 100.0%				$	85,646

(a) Cost for federal income tax purposes is $83,394 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands):

Unrealized Appreciation	$	561
Unrealized Depreciation		(170	)
Unrealized Appreciation (Depreciation)	$	391

(b)	Variable rate security. Rate presented represents rate in effect at March 31, 2007. 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 adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. This security represents 0.8% of net assets as of March 31, 2007.
(d)	Rate represents the effective yield at purchase.
(e)	Perpetual maturity.
(f)	Affiliate investment.

Cl	— Class
LP	— Limited Partnership
PLC	— Public Limited Company
REIT	— Real Estate Investment Trust
Ser	— Series

See Notes to Financial Statements.

126

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

U.S. Government Securities Fund

		Shares or
		Principal
		Amount($)		Value($)
U.S. Government Agencies (5.8%)
Fannie Mae (2.7%)
	4.250%, 05/15/09 (c)		15,000		14,817
Freddie Mac (3.1%)
	6.750%, 03/15/31 (c)		14,000		16,801
Total U.S. Government Agencies (Cost $31,493)					31,618
U.S. Government Agency Mortgages (59.0%)
Fannie Mae (34.1%)
	6.000%, 07/01/16		1,272		1,295
	6.000%, 07/01/16		696		709
	5.500%, 09/01/17		1,632		1,640
	5.500%, 01/01/18		6,130		6,161
	5.500%, 04/01/18		799		803
	6.290%, 08/01/18		1,107		1,140
	5.500%, 11/01/18		6,002		6,029
	4.500%, 09/01/20		6,635		6,424
	7.000%, 06/01/32		483		503
	6.000%, 03/01/33		1,281		1,297
	4.063%, 08/01/33 (b)		6,253		6,277
	6.000%, 10/01/33		2,177		2,203
	6.000%, 04/01/34		5,770		5,828
	4.744%, 05/01/34 (b)		6,747		6,639
	5.000%, 05/01/34		6,100		5,904
	5.500%, 09/01/34		5,404		5,357
	5.500%, 02/01/35		10,545		10,445
	6.000%, 03/01/35		2,122		2,139
	5.228%, 07/01/35 (b)		14,982		14,875
	5.000%, 08/01/35		9,028		8,731
	5.159%, 01/01/36 (b)		9,968		9,995
	6.000%, 01/01/36		14,219		14,325
	5.099%, 02/01/36 (b)		8,896		8,911
	5.222%, 02/01/36 (b)		4,662		4,677
	6.000%, 02/01/36		5,881		5,925
	5.500%, 04/01/36		12,994		12,872
	6.014%, 05/01/36 (b)		21,293		21,495
	6.500%, 05/01/36		12,006		12,247
					184,846
Freddie Mac (24.9%)
	4.875%, 11/15/13 (c)		27,500		27,436
	5.500%, 04/01/17		1,915		1,926
	5.000%, 04/01/19		14,842		14,675
	5.302%, 03/01/33 (b)		6,045		6,028
	5.000%, 05/01/34		3,914		3,790
	5.000%, 08/01/35		30		29
	5.000%, 09/01/35		14,617		14,164
	6.500%, 06/01/36		15,732		16,044
	5.500%, 07/01/36		23,732		23,483
	6.500%, 09/01/36		11,403		11,629
	6.000%, 12/01/36		16,069		16,198
					135,402
Total U.S. Government Agency Mortgages (Cost $319,456)					320,248
U.S. Treasury Obligations (34.1%)
U.S. Treasury Bond (1.5%)
	4.500%, 02/15/36 (c)		8,900		8,391
U.S. Treasury Notes (32.6%)
	5.000%, 02/15/11 (c)		38,000		38,652
	4.875%, 04/30/11 (c)		48,000		48,577
	4.625%, 02/29/12		20,000		20,074
	4.375%, 08/15/12 (c)		50,000		49,687
	4.250%, 08/15/13		3,450		3,391
	2.000%, 01/15/16		16,200		16,266
					176,647
Total U.S. Treasury Obligations (Cost $184,304)					185,038
Short-Term Investment (26.0%)
	CSFB Enhanced Liquidity Portfolio, 5.421% (d)		141,387,769		141,388
Total Short-Term Investment (Cost $141,388)					141,388
Money Market Fund (1.4%)
	STI Classic Institutional U.S. Government Securities Money Market Fund, 5.100% (e)		7,569,912		7,570
Total Money Market Fund (Cost $7,570)					7,570
Total Investments (Cost $684,211) (a) — 126.3%					685,862
Liabilities in excess of other assets — (26.3)%					(142,836	)
Net Assets — 100.0%				$	543,026

See Notes to Financial Statements.

127

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

U.S. Government Securities Fund — concluded

(a) Cost for federal income tax purposes is $684,233 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands):

Unrealized Appreciation	$	3,119
Unrealized Depreciation		(1,490	)
Unrealized Appreciation (Depreciation)	$	1,629

(b)	Variable rate security. Rate presented represents rate in effect at March 31, 2007. Maturity date represents actual maturity date.
(c)	This security or a partial position of the security was on loan at March 31, 2007. The total value of securities on loan at March 31, 2007 in thousands was $136,787.
(d)	This security was purchased with cash collateral held from securities lending.
(e)	Affiliate investment.

See Notes to Financial Statements.

128

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

U.S. Government Securities Ultra-Short Bond Fund

		Shares or
		Principal
		Amount($)		Value($)
Asset Backed Securities (2.4%)
Diversified Financial Services (2.4%)
	KeyCorp Student Loan Trust, Ser 2004-A, Cl 1A1, 5.400%, 04/27/17 (b)		168		168
	Nelnet Student Loan Trust, Ser 2005-4, Cl A1, 5.350%, 12/22/18 (b)		372		373
	SLM Student Loan Trust, Ser 2005-10, Cl A2, 5.390%, 04/25/15 (b)		293		292
Total Asset Backed Securities (Cost $832)					833
Collateralized Mortgage Obligations (1.1%)
	Fannie Mae, Ser 2005-51, Cl KC, 4.500%, 01/25/25		367		362
Total Collateralized Mortgage Obligations (Cost $361)					362
Master Notes (1.9%)
Banks (1.9%)
	Bank of America Corp., 5.383% (b) (c)		650		650
Total Master Notes (Cost $650)					650
U.S. Government Agencies (12.4%)
Fannie Mae (5.0%)
	5.225%, 04/09/07 (d)		700		699
	5.161%, 04/23/07 (d)		750		748
	5.200%, 11/20/09, Callable 05/20/08 @ 100 (e)		275		275
					1,722
Federal Home Loan Bank (3.1%)
	5.000%, 10/16/09, Callable 10/16/08 @ 100 (e)		300		299
	4.875%, 03/12/10		425		426
	5.125%, 09/29/10		335		338
					1,063
Freddie Mac (4.3%)
	5.152%, 04/05/07 (d)		750		749
	5.500%, 04/24/09, Callable 04/24/07 @ 100		175		175
	5.125%, 11/24/10, Callable 11/24/08 @ 100		250		250
	5.250%, 02/24/11, Callable 02/24/09 @ 100		300		301
					1,475
Total U.S. Government Agencies (Cost $4,259)					4,260
U.S. Government Agency Mortgages (85.1%)
Fannie Mae (60.7%)
	7.510%, 04/01/07		692		690
	7.030%, 08/01/07		79		79
	5.969%, 06/01/09		149		149
	3.500%, 06/25/10		8		8
	4.500%, 12/25/12		168		167
	3.000%, 06/25/19		30		30
	5.378%, 05/01/32 (b)		328		333
	3.250%, 11/25/32		92		92
	4.755%, 01/01/33 (b)		1,294		1,301
	4.279%, 03/01/33 (b)		1,009		1,016
	4.214%, 05/01/33 (b)		520		520
	3.612%, 07/01/33 (b)		667		664
	3.674%, 08/01/33 (b)		682		671
	7.098%, 09/01/33 (b)		220		224
	7.013%, 10/01/33 (b)		301		307
	5.313%, 01/01/34 (b)		244		246
	5.646%, 01/01/34 (b)		772		783
	4.328%, 03/01/34 (b)		663		654
	4.579%, 04/01/34 (b)		1,310		1,333
	3.636%, 07/01/34 (b)		2,210		2,217
	4.609%, 07/01/34 (b)		1,179		1,189
	4.087%, 10/01/34 (b)		1,570		1,585
	4.015%, 12/01/34 (b)		1,280		1,285
	4.254%, 12/01/34 (b)		1,881		1,881
	4.644%, 12/01/34 (b)		470		466
	4.191%, 04/01/35 (b)		901		910
	4.673%, 05/01/35 (b)		1,165		1,161
	4.280%, 06/01/35 (b)		151		150
	4.803%, 06/01/35 (b)		811		808
					20,919
Freddie Mac (22.3%)
	3.500%, 05/15/11		21		21
	4.000%, 11/15/11		253		250
	3.750%, 12/15/11		239		233
	5.000%, 02/15/14		161		161
	4.000%, 05/15/15		725		709
	5.000%, 09/15/15		162		162
	5.500%, 12/15/15		36		36

See Notes to Financial Statements.

129

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

U.S. Government Securities Ultra-Short Bond Fund — concluded

		Shares or
		Principal
		Amount($)		Value($)
Freddie Mac—continued
	3.500%, 05/15/19		159		157
	3.000%, 04/15/21		59		59
	3.000%, 04/15/21		56		56
	4.000%, 04/15/21		8		8
	3.500%, 01/15/23		151		150
	3.667%, 08/01/33 (b)		589		585
	4.953%, 10/01/33 (b)		800		810
	4.288%, 03/01/34 (b)		500		492
	4.943%, 04/01/34 (b)		102		102
	4.574%, 05/01/34 (b)		1,057		1,070
	3.319%, 07/01/34 (b)		1,228		1,235
	6.298%, 09/01/36 (b)		774		789
	5.515%, 04/01/37 (f)		600		600
					7,685
Government National Mortgage Association (2.1%)
	5.995%, 02/16/24 (b)		100		102
	3.772%, 05/16/25		624		605
					707
Total U.S. Government Agency Mortgages (Cost $29,167)					29,311
Short-Term Investment (1.7%)
	CSFB Enhanced Liquidity Portfolio, 5.421% (g)		596,250		596
Total Short-Term Investment (Cost $596)					596
Money Market Fund (1.6%)
	Federated Government Obligations Money Market Fund, 5.140%		542,492		542
Total Money Market Fund (Cost $542)					542
Total Investments (Cost $36,408) (a) — 106.2%					36,554
Liabilities in excess of other assets — (6.2)%					(2,143	)
Net Assets — 100.0%				$	34,411

(a) Cost for federal income tax purposes is $36,364 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands):

Unrealized Appreciation	$	252
Unrealized Depreciation		(62	)
Unrealized Appreciation (Depreciation)	$	190

(b) Variable rate security. Rate presented represents rate in effect at March 31, 2007. Maturity date represents actual maturity date.

(c)	Perpetual maturity.
(d)	Rate represents the effective yield at purchase.
(e)	This security or a partial position of the security was on loan at March 31, 2007. The total value of securities on loan at March 31, 2007 in thousands was $574.
(f)	This security was purchased on a when-issued basis.
(g)	This security was purchased with cash collateral held from securities lending.

Cl	— Class
Ser	— Series

See Notes to Financial Statements.

130

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Virginia Intermediate Municipal Bond Fund

		Shares or
		Principal
		Amount($)		Value($)
Municipal Bonds (98.3%)
Virginia (98.3%)
	Amherst County Service Authority, RB, 6.000%, 12/15/20, Callable 12/15/10 @ 102		500		539
	Amherst County Service Authority, RB, 6.000%, 12/15/30, Callable 12/15/10 @ 102		1,750		1,878
	Arlington County Industrial Development Authority, Hospital Facilities, RB, 5.500%, 07/01/11		2,000		2,123
	Arlington County Industrial Development Authority, Hospital Facilities, RB, 5.500%, 07/01/17, Prerefunded 07/01/11 @ 101		2,225		2,397
	Arlington County Industrial Development Authority, Resource Recovery, Ser B, RB, AMT, 5.375%, 01/01/11, Callable 07/01/08 @ 101		2,785		2,854
	Bedford County Economic Development Authority, Public Facilities Lease, RB, 5.250%, 05/01/24, Callable 01/01/16 @ 100, MBIA		2,890		3,143
	Bristol Utility System, RB, 5.250%, 07/15/23, Callable 07/15/13 @ 100, MBIA		1,000		1,074
	Charlottesville Industrial Development Authority, Educational Facilities, University of Virginia Foundation Projects, Ser A, RB, 3.630%, 12/01/37, LOC: Wachovia Bank N.A. (b)		4,100		4,100
	Chesapeake Water & Sewer Project, GO, 5.000%, 12/01/19, Callable 12/01/14 @ 101		2,465		2,646
	Chesapeake, GO, 5.400%, 12/01/08		2,500		2,572
	Chesterfield County, Public Improvement, GO, 5.000%, 01/01/14		3,440		3,713
	Fairfax County Water Authority, RB, 6.000%, 04/01/22, Callable 04/01/07 @ 102		5,590		5,702
	Fairfax County, GO, 5.000%, 01/15/26, Callable 01/15/15 @ 100		1,000		1,063
	Fauquier County, School Bonds, GO, 5.000%, 07/01/19, Callable 07/01/16 @ 100, MBIA		2,100		2,275
	Front Royal & Warren County Development Authority, Ser B, RB, 5.000%, 04/01/23, Callable 04/01/14 @ 100		2,485		2,614
	Greater Richmond Convention Center Authority, Hotel Tax, Center Expansion Project, RB, 6.125%, 06/15/25, Prerefunded 06/15/10 @ 101		1,240		1,342
	Greater Richmond Convention Center Authority, Hotel Tax, RB, 5.000%, 06/15/16, Callable 06/15/15 @ 100, MBIA		2,855		3,073
	Greater Richmond Convention Center Authority, Hotel Tax, RB, 5.000%, 06/15/25, Callable 06/15/15 @ 100, MBIA		1,000		1,057
	Hampton Golf Course, RB, 6.000%, 12/01/12		745		765
	Hampton, Ser A, GO, 5.500%, 07/15/18, Callable 07/15/12 @ 101		1,275		1,392
	Hanover County Industrial Development Authority, Regional Medical Care Project, RB, 6.375%, 08/15/18, MBIA		6,100		7,081
	Harrisonburg Industrial Development Authority, Hospital Facilities, Rockingham Memorial Hospital, RB, 5.000%, 08/15/25, Callable 08/15/16 @ 100		1,000		1,059

See Notes to Financial Statements.

131

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Virginia Intermediate Municipal Bond Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Virginia—continued
	Henrico County Economic Development Authority, Beth Sholom Assisted Living Project, Ser A, RB, 5.850%, 07/20/19, Callable 07/20/09 @ 102, GNMA		400		423
	Henrico County Economic Development Authority, Residential Care Facilities, Ser A, RB, 4.250%, 06/01/07		525		525
	Henrico County Economic Development Authority, Residential Care Facilities, Ser A, RB, 5.000%, 06/01/10		1,015		1,040
	Henrico County Economic Development Authority, Residential Care Facilities, Ser A, RB, 6.500%, 06/01/22, Callable 06/01/12 @ 100		1,040		1,113
	Henrico County Economic Development Authority, Residential Care Facilities, Westminster Canterbury, RB, 5.000%, 10/01/21, Callable 10/01/11 @ 100		1,375		1,422
	Henrico County Economic Development Authority, Ser A, RB, 5.900%, 07/20/29, Callable 07/20/09 @ 102, GNMA		500		530
	Henrico County Industrial Development Authority, Bon Secours Health System, Ser B, RB, 5.150%, 06/01/07, MBIA		2,500		2,506
	Henrico County Industrial Development Authority, Regency 64, RB, AMT, 3.350%, 03/01/16, Callable 05/24/07 @ 100, LOC: First Union National Bank		915		907
	Henry County Public Service Authority, Water & Sewer, RB, 5.250%, 11/15/13, FSA		1,500		1,632
	James City County Economic Development Authority, Public Facility Project, 5.000%, 06/15/21, Callable 06/15/17 @ 100, FSA		2,215		2,382
	King George County Industrial Development Authority, Birchwood Power Partners, Ser A, RB, AMT, 3.800%, 10/01/24, LOC: Bank of Nova Scotia (b)		700		700
	King George County Industrial Development Authority, Birchwood Power Partners, Ser B, RB, AMT, 3.800%, 12/01/24, LOC: Bank of Nova Scotia (b)		600		600
	Loudoun County Industrial Development Authority, Loudoun Hospital Center, RB, 6.000%, 06/01/22, Prerefunded 06/01/12 @ 101		1,000		1,113
	Loudoun County Industrial Development Authority, Northern Virginia Criminal Justice, RB, 5.000%, 06/01/26, Callable 06/01/16 @ 100		2,505		2,658
	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		1,210
	Loudoun County Industrial Development Authority, Residential Care Facilities, Ser A, RB, 6.000%, 08/01/24, Callable 08/01/14 @ 100		1,750		1,873
	Loudoun County Industrial Development Authority, Residential Care Facilities, Ser B, RB, 5.000%, 08/01/28, Callable 08/01/07 @ 101		1,100		1,111
	Loudoun County Public Improvement, Ser B, GO, 5.000%, 06/01/17, Callable 06/01/15 @ 100		1,000		1,085

See Notes to Financial Statements.

132

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

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		3,355
	Loudoun County, Public Improvement, Ser B, GO, 5.000%, 06/01/14		3,500		3,793
	Loudoun County, Public Improvement, Ser B, GO, 5.000%, 06/01/16, Callable 06/01/15 @ 100		4,635		5,042
	Louisa Industrial Development Authority, Pollution Control, Virginia Electric & Power Co., RB, 5.250%, 12/01/08, Callable 11/08/07 @ 100.50		910		920
	Lynchburg Industrial Development Authority, Residential Care Facility, Westminster-Canterbury, RB, 4.875%, 07/01/21, Callable 07/01/17 @ 100		1,000		1,002
	Lynchburg, GO, 3.875%, 07/15/08, Callable 07/15/07 @ 100		2,985		2,986
	Metropolitan Washington DC Airports Authority, Airport System, Ser A, RB, AMT, 5.500%, 10/01/27, Callable 10/01/11 @ 101, MBIA		1,000		1,065
	Metropolitan Washington DC Airports Authority, Airport System, Ser C, RB, 5.000%, 10/01/23, Callable 10/01/16 @ 100		1,965		2,092
	Montgomery County Industrial Development Authority, RB, 5.500%, 01/15/18, Callable 01/15/12 @ 101, AMBAC		1,865		2,019
	New Kent County Economic Development Authority, School & Governmental Projects, RB, 5.000%, 02/01/18, Callable 02/01/17 @ 100, FSA		2,225		2,406
	Newport News Redevelopment & Housing Authority, RB, 5.850%, 12/20/30, Callable 08/20/07 @ 102, GNMA		500		512
	Newport News, GO, 5.250%, 07/01/15		3,000		3,317
	Peninsula Ports Authority, Residential Care Facility, Ser A, RB, 7.375%, 12/01/23, Prerefunded 12/01/13 @ 100		4,520		5,463
	Pittsylvania County, Ser B, GO, 5.625%, 03/01/15, Callable 03/01/11 @ 102, MBIA		1,000		1,087
	Portsmouth, Ser A, GO, 5.000%, 04/01/14, MBIA		2,005		2,163
	Portsmouth, Ser A, GO, 5.000%, 07/01/15, MBIA		2,285		2,486
	Prince William County Industrial Development Authority, ATCC Lease Project, RB, 5.250%, 02/01/16		1,055		1,160
	Prince Williams County, Ser A, COP, 4.250%, 09/01/09		1,000		1,013
	Richmond Industrial Development Authority, Government Facilities, RB, 5.000%, 07/15/18, AMBAC		1,795		1,957
	Richmond Industrial Development Authority, Student Housing, RB, 5.450%, 01/01/21, Callable 01/01/11 @ 102		1,000		1,060
	Richmond Public Utility, RB, 5.000%, 01/15/23, Callable 01/15/15 @ 100, FSA		1,000		1,062
	Richmond, GO, 5.500%, 01/15/12, Callable 01/15/11 @ 101, FSA		2,500		2,682
	Richmond, GO, 5.500%, 01/15/15, Callable 01/15/11 @ 101, FSA		1,290		1,381
	Richmond, GO, 5.500%, 01/15/18, Callable 01/15/11 @ 101, FSA		3,755		4,015

See Notes to Financial Statements.

133

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

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%, 07/01/13, Callable 07/01/12 @ 100		2,000		2,178
	Roanoke Industrial Development Authority, Carilion Health System, Ser A, RB, 5.750%, 07/01/14, Callable 07/01/12 @ 100		2,000		2,176
	Roanoke Industrial Development Authority, Carilion Health System, Ser A, RB, 5.500%, 07/01/16, Callable 07/01/12 @ 100, MBIA		1,000		1,071
	Roanoke Industrial Development Authority, Carilion Health System, Ser A, RB, 5.500%, 07/01/18, Callable 07/01/12 @ 100, MBIA		2,000		2,135
	Roanoke Industrial Development Authority, Carilion Health System, Ser A, RB, 5.500%, 07/01/21, Callable 07/01/12 @ 100, MBIA		1,000		1,067
	Roanoke Public Improvement, Ser B, GO, 5.000%, 02/01/24, Callable 02/01/15 @ 101		2,500		2,683
	Southhampton County Industrial Development Authority, School Project, Ser B, RB, 4.000%, 04/01/10, Callable 04/01/09 @ 100		1,000		1,004
	Spotsylvania County Water & Sewer, RB, 5.000%, 06/01/26, FSA		3,635		3,837
	Stafford County & Staunton Industrial Development Authority, Ser C, RB, 5.250%, 02/01/20, Callable 02/01/17 @ 100, XLCA		2,165		2,378
	Suffolk Industrial Development Authority, Retirement Facilities, First Mortgage — Lake Prince Center, RB, 5.150%, 09/01/24, Callable 09/01/16 @ 100		725		738
	Suffolk Redevelopment & Housing Authority, Multifamily Housing, Summer Station Apartments LLC, RB, 3.760%, 09/01/19, LOC: SunTrust Bank (b)		800		800
	Tobacco Settlement Financing Corp., RB, 4.000%, 06/01/13		1,800		1,796
	Tobacco Settlement Financing Corp., RB, 5.250%, 06/01/19, Callable 06/01/15 @ 100		1,990		2,088
	Tobacco Settlement Financing Corp., RB, 5.500%, 06/01/26, Callable 06/01/15 @ 100		3,500		3,717
	Upper Occoquan Sewage Authority, Regional Sewage, Ser A, RB, 4.500%, 07/01/26, Callable 07/01/17 @ 100, FSA		1,000		1,007
	Virginia Beach Development Authority, Ser A, RB, 5.375%, 08/01/16, Callable 08/01/12 @ 100		1,650		1,775
	Virginia Beach, Public Improvement, Ser B, GO, 5.000%, 05/01/13		2,500		2,676
	Virginia Beach, Ser C, GO, 5.000%, 09/15/16		2,825		3,087
	Virginia College Building Authority, Educational Facilities Project, Ser A, RB, 5.000%, 02/01/15, Callable 02/01/14 @ 100		4,510		4,843
	Virginia College Building Authority, Educational Facilities Project, Washington & Lee University, RB, 5.375%, 01/01/21, Callable 01/01/16 @ 100		3,090		3,508

See Notes to Financial Statements.

134

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Virginia Intermediate Municipal Bond Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Virginia—continued
	Virginia College Building Authority, Educational Facilities, Public Higher Education Financing Program, Ser A, RB, 5.000%, 09/01/10		3,000		3,132
	Virginia College Building Authority, Educational Facilities, Public Higher Education Financing Program, Ser A, RB, 5.000%, 09/01/17, Callable 09/01/16 @ 100, State Aid Withholding		3,000		3,265
	Virginia Commonwealth Transportation Board, North Virginia Transportation District, Ser A, RB, 5.000%, 05/15/14		3,000		3,236
	Virginia Commonwealth Transportation Board, Oak Grover Connector Transportation Program, Ser A, RB, 5.000%, 05/15/14		1,435		1,548
	Virginia Commonwealth Transportation Board, Ser A, RB, 5.375%, 05/15/12, Callable 05/15/11 @ 100		1,000		1,065
	Virginia Commonwealth Transportation Board, Ser A, RB, 5.000%, 09/28/15		1,000		1,088
	Virginia Housing Development Authority, Commonwealth Mortgage, Ser E, SubSer E-1, RB, AMT, 3.950%, 04/01/08		3,000		3,006
	Virginia Housing Development Authority, Commonwealth Mortgage, SubSer D1, RB, AMT, 4.000%, 01/01/09		2,000		2,006
	Virginia Housing Development Authority, Multifamily, Ser E, RB, AMT, 5.350%, 11/01/11, Callable 01/01/08 @ 102		1,250		1,286
	Virginia Housing Development Authority, Multifamily, Ser H, RB, AMT, 5.625%, 11/01/18, Callable 11/01/09 @ 100		3,500		3,592
	Virginia Housing Development Authority, Multifamily, Ser I, RB, AMT, 4.875%, 11/01/12, Callable 01/01/09 @ 101		1,950		1,990
	Virginia Polytechnic Institute & State University, Ser D, RB, 5.125%, 06/01/21, Callable 06/01/14 @ 101, AMBAC		2,095		2,270
	Virginia Public Building Authority, Public Facilities, Ser C, RB, 5.000%, 08/01/14		2,000		2,159
	Virginia Public School Authority, School Financing 1997, Ser A, RB, 5.000%, 08/01/24, Callable 08/01/14 @ 100		1,365		1,444
	Virginia Public School Authority, Ser B, RB, 5.000%, 08/01/13, Callable 08/01/10 @ 101		2,910		3,054
	Virginia Resource Authority, Senior Infrastructure, Ser B, RB, 5.000%, 11/01/26, Callable 11/01/14 @ 100		2,185		2,315
	Virginia Resources Authority, Infrastructure, Ser A, RB, 5.800%, 05/01/30, Prerefunded 05/01/11 @ 101, MBIA		1,500		1,633
	Western Regional Jail Authority, Jail Facilities, RB, 4.750%, 06/01/23, Callable 06/01/17 @ 100, MBIA		2,255		2,359
	Winchester, Public Improvement, GO, 5.000%, 11/01/18, Callable 11/01/15 @ 100, FGIC		2,580		2,791
	York County Industrial Development Authority, Pollution Control Project, RB, 5.500%, 07/01/09, Callable 11/08/07 @ 100.50		740		748
Total Municipal Bonds (Cost $215,255)					219,881

See Notes to Financial Statements.

135

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Virginia Intermediate Municipal Bond Fund — concluded

		Shares or
		Principal
		Amount($)		Value($)
Money Market Fund (0.7%)
	Federated Virginia Municipal Cash Trust, Institutional Class, 3.190%		1,537,186		1,537
Total Money Market Fund (Cost $1,537)					1,537
Total Investments (Cost $216,792) (a) — 99.0%					221,418
Other assets in excess of liabilities — 1.0%					2,174
Net Assets — 100.0%				$	223,592

(a) Cost for federal income tax purposes is $216,777 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands):

Unrealized Appreciation	$	4,908
Unrealized Depreciation		(267	)
Unrealized Appreciation (Depreciation)	$	4,641

(b) Variable rate security. Rate presented represents rate in effect at March 31, 2007. Maturity date represents actual maturity date.

AMBAC	— Security insured by American Municipal Bond Assurance Corporation
AMT	— Alternative Minimum Tax Paper
COP	— Certificates of Participation
FGIC	— Security insured by Financial Guaranty Insurance Company
FSA	— Security insured by Financial Security Assurance
GNMA	— Security insured by Government National Mortgage Association
GO	— General Obligation
LLC	— Limited Liability Corporation
LOC	— Letter of Credit
MBIA	— Security insured by Municipal Bond Insurance Association
RB	— Revenue Bond
Ser	— Series
XLCA	— Security insured by XL Capital Assurance, Inc.

See Notes to Financial Statements.

136

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Prime Quality Money Market Fund

		Shares or
		Principal
		Amount($)		Value($)
Certificates of Deposit (6.6%)
Banks (6.1%)
	Barclays Bank PLC NY, 5.320%, 06/04/07 (b)		50,000		50,000
	Depfa Bank PLC NY, 5.525%, 08/08/07		75,000		75,000
	Deutsche Bank AG, 5.410%, 02/28/08 (b)		75,000		75,000
	Natixis, 5.400%, 03/27/08 (b)		75,000		75,000
	Royal Bank of Canada NY, 5.320%, 03/20/08 (b)		25,000		25,001
	Societe Generale NY, 5.380%, 06/01/07 (b)		50,000		50,000
	Societe Generale NY, 5.230%, 09/27/07		50,000		50,002
	Societe Generale NY, 5.400%, 01/10/08		50,000		50,000
	Societe Generale NY, 5.390%, 02/15/08 (b)		75,000		75,000
	Toronto Dominion Bank NY, 5.400%, 01/09/08		30,000		29,998
					555,001
Diversified Financial Services (0.5%)
	Alliance & Leicester PLC, 5.325%, 06/14/07 (d)		50,000		49,999
Total Certificates of Deposit (Cost $605,000)					605,000
Commercial Paper (44.7%)
Banks (2.3%)
	Bank of Ireland, 5.541%, 08/15/07 (c) (d)		50,000		49,022
	Depfa Bank PLC NY, 5.419%, 08/02/07 (c) (d)		50,000		49,110
	DnB Nor Bank ASA, 5.452%, 06/08/07 (c)		50,000		49,511
	DnB Nor Bank ASA, 5.349%, 06/26/07 (c)		50,000		49,394
	Northern Rock PLC, 5.372%, 05/04/07 (c) (d)		11,450		11,395
					208,432
Diversified Financial Services (41.9%)
	Amstel Funding Corp., 5.408%, 05/16/07 (c) (d)		69,405		68,954
	Anglesea Funding LLC, 5.348%, 07/02/07 (c) (d)		50,000		49,352
	Anglesea Funding LLC, 5.404%, 07/10/07 (c) (d)		75,000		73,919
	Anglesea Funding LLC, 5.430%, 07/16/07 (c) (d)		55,000		54,155
	Anglesea Funding LLC, 5.420%, 07/20/07 (c) (d)		35,000		34,441
	Anglesea Funding LLC, 5.420%, 08/15/07 (c) (d)		48,250		47,300
	Atlas Capital Funding Corp., 5.418%, 04/13/07 (c) (d)		15,430		15,403
	Barton Capital LLC, 5.371%, 04/23/07 (c) (d)		53,637		53,464
	Bear Stearns Cos., Inc., 5.320%, 06/12/07 (b)		75,000		75,000
	Beethoven Funding Corp., 5.383%, 04/13/07 (c) (d)		50,000		49,912
	Beethoven Funding Corp., 5.380%, 04/17/07 (c) (d)		30,567		30,495
	Beethoven Funding Corp., 5.389%, 04/20/07 (c) (d)		50,000		49,861
	Beethoven Funding Corp., 5.384%, 05/24/07 (c) (d)		50,462		50,071
	Beethoven Funding Corp., 5.395%, 06/15/07 (c) (d)		65,177		64,464
	Beethoven Funding Corp., 5.395%, 06/19/07 (c) (d)		50,000		49,424
	Berkeley Square Finance LLC, 5.518%, 04/02/07 (c) (d)		50,000		49,992
	Berkeley Square Finance LLC, 5.375%, 04/19/07 (c) (d)		100,000		99,736
	Berkeley Square Finance LLC, 5.398%, 04/20/07 (c) (d)		31,148		31,061
	Berkeley Square Finance LLC, 5.379%, 04/23/07 (c) (d)		50,000		49,839
	Bryant Park Funding LLC, 5.372%, 04/12/07 (c) (d)		15,806		15,781
	Catapult-PmX Funding LLC, 5.388%, 04/02/07 (c) (d)		50,000		49,993
	Catapult-PmX Funding LLC, 5.377%, 04/18/07 (c) (d)		44,530		44,419
	Catapult-PmX Funding LLC, 5.320%, 11/30/07 (b) (d)		100,000		99,989
	Chesham Finance LLC, 5.300%, 04/10/07 (b) (d)		50,000		50,000
	Chesham Finance LLC, 5.391%, 05/14/07 (c) (d)		50,000		49,689

See Notes to Financial Statements.

137

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Prime Quality Money Market Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Diversified Financial Services—continued
	Chesham Finance LLC, 5.420%, 07/09/07 (c) (d)		25,000		24,642
	Chesham Finance LLC, 5.270%, 07/25/07 (b) (d)		50,000		49,995
	Chesham Finance LLC, 5.310%, 08/07/07 (b) (d)		75,000		74,992
	Cimarron Ltd., 5.385%, 04/03/07 (c) (d)		73,162		73,141
	Concord Minutemen Capital Corp., 5.379%, 04/04/07 (c) (d)		19,700		19,691
	Concord Minutemen Capital Corp., 5.373%, 04/11/07 (c) (d)		39,855		39,797
	Cullinan Finance Corp., 5.411%, 04/25/07 (c) (d)		15,300		15,247
	Cullinan Finance Corp., 5.436%, 04/26/07 (c) (d)		66,400		66,159
	Duke Funding High Grade I Ltd., 5.308%, 04/05/07 (c) (d)		64,821		64,783
	East-Fleet Finance LLC, 5.370%, 04/03/07 (c) (d)		50,000		49,985
	East-Fleet Finance LLC, 5.407%, 04/04/07 (c) (d)		50,000		49,978
	Ebury Finance LLC, 5.473%, 04/02/07 (c) (d)		90,000		89,987
	Ebury Finance LLC, 5.400%, 07/30/07 (c) (d)		40,000		39,317
	Ebury Finance LLC, 5.300%, 10/12/07 (b) (d)		50,000		49,992
	Ebury Finance LLC, 5.464%, 01/30/08 (c) (d)		60,000		57,411
	Falcon Asset Securitization Corp. LLC, 5.373%, 04/10/07 (c) (d)		30,890		30,849
	Five Finance, Inc., 5.379%, 04/30/07 (c) (d)		23,175		23,077
	Five Finance, Inc., 5.404%, 05/21/07 (c) (d)		30,000		29,784
	Five Finance, Inc., 5.386%, 07/06/07 (c) (d)		24,000		23,665
	Fountain Square Commercial Funding Corp., 5.377%, 04/11/07 (c) (d)		12,540		12,522
	Grampian Funding LLC, 5.404%, 05/22/07, LOC: HBOS Treasury Services PLC (c) (d)		100,000		99,260
	Hudson-Thames LLC, 5.388%, 06/06/07 (c) (d)		30,431		30,139
	Hudson-Thames LLC, 5.395%, 06/29/07 (c) (d)		22,583		22,290
	Hudson-Thames LLC, 5.377%, 09/26/07 (c) (d)		51,350		50,039
	Irish Life & Permanent PLC, 5.427%, 04/04/07 (c) (d)		10,000		9,996
	Irish Life & Permanent PLC, 5.415%, 04/11/07 (c) (d)		30,000		29,956
	Irish Life & Permanent PLC, 5.406%, 04/27/07 (c) (d)		50,000		49,811
	Irish Life & Permanent PLC, 5.403%, 05/22/07 (c) (d)		19,500		19,356
	Jupiter Securities Corp., 5.368%, 04/16/07 (c) (d)		45,552		45,452
	Kitty Hawk Funding Corp., 5.381%, 05/02/07 (c) (d)		50,000		49,773
	Klio II Funding Corp., 5.399%, 04/18/07 (c) (d)		58,567		58,422
	Lexington Parker Capital Corp., 5.371%, 04/16/07 (c) (d)		50,000		49,890
	Merrill Lynch & Co., Inc., 5.563%, 05/01/07 (c)		50,000		49,780
	Mica Funding LLC, 5.400%, 04/04/07 (c) (d)		11,465		11,460
	Mica Funding LLC, 5.375%, 04/05/07 (c) (d)		60,000		59,965
	Mica Funding LLC, 5.387%, 04/10/07 (c) (d)		17,780		17,757
	Mica Funding LLC, 5.376%, 04/12/07 (c) (d)		117,578		117,387
	Mica Funding LLC, 5.395%, 06/20/07 (c) (d)		50,000		49,417
	Mica Funding LLC, 5.433%, 08/09/07 (c) (d)		27,300		26,785
	Morgan Stanley, 5.417%, 06/25/07 (c)		18,000		17,779
	Morgan Stanley, 5.391%, 07/16/07 (c)		50,000		49,239
	Morgan Stanley, 5.508%, 09/14/07 (b)		50,000		50,000

See Notes to Financial Statements.

138

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Prime Quality Money Market Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Diversified Financial Services—continued
	Nelnet Student Asset Funding LLC, 5.392%, 04/19/07 (c) (d)		46,931		46,807
	New Center Asset Trust, 5.375%, 07/19/07 (c)		50,000		49,211
	New Center Asset Trust, 5.399%, 07/26/07 (c)		50,000		49,161
	New Center Asset Trust, 5.420%, 08/02/07 (c)		35,000		34,377
	New Center Asset Trust, 5.372%, 08/23/07 (c)		98,000		95,972
	Park Avenue Receivables Corp., 5.375%, 04/12/07 (c) (d)		50,000		49,919
	Ranger Funding Co. LLC, 5.381%, 05/02/07 (c) (d)		50,000		49,773
	Sedna Finance, Inc., 5.405%, 09/24/07 (c) (d)		42,250		41,182
	Solitaire Funding LLC, 5.437%, 04/19/07 (c) (d)		50,000		49,870
	Stanfield Victoria LLC, 5.280%, 11/15/07 (b) (d)		65,000		64,992
	Surrey Funding Corp., 5.382%, 05/04/07 (c) (d)		50,000		49,758
	Tierra Alta Funding Ltd., 5.410%, 05/23/07 (c) (d)		35,928		35,655
	Westpac Securities Ltd., 5.413%, 05/29/07 (c) (d)		9,000		8,924
	Whistlejacket Capital Ltd., 5.384%, 04/30/07 (c) (d)		39,275		39,108
	Zela Finance, Inc., 5.398%, 04/25/07 (c) (d)		18,500		18,435
					3,838,825
Diversified Manufacturing (0.1%)
	Siemens Capital Co. LLC, 5.377%, 04/13/07 (c)		9,620		9,603
Transportation (0.4%)
	United Parcel Service, Inc., 5.323%, 07/31/07 (c) (d)		15,500		15,238
	United Parcel Service, Inc., 5.421%, 08/31/07 (c) (d)		25,000		24,464
					39,702
Total Commercial Paper (Cost $4,096.562)					4,096,562
Corporate Bonds (46.0%)
Automobile ABS (0.3%)
	Ford Credit Auto Owner Trust, Ser 2006-C, Cl A1, 5.357%, 12/15/07 (d)		18,397		18,397
	Nissan Auto Lease Trust, Ser 2006-A, Cl A1, 5.347%, 12/14/07		10,021		10,021
					28,418
Banks (8.3%)
	Bank of New York Co., Inc., 5.380%, 04/25/08 (b) (d)		25,000		25,000
	Calyon, Inc. NY, 5.400%, 11/13/07 (d)		50,000		50,000
	Credit Agricole SA, 5.320%, 04/15/08 (b) (d)		50,000		50,000
	Danske Bank AS, 5.290%, 04/11/08 (b) (d)		50,000		50,000
	National Australia Bank Ltd., 5.289%, 04/07/08 (b) (d)		75,000		75,000
	National City Bank Cleveland, 5.315%, 09/18/07 (b)		100,000		99,993
	Northern Rock PLC, 5.340%, 04/04/08 (b) (d)		50,000		50,000
	Royal Bank of Canada, 5.310%, 04/01/08 (b) (d)		75,000		75,000
	Skandinaviska Enskilda Banken AB, 5.320%, 04/09/08 (b) (d)		50,000		50,000
	Skandinaviska Enskilda Banken AB, 5.320%, 04/16/08 (b) (d)		50,000		50,000
	Svenska Handelsbanken AB, 5.290%, 04/14/08 (b) (d)		70,000		70,000
	Wells Fargo & Co., 5.380%, 01/02/08 (b)		10,000		10,000
	Wells Fargo & Co., 5.330%, 04/14/08 (b) (d)		50,000		50,000
	Westpac Banking Corp., 5.310%, 04/15/08 (b) (d)		60,000		60,000
					764,993
Computers (0.3%)
	IBM Corp., 5.330%, 04/08/08 (b) (d)		25,000		25,000
Diversified Financial Services (36.2%)
	Alliance & Leicester PLC, 5.330%, 04/08/08 (b) (d)		30,000		30,000

See Notes to Financial Statements.

139

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Prime Quality Money Market Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Diversified Financial Services—continued
	American Express Credit Corp., 5.420%, 03/05/08 (b)		90,000		90,000
	Atlas Capital Funding Corp., 5.310%, 07/10/07 (b) (d)		50,000		49,999
	Atlas Capital Funding Corp., 5.310%, 07/16/07 (b) (d)		75,000		75,000
	Atlas Capital Funding Corp., 5.340%, 09/10/07 (b) (d)		50,000		50,000
	Atlas Capital Funding Corp., 5.350%, 10/25/07 (b) (d)		30,000		30,000
	Bear Stearns Cos., Inc., 5.320%, 04/25/07 (b)		41,000		41,000
	Bear Stearns Cos., Inc., 5.380%, 04/28/08 (b)		125,000		125,001
	Beta Finance, Inc., 5.308%, 05/22/07 (b) (d)		50,000		49,999
	Beta Finance, Inc., 5.430%, 02/06/08 (b) (d)		75,000		74,997
	Beta Finance, Inc., 5.405%, 04/03/08 (b) (d)		50,000		49,995
	CC USA, Inc., 5.310%, 05/18/07 (b) (d)		50,000		49,999
	CC USA, Inc., 5.420%, 09/24/07 (d)		50,000		50,000
	CC USA, Inc., 5.430%, 01/31/08 (b) (d)		75,000		75,000
	Cheyne Finance LLC, 5.323%, 05/15/07 (b) (d)		50,000		49,999
	Cheyne Finance LLC, 5.317%, 08/15/07 (b) (d)		30,000		29,998
	Cheyne Finance LLC, 5.325%, 08/20/07 (b) (d)		50,000		49,997
	Cheyne Finance LLC, 5.316%, 12/05/07 (b) (d)		50,000		49,995
	Cheyne Finance LLC, 5.312%, 01/14/08 (b) (d)		50,000		49,995
	Cheyne Finance LLC, 5.440%, 01/25/08 (b) (d)		30,000		29,998
	Cullinan Finance Corp., 5.280%, 04/25/07 (d)		50,000		50,000
	Cullinan Finance Corp., 5.320%, 10/12/07 (b) (d)		70,000		69,995
	Cullinan Finance Corp., 5.315%, 03/12/08 (b) (d)		50,000		49,995
	Dorada Finance, Inc., 5.305%, 05/17/07 (b) (d)		50,000		49,999
	Five Finance, Inc., 5.310%, 05/22/07 (b) (d)		50,000		49,999
	Five Finance, Inc., 5.310%, 05/25/07 (b) (d)		50,000		49,999
	Five Finance, Inc., 5.310%, 10/30/07 (b) (d)		50,000		49,994
	General Electric Capital Corp., 5.445%, 07/09/07 (b)		69,000		69,000
	Goldman Sachs Group, Inc., 5.370%, 04/14/08 (b) (d)		100,000		100,001
	K2 (USA) LLC, 5.320%, 12/05/07 (b) (d)		50,000		49,997
	K2 (USA) LLC, 5.320%, 12/10/07 (b) (d)		50,000		49,993
	K2 (USA) LLC, 5.435%, 01/30/08 (b) (d)		50,000		50,000
	K2 (USA) LLC, 5.530%, 03/03/08 (b) (d)		50,000		49,995
	K2 (USA) LLC, 5.315%, 03/17/08 (b) (d)		50,000		49,993
	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		49,999
	Liberty Light US Capital, 5.320%, 09/14/07 (b) (d)		100,000		99,995
	Liberty Light US Capital, 5.320%, 11/02/07 (b) (d)		25,000		24,997
	Liberty Light US Capital, 5.320%, 02/04/08 (b) (d)		25,000		24,996
	Merrill Lynch & Co., Inc., 5.400%, 04/03/08 (b)		30,000		30,000
	Merrill Lynch & Co., Inc., 5.300%, 04/18/08 (b)		40,000		40,000
	Merrill Lynch & Co., Inc., 5.300%, 04/23/08 (b)		50,000		50,000
	Morgan Stanley, 5.380%, 04/15/08 (b)		75,000		75,000
	Morgan Stanley, 5.470%, 04/15/08 (b)		48,500		48,500
	Sedna Finance, Inc., 5.422%, 03/07/08 (b) (d)		75,000		74,998
	Sedna Finance, Inc., 5.430%, 03/31/08 (b) (d)		75,000		75,000
	Sigma Finance, Inc., 5.360%, 05/15/07 (b) (d)		50,000		50,000

See Notes to Financial Statements.

140

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Prime Quality Money Market Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Diversified Financial Services—continued
	Sigma Finance, Inc., 5.400%, 10/22/07 (d)		50,000		50,000
	Sigma Finance, Inc., 5.317%, 11/21/07 (b) (d)		50,000		49,997
	Sigma Finance, Inc., 5.325%, 12/14/07 (b) (d)		50,000		49,996
	Sigma Finance, Inc., 5.370%, 02/04/08 (b) (d)		50,000		50,015
	Sigma Finance, Inc., 5.420%, 04/03/08 (b) (d)		25,000		24,998
	Stanfield Victoria LLC, 5.320%, 06/05/07 (b) (d)		25,000		25,000
	Stanfield Victoria LLC, 5.330%, 08/01/07 (b) (d)		100,000		99,998
	Stanfield Victoria LLC, 5.435%, 01/25/08 (b) (d)		75,000		74,997
	Toyota Motor Credit Corp., Ser B, 5.310%, 04/26/07 (b)		50,000		50,000
	Whistlejacket Capital Ltd., 5.320%, 11/07/07 (b) (d)		25,000		24,997
	Whistlejacket Capital Ltd., 5.320%, 01/14/08 (b) (d)		100,000		99,992
	Zela Finance, Inc., 5.330%, 01/25/08 (b) (d)		75,000		74,994
	Zela Finance, Inc., 5.430%, 03/12/08 (b) (d)		50,000		50,000
					3,308,401
Insurance (0.4%)
	Lincoln National Corp., 5.400%, 04/15/08 (b) (d)		35,000		35,000
Retail (0.5%)
	Wal-Mart Stores, Inc., 5.877%, 06/01/07		50,000		50,041
Total Corporate Bonds (Cost $4,211,853)					4,211,853
Master Notes (2.5%)
Banks (2.5%)
	Bank of America Corp., 5.508% (b) (e)		232,435		232,435
Total Master Notes (Cost $232,435)					232,435
Repurchase Agreements (0.8%)
	Bear Stearns Cos., Inc., 5.325% , dated 03/30/07, to be repurchased on 04/02/07, repurchase price $3,545 (collateralized by U.S. Government Agencies; DN, due 10/01/35; total market value $3,615)		3,543		3,543
	BNP Paribas, 5.265%, dated 03/30/07, to be repurchased on 04/02/07, repurchase price $12,779 (collateralized by U.S. Government Agencies; 6.375%, due 06/15/09; total market value $13,030)		12,774		12,774
	Lehman Brothers, Inc., 5.255%, dated 03/30/07, to be repurchased on 04/02/07, repurchase price $15,158 (collateralized by U.S. Government Agencies; 5.500%, due 11/01/34; total market value $15,454)		15,151		15,151
	Merrill Lynch & Co., Inc., 5.255%, dated 03/30/07, to be repurchased on 04/02/07, repurchase price $2,984 (collateralized by U.S. Government Agencies; 6.500%, due 02/15/32; total market value $3,045)		2,982		2,982
	Morgan Stanley, 5.265%, dated 03/30/07, to be repurchased on 04/02/07, repurchase price $11,416 (collateralized by U.S. Government Agencies; 5.000%, due 08/01/34; total market value $11,687)		11,411		11,411

See Notes to Financial Statements.

141

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Prime Quality Money Market Fund — concluded

		Shares or
		Principal
		Amount($)		Value($)
Repurchase Agreements—continued
	UBS Warburg LLC, 5.335%, dated 03/30/07, to be repurchased on 04/02/07, repurchase price $28,846 (collateralized by U.S. Government Agencies; 4.500%-5.500%, due 05/15/26-03/15/37; total market value $29,410)		28,833		28,833
Total Repurchase Agreements (Cost $74,694)					74,694
Time Deposit (0.0%)
Banks (0.0%)
	BNP Paribas, 5.380% (b)		930,116		930
Total Time Deposit (Cost $930)					930
Total Investments (Cost $9,221,474) (a) — 100.6%					9,221,474
Liabilities in excess of other assets — (0.6)%					(51,736	)
Net Assets — 100.0%				$	9,169,738

(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 March 31, 2007. 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 adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. These securities represent 75.7% of net assets as of March 31, 2007.
(e)	Perpetual Maturity.

Cl	— Class
DN	— Discount Note
LLC	— Limited Liability Company
LOC	— Letter of Credit
PLC	— Public Limited Company
Ser	— Series

See Notes to Financial Statements.

142

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Tax-Exempt Money Market Fund

		Shares or
		Principal
		Amount($)		Value($)
Municipal Bonds (94.5%)
Alabama (2.6%)
	Cherokee Industrial Development Board, The BOC Group Project, RB, 3.660%, 04/01/08, LOC: Wachovia Bank of Georgia (b) (c)		3,500		3,500
	Houston County Health Care Authority, Ser PT-880, RB, 3.540%, 10/01/19, Callable 02/12/08 @ 100, MBIA (b)		21,380		21,380
	Marion Educational Building Authority, Judson College Project, RB, 3.710%, 01/01/33, LOC: SouthTrust Bank N.A. (b)		6,285		6,285
	Stevenson Industrial Development Board, Environmental Improvement Revenue, Mead Corp. Project, RB, 3.640%, 11/01/16, LOC: JP Morgan Chase Bank (b)		5,000		5,000
	University of Alabama, Hospital Improvements, Ser B, RB, 3.640%, 09/01/31, AMBAC (b)		10,000		10,000
					46,165
Alaska (0.1%)
	Alaska State Housing Finance Corp., Housing Development, Ser D, RB, 3.630%, 06/01/37, MBIA (b)		2,000		2,000
Arizona (0.6%)
	Phoenix Civic Improvement Corp., Water System, Ser PT-2898, RB, 3.720%, 07/01/24, Callable 07/01/15 @ 100, MBIA (b)		9,980		9,980
California (1.3%)
	Culver City School Facilities Financing Authority, Ser PT-3263, RB, 3.660%, 08/01/24, FSA (b) (c)		4,980		4,980
	Golden State Tobacco Securitization Corp., Ser B, RB, 3.700%, 06/01/45, AMBAC (b) (c)		12,500		12,500
	Pajaro Valley Unified School District, Ser PT-2779, GO, 3.660%, 08/01/22, Callable 08/01/15 @ 100, FSA (b) (c)		4,960		4,960
	San Francisco City & County, Ser PT-3017, GO, 3.660%, 06/15/25, Callable 06/15/12 @ 102, MBIA (b) (c)		1,000		1,000
					23,440
Colorado (1.5%)
	Arkansas River Power Authority, Ser PT-3550, RB, 3.710%, 10/01/26, XLCA (b) (c)		5,000		5,000
	Arkansas River Power Authority, Ser PT-3575, RB, 3.710%, 10/01/21, XLCA (b) (c)		3,000		3,000
	Colorado Housing & Finance Authority, St. Moritz Project, Ser H, RB, 3.670%, 10/15/16, FNMA (b)		5,215		5,215
	Colorado Water Resources & Power Development Authority, Ser PT-3179, RB, 3.720%, 08/01/25, Callable 08/01/15 @ 100, FSA (b)		12,465		12,465
					25,680
Connecticut (0.3%)
	Connecticut, Ser PA-720 R, GO, 3.670%, 06/15/11, Callable 06/15/10 @ 100, LOC: Merrill Lynch Capital Services, Inc. (b) (c)		5,000		5,000

See Notes to Financial Statements.

143

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Tax-Exempt Money Market Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
District of Columbia (0.8%)
	District of Columbia, Planned Parenthood Project, RB, 3.660%, 12/01/29, LOC: Bank of America N.A. (b)		6,140		6,140
	District of Columbia, The Phillips Collection Issue, RB, 3.660%, 08/01/33, LOC: Bank of America N.A. (b)		4,700		4,700
	District of Columbia, Thurgood Marshall Center Trust, RB, 3.680%, 11/01/27, LOC: Branch Banking & Trust Co. (b)		3,220		3,220
					14,060
Florida (9.1%)
	De Soto County Industrial Development, Tremron Project, RB, 3.780%, 11/01/15, LOC: Branch Banking & Trust Co. (b)		3,500		3,500
	Florida Department of Environmental Protection, Preservation, Ser PT-3335, RB, 3.720%, 07/01/24, Callable 07/01/15 @ 101, MBIA (b) (c)		19,930		19,930
	Hillsborough County Industrial Development Authority, Independent Day School Project, RB, 3.710%, 09/01/26, LOC: Bank of America N.A. (b)		1,900		1,900
	JEA Electric Systems, Ser 3-A, RB, 3.650%, 10/01/36, CIFG (b)		75,000		75,000
	Lake County School Board, Ser PA-1321, COP, 3.720%, 06/01/30, Callable 06/01/15 @ 100, AMBAC (b) (c)		2,000		2,000
	Manatee County, St. Stephens Upper School Project, RB, 3.660%, 11/01/25, LOC: Bank of America N.A. (b)		3,100		3,100
	Miami-Dade County Industrial Development Authority, Gulliver Schools Project, RB, 3.680%, 09/01/29, LOC: Bank of America N.A. (b)		6,950		6,950
	Orlando Utilities Commission, Water & Sewer, Ser PT-2285, RB, 3.710%, 04/01/12, LOC: Dexia Credit Local (b)		9,000		9,000
	Santa Rosa County Health Facilities Authority, Baptist Hospital, Inc. Project, RB, 3.660%, 10/01/21, LOC: Bank of America N.A. (b)		7,300		7,300
	Sarasota County Health Facility Authority, Bay Village Project, RB, 3.680%, 12/01/23, LOC: Bank of America N.A. (b) (c)		4,000		4,000
	University of North Florida Foundation, Inc., Parking Systems Project, RB, 3.650%, 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
					159,025
Georgia (1.0%)
	Bulloch County Development Authority, Ser PT-2594, RB, 3.720%, 08/01/26, Callable 08/01/15 @ 100, XLCA (b) (c)		4,070		4,070

See Notes to Financial Statements.

144

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Tax-Exempt Money Market Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Georgia—continued
	Cobb County Development Authority, Kennesaw State University Project, RB, 3.660%, 11/01/18, AMBAC (b)		4,595		4,595
	Newnan Development Authority, Multifamily Housing, Club at Newnan Crossing Project, RB, AMT, 3.730%, 09/15/36, LOC: Bank of America N.A. (b)		800		800
	Savannah Economic Development Authority, Exempt Facilities — Consolidated Utilities, Inc. Project, RB, AMT, 3.780%, 12/01/19, LOC: Branch Banking & Trust Co. (b) (c)		1,985		1,985
	Savannah Economic Development Authority, Kennickell Printing Co. Project, RB, AMT, 3.780%, 09/01/11, LOC: Branch Banking & Trust Co. (b)		1,195		1,195
	Toombs County Hospital Authority, Meadows Regional Medical Center Project, RB, 3.680%, 12/01/17, LOC: Branch Banking & Trust Co. (b)		4,300		4,300
					16,945
Idaho (0.9%)
	Idaho Health Facility Authority, St. Lukes Regional Medical Center Project, RB, 3.800%, 07/01/35, FSA (b)		15,000		15,000
Illinois (11.4%)
	Bloomington-Normal Airport Authority, GO, 4.100%, 01/01/12, LOC: JP Morgan Chase & Co. N.A. (b)		500		500
	Chicago O’Hare International Airport, General Airport 2nd Lien, Ser B, RB, 3.610%, 01/01/15, LOC: Societe Generale (b)		5,200		5,200
	Chicago O’Hare International Airport, General Airport, 3rd Lien, Ser C, RB, 3.660%, 01/01/35, CIFG (b)		22,940		22,940
	Chicago, Merlots Project, Ser WWW, GO, 3.690%, 01/01/22, AMBAC (b) (c)		11,000		11,000
	Illinois Educational Facilities Authority, Chicago Children’s Museum Project, RB, 3.730%, 02/01/28, LOC: JP Morgan Chase & Co. N.A. (b)		1,600		1,600
	Illinois Educational Facilities Authority, Museum of Science & Industry Project, RB, 3.730%, 11/01/15, LOC: Northern Trust Co. (b)		3,900		3,900
	Illinois Finance Authority, Alexian Brothers Health Project, RB, 3.640%, 04/01/35, LOC: JP Morgan Chase & Co. N.A. (b)		31,000		30,999
	Illinois Finance Authority, Resurrection Health, Ser B, RB, 3.850%, 05/15/35, LOC: JP Morgan Chase & Co. N.A. (b)		20,000		20,000
	Illinois Finance Authority, Resurrection Health, Ser C, RB, 3.650%, 05/15/35, LOC: Lasalle Bank N.A. (b)		29,310		29,310
	Illinois Health Facilities Authority, Advocate Health Care Project, Ser B, RB, 3.670%, 08/15/22 (b)		1,900		1,900

See Notes to Financial Statements.

145

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Tax-Exempt Money Market Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Illinois—continued
	Illinois Housing Development Authority, Center Apartments Project, RB, 3.610%, 01/01/08, FSA (b)		22,100		22,100
	Illinois State, Merlots Project, Ser B04, GO, 3.690%, 12/01/24, Callable 01/01/12 @ 100, FSA (b) (c)		7,215		7,215
	Jackson-Union Counties Regional Port District, Port Facilities, Enron Transportation Services, RB, 3.650%, 04/01/24, LOC: Wachovia Bank N.A. (b)		5,225		5,225
	Lockport Industrial Development, Panduit Corp. Project, RB, AMT, 3.730%, 04/01/25, LOC: Fifth Third Bank (b) (c)		2,000		2,000
	Macon County, Millikin University Project, RB, 3.670%, 10/01/28, AMBAC (b)		5,050		5,050
	Naperville, Heritage YMCA Group, Inc. Project, RB, 3.690%, 12/01/29, LOC: Fifth Third Bank (b)		6,800		6,800
	Regional Transportation Authority, Ser PT-2398, RB, 3.710%, 06/01/34, FSA (b) (c)		9,980		9,980
	Regional Transportation Authority, Ser PT-3518, RB, 3.710%, 06/01/27, FSA (b) (c)		12,985		12,985
	Savanna Industrial Development, Metform Corp. Project, Ser A, RB, AMT, 3.780%, 05/01/14, LOC: JP Morgan Chase & Co. N.A. (b)		500		500
	Savanna Industrial Development, Metform Corp. Project, Ser B, RB, AMT, 4.000%, 06/01/09, LOC: JP Morgan Chase & Co. N.A. (b)		1,400		1,400
	Wheeling Industrial Development, Circuit Service, Inc. Project, RB, AMT, 4.000%, 04/01/18, LOC: JP Morgan Chase & Co. Illinois N.A. (b) (c)		1,200		1,200
					201,804
Indiana (2.4%)
	Evansville Vanderburgh Public Leasing Corp., Ser PT-2694, RB, 3.720%, 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, 3.780%, 07/01/09, LOC: JP Morgan Chase & Co. N.A. (b) (c)		1,000		1,000
	Indiana Bond Bank, RB, 3.710%, 02/01/22, Callable 02/01/15 @ 100, FGIC (b) (c)		5,110		5,110
	Indiana Development Finance Authority, Christel House Project, RB, 3.690%, 02/01/23, LOC: Fifth Third Bank (b)		5,970		5,970
	Indiana Development Finance Authority, Indiana Historical Society Project, RB, 3.700%, 08/01/31, LOC: JP Morgan Chase & Co. Indiana N.A. (b) (c)		1,200		1,200
	Marion Economic Development, Wesleyan University Project, RB, 3.660%, 06/01/36, LOC: Bank of America N.A. (b)		10,000		10,000

See Notes to Financial Statements.

146

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Tax-Exempt Money Market Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Indiana—continued
	MSD Warren Township Vision 2005 School Building Corp., Merlots Project, Ser A52, RB, 3.690%, 07/15/20, FGIC (b) (c)		6,595		6,595
	Purdue University, Ser PT-3817, RB, 3.710%, 07/01/29, LOC: Dexia Credit Local (b) (c)		10,000		10,000
					41,875
Iowa (0.3%)
	Iowa Higher Education Loan Authority, Private College-Graceland Project, RB, 3.710%, 02/01/33, LOC: Bank of America N.A. (b)		3,500		3,500
	Sac County Industrial, Evapco, Inc. Project, RB, AMT, 3.760%, 07/01/16, LOC: Bank of America N.A. (b)		2,180		2,180
					5,680
Kentucky (0.1%)
	Campbell County Industrial Building, Hospital Imaging Co., Inc. Project, RB, 3.710%, 04/01/20, LOC: Fifth Third Bank (b) (c)		2,585		2,585
Louisiana (0.1%)
	Louisiana State, Ser PT-3543, GO, 3.720%, 07/15/21, Callable 07/15/16 @ 100, CIFG (b) (c)		2,000		2,000
Maryland (1.6%)
	Maryland State Economic Development Corp., YMCA of Central Maryland, Inc. Project, RB, 3.680%, 04/01/28, LOC: Branch Banking & Trust Co. (b)		3,700		3,700
	Maryland State Health & Higher Educational Facilities Authority, University of Maryland Medical System, Ser F, RB, 3.640%, 07/01/41, FGIC (b)		10,000		10,000
	Maryland State, Ser PA-816, GO, 3.700%, 03/01/12, LOC: Merrill Lynch Capital Services, Inc. (b) (c)		5,995		5,995
	Montgomery County Housing Opportunities Commission, Multifamily Housing Development, Ser C, RB, 3.590%, 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
					27,400
Massachusetts (4.4%)
	Massachusetts Bay Transportation Authority, Sales Tax, Ser PT-2581, RB, 3.670%, 07/01/26, LOC: Dexia Credit Local (b) (c)		29,840		29,840
	Massachusetts Health & Educational Facilities Authority, Amherst College, Ser H, RB, 3.600%, 11/01/33, Mandatory Put 01/10/08 @ 100		10,000		10,000
	Massachusetts State Special Obligations, Dedicated Tax, Ser PT-3050, RB, 3.670%, 01/01/30, FGIC (b) (c)		24,850		24,850

See Notes to Financial Statements.

147

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Tax-Exempt Money Market Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Massachusetts—continued
	Massachusetts State Water Pollution Abatement Trust, Ser PA-1221, RB, 3.680%, 08/01/11, LOC: Merrill Lynch Capital Services, Inc. (b)		2,500		2,500
	Massachusetts State, Ser PT-1390, GO, 3.670%, 03/01/10, FSA (b) (c)		9,880		9,880
					77,070
Michigan (2.9%)
	Detroit City School District, MT-34B, GO, 3.710%, 05/01/18, Callable 05/01/15 @ 100, FSA (b) (c)		10,000		10,000
	Michigan State, Ser A, GO, 4.250%, 09/28/07, LOC: Depfa Bank PLC		15,000		15,054
	State of Michigan, School Loan, Ser 05-C, GO, 3.600%, 10/10/07, LOC: Depfa Bank PLC		25,000		25,000
					50,054
Minnesota (0.8%)
	Minnesota State, Ser PT-400, RB, 3.610%, 11/01/09, LOC: Merrill Lynch Capital Services, Inc. (b)		14,810		14,828
Mississippi (0.6%)
	Mississippi Development Bank, Special Obligation, Ser PT-3303, RB, 3.720%, 12/01/27, Callable 12/01/15 @ 100, AMBAC (b) (c)		5,000		5,000
	Mississippi Development Bank, Special Obligation, Ser PT-3636, RB, 3.720%, 01/01/26, Callable 07/01/16 @ 100, FGIC (b) (c)		5,000		5,000
					10,000
Missouri (0.1%)
	Howard Bend Levee District, Ser PT-3338, 3.710%, 03/01/27, XLCA (b) (c)		2,000		2,000
Nebraska (0.3%)
	Omaha Public Power District, Electric, Ser PT-3607, RB, 3.720%, 02/01/14, LOC: Merrill Lynch Capital Services, Inc. (b)		5,000		5,000
Nevada (1.1%)
	Nevada State, Ser 344, GO, 3.690%, 05/15/28, Callable 05/15/08 @ 100, FGIC (b) (c)		5,495		5,495
	Washoe County, Ser PT-3452, RB, 3.710%, 12/01/35, LOC: Dexia Credit Local (b)		14,000		14,000
					19,495
New Jersey (4.6%)
	Jersey City, Ser PT-2865, GO, 3.680%, 05/15/22, Callable 05/15/15 @ 100, AMBAC (b) (c)		4,985		4,985
	New Jersey Economic Development Authority, Ser PT-1532, RB, 3.680%, 12/15/14, MBIA (b) (c)		10,555		10,555
	New Jersey Economic Development Authority, Ser PT-2847, RB, 3.680%, 09/01/22, MBIA (b) (c)		19,645		19,645
	New Jersey State Transportation Trust Fund Authority, Ser MT-072, RB, 3.680%, 12/15/23, AMBAC (b) (c)		3,700		3,700
	New Jersey State Transportation Trust Fund Authority, Ser MT-166, RB, 3.550%, 12/15/18, Callable 12/15/15 @ 100, FGIC (b)		9,495		9,495

See Notes to Financial Statements.

148

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Tax-Exempt Money Market Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
New Jersey—continued
	New Jersey State Transportation Trust Fund Authority, Ser PA-802, RB, 3.680%, 12/15/09, FSA (b) (c)		10,000		10,000
	New Jersey State Transportation Trust Fund Authority, Ser PT-2494, RB, 3.680%, 12/15/23, AMBAC (b) (c)		20		20
	New Jersey State Turnpike Authority, Ser PT-2843, RB, 3.680%, 01/01/30, FSA (b) (c)		10,520		10,520
	New Jersey State, Ser PT-2742, GO, 3.600%, 07/15/19, Callable 12/01/15 @ 100, AMBAC (b) (c)		12,430		12,430
					81,350
New Mexico (1.0%)
	Clayton, Jail Project, Ser MT-286, RB, 3.530%, 11/01/24, Callable 11/01/16 @ 100, CIFG (b)		16,860		16,860
New York (11.0%)
	Jay Street Development Corp., Facility Lease, Ser A-2, RB, 3.640%, 05/01/22, LOC: Depfa Bank PLC (b)		5,900		5,900
	Long Island Power Authority, Electric System, Ser PA-1150, RB, 3.680%, 09/01/33, CIFG (b) (c)		5,000		5,000
	Metropolitan Transportation Authority, Ser G, RB, 3.820%, 11/01/26, LOC: BNP Paribas (b)		10,000		10,000
	Metropolitan Transportation Authority, Ser-1040, RB, 3.690%, 11/15/20, Callable 11/15/12 @ 100, FGIC (b) (c)		30,770		30,770
	New York City Housing Development Corp., Ser PT-2753, RB, 3.690%, 07/01/25, Callable 07/01/15 @ 100, FGIC (b) (c)		2,250		2,250
	New York City Municipal Water Finance Authority, Water & Sewer System, Ser PA-1327, RB, 3.690%, 06/15/38, Callable 06/15/13 @ 100, LOC: Merrill Lynch Capital Services, Inc. (b) (c)		25,000		25,000
	New York City Municipal Water Finance Authority, Water & Sewer System, Ser PA-523, RB, 3.690%, 06/15/30, Callable 06/15/07 @ 101, FGIC (b) (c)		32,740		32,740
	New York City Transitional Finance Authority, Ser 3, SubSer 3C, RB, 3.640%, 11/01/22, LOC: Dexia Credit Local (b)		1,000		1,000
	New York State Dormitory Authority, Secondary Issues, Ser PA-1305, RB, 3.690%, 05/15/31, AMBAC (b)		4,900		4,900
	New York State Dormitory Authority, Secondary Issues, Ser PT-2645, RB, 3.690%, 03/15/17, Callable 03/15/15 @ 100, AMBAC (b) (c)		9,900		9,900
	New York State Dormitory Authority, Secondary Issues, Ser PT-2966, RB, 3.690%, 02/15/25, AMBAC (b)		5,480		5,480
	New York State Dormitory Authority, Secondary Issues, Ser PT-3639, RB, 3.540%, 07/01/13, MBIA (b)		13,080		13,080

See Notes to Financial Statements.

149

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Tax-Exempt Money Market Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
New York—continued
	New York, Ser PT-2878, GO, 3.680%, 04/01/25, Callable 04/01/15 @ 100, CIFG (b) (c)		3,865		3,865
	New York, Ser PT-3069, GO, 3.680%, 08/01/25, Callable 08/01/15 @ 100, LOC: Merrill Lynch Capital Services, Inc. (b) (c)		5,000		5,000
	New York, Ser PT-3822, GO, 3.600%, 01/01/17, LOC: Dexia Credit Local (b) (c)		21,105		21,105
	Sales Tax Asset Receivables Corp., Ser PT-2450, RB, 3.690%, 10/15/25, Callable 10/15/14 @ 100, MBIA (b) (c)		14,920		14,920
	Southeast Industrial Development Agency, Unilock New York, Inc. Project, RB, AMT, 4.000%, 12/01/12, LOC: JP Morgan Chase & Co. N.A. (b) (c)		1,600		1,600
					192,510
North Carolina (3.7%)
	Charlotte Water & Sewer Systems, Ser B, RB, 3.630%, 07/01/36, LOC: Depfa Bank PLC (b)		10,000		10,000
	Cleveland County Family YMCA, Inc. Recreational Facilities, RB, 3.680%, 08/01/18, LOC: Branch Banking & Trust (b) (c)		2,200		2,200
	Forsyth County, Communications System Project, COP, 3.680%, 10/01/12, LOC: Wachovia Bank N.A. (b)		7,695		7,695
	Guilford County Industrial Facilities & Pollution Control Financing, YMCA of Greensboro, Inc. Project, RB, 3.680%, 02/01/23, LOC: Branch Banking & Trust Co. (b)		4,300		4,300
	North Carolina Medical Care Commission Healthcare Facilities, University Eastern Carolina, Ser C2, RB, 3.610%, 12/01/36, AMBAC (b)		20,900		20,900
	North Carolina Medical Care Commission, Health Care Facilities, Friends Homes Project, RB, 3.670%, 09/01/33, LOC: Bank of America N.A. (b)		6,670		6,670
	North Carolina Medical Care Commission, Health Care Facilities, Lutheran Services for the Aging Project, RB, 3.660%, 03/01/28, LOC: Branch Banking & Trust Co. (b)		7,650		7,650
	North Carolina Medical Care Commission, North Carolina Baptist Hospitals Project, Ser B, RB, 3.650%, 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, 3.680%, 09/01/22, LOC: Branch Banking & Trust Co. (b)		4,280		4,280
					64,895
Ohio (0.6%)
	Ohio State Higher Educational Facility Commission, Pooled Financing Project, RB, 3.730%, 09/01/18, LOC: Fifth Third Bank (b)		3,160		3,160
	Rickenbacker Port Authority, YMCA of Central Ohio Project, RB, 3.730%, 05/01/22, LOC: Fifth Third Bank (b)		7,000		7,000
					10,160

See Notes to Financial Statements.

150

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Tax-Exempt Money Market Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Pennsylvania (4.0%)
	Delaware County Industrial Development Authority, Airport Facilities, United Parcel Service Project, RB, 3.810%, 12/01/15 (b)		20,000		20,000
	Delaware River Port Authority, Ser PA-965, RB, 3.680%, 01/01/10, FSA (b) (c)		5,920		5,920
	Delaware Valley Regional Finance Authority Local Government, Ser PA-1029-R, RB, 3.700%, 01/01/14 (b) (c)		3,000		3,000
	Delaware Valley Regional Finance Authority, Local Government, Ser PA-1028, RB, 3.700%, 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, 3.700%, 07/01/32, LOC: Merrill Lynch Capital Services, Inc. (b) (c)		19,990		19,990
	Philadelphia Authority for Industrial Development, Chemical Heritage Foundation Project, RB, 3.660%, 07/01/27, LOC: Wachovia Bank N.A. (b)		8,610		8,610
					69,520
Puerto Rico (0.9%)
	Puerto Rico Electric Power Authority, Ser PA-778R, RB, 3.640%, 07/01/20, FSA (b) (c)		2,000		2,000
	Puerto Rico Highway & Transportation Authority, Ser PA-1380R, RB, 3.640%, 07/01/41, CIFG (b) (c)		10,000		10,000
	Puerto Rico, Floater — TRS Trust Ser 2006 FR/RI Lehman Brothers, Inc. as Trustor Underwriter, Ser K19, GO, 3.640%, 07/01/16, MBIA (b) (c)		3,100		3,100
					15,100
South Carolina (3.6%)
	Berkeley County School District, Ser PT-3094, GO, 3.720%, 02/01/17, Callable 02/01/13 @ 102, LOC: Merrill Lynch Services, Inc. (b)		5,000		5,000
	Columbia Waterworks & Sewer System, Ser PT-2861, RB, 3.720%, 02/01/24, Callable 02/01/15, FSA (b) (c)		2,000		2,000
	Patriots Energy Group, Gas Facilities, Ser A, RB, 3.660%, 06/01/36, CIFG (b)		10,000		10,000
	South Carolina Educational Facilities Authority, Charleston Southern University Project, RB, 3.660%, 04/01/28, LOC: Bank of America N.A. (b)		5,345		5,345
	South Carolina Educational Facilities Authority, Newberry College Project, RB, 3.680%, 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, 3.780%, 04/01/17, LOC: Branch Banking & Trust Co. (b)		110		110

See Notes to Financial Statements.

151

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Tax-Exempt Money Market Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
South Carolina—continued
	South Carolina Jobs-Economic Development Authority, USC Development Foundation Project, RB, 3.680%, 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, 3.680%, 12/01/24, LOC: Branch Banking & Trust Co. (b)		3,170		3,170
	South Carolina State Housing Finance & Development Authority, Ser PT-1272, RB, 3.740%, 12/15/30, LOC: Merrill Lynch Capital Services, Inc. (b) (c)		10,000		10,000
	South Carolina State School, Ser PT-1225, GO, 3.700%, 01/01/12 (b)		10,000		10,000
	University of South Carolina Development Foundation, RB, 3.680%, 12/01/10, LOC: Branch Banking & Trust Co. (b)		4,000		4,000
					63,625
Tennessee (2.4%)
	Memphis, Ser PT-3801, GO, 3.730%, 11/01/22, Callable 11/01/16 @ 100, XLCA (b) (c)		25,000		25,000
	Metropolitan Government, Nashville & Davidson County Health & Educational Facilities Board, Nashville Christian School Project, RB, 3.710%, 09/01/23, LOC: SouthTrust Bank N.A. (b)		1,460		1,460
	Tennessee Energy Acquisition Corp., Ser PA-1395, 3.730%, 09/01/21, LOC: Merrill Lynch Capital Services, Inc. (b) (c)		15,000		15,000
					41,460
Texas (5.0%)
	Eclipse Funding Trust, Texas Southmost College District, Ser 2006-0061, GO, 3.710%, 02/15/26, Callable 02/15/15 @ 100, AMBAC (b) (c)		10,000		10,000
	Garland Electric System, Ser PT-2677, RB, 3.720%, 03/01/25, Callable 03/01/14 @ 100, FSA (b) (c)		3,000		3,000
	Lower Colorado River Authority, Merlots Project, Ser ZZZ, RB, 3.690%, 01/01/28, FSA (b) (c)		3,500		3,500
	Texas Municipal Gas Acquisition & Supply Corp., Gas Supply, Ser PA-1438-R, RB, 3.720%, 12/15/26, LOC: Merrill Lynch Capital Services (b) (c)		16,000		16,000
	Texas State Department of Housing & Community Affairs, Multifamily Housing, Ser PT-3558, RB, 3.700%, 04/01/39, Callable 04/01/21 @ 102, FNMA (b) (c)		12,400		12,400
	Texas State, Ser PT-3670, GO, 3.720%, 04/01/28, Callable 04/01/17 @ 100 FGIC (b) (c)		15,000		15,000
	Texas State, Tax & Revenue Anticipation Notes, 4.500%, 08/31/07		25,000		25,082

See Notes to Financial Statements.

152

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Tax-Exempt Money Market Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Texas—continued
	Williamson County, Ser PT-2627, GO, 3.720%, 02/15/18, Callable 02/15/17 @ 100, MBIA (b)		2,000		2,000
					86,982
Virginia (3.6%)
	ABN AMRO Munitops Certificate Trust, Ser 2003-33, RB, 3.690%, 04/01/11, MBIA (b) (c)		5,370		5,370
	Clarke County Industrial Development Authority, Powhatan School District Project, RB, 3.680%, 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, 3.680%, 08/01/12, LOC: Branch Banking & Trust Co. (b)		1,635		1,635
	Fairfax County Economic Development Authority, Public Broadcasting Services Project, RB, 3.640%, 07/01/40, LOC: Bank of America N.A. (b)		7,500		7,500
	Fairfax County Industrial Development Authority, Inova Health Systems Project, RB, 3.560%, 01/01/30 (b)		15,500		15,500
	Farmville Industrial Development Authority, Educational Facilities, Longwood Student Housing, Ser B, RB, 3.640%, 09/01/36, LOC: Bank of America N.A. (b)		5,340		5,340
	Louisa County Industrial Development Authority, University of Virginia Health Services Foundation Project, RB, 3.600%, 10/01/30, LOC: First Union National Bank (b)		3,000		3,000
	Norfolk Redevelopment & Housing Authority, Student Housing Project, RB, 3.660%, 07/01/34, LOC: Bank of America N.A. (b)		7,000		7,000
	Virginia Biotechnology Research Park Authority, United Network of Organ Sharing Project, RB, 3.660%, 04/01/27, LOC: Wachovia Bank N.A. (b)		6,485		6,485
	Virginia State Public School Authority, Ser PT-1619, RB, 3.690%, 08/01/08, LOC: Merrill Lynch Capital Services, Inc. (b) (c)		6,445		6,445
	Williamsburg Industrial Development Authority, Colonial Williamsburg Project, RB, 3.660%, 10/01/35, LOC: First Union National Bank (b)		4,220		4,220
					63,855
Washington (3.4%)
	King County Housing Authority, Ser PT-2185, RB, 3.700%, 09/20/42 (b) (c)		5,420		5,420
	King County School District No. 401, Highline Public Schools, Ser PT-1423, GO, 3.720%, 12/01/09, FGIC (b)		9,980		9,980
	King County Sewer, Ser PA-1071, RB, 3.720%, 01/01/10, FSA (b) (c)		7,495		7,495

See Notes to Financial Statements.

153

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Tax-Exempt Money Market Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Washington—continued
	Seattle Certificates, Ser 348, GO, 3.690%, 12/15/28, Callable 12/15/08 @ 100, LOC: Morgan Stanley Dean Witter (b) (c)		4,495		4,495
	Seattle Municipal Light & Power, RB, 3.610%, 11/01/15, LOC: JP Morgan Chase Bank (b)		5,000		5,000
	Seattle Municipal Light & Power, Ser A, RB, 3.540%, 05/01/16, LOC: JP Morgan Chase Bank (b)		3,000		3,000
	Washington Public Power Supply System, Nuclear Power Project No. 1, Ser 1A-1, RB, 3.660%, 07/01/17, LOC: Bank of America N.A. (b)		3,345		3,345
	Washington State, Merlots Project, Ser B23, GO, 3.690%, 12/01/25, Callable 06/01/13 @ 100, MBIA (b) (c)		10,000		10,000
	Washington State, Ser D, GO, 4.500%, 01/01/08		10,250		10,316
					59,051
Wisconsin (1.7%)
	ABN AMRO Munitops Certificates Trust, Ser 2004-49, GO, 3.700%, 05/01/12, FSA (b) (c)		9,400		9,400
	Germantown Industrial, J.W. Speaker Corp. Project, RB, AMT, 4.150%, 08/01/11, LOC: JP Morgan Chase & Co. Milwaukee N.A. (b) (c)		420		420
	Oconomowoc Industrial Development, Quest Technologies Project, RB, AMT, 4.000%, 05/01/18, LOC: JP Morgan Chase & Co. Wisconsin N.A. (b) (c)		75		75
	Wisconsin Health & Educational Facilities Authority, Aurora Health Care, Ser B, RB, 3.640%, 04/01/28, LOC: Marshall & Ilsley (b)		20,490		20,490
					30,385
Other (4.7%)
	Eagle Tax-Exempt Trust, Ser 20001001, Cl A, GO, 3.720%, 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, 3.720%, 06/01/25, FSA (b) (c)		9,900		9,900
	Municipal Securities Pool Trust Receipts, Ser SG P-18, RB, 3.780%, 01/01/35, LOC: Societe Generale (b) (c)		800		800
	Municipal Securities Pool Trust Receipts, Ser SG-PG 17, 3.780%, 06/01/34 (b) (c)		2,815		2,815
	Putable Floating Rate Option, Tax-Exempt Receipts, Ser EC-001, RB, 3.850%, 10/01/35, LOC: Merrill Lynch Capital Services, Inc. (b) (c)		13,760		13,760
	Putable Floating Rate Option, Tax-Exempt Receipts, Ser PPT-1001, Cl D, 3.750%, 03/01/40 (b) (c)		8,405		8,405
	Putable Floating Rate Option, Tax-Exempt Receipts, Ser PPT-1001, Cl I, 3.750%, 03/01/40 (b) (c)		8,500		8,500
	Putable Floating Rate Option, Tax-Exempt Receipts, Ser PPT-34, 4.250%, 12/01/29 (b) (c)		30,000		30,000

See Notes to Financial Statements.

154

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Tax-Exempt Money Market Fund — concluded

		Shares or
		Principal
		Amount($)		Value($)
Other—continued
	Putable Floating Rate Option, Tax-Exempt Receipts, Ser PPT-39, Cl A, RB, AMT, 3.780%, 10/01/39 (b) (c)		840		840
					82,045
Total Municipal Bonds (Cost $1,654,884)					1,654,884
Money Market Funds (5.0%)
	Federated Tax-Free Obligations Fund, 3.490%		38,639,091		38,639
	Goldman Sachs Financial Square Funds Tax Free Money Market Fund, 3.510%		49,493,768		49,494
Total Money Market Funds (Cost $88,133)					88,133
Total Investments (Cost $1,743,017) (a) — 99.5%					1,743,017
Other assets in excess of liabilities — 0.5%					9,087
Net Assets — 100.0%				$	1,752,104

(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 March 31, 2007. 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 adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. These securities represent 44.1% of net assets as of March 31, 2007.

AMBAC	— Security insured by American Municipal Bond Assurance Corporation
AMT	— Alternative Minimum Tax Paper
CIFG	— Security insured by Capitalized Interest Financial Guaranty
Cl	— Class
COP	— Certificates of Participation
FGIC	— Security insured by Financial Guaranty Insurance Company
FHA	— Security insured by Federal Housing Administration
FNMA	— Security insured by Fannie Mae
FSA	— Security insured by Financial Security Assurance
GO	— General Obligation
LOC	— Letter of Credit
MBIA	— Security insured by 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.

155

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

U.S. Government Securities Money Market Fund

		Principal
		Amount($)		Value($)
U.S. Government Agencies (24.8%)
Fannie Mae (4.4%)
	5.587%, 06/01/07 (b)		10,000		9,911
	5.341%, 08/31/07 (b)		10,000		9,789
	4.375%, 09/07/07		2,425		2,416
	5.274%, 09/28/07 (b)		7,100		6,924
	5.300%, 01/08/08, Callable 06/17/07 @ 100		12,500		12,500
					41,540
Federal Farm Credit Bank (2.1%)
	5.250%, 06/06/07 (c)		20,000		20,001
Federal Home Loan Bank (7.9%)
	5.240%, 04/25/07 (c)		10,000		10,000
	5.200%, 10/17/07, Callable 04/17/07 @ 100		7,100		7,097
	5.400%, 10/26/07, Callable 06/29/07 @ 100		9,600		9,600
	5.280%, 02/07/08 (c)		42,500		42,500
	5.280%, 02/07/08 (c)		5,000		5,000
	5.375%, 02/28/08, Callable 05/02/07 @ 100		400		400
					74,597
Freddie Mac (10.4%)
	5.319%, 04/17/07 (b)		10,000		9,978
	3.750%, 08/03/07		5,000		4,975
	4.000%, 08/17/07		2,595		2,583
	4.050%, 09/24/07		2,900		2,884
	5.173%, 09/27/07 (c)		31,000		30,993
	4.625%, 10/05/07		8,700		8,675
	5.350%, 12/19/07, Callable 06/19/07 @ 100		15,000		15,000
	5.375%, 03/14/08, Callable 05/15/07 @ 100		24,500		24,500
					99,588
Total U.S. Government Agencies (Cost $235,726)					235,726
Repurchase Agreements (75.3%)
	Bear Stearns Cos., Inc., 5.325%, dated 03/30/07, to be repurchased on 04/02/07, repurchase price $55,368 (collateralized by U.S. Government Agencies; DN, 10/01/35; total market value $56,452)		55,343		55,343
	BNP Paribas, 5.265%, dated 03/30/07, to be repurchased on 04/02/07, repurchase price $163,374 (collateralized by U.S. Government Agencies; DN–4.875%, 04/15/07–04/10/08; total market value $166,569)		163,303		163,303
	HSBC Securities, Inc., 5.295%, dated 03/30/07, to be repurchased on 04/02/07, repurchase price $186,480 (collateralized by U.S. Government Agencies; 5.500%, 02/15/37; total market value $190,128)		186,397		186,397
	Lehman Brothers, Inc., 5.255%, dated 03/30/07, to be repurchased on 04/02/07, repurchase price $42,159 (collateralized by U.S. Government Agencies; 5.500%, 11/01/34; total market value $42,982)		42,141		42,141
	Merrill Lynch & Co., Inc., 5.255%, dated 03/30/07, to be repurchased on 04/02/07, repurchase price $24,374 (collateralized by U.S. Government Agencies; 4.000%–5.500%, 09/15/18–07/15/26; total market value $24,852)		24,363		24,363
	Morgan Stanley, 5.265%, dated 03/30/07, to be repurchased on 04/02/07, repurchase price $69,704 (collateralized by U.S. Government Agencies; 4.189%–6.052%, 06/01/33–02/01/37; total market value $71,077)		69,673		69,673

See Notes to Financial Statements.

156

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

U.S. Government Securities Money Market Fund — concluded

		Principal
		Amount($)		Value($)
Repurchase Agreements—continued
	UBS Warburg LLC, 5.335%, dated 03/30/07, to be repurchased on 04/02/07, repurchase price $173,518 (collateralized by U.S. Government Agencies; 4.000%–6.000%, 05/25/14–03/15/35; total market value $176,911)		173,441		173,441
Total Repurchase Agreements (Cost $714,661)					714,661
Total Investments (Cost $950,387) (a) — 100.1%					950,387
Liabilities in excess of other assets — (0.1)%					(1,293	)
Net Assets — 100.0%				$	949,094

(a)	Aggregate cost for federal income tax and financial reporting purposes is the same.
(b)	Rate represents the effective yield at purchase.
(c)	Variable rate security. Rate presented represents rate in effect at March 31, 2007. Maturity date represents actual maturity date.

DN	— Discount Note
LLC	— Limited Liability Company

See Notes to Financial Statements.

157

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

U.S. Treasury Money Market Fund

		Principal
		Amount($)		Value($)
U.S. Treasury Obligations (1.9%)
U.S. Treasury Bills (1.9%)
	5.129%, 04/12/07 (b)		9,000		8,986
	5.169%, 07/26/07 (b)		11,000		10,823
Total U.S. Treasury Obligations (Cost $19,809)					19,809
Repurchase Agreements (98.5%)
	ABN AMRO Bank N.V., 5.015%, dated 03/30/07 to be repurchased on 04/02/07, repurchase price $164,106 (collateralized by U.S. Treasury Obligations; DN, due 08/09/07–09/13/07; total market value $167,319)		164,037		164,037
	Bear Stearns Cos., Inc., 4.915%, dated 03/30/07 to be repurchased on 04/02/07, repurchase price $25,731 (collateralized by U.S. Treasury Obligations; 1.875%–4.625%, due 10/15/08–07/15/15; total market value $27,216)		25,720		25,720
	BNP Paribas, 4.965%, dated 03/30/07 to be repurchased on 04/02/07, repurchase price $111,928 (collateralized by U.S. Treasury Obligations; 3.625%–8.875%, due 01/15/08–08/15/17; total market value $114,119)		111,881		111,881
	Deutsche Bank AG, 5.015%, dated 03/30/07 to be repurchased on 04/02/07, repurchase price $13,237 (collateralized by U.S. Treasury Obligations; DN, due 05/15/08; total market value $13,496)		13,232		13,232
	Dresdner Bank AG, 5.065%, dated 03/30/07 to be repurchased on 04/02/07, repurchase price $97,059 (collateralized by U.S. Treasury Obligations; DN–4.000%, due 06/07/07–09/30/07; total market value $98,963)		97,019		97,019
	Greenwich Capital Markets, Inc., 5.085%, dated 03/30/07 to be repurchased on 04/02/07, repurchase price $161,585 (collateralized by U.S. Treasury Obligations; 4.000%–4.625%, due 04/15/10–02/15/17; total market value $164,751)		161,517		161,517
	HSBC Securities, Inc., 5.015%, dated 03/30/07 to be repurchased on 04/02/07, repurchase price $158,331 (collateralized by U.S. Treasury Obligations; 5.250%–7.875%, due 11/15/16–11/15/28; total market value $161,432)		158,265		158,265
	JP Morgan Chase & Co., 5.035%, dated 03/30/07 to be repurchased on 04/02/07, repurchase price $34,776 (collateralized by U.S. Treasury Obligations; 8.125%, due 05/15/21; total market value $35,460)		34,762		34,762
	Lehman Brothers, Inc., 4.665%, dated 03/30/07 to be repurchased on 04/02/07, repurchase price $15,160 (collateralized by U.S. Treasury Obligations; 8.500%, due 02/15/20; total market value $15,458)		15,154		15,154

See Notes to Financial Statements.

158

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

U.S. Treasury Money Market Fund — concluded

		Principal
		Amount($)		Value($)
	Merrill Lynch & Co., Inc., 5.065%, dated 03/30/07 to be repurchased on 04/02/07, repurchase price $40,457 (collateralized by U.S. Treasury Obligations; 4.750%, due 12/31/08; total market value $41,252)		40,440		40,440
	Morgan Stanley, 5.065%, dated 03/30/07 to be repurchased on 04/02/07, repurchase price $43,102 (collateralized by U.S. Treasury Obligations; DN, due 11/15/22; total market value $43,945)		43,083		43,083
	UBS Warburg LLC, 5.085%, dated 03/30/07 to be repurchased on 04/02/07, repurchase price $175,989 (collateralized by U.S. Treasury Obligations; DN–8.875%, due 02/15/19–08/15/31; total market value $179,434)		175,915		175,915
Total Repurchase Agreements (Cost $1,041,025)					1,041,025
Total Investments (Cost $1,060,834) (a) — 100.4%					1,060,834
Liabilities in excess of other assets — (0.4)%					(4,215	)
Net Assets — 100.0%				$	1,056,619

(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.

159

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Virginia Tax-Free Money Market Fund

		Shares or
		Principal
		Amount($)		Value($)
Municipal Bonds (91.4%)
Guam (1.8%)
	Guam Power Authority, Ser PA-531, RB, 3.650%, 10/01/18, LOC: Merrill Lynch Capital Services, Inc. (b)		11,025		11,025
Virginia (77.5%)
	Albemarle County Industrial Development Authority, University of Virginia Health Services Project, RB, 3.660%, 10/01/22, LOC: Wachovia Bank N.A. (b) (c)		5,795		5,795
	Alexandria Industrial Development Authority, American Red Cross Project, RB, 3.710%, 01/01/09, LOC: First Union National Bank (b)		1,145		1,145
	Alexandria Industrial Development Authority, Association for Supervision & Currency Project, RB, 3.660%, 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, 3.710%, 06/01/25, LOC: First Union National Bank (b)		4,060		4,060
	Alexandria Industrial Development Authority, Pooled Loan Program, Ser A, RB, 3.660%, 07/01/26, LOC: Bank of America N.A. (b)		1,000		1,000
	Amherst County Economic Development Authority, Englands Stove Works Project, RB, AMT, 3.780%, 02/01/27, LOC: Branch Banking & Trust Co. (b)		1,250		1,250
	Arlington County, Ballston Public Parking Project, RB, 3.670%, 08/01/17, LOC: Citibank N.A. (b)		6,350		6,350
	Ashland Industrial Development Authority, Health & Community Services Facilities, YMCA Greater Richmond Project, Ser A, RB, 3.660%, 11/01/20, LOC: Wachovia Bank N.A. (b) (c)		8,230		8,230
	Big Stone Gap Redevelopment & Housing Authority, Correctional Facility Lease, RB, 5.000%, 09/01/07		1,975		1,987
	Charlottesville Industrial Development Authority, Educational Facilities, University of Virginia Foundation Projects, Ser A, RB, 3.630%, 12/01/37, LOC: Wachovia Bank N.A. (b)		5,000		5,000
	Charlottesville Industrial Development Authority, Seminole, Ser A, RB, 3.720%, 12/01/13, Callable 12/01/07 @ 100, LOC: Branch Banking & Trust Co. (b)		3,340		3,340
	Chesapeake Bay Bridge & Tunnel Commission, District Authority, General Resolution Project, RB, 5.000%, 07/01/07, FGIC		1,045		1,049
	Chesapeake Bay Bridge & Tunnel Commission, District Authority, General Resolution Project, RB, 3.720%, 07/01/25, MBIA (b)		6,755		6,755

See Notes to Financial Statements.

160

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Virginia Tax-Free Money Market Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Virginia—continued
	Chesapeake Bay Bridge & Tunnel Commission, District Authority, Ser A-39, RB, 3.690%, 07/01/25, MBIA (b) (c)		1,490		1,490
	Clarke County Industrial Development Authority, Hospital Facilities, Winchester Medical Center Project, RB, 3.660%, 01/01/30, FSA (b)		19,480		19,480
	Danville-Pittsylvania Regional Industrial Facility Authority, Institute of Advanced Research Project, RB, 3.680%, 08/01/12, LOC: Branch Banking & Trust Co. (b)		5,015		5,015
	Fairfax County Economic Development Authority, Flint Hill School Project, RB, 3.720%, 09/01/21, LOC: First Union National Bank (b) (c)		4,365		4,365
	Fairfax County Economic Development Authority, Public Broadcasting Services Project, RB, 3.640%, 07/01/40, LOC: Bank of America N.A. (b)		12,000		12,000
	Fairfax County Economic Development Authority, Smithsonian Institute, Ser A, RB, 3.620%, 12/01/33, LOC: Bank of America N.A. (b)		4,000		4,000
	Fairfax County Economic Development Authority, Smithsonian Institute, Ser B, RB, 3.610%, 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, 3.560%, 10/01/25 (b)		2,250		2,250
	Fairfax County Industrial Development Authority, Fairfax Hospital Project, Ser B, RB, 3.560%, 10/01/25 (b)		4,475		4,475
	Fairfax County Industrial Development Authority, Inova Health Systems Project, RB, 3.560%, 01/01/30 (b)		6,620		6,620
	Fairfax County Industrial Development Authority, Inova Health Systems Project, Ser C-1, 3.630%, 05/15/26 (b)		8,000		8,000
	Fairfax County Industrial Development Authority, Inova Services Project, Ser A, RB, 3.560%, 01/15/22 (b)		1,300		1,300
	Fairfax County Redevelopment & Housing Authority, Affordable Housing, RB, 4.000%, 02/12/08		10,000		10,032
	Fairfax County Water Authority, Municipal Trade Receipts Project, Ser SGB-40A, RB, 3.690%, 04/01/30 (b)		7,850		7,850
	Fairfax County Water Authority, Ser A-18, RB, 3.690%, 04/01/23, LOC: IXIS Municipal Products (b) (c)		6,375		6,375
	Fairfax County Water Authority, Ser PZ-205, RB, 3.690%, 04/01/28, Callable 04/01/17 @ 100, LOC: Merrill Lynch Capital Services, Inc. (b) (c)		2,000		2,000
	Greene County Industrial Development Authority, Blue Ridge School Project, RB, 3.680%, 06/01/26, LOC: Branch Banking & Trust Co. (b)		5,550		5,550

See Notes to Financial Statements.

161

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Virginia Tax-Free Money Market Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Virginia—continued
	Hampton Roads Jail Authority, Ser 569, RB, 3.720%, 07/01/12, MBIA (b) (c)		1,185		1,185
	Hanover County Industrial Development Authority, Residential Care Facility, Covenant Woods Project, RB, 3.680%, 07/01/29, LOC: Branch Banking & Trust Co. (b) (c)		16,485		16,485
	Harrisonburg Redevelopment & Housing Authority, Multi-Family Housing, Ser PT-3097, RB, 3.760%, 05/01/40 (b)		8,710		8,710
	Harrisonburg Redevelopment & Housing Authority, Multi-Family Housing, Stoney Ridge/ Dale Project, RB, 3.560%, 08/01/32, FHLMC (b)		12,610		12,610
	Henrico County Economic Development Authority, Steward School Project, RB, 3.680%, 07/01/33, LOC: Branch Banking & Trust Co. (b)		2,500		2,500
	James City & County Economic Development Authority, Industrial Development, Historic Jamestown Project, RB, 3.660%, 11/01/24, LOC: Wachovia Bank N.A. (b)		800		800
	King George County Industrial Development Authority, Birchwood Power Partners, Ser A, RB, AMT, 3.800%, 10/01/24, LOC: Bank of Nova Scotia (b)		5,000		5,000
	King George County Industrial Development Authority, Lease, Ser PT-2473, RB, 3.690%, 03/01/24, FSA (b)		5,215		5,215
	Loudoun County Industrial Development Authority, Howard Hughes Medical Institute Project, Ser C, RB, 3.780%, 02/15/38 (b)		2,550		2,550
	Loudoun County Industrial Development Authority, Howard Hughes Medical Institute Project, Ser D, RB, 3.660%, 02/15/38 (b)		16,700		16,700
	Loudoun County Industrial Development Authority, Howard Hughes Medical Institute Project, Ser F, RB, 3.640%, 02/15/38 (b)		4,400		4,400
	Louisa County Industrial Development Authority, Pooled Financing Project, RB, 3.660%, 01/01/20, LOC: Bank of America N.A. (b) (c)		900		900
	Lynchburg Industrial Development Authority, Educational Facilities, Randolph Macon Project, RB, 3.660%, 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, 3.660%, 12/01/25, AMBAC (b)		11,480		11,480
	Newport News Industrial Development Authority, CNU Warwick LLC Student Housing Project, RB, 3.660%, 11/01/28, LOC: Bank of America N.A. (b)		5,220		5,220
	Norfolk Redevelopment & Housing Authority, Old Dominion University Foundation, RB, 3.660%, 08/01/31, CIFG (b)		8,000		8,000

See Notes to Financial Statements.

162

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Virginia Tax-Free Money Market Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Virginia—continued
	Norfolk, Capital Improvement, Ser B, GO, 5.000%, 07/01/07, FSA		3,200		3,212
	Peninsula Ports Authority, Dominion Terminal Associates Project, Ser C, RB, 3.800%, 07/01/16, LOC: Citibank N.A. (b)		60		60
	Peninsula Ports Authority, Riverside Health Systems Project, RB, 3.690%, 07/01/37 (b)		13,300		13,300
	Peninsula Ports Authority, Virginia Health System, Riverside Health System Project, RB, 5.000%, 07/01/07		1,000		1,004
	Prince William County, Public Improvements, Ser A, GO, 5.000%, 08/01/07		2,400		2,412
	Richmond, Anticipation Notes, GO, 4.000%, 06/21/07, State Aid Withholding		10,000		10,011
	Richmond, Ser PT-1601, 3.690%, 07/15/17, LOC: Merrill Lynch Capital Services, Inc. (b) (c)		12,465		12,465
	Rockingham County Industrial Development Authority, Sunnyside Presbyterian Project, RB, 3.680%, 12/01/33, LOC: Branch Banking & Trust Co. (b)		9,765		9,765
	Spotsylvania County Economic Development Authority, Public Facilities, Ser PT-2882, RB, 3.690%, 02/01/25, Callable 02/01/15 @ 100, FSA (b) (c)		2,780		2,780
	Sussex County Industrial Development Authority, McGill Environmental Systems, RB, AMT, 3.780%, 03/01/21, LOC: Branch Banking & Trust Co. (b)		1,000		1,000
	Tobacco Settlement Financing Corp., Ser PA-1303, RB, 3.700%, 06/01/37, Callable 06/01/15 @ 100, LOC: Merrill Lynch Capital Services, Inc. (b) (c)		9,900		9,900
	Tobacco Settlement Financing Corp., Ser PA-1341, RB, 3.710%, 06/01/37, Callable 06/01/15 @ 100, LOC: Merrill Lynch Capital Services, Inc. (b) (c)		300		300
	University of Virginia, Ser A, RB, 3.630%, 06/01/34 (b)		24,500		24,500
	Virginia Beach Development Authority, Ocean Ranch Project, RB, 3.680%, 07/01/17, LOC: Branch Banking & Trust Co. (b) (c)		1,685		1,685
	Virginia College Building Authority, Educational Facilities, 21st Century College, Ser B, RB, 3.770%, 02/01/26, Callable 02/01/14 @ 100, LOC: Wachovia Bank N.A. (b)		3,000		3,000
	Virginia College Building Authority, Educational Facilities, Public Higher Education Financing Program, Ser A, RB, 5.000%, 09/01/07, State Aid Withholding		1,945		1,957
	Virginia College Building Authority, Educational Facilities, Ser 134, RB, 3.700%, 09/01/07, FSA (b) (c)		9,375		9,375

See Notes to Financial Statements.

163

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Virginia Tax-Free Money Market Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Virginia—continued
	Virginia Commonwealth Transportation Board, Federal Highway Reimbursement Notes, 5.000%, 10/01/07		3,155		3,178
	Virginia Commonwealth Transportation Board, ROCS RR II, Ser R 1013, RB, 3.720%, 04/01/17, Callable 04/01/12 @ 100, LOC: Citigroup Global Markets (b) (c)		6,310		6,310
	Virginia Commonwealth Transportation Board, Ser SG 134, RB, 3.690%, 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)		5,945		5,945
	Virginia Housing Development Authority, Commonwealth Mortgage, Ser D-3, RB, AMT, 3.750%, 10/01/07		1,000		1,000
	Virginia Housing Development Authority, Commonwealth Mortgage, Ser PA-1310R, RB, 3.690%, 07/01/36, Callable 07/01/11@ 100, MBIA (b) (c)		19,000		19,000
	Virginia Resources Authority, Clean Water, Ser PA-790, RB, 3.690%, 10/01/16, Callable 10/01/10 @ 100, LOC: Merrill Lynch Capital Services, Inc. (b) (c)		4,600		4,600
	Virginia Small Business Financing Authority, Virginia Museum of Fine Arts Foundation, RB, 3.640%, 08/01/35, LOC: Wachovia National Bank N.A. (b)		1,000		1,000
	Virginia Small Business Financing Authority, Virginia State University Real Estate, RB, 3.660%, 07/01/31, CIFG (b)		8,975		8,975
	Virginia State Public Building Authority, Public Facilities, Ser 131, RB, 3.690%, 08/01/19, Callable 08/01/08 @ 100, MBIA (b) (c)		1,785		1,785
	Virginia State Public School Authority, School Financing, 1997 Resolution Program, Ser C, RB, 5.000%, 08/01/07, State Aid Withholding		5,660		5,689
	Virginia State Public School Authority, School Financing, 1997 Resolution Program, Ser D, RB, 5.000%, 02/01/08, State Aid Withholding		8,000		8,091
	Virginia State Public School Authority, Ser II-R 4050, RB, 3.710%, 08/01/17, Callable 08/01/13 @ 100 (b) (c)		4,085		4,085
	Virginia State Public School Authority, Ser PT-1619, RB, 3.690%, 08/01/08, LOC: Merrill Lynch Capital Services, Inc. (b) (c)		4,345		4,345
	Virginia State Public School Authority, Ser PT-3269, RB, 3.690%, 08/01/20, Callable 08/01/15 @ 100, State Aid Withholding (b) (c)		7,305		7,305
	Virginia State, GO, 4.000%, 06/01/07		1,500		1,501

See Notes to Financial Statements.

164

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Virginia Tax-Free Money Market Fund — continued

		Shares or
		Principal
		Amount($)		Value($)
Virginia—continued
	Virginia State, Ser B, GO, 5.000%, 06/01/07		6,805		6,822
	Williamsburg Industrial Development Authority, Colonial Williamsburg Foundation, RB, 3.660%, 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, 3.680%, 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, 3.680%, 01/01/35, LOC: Branch Banking & Trust Co. (b)		2,000		2,000
					471,870
Puerto Rico (10.4%)
	Puerto Rico Commonwealth, Ser PA-625, GO, 3.640%, 07/01/10, AMBAC (b) (c)		3,000		3,000
	Puerto Rico Commonwealth, Ser PA-943, GO, 3.640%, 07/01/19, MBIA (b) (c)		5,000		5,000
	Puerto Rico Electric Power Authority, Ser PA-778R, RB, 3.640%, 07/01/20, FSA (b) (c)		1,400		1,400
	Puerto Rico Government Development Bank, RB, 3.470%, 12/01/15, MBIA (b)		5,600		5,600
	Puerto Rico Highway & Transportation Authority, PT-776, RB, 3.640%, 01/01/11, FGIC (b) (c)		1,900		1,900
	Puerto Rico Highway & Transportation Authority, Ser PA-1380R, RB, 3.640%, 07/01/41, CIFG (b) (c)		8,000		8,000
	Puerto Rico Highway & Transportation Authority, Ser PA-472, RB, 3.640%, 07/01/18, FSA (b) (c)		600		600
	Puerto Rico Highway & Transportation Authority, Ser PA-534, RB, 3.640%, 01/01/19, AMBAC (b) (c)		11,400		11,400
	Puerto Rico Housing, Floater-TRS Trust Ser 2006 FR/ RI Lehman Brothers, Inc. as Trustor Underwriter, Ser K42, RB, 3.670%, 12/01/19 (b) (c)		7,460		7,460
	Puerto Rico Infrastructure Financing Authority, Ser MT-172, RB, 3.640%, 07/01/26, FGIC (b) (c)		2,485		2,485
	Puerto Rico Infrastructure Financing Authority, Ser MT-252, RB, 3.640%, 07/01/20, FGIC (b) (c)		8,000		8,000
	Puerto Rico Municipal Finance Agency, Ser PT-3326, RB, 3.640%, 08/01/21, CIFG (b) (c)		4,830		4,830
	Puerto Rico Public Building Authority, Ser PT-2973, RB, 3.640%, 07/01/16, FGIC (b) (c)		2,500		2,500
	Puerto Rico Public Finance Corp., Ser PA-502, 3.640%, 06/01/19, LOC: Merrill Lynch Capital Services, Inc. (b) (c)		1,315		1,315
					63,490
Other (1.7%)
	Eagle Tax Exempt Trust Certificates, Ser 994601, RB, 3.720%, 05/15/19, Callable 05/15/09 @ 101 LOC: Citibank N.A. (b) (c)		10,560		10,560
Total Municipal Bonds (Cost $556,945)					556,945

See Notes to Financial Statements.

165

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands, except Shares)

Virginia Tax-Free Money Market Fund — concluded

		Shares or
		Principal
		Amount($)		Value($)
Money Market Fund (4.4%)
	Federated Virginia Municipal Cash Trust, Institutional Class, 2.700%		26,497,436		26,497
Total Money Market Fund (Cost $26,497)					26,497
Total Investments (Cost $583,442) (a) — 95.8%					583,442
	Other assets in excess of liabilities — 4.2%				25,290
Net Assets — 100.0%				$	608,732

(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 March 31, 2007. 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 adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. These securities represent 34.6% of net assets as of March 31, 2007.

AMBAC	— Security insured by American Municipal Bond Assurance Corporation
AMT	— Alternative Minimum Tax Paper
CIFG	— Security insured by Capitalized Interest Financial Guaranty
FGIC	— Security insured by Financial Guaranty Insurance Company
FHLMC	— Security insured by Federal Home Loan Mortgage Corporation
FSA	— Security insured by Financial Security Assurance
GO	— General Obligation
LLC	— Limited Liability Corporation
LOC	— Letter of Credit
MBIA	— Security insured by Municipal Bond Insurance Association
RB	— Revenue Bond
Ser	— Series

See Notes to Financial Statements.

166

STATEMENTS OF ASSETS AND LIABILITIES

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands)

																		Investment						Limited-
			Georgia			High												Grade						Term
			Tax-			Grade									Investment			Tax-						Federal
			Exempt			Municipal			High			Intermediate			Grade			Exempt			Limited			Mortgage
			Bond			Bond			Income			Bond			Bond			Bond			Duration			Securities
			Fund			Fund			Fund			Fund			Fund			Fund			Fund			Fund
Assets:
	Total Investments, at Cost		$	148,104		$	170,630		$	88,894		$	94,620		$	540,230		$	439,245		$	39,992		$	453,986
	Investments, at Value*		$	151,358		$	172,420		$	87,705		$	92,654		$	529,054		$	440,716		$	39,526		$	447,535
	Investments in Affiliates, at Value (Cost $—, $—, $—, $2,068, $11,917, $—, $464, $5,514)			—			—			—			2,068			11,917			—			464			5,514
	Repurchase Agreements, at Value and Cost			—			—			2,996			—			—			—			—			—
Total Investments				151,358			172,420			90,701			94,722			540,971			440,716			39,990			453,049
	Cash			3			—			—			—			—			—			—			—
	Interest and Dividends Receivable			2,001			2,409			1,677			1,169			5,174			5,296			348			2,355
	Receivable for Capital Shares Issued			116			166			292			190			3,404			1,374			143			613
	Receivable for Investment Securities Sold			—			8,165			6,449			11,873			55,314			21,947			—			4,795
	Appreciated Credit Default Swap Agreements, at Value (Cost $—, $—, $—, $7, $42, $—, $—, $—)			—			—			32			7			44			—			—			—
	Prepaid Expenses			2			17			2			1			5			8			1			3
		Total Assets		153,480			183,177			99,153			107,962			604,912			469,341			40,482			460,815
Liabilities:
	Payable for Fund Overdraft			—			—			45			—			—			—			—			—
	Income Distributions Payable			540			503			506			407			1,893			1,192			184			1,756
	Payable for Investment Securities Purchased			—			8,705			7,202			13,082			63,846			38,262			—			—
	Depreciated Credit Default Swap Agreements, at Value (Proceeds $—, $—, $—, $—, $—,$—, $—, $—)			—			—			3			7			43			—			—			—
	Payable for Capital Shares Redeemed			261			578			78			207			4,005			203			—			1,755
	Payable upon Return of Securities Loaned			—			—			19,074			—			115,143			—			—			16,240
	Investment Advisory Fees Payable			72			92			39			9			181			179			3			187
	Administration and Fund Accounting Fees Payable			3			2			1			1			8			9			1			9
	Compliance Services Fees Payable			1			1			—			—			2			1			—			2
	Distribution and Service Fees Payable			6			6			25			—			12			10			—			13
	Custodian Fees Payable			1			1			2			2			5			2			1			6
	Accrued Expenses			11			14			9			5			28			33			2			28
		Total Liabilities		895			9,902			26,984			13,720			185,166			39,891			191			19,996
Total Net Assets			$	152,585		$	173,275		$	72,169		$	94,242		$	419,746		$	429,450		$	40,291		$	440,819
Net Assets Consist of:
	Capital		$	149,680		$	171,057		$	69,233		$	97,424		$	434,360		$	426,789		$	40,325		$	459,899
	Undistributed (Distributions in Excess of) Net Investment Income			(237	)		(8	)		2			(90	)		(64	)		(153	)		—			516
	Accumulated Net Realized Gains (Losses) on Investment Transactions and Swaps			(112	)		436			1,098			(3,187	)		(15,250	)		1,343			(32	)		(18,659	)
	Net Unrealized Appreciation (Depreciation) on Investments and Swaps			3,254			1,790			1,836			95			700			1,471			(2	)		(937	)
Total Net Assets			$	152,585		$	173,275		$	72,169		$	94,242		$	419,746		$	429,450		$	40,291		$	440,819
Net Assets:
	I Shares		$	142,485		$	163,707		$	42,809		$	94,136		$	394,196		$	410,473		$	40,291		$	422,749
	A Shares		$	3,592		$	2,844		$	498		$	105		$	16,526		$	11,723			N/A		$	3,540
	C Shares		$	6,508		$	6,724		$	28,862		$	1		$	9,024		$	7,254			N/A		$	14,530
Shares Outstanding (unlimited number of shares authorized, no par value):
	I Shares			13,906			14,987			5,817			9,451			37,562			35,792			4,035			42,541
	A Shares			350			260			68			11			1,575			1,021			N/A			357
	C Shares			635			614			3,921			—			859			633			N/A			1,461
Net Asset Value and Redemption Price Per Share:†
	I Shares		$	10.25		$	10.92		$	7.36		$	9.96		$	10.49		$	11.47		$	9.98		$	9.94
	A Shares		$	10.26		$	10.93		$	7.37		$	9.95		$	10.49		$	11.48			N/A		$	9.92
	C Shares**		$	10.25		$	10.95		$	7.36		$	9.95		$	10.50		$	11.46			N/A		$	9.94
Offering Price Per Share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
	I Shares		$	10.25		$	10.92		$	7.36		$	9.96		$	10.49		$	11.47		$	9.98		$	9.94
	A Shares		$	10.77		$	11.48		$	7.74		$	10.45		$	11.01		$	12.05			N/A		$	10.17
	C Shares		$	10.25		$	10.95		$	7.36		$	9.95		$	10.50		$	11.46			N/A		$	9.94
Maximum Sales Charge — A Shares				4.75	%		4.75	%		4.75	%		4.75	%		4.75	%		4.75	%		N/A			2.50	%

*	The High Income Fund, Investment Grade Bond Fund and Limited Term Federal Mortgage Securities Fund include securities on loan of $18,189, $110,894 and $15,696, respectively.
**	Redemption price per share varies by length of time shares are held.
†	Per Share amounts may not recalculate due to rounding of net assets and/or shares outstanding.
	Amounts designated as “—” are $0 or have been rounded to $0.

See Notes to Financial Statements.

167

STATEMENTS OF ASSETS AND LIABILITIES

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands)

									Seix									Short-Term
			Maryland			North Carolina			Floating Rate			Seix						U.S. Treasury			Strategic
			Municipal			Tax-Exempt			High Income			High Yield			Short-Term			Securities			Income
			Bond Fund			Bond Fund			Fund			Fund			Bond Fund			Fund			Fund
Assets:
	Total Investments, at Cost		$	35,832		$	46,097		$	643,854		$	1,261,092		$	565,493		$	74,607		$	129,425
	Investments, at Value*		$	36,685		$	46,638		$	571,973		$	1,269,777		$	560,745		$	74,659		$	131,029
	Investments in Affiliates, at Value (Cost $—, $—, $—, $—, $4,663, $—, $—)			—			—			—			—			4,663			—			—
	Repurchase Agreements, at Value and Cost			—			—			73,828			6,755			—			—			—
	Total Investments			36,685			46,638			645,801			1,276,532			565,408			74,659			131,029
	Cash			—			—			—			5			—			—			—
	Interest and Dividends Receivable			420			619			4,557			22,284			3,377			878			1,995
	Receivable for Capital Shares Issued			16			2			4,237			6,556			695			73			293
	Receivable for Investment Securities Sold			539			—			35,480			26,710			161			—			15,130
	Reclaims Receivable			—			—			—			—			—			—			12
	Prepaid Expenses			1			1			12			17			10			9			7
		Total Assets		37,661			47,260			690,087			1,332,104			569,651			75,619			148,466
Liabilities:
	Payable for Fund Overdraft			—			—			1,072			—			—			—			—
	Income Distributions Payable			111			138			3,748			7,172			1,693			251			843
	Payable for Investment Securities Purchased			1,091			2,067			90,722			23,668			5,631			—			15,854
	Payable for Capital Shares Redeemed			—			—			979			295			1,736			103			697
	Unrealized Depreciation on Unfunded Transactions			—			—			104			—			—			—			—
	Payable upon Return of Securities Loaned			—			—			—			149,062			125,391			4,410			10,108
	Investment Advisory Fees Payable			17			21			218			443			148			24			57
	Administration and Fund Accounting Fees Payable			1			1			12			25			9			1			—
	Compliance Services Fees Payable			—			—			2			5			1			—			—
	Distribution and Service Fees Payable			6			—			3			11			5			10			28
	Custodian Fees Payable			1			1			2			11			6			—			45
	Accrued Expenses			3			4			48			74			31			9			14
		Total Liabilities		1,230			2,232			96,910			180,766			134,651			4,808			27,646
Total Net Assets			$	36,431		$	45,028		$	593,177		$	1,151,338		$	435,000		$	70,811		$	120,820
Net Assets Consist of:
	Capital		$	35,598		$	44,684		$	589,837		$	1,153,149		$	446,541		$	73,229		$	124,486
	Undistributed (Distributions in Excess of) Net Investment Income			(41	)		(63	)		29			17			52			(1	)		(965	)
	Accumulated Net Realized Gains (Losses) on Investment Transactions, Swaps and Foreign Currency Transactions			21			(134	)		1,468			(17,268	)		(11,508	)		(2,469	)		(4,305	)
	Net Unrealized Appreciation (Depreciation) on Investments, Swaps and Foreign Currency Transactions			853			541			1,843			15,440			(85	)		52			1,604
Total Net Assets			$	36,431		$	45,028		$	593,177		$	1,151,338		$	435,000		$	70,811		$	120,820
Net Assets:
	I Shares		$	29,513		$	44,130		$	582,867		$	1,116,851		$	426,757		$	55,459		$	86,812
	A Shares		$	45		$	896		$	10,310		$	29,517		$	3,742		$	3,974		$	1,144
	C Shares		$	6,873		$	2			N/A		$	4,970		$	4,501		$	11,378		$	32,864
Shares Outstanding (unlimited number of shares authorized, no par value):
	I Shares			2,892			4,390			58,387			103,020			43,622			5,627			8,786
	A Shares			4			89			1,033			2,784			382			404			115
	C Shares			672			—			N/A			459			459			1,157			3,325
Net Asset Value and Redemption Price Per Share:†
	I Shares		$	10.21		$	10.05		$	9.98		$	10.84		$	9.78		$	9.86		$	9.88
	A Shares		$	10.22		$	10.03		$	9.99		$	10.60		$	9.81		$	9.85		$	9.92
	C Shares**		$	10.23		$	10.04			N/A		$	10.83		$	9.81		$	9.84		$	9.88
Offering Price Per Share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
	I Shares		$	10.21		$	10.05		$	9.98		$	10.84		$	9.78		$	9.86		$	9.88
	A Shares		$	10.73		$	10.53		$	10.25		$	11.13		$	10.06		$	10.10		$	10.41
	C Shares		$	10.23		$	10.04			N/A		$	10.83		$	9.81		$	9.84		$	9.88
Maximum Sales Charge — A Shares				4.75	%		4.75	%		2.50	%		4.75	%		2.50	%		2.50	%		4.75	%

*	The Seix High Yield Fund, Short-Term Bond Fund, Short-Term U.S. Treasury Securities Fund and Strategic Income Fund include securities on loan of $142,376, $121,814, $4,293 and $9,619, respectively.
**	Redemption price per share varies by length of time shares are held.
†	Per Share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

Amounts designated as “—” are $0 or have been rounded to $0.

See Notes to Financial Statements.

168

STATEMENTS OF ASSETS AND LIABILITIES

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands)

												U.S.
												Government
												Securities			Virginia
			Total			Ultra-			U.S.			Ultra-			Intermediate
			Return			Short			Government			Short			Municipal
			Bond			Bond			Securities			Bond			Bond
			Fund			Fund			Fund			Fund			Fund
Assets:
	Total Investments, at Cost		$	605,710		$	83,445		$	684,211		$	36,408		$	216,792
	Investments, at Value*		$	588,955		$	82,955		$	678,292		$	36,554		$	221,418
	Investments in Affiliates, at Value (Cost $15,691, $830, $7,570, $—, $—)			15,691			830			7,570			—			—
	Total Investments			604,646			83,785			685,862			36,554			221,418
	Interest and Dividends Receivable			5,760			500			4,278			160			2,968
	Receivable for Capital Shares Issued			6,576			2,100			1,268			45			32
	Receivable for Investment Securities Sold			78,238			370			82,934			1,174			—
	Appreciated Credit Default Swap Agreements, at Value (Cost $32, $—, $—, $—, $—)			34			—			—			—			—
	Reclaims Receivable			1			—			—			—			—
	Prepaid Expenses			2			7			3			7			1
		Total Assets		695,257			86,762			774,345			37,940			224,419
Liabilities:
	Payable for Fund Overdraft			—			1			—			—			—
	Income Distributions Payable			2,672			434			2,305			129			697
	Payable for Investment Securities Purchased			90,161			627			85,837			2,784			—
	Depreciated Credit Default Swap Agreements, at Value (Proceeds $—, $—, $—, $—, $—)			33			—			—			—			—
	Payable for Capital Shares Redeemed			179			24			1,500			5			—
	Payable upon Return of Securities Loaned			—			—			141,388			596			—
	Investment Advisory Fees Payable			125			16			229			5			105
	Administration and Fund Accounting Fees Payable			13			1			11			—			3
	Compliance Services Fees Payable			2			—			2			—			1
	Distribution and Service Fees Payable			—			—			5			—			3
	Custodian Fees Payable			10			6			5			3			2
	Accrued Expenses			33			7			37			7			16
		Total Liabilities		93,228			1,116			231,319			3,529			827
Total Net Assets			$	602,029		$	85,646		$	543,026		$	34,411		$	223,592
Net Assets Consist of:
	Capital		$	612,343		$	87,654		$	550,227		$	35,548		$	219,073
	Undistributed (Distributions in Excess of) Net Investment Income			(648	)		73			302			60			(11	)
	Accumulated Net Realized Gains (Losses) on Investment Transactions, Swaps and Foreign Currency Transactions			(8,571	)		(2,421	)		(9,154	)		(1,343	)		(96	)
	Net Unrealized Appreciation (Depreciation) on Investments, Swaps and Foreign Currency Transactions			(1,095	)		340			1,651			146			4,626
Total Net Assets			$	602,029		$	85,646		$	543,026		$	34,411		$	223,592
Net Assets:
	I Shares		$	601,676		$	85,646		$	535,056		$	34,411		$	214,908
	A Shares		$	324			N/A		$	2,849			N/A		$	5,395
	C Shares		$	29			N/A		$	5,121			N/A		$	3,289
Shares Outstanding (unlimited number of shares authorized, no par value):
	I Shares			60,402			8,565			52,003			3,457			21,252
	A Shares			32			N/A			277			N/A			534
	C Shares			3			N/A			498			N/A			325
Net Asset Value and Redemption Price Per Share:†
	I Shares		$	9.96		$	10.00		$	10.29		$	9.95		$	10.11
	A Shares		$	10.26			N/A		$	10.29			N/A		$	10.11
	C Shares**		$	9.96			N/A		$	10.29			N/A		$	10.11
Offering Price Per Share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
	I Shares		$	9.96		$	10.00		$	10.29		$	9.95		$	10.11
	A Shares		$	10.77			N/A		$	10.80			N/A		$	10.61
	C Shares		$	9.96			N/A		$	10.29			N/A		$	10.11
Maximum Sales Charge — A Shares				4.75	%		N/A			4.75	%		N/A			4.75	%

*	The U.S. Government Securities Fund and U.S. Government Securities Ultra-Short Bond Fund include securities on loan of $136,787 and $574, respectively.
**	Redemption price per share varies by length of time shares are held.
†	Per Share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

Amounts designated as “—” are $0 or have been rounded to $0.

See Notes to Financial Statements.

169

STATEMENTS OF ASSETS AND LIABILITIES

STI CLASSIC FUNDS  March 31, 2007  (Amounts in thousands)

													Virginia
			Prime Quality		Tax-Exempt		U.S. Government			U.S. Treasury			Tax-Free
			Money		Money		Securities Money			Money			Money
			Market Fund		Market Fund		Market Fund			Market Fund			Market Fund
Assets:
	Total Investments, at Cost		$	9,221,474	$	1,743,017	$	950,387		$	1,060,834		$	583,442
	Investments, at Value		$	9,146,780	$	1,743,017	$	235,726		$	19,809		$	583,442
	Repurchase Agreements, at Value and Cost			74,694		—		714,661			1,041,025			—
		Total Investments		9,221,474		1,743,017		950,387			1,060,834			583,442
	Accrued Income			40,516		12,457		2,049			291			3,643
	Receivable for Capital Shares Issued			24,675		1,523		1,014			152			1,011
	Receivable for Investment Securities Sold			—		4,744		—			—			22,595
	Prepaid Expenses			11		5		5			4			6
		Total Assets		9,286,676		1,761,746		953,455			1,061,281			610,697
Liabilities:
	Payable for Fund Overdraft			—		4,057		—			—			—
	Income Distributions Payable			36,565		4,692		3,791			4,091			1,529
	Payable for Investment Securities Purchased			74,993		—		—			—			134
	Investment Advisory Fees Payable			3,685		667		447			483			201
	Administration and Fund Accounting Fees Payable			185		36		20			22			12
	Compliance Services Fees Payable			30		6		3			4			2
	Distribution and Service Fees Payable			735		76		32			4			47
	Custodian Fees Payable			35		8		3			5			3
	Accrued Expenses			710		100		65			53			37
		Total Liabilities		116,938		9,642		4,361			4,662			1,965
Total Net Assets			$	9,169,738	$	1,752,104	$	949,094		$	1,056,619		$	608,732
Net Assets Consist of:
	Capital		$	9,169,705	$	1,751,959	$	949,082		$	1,056,751		$	608,719
	Undistributed (Distributions in Excess of) Net Investment Income			33		26		13			80			13
	Accumulated Net Realized Gains (Losses) on Investment Transactions			—		119		(1	)		(212	)		—
Total Net Assets			$	9,169,738	$	1,752,104	$	949,094		$	1,056,619		$	608,732
Net Assets:
	I Shares		$	3,248,781	$	1,157,688	$	691,145		$	1,025,065		$	230,191
	A Shares		$	5,917,224	$	594,416	$	257,949		$	31,554		$	378,541
	C Shares		$	3,733		N/A		N/A			N/A			N/A
Shares Outstanding (unlimited number of shares authorized, no par value):
	I Shares			3,248,810		1,157,559		691,136			1,025,197			230,186
	A Shares			5,917,160		594,400		257,947			31,554			378,532
	C Shares			3,735		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.

170

STATEMENTS OF OPERATIONS

STI CLASSIC FUNDS  For the Year Ended March 31, 2007  (Amounts in thousands)

																		Investment						Limited-
			Georgia			High												Grade						Term
			Tax-			Grade									Investment			Tax-						Federal
			Exempt			Municipal			High			Intermediate			Grade			Exempt			Limited			Mortgage
			Bond			Bond			Income			Bond			Bond			Bond			Duration			Securities
			Fund			Fund			Fund			Fund			Fund			Fund			Fund			Fund
Investment Income:
	Interest Income		$	6,033		$	6,657		$	6,164		$	3,945		$	23,025		$	13,109		$	3,680		$	19,626
	Dividend Income			80			289			108			1			—			752			—			—
	Dividend Income from Affiliated Investment Companies			—			—			—			52			110			—			83			366
	Income from Securities Lending			—			—			48			—			567			—			—			38
		Total Investment Income		6,113			6,946			6,320			3,998			23,702			13,861			3,763			20,030
Expenses:
	Investment Advisory Fees			780			960			430			201			2,259			1,808			73			2,058
	Administration and Fund Accounting Fees			36			44			18			20			114			91			18			104
	Compliance Services Fees			3			3			1			2			8			6			1			7
	Distribution Fees — A Shares			5			6			1			—			55			45			—			8
	Distribution and Service Fees — C Shares			78			76			314			1			109			87			—			168
	Custodian Fees			3			2			4			6			4			5			2			20
	Professional Fees			7			8			4			3			17			17			3			20
	Insurance Fees			3			4			2			2			13			8			2			9
	Registration Fees			8			23			12			6			17			21			4			12
	Transfer Agent Expenses			1			3			20			—			22			17			—			19
	Printing Fees			4			4			7			—			25			10			(5	)		13
	Trustees’ Fees			3			4			2			2			10			8			2			9
	Other Fees			4			7			6			10			(7	)		10			2			(11	)
		Total Expenses		935			1,144			821			253			2,646			2,133			102			2,436
		Less: Administration Fees Waived		(1	)		(12	)		(8	)		(2	)		(3	)		(2	)		—			(3	)
		Net Expenses		934			1,132			813			251			2,643			2,131			102			2,433
Net Investment Income				5,179			5,814			5,507			3,747			21,059			11,730			3,661			17,597
Net Realized and Unrealized Gain (Loss) on Investments and Swaps:
	Net Realized Gain (Loss) on Investments Sold and Swaps			(111	)		566			2,975			(424	)		(8,199	)		2,189			(49	)		(2,755	)
	Net Change in Unrealized Appreciation (Depreciation) on Investments and Swaps			1,537			1,264			992			1,667			12,152			1,681			10			6,234
	Net Realized and Unrealized Gain (Loss) on Investments and Swaps			1,426			1,830			3,967			1,243			3,953			3,870			(39	)		3,479
Change in Net Assets from Operations			$	6,605		$	7,644		$	9,474		$	4,990		$	25,012		$	15,600		$	3,622		$	21,076

Amounts designated as “—” are $0 or have been rounded to $0.

See Notes to Financial Statements.

171

STATEMENTS OF OPERATIONS

STI CLASSIC FUNDS  For the Year Ended March 31, 2007  (Amounts in thousands)

					North			Seix									Short-Term
			Maryland		Carolina			Floating			Seix						U.S. Treasury			Strategic
			Municipal		Tax-Exempt			Rate High			High Yield			Short-Term			Securities			Income
			Bond Fund		Bond Fund			Income Fund			Fund			Bond Fund			Fund			Fund
Investment Income:
	Interest Income		$	1,646	$	1,753		$	31,201		$	91,109		$	16,692		$	3,174		$	10,239
	Dividend Income			31		45			7			—			135			29			118
	Dividend Income from Affiliated Investment Companies			—		—			—			—			196			—			—
	Income from Securities Lending			—		—			—			438			246			16			152
		Total Investment Income		1,677		1,798			31,208			91,547			17,269			3,219			10,509
Expenses:
	Investment Advisory Fees			211		239			1,859			5,343			1,428			293			1,058
	Administration and Fund Accounting Fees			10		11			104			312			90			18			45
	Compliance Services Fees			1		1			8			22			7			1			3
	Distribution Fees — A Shares			—		1			13			80			8			8			5
	Distribution and Service Fees — C Shares			78		—			—			54			61			145			384
	Custodian Fees			1		1			7			13			14			—			95
	Professional Fees			2		1			49			63			18			3			7
	Insurance Fees			1		1			4			30			7			2			6
	Registration Fees			6		6			28			27			23			21			24
	Transfer Agent Expenses			3		—			2			52			9			15			27
	Printing Fees			2		(4	)		22			46			27			5			7
	Trustees’ Fees			1		1			9			28			8			2			4
	Other Fees			1		1			15			13			(4	)		(13	)		8
		Total Expenses		317		259			2,120			6,083			1,696			500			1,673
		Less: Investment Advisory Fees Waived		—		—			—			—			—			—			(28	)
		Less: Administration Fees Waived		—		—			(17	)		(7	)		(2	)		—			(12	)
		Net Expenses		317		259			2,103			6,076			1,694			500			1,633
Net Investment Income				1,360		1,539			29,105			85,471			15,575			2,719			8,876
Net Realized and Unrealized Gain (Loss) on Investments, Swaps and Foreign Currency Transactions:
	Net Realized Gain (Loss) on Investments Sold, Swaps, Forward Foreign Currency Contracts, and Foreign Currency Transactions			62		40			2,204			(6,489	)		(1,256	)		(733	)		1,505
	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			307		606			2,172			24,870			4,174			1,163			3,394
	Net Realized and Unrealized Gain on Investments, Swaps and Foreign Currency Transactions			369		646			4,376			18,381			2,918			430			4,899
Change in Net Assets from Operations			$	1,729	$	2,185		$	33,481		$	103,852		$	18,493		$	3,149		$	13,775

Amounts designated as “—” are $0 or have been rounded to $0.

See Notes to Financial Statements.

172

STATEMENTS OF OPERATIONS

STI CLASSIC FUNDS  For the Year Ended March 31, 2007  (Amounts in thousands)

												U.S.
												Government
												Securities			Virginia
			Total			Ultra-			U.S.			Ultra-			Intermediate
			Return			Short			Government			Short			Municipal
			Bond			Bond			Securities			Bond			Bond
			Fund			Fund			Fund			Fund			Fund
Investment Income:
	Interest Income		$	28,504		$	7,349		$	23,327		$	1,518		$	8,628
	Dividend Income			—			138			—			42			70
	Dividend Income from Affiliated Investment Companies			362			50			523			—			—
	Income from Securities Lending			—			22			433			4			—
		Total Investment Income		28,866			7,559			24,283			1,564			8,698
Expenses:
	Investment Advisory Fees			1,364			343			2,311			69			1,144
	Administration and Fund Accounting Fees			138			40			117			9			52
	Compliance Services Fees			10			2			9			1			4
	Distribution Fees — A Shares			1			—			8			—			8
	Distribution and Service Fees — C Shares			—			—			63			—			24
	Custodian Fees			26			27			14			16			4
	Professional Fees			25			6			22			2			10
	Insurance Fees			12			5			10			1			5
	Registration Fees			11			12			15			15			16
	Transfer Agent Expenses			(1	)		(1	)		11			1			2
	Printing Fees			16			3			15			4			(5	)
	Trustees’ Fees			12			4			10			1			5
	Other Fees			21			(1	)		(10	)		(4	)		7
		Total Expenses		1,635			440			2,595			115			1,276
		Less: Investment Advisory Fees Waived		—			—			—			(11	)		—
		Less: Administration Fees Waived		(3	)		(6	)		(3	)		(5	)		(11	)
		Net Expenses		1,632			434			2,592			99			1,265
Net Investment Income				27,234			7,125			21,691			1,465			7,433
Net Realized and Unrealized Gain (Loss) on Investments, Swaps and Foreign Currency Transactions:
	Net Realized Gain (Loss) on Investments Sold, Swaps, Forward Foreign Currency Contracts, and Foreign Currency Transactions			(2,496	)		(520	)		(2,786	)		(108	)		58
	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			8,248			1,489			8,034			469			2,167
	Net Realized and Unrealized Gain on Investments, Swaps and Foreign Currency Transactions			5,752			969			5,248			361			2,225
Change in Net Assets from Operations			$	32,986		$	8,094		$	26,939		$	1,826		$	9,658

Amounts designated as “—” are $0 or have been rounded to $0.

See Notes to Financial Statements.

173

STATEMENTS OF OPERATIONS

STI CLASSIC FUNDS  For the Year Ended March 31, 2007  (Amounts in thousands)

									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		$	413,328		$	66,312		$	39,112		$	70,780		$	19,254
	Dividend Income			7,572			1,046			—			—			435
		Total Investment Income		420,900			67,358			39,112			70,780			19,689
Expenses:
	Investment Advisory Fees			38,890			8,272			4,184			7,550			2,227
	Administration and Fund Accounting Fees			2,020			475			192			352			141
	Compliance Services Fees			142			32			14			26			10
	Distribution Fees — A Shares			7,313			936			367			36			501
	Distribution and Service Fees — C Shares			10			—			—			—			—
	Custodian Fees			36			24			7			14			8
	Professional Fees			375			80			37			62			26
	Insurance Fees			159			41			17			35			13
	Registration Fees			(85	)		(11	)		(2	)		(17	)		8
	Transfer Agent Fees			(9	)		(6	)		(1	)		(6	)		(1	)
	Printing Fees			556			42			24			17			17
	Trustees’ Fees			177			41			17			33			12
	Other Expenses			72			16			10			33			21
		Total Expenses		49,656			9,942			4,866			8,135			2,983
		Less: Administration Fees Waived		(52	)		(10	)		(5	)		(7	)		(3	)
		Net Expenses		49,604			9,932			4,861			8,128			2,980
Net Investment Income				371,296			57,426			34,251			62,652			16,709
Net Realized Gain (Loss) on Investments:
	Net Realized Gain (Loss) on Investments Sold			13			212			(2	)		—			—
Change in Net Assets from Operations			$	371,309		$	57,638		$	34,249		$	62,652		$	16,709

Amounts designated as “—” are $0 or have been rounded to $0.

See Notes to Financial Statements.

174

STATEMENTS OF CHANGES IN NET ASSETS

STI CLASSIC FUNDS  For the Periods Indicated  (Amounts in thousands)

			Georgia Tax-Exempt						High Grade Municipal						High Income						Intermediate
			Bond Fund						Bond Fund						Fund						Bond Fund (b)
			04/01/06-			04/01/05-			04/01/06-			04/01/05-			04/01/06-			04/01/05-			04/01/06-			04/01/05-
			03/31/07			03/31/06			03/31/07			03/31/06			03/31/07			03/31/06			03/31/07			03/31/06
Operations:
	Net Investment Income		$	5,179		$	3,971	(a)	$	5,814		$	5,652		$	5,507		$	6,101		$	3,747		$	2,648
	Net Realized Gain (Loss) on Investments Sold and Swaps			(111	)		133			566			1,124			2,975			(1,302	)		(424	)		(617	)
	Net Change in Unrealized Appreciation (Depreciation) on Investments and Swaps			1,537			(577	)(a)		1,264			(1,704	)		992			859			1,667			(1,076	)
	Change in Net Assets from Operations			6,605			3,527			7,644			5,072			9,474			5,658			4,990			955
Dividends and Distributions to Shareholders:
	Net Investment Income:
		I Shares		(5,083	)		(3,719	)		(5,498	)		(5,238	)		(3,270	)		(3,216	)		(3,775	)		(2,568	)
		T Shares																				—			(96	)
		A Shares		(129	)		(100	)		(132	)		(169	)		(38	)		(34	)		—			(2	)
		C Shares		(226	)		(268	)		(181	)		(245	)		(2,265	)		(2,851	)		(2	)		(1	)
	Realized Gains:
		I Shares		(102	)		(112	)		(244	)		(774	)		—			(2,058	)		—			(101	)
		A Shares		(3	)		(4	)		(6	)		(26	)		—			(22	)		—			—
		C Shares		(5	)		(11	)		(11	)		(49	)		—			(2,047	)		—			—
	Total Dividends and Distributions			(5,548	)		(4,214	)		(6,072	)		(6,501	)		(5,573	)		(10,228	)		(3,777	)		(2,768	)
	Change in Net Assets from Capital Transactions			22,321			20,067			(7,498	)		4,654			(4,961	)		(27,105	)		14,770			24,893
	Change in Net Assets			23,378			19,380			(5,926	)		3,225			(1,060	)		(31,675	)		15,983			23,080
Net Assets:
	Beginning of Period			129,207			109,827			179,201			175,976			73,229			104,904			78,259			55,179
	End of Period		$	152,585		$	129,207		$	173,275		$	179,201		$	72,169		$	73,229		$	94,242		$	78,259
	Undistributed (Distributions in Excess of) Net Investment Income, End of Period		$	(237	)	$	22	(a)	$	(8	)	$	(11	)	$	2		$	32		$	(90	)	$	26

(a)

The amounts reported as “Net Investment Income” and “Undistributed (Distributions in Excess of) Net Investment Income, End of Period” for the period ended March 31, 2006 have been increased by $756 (in thousands) and the amount reported as “Net Change in Unrealized Appreciation (Depreciation) on Investments and Swaps” has been reduced by $756 (in thousands) to correct for an error related to the recording of amortization of premium on two fixed income securities.

(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 either $0 or have been rounded to $0.

See Notes to Financial Statements.

175

STATEMENTS OF CHANGES IN NET ASSETS (continued)

STI CLASSIC FUNDS  For the Periods Indicated  (Amounts in thousands)

		Georgia Tax-Exempt						High Grade Municipal						High Income						Intermediate Bond
		Bond Fund						Bond Fund						Fund						Fund (a)
		04/01/06-			04/01/05-			04/01/06-			04/01/05-			04/01/06-			04/01/05-			04/01/06-			04/01/05-
		03/31/07			03/31/06			03/31/07			03/31/06			03/31/07			03/31/06			03/31/07			03/31/06
Capital Transactions:
I Shares:
	Proceeds from Shares Issued	$	45,378		$	39,979		$	45,498		$	61,889		$	18,813		$	13,695		$	14,152		$	35,040
	Proceeds from Shares Issued in Acquisition																				33,738			—
	Dividends Reinvested		463			489			475			839			1,332			2,299			2,419			1,635
	Cost of Shares Redeemed		(20,275	)		(20,409	)		(49,059	)		(53,510	)		(16,322	)		(28,300	)		(35,571	)		(4,560	)
	Change in Net Assets from I Shares	$	25,566		$	20,059		$	(3,086	)	$	9,218		$	3,823		$	(12,306	)	$	14,738		$	32,115
T Shares:
	Proceeds from Shares Issued																						$	2,156
	Dividends Reinvested																							52
	Cost of Shares Redeemed																							(9,504	)
	Change in Net Assets from T Shares																						$	(7,296	)
A Shares:
	Proceeds from Shares Issued	$	447		$	2,084		$	442		$	733		$	403		$	168		$	100		$	207
	Dividends Reinvested		73			60			87			132			28			47			—			3
	Cost of Shares Redeemed		(659	)		(1,076	)		(2,809	)		(1,894	)		(363	)		(527	)		—			(205	)
	Change in Net Assets from A Shares	$	(139	)	$	1,068		$	(2,280	)	$	(1,029	)	$	68		$	(312	)	$	100		$	5
C Shares:
	Proceeds from Shares Issued	$	14		$	446		$	6		$	96		$	743		$	871		$	1		$	69
	Dividends Reinvested		199			268			129			225			1,481			3,596			2			1
	Cost of Shares Redeemed		(3,319	)		(1,774	)		(2,267	)		(3,856	)		(11,076	)		(18,954	)		(71	)		(1	)
	Change in Net Assets from C Shares	$	(3,106	)	$	(1,060	)	$	(2,132	)	$	(3,535	)	$	(8,852	)	$	(14,487	)	$	(68	)	$	69
Change in Net Assets from Capital Transactions		$	22,321		$	20,067		$	(7,498	)	$	4,654		$	(4,961	)	$	(27,105	)	$	14,770		$	24,893
Share Transactions:
I Shares:
	Issued		4,438			3,890			4,182			5,626			2,625			1,892			1,433			3,472
	Issued in Acquisition																				3,409			—
	Reinvested		45			48			43			76			187			323			244			163
	Redeemed		(1,982	)		(1,985	)		(4,513	)		(4,876	)		(2,271	)		(3,894	)		(3,574	)		(453	)
	Change in I Shares		2,501			1,953			(288	)		826			541			(1,679	)		1,512			3,182
T Shares:
	Issued																							212
	Reinvested																							5
	Redeemed																							(931	)
	Change in T Shares																							(714	)
A Shares:
	Issued		44			203			41			67			57			23			11			21
	Reinvested		7			6			8			12			4			7			—			—
	Redeemed		(65	)		(105	)		(258	)		(172	)		(51	)		(72	)		—			(21	)
	Change in A Shares		(14	)		104			(209	)		(93	)		10			(42	)		11			—
C Shares:
	Issued		3			43			—			9			103			119			—			7
	Reinvested		19			26			12			20			208			505			—			—
	Redeemed		(327	)		(173	)		(208	)		(351	)		(1,566	)		(2,609	)		(7	)		—
	Change in C Shares		(305	)		(104	)		(196	)		(322	)		(1,255	)		(1,985	)		(7	)		7
Change in Shares			2,182			1,953			(693	)		411			(704	)		(3,706	)		1,516			2,475

(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.

176

STATEMENTS OF CHANGES IN NET ASSETS (continued)

STI CLASSIC FUNDS  For the Periods Indicated  (Amounts in thousands)

			Investment Grade						Investment Grade						Limited Duration
			Bond Fund						Tax-Exempt Bond Fund						Fund (a)
			04/01/06-			04/01/05-			04/01/06-			04/01/05-			04/01/06-			04/01/05-
			03/31/07			03/31/06			03/31/07			03/31/06			03/31/07			03/31/06
Operations:
	Net Investment Income		$	21,059		$	22,409		$	11,730		$	8,969		$	3,661		$	2,165
	Net Realized Gain (Loss) on Investments Sold and Swaps			(8,199	)		7,288			2,189			1,313			(49	)		4
	Net Change in Unrealized Appreciation (Depreciation) on Investments and Swaps			12,152			(12,042	)		1,681			(1,585	)		10			(13	)
	Change in Net Assets from Operations			25,012			17,655			15,600			8,697			3,622			2,156
Dividends and Distributions to Shareholders:
	Net Investment Income:
		I Shares		(20,144	)		(21,449	)		(11,086	)		(8,283	)		(3,639	)		(2,219	)
		T Shares																	(1	)
		A Shares		(818	)		(800	)		(442	)		(444	)
		C Shares		(410	)		(470	)		(197	)		(242	)					—
	Realized Gains:
		I Shares		—			—			(1,246	)		(1,977	)		(9	)		(1	)
		A Shares		—			—			(53	)		(118	)
		C Shares		—			—			(29	)		(80	)					—
	Total Dividends and Distributions			(21,372	)		(22,719	)		(13,053	)		(11,144	)		(3,648	)		(2,221	)
	Change in Net Assets from Capital Transactions			(97,708	)		(125,727	)		99,451			37,315			(18,570	)		(24,365	)
	Change in Net Assets			(94,068	)		(130,791	)		101,998			34,868			(18,596	)		(24,430	)
Net Assets:
	Beginning of Period			513,814			644,605			327,452			292,584			58,887			83,317
	End of Period		$	419,746		$	513,814		$	429,450		$	327,452		$	40,291		$	58,887
	Undistributed (Distributions in Excess of) Net Investment Income, End of Period		$	(64	)	$	812		$	(153	)	$	(162	)	$	—		$	—

[Additional columns below]

[Continued from above table, first column(s) repeated]

			Limited-Term Federal
			Mortgage Securities Fund
			04/01/06-			04/01/05-
			03/31/07			03/31/06
Operations:
	Net Investment Income		$	17,597		$	13,070
	Net Realized Gain (Loss) on Investments Sold and Swaps			(2,755	)		(2,545	)
	Net Change in Unrealized Appreciation (Depreciation) on Investments and Swaps			6,234			(2,631	)
	Change in Net Assets from Operations			21,076			7,894
Dividends and Distributions to Shareholders:
	Net Investment Income:
		I Shares		(18,020	)		(14,726	)
		T Shares
		A Shares		(172	)		(242	)
		C Shares		(605	)		(872	)
	Realized Gains:
		I Shares		—			—
		A Shares		—			—
		C Shares		—			—
	Total Dividends and Distributions			(18,797	)		(15,840	)
	Change in Net Assets from Capital Transactions			44,039			(45,874	)
	Change in Net Assets			46,318			(53,820	)
Net Assets:
	Beginning of Period			394,501			448,321
	End of Period		$	440,819		$	394,501
	Undistributed (Distributions in Excess of) Net Investment Income, End of Period		$	516		$	1,019

(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 either $0 or have been rounded to $0.

See Notes to Financial Statements.

177

STATEMENTS OF CHANGES IN NET ASSETS (continued)

STI CLASSIC FUNDS  For the Periods Indicated  (Amounts in thousands)

								Investment Grade												Limited-Term Federal
		Investment Grade						Tax-Exempt Bond						Limited Duration						Mortgage Securities
		Bond Fund						Fund						Fund (a)						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-
		03/31/07			03/31/06			03/31/07			03/31/06			03/31/07			03/31/06			03/31/07			03/31/06
Capital Transactions:
I Shares:
	Proceeds from Shares Issued	$	95,825		$	121,335		$	177,333		$	126,289		$	95,403		$	31,566		$	140,799		$	147,011
	Dividends Reinvested		9,341			9,103			3,090			2,449			3,116			2,057			3,374			4,004
	Cost of Shares Redeemed		(194,380	)		(248,679	)		(73,281	)		(84,976	)		(117,089	)		(57,986	)		(93,590	)		(181,240	)
	Change in Net Assets from I Shares	$	(89,214	)	$	(118,241	)	$	107,142		$	43,762		$	(18,570	)	$	(24,363	)	$	50,583		$	(30,225	)
T Shares:
	Proceeds from Shares Issued																$	220
	Dividends Reinvested																	—
	Cost of Shares Redeemed																	(221	)
	Change in Net Assets from T Shares																$	(1	)
A Shares:
	Proceeds from Shares Issued	$	3,811		$	3,455		$	1,353		$	3,247								$	2,051		$	3,709
	Dividends Reinvested		738			786			368			468									145			190
	Cost of Shares Redeemed		(8,403	)		(7,512	)		(6,313	)		(4,860	)								(3,076	)		(5,233	)
	Change in Net Assets from A Shares	$	(3,854	)	$	(3,271	)	$	(4,592	)	$	(1,145	)							$	(880	)	$	(1,334	)
C Shares:
	Proceeds from Shares Issued	$	118		$	798		$	54		$	106					$	64		$	54		$	195
	Dividends Reinvested		364			455			178			283						—			508			802
	Cost of Shares Redeemed		(5,122	)		(5,468	)		(3,331	)		(5,691	)					(65	)		(6,226	)		(15,312	)
	Change in Net Assets from C Shares	$	(4,640	)	$	(4,215	)	$	(3,099	)	$	(5,302	)				$	(1	)	$	(5,664	)	$	(14,315	)
Change in Net Assets from Capital Transactions		$	(97,708	)	$	(125,727	)	$	99,451		$	37,315		$	(18,570	)	$	(24,365	)	$	44,039		$	(45,874	)
Share Transactions:
I Shares:
	Issued		9,174			11,501			15,472			10,965			9,552			3,161			14,229			14,687
	Reinvested		896			865			269			213			312			206			341			399
	Redeemed		(18,678	)		(23,593	)		(6,401	)		(7,396	)		(11,726	)		(5,809	)		(9,468	)		(18,032	)
	Change in I Shares		(8,608	)		(11,227	)		9,340			3,782			(1,862	)		(2,442	)		5,102			(2,946	)
T Shares:
	Issued																	22
	Reinvested																	—
	Redeemed																	(22	)
	Change in T Shares																	—
A Shares:
	Issued		366			328			119			281									208			370
	Reinvested		71			75			31			41									15			19
	Redeemed		(807	)		(713	)		(550	)		(422	)								(312	)		(524	)
	Change in A Shares		(370	)		(310	)		(400	)		(100	)								(89	)		(135	)
C Shares:
	Issued		10			76			5			9						6			5			19
	Reinvested		35			43			16			25						—			52			80
	Redeemed		(492	)		(518	)		(292	)		(494	)					(6	)		(630	)		(1,524	)
	Change in C Shares		(447	)		(399	)		(271	)		(460	)					—			(573	)		(1,425	)
Change in Shares			(9,425	)		(11,936	)		8,669			3,222			(1,862	)		(2,442	)		4,440			(4,506	)

(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.

178

STATEMENTS OF CHANGES IN NET ASSETS (continued)

STI CLASSIC FUNDS  For the Periods Indicated  (Amounts in thousands)

			Maryland Municipal						North Carolina Tax-						Seix Floating Rate High
			Bond Fund						Exempt Bond Fund						Income Fund
			04/01/06-			04/01/05-			04/01/06-			04/01/05-			04/01/06-			03/02/06-*
			03/31/07			03/31/06			03/31/07			03/31/06			03/31/07			03/31/06
Operations:
	Net Investment Income		$	1,360		$	1,462		$	1,539		$	1,288		$	29,105		$	434
	Net Realized Gain (Loss) on Investments Sold, Swaps, Options, Forward Foreign Currencies and Foreign Currency Transactions			62			298			40			(35	)		2,204			(19	)
	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			307			(442	)		606			166			2,172			(329	)
	Change in Net Assets from Operations			1,729			1,318			2,185			1,419			33,481			86
Dividends and Distributions to Shareholders:
	Net Investment Income:
		I Shares		(1,133	)		(1,142	)		(1,519	)		(1,288	)		(29,505	)		(438	)
		T Shares
		A Shares		(10	)		(10	)		(19	)		—			(309	)		—
		C Shares		(216	)		(310	)		—			—
	Realized Gains:
		I Shares		(113	)		(268	)		—			(4	)		(4	)		—
		A Shares		—			(4	)		—			—			—			—
		C Shares		(29	)		(94	)		—			—
	Total Dividends and Distributions			(1,501	)		(1,828	)		(1,538	)		(1,292	)		(29,818	)		(438	)
	Change in Net Assets from Capital Transactions			(6,331	)		(1,199	)		2,993			463			483,109			106,757
	Change in Net Assets			(6,103	)		(1,709	)		3,640			590			486,772			106,405
Net Assets:
	Beginning of Period			42,534			44,243			41,388			40,798			106,405			—
	End of Period		$	36,431		$	42,534		$	45,028		$	41,388		$	593,177		$	106,405
	Undistributed (Distributions in Excess of) Net Investment Income, End of Period		$	(41	)	$	(42	)	$	(63	)	$	(64	)	$	29		$	17

[Additional columns below]

[Continued from above table, first column(s) repeated]

			Seix High Yield Fund(a)
			04/01/06-			04/01/05-
			03/31/07			03/31/06
Operations:
	Net Investment Income		$	85,471		$	79,295
	Net Realized Gain (Loss) on Investments Sold, Swaps, Options, Forward Foreign Currencies and Foreign Currency Transactions			(6,489	)		(10,259	)
	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			24,870			(1,686	)
	Change in Net Assets from Operations			103,852			67,350
Dividends and Distributions to Shareholders:
	Net Investment Income:
		I Shares		(83,349	)		(77,610	)
		T Shares					(62	)
		A Shares		(2,198	)		(1,414	)
		C Shares		(320	)		(256	)
	Realized Gains:
		I Shares		—			(16,562	)
		A Shares		—			(536	)
		C Shares		—			(76	)
	Total Dividends and Distributions			(85,867	)		(96,516	)
	Change in Net Assets from Capital Transactions			(126,431	)		(118,674	)
	Change in Net Assets			(108,446	)		(147,840	)
Net Assets:
	Beginning of Period			1,259,784			1,407,624
	End of Period		$	1,151,338		$	1,259,784
	Undistributed (Distributions in Excess of) Net Investment Income, End of Period		$	17		$	55

*  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 either $0 or have been rounded to $0.

See Notes to Financial Statements.

179

STATEMENTS OF CHANGES IN NET ASSETS (continued)

STI CLASSIC FUNDS  For the Periods Indicated  (Amounts in thousands)

		Maryland Municipal						North Carolina Tax-						Seix Floating Rate
		Bond Fund						Exempt Bond Fund						High Income Fund
		04/01/06-			04/01/05-			04/01/06-			04/01/05-			04/01/06-			03/02/06*-
		03/31/07			03/31/06			03/31/07			03/31/06			03/31/07			03/31/06
Capital Transactions:
I Shares:
	Proceeds from Shares Issued	$	8,851		$	6,853		$	8,903		$	8,474		$	667,504		$	108,820
	Dividends Reinvested		140			350			9			16			23,103			437
	Cost of Shares Redeemed		(12,346	)		(5,155	)		(6,700	)		(8,140	)		(217,739	)		(2,500	)
	Change in Net Assets from I Shares	$	(3,355	)	$	2,048		$	2,212		$	350		$	472,868		$	106,757
T Shares:
	Proceeds from Shares Issued
	Dividends Reinvested
	Cost of Shares Redeemed
	Change in Net Assets from T Shares
A Shares (1) (2):
	Proceeds from Shares Issued	$	684		$	697		$	1,025		$	111		$	10,570
	Dividends Reinvested		9			14			8			—			167
	Cost of Shares Redeemed		(1,156	)		(197	)		(252	)		—			(496	)
	Change in Net Assets from A Shares	$	(463	)	$	514		$	781		$	111		$	10,241
C Shares:
	Proceeds from Shares Issued	$	24		$	4		$	—		$	2
	Dividends Reinvested		195			341			—			—
	Cost of Shares Redeemed		(2,732	)		(4,106	)		—			—
	Change in Net Assets from C Shares	$	(2,513	)	$	(3,761	)	$	—		$	2
Change in Net Assets from Capital Transactions		$	(6,331	)	$	(1,199	)	$	2,993		$	463		$	483,109		$	106,757
Share Transactions:
I Shares:
	Issued		868			666			893			849			67,266			10,885
	Reinvested		14			34			1			2			2,329			44
	Redeemed		(1,214	)		(499	)		(671	)		(816	)		(21,886	)		(251	)
	Change in I Shares		(332	)		201			223			35			47,709			10,678
T Shares:
	Issued
	Reinvested
	Redeemed
	Change in T Shares
A Shares (1) (2):
	Issued		67			67			103			11			1,066
	Reinvested		1			1			—			—			17
	Redeemed		(113	)		(19	)		(25	)		—			(50	)
	Change in A Shares		(45	)		49			78			11			1,033
C Shares:
	Issued		4			—			—			—
	Reinvested		19			33			—			—
	Redeemed		(268	)		(398	)		—			—
	Change in C Shares		(245	)		(365	)		—			—
Change in Shares			(622	)		(115	)		301			46			48,742			10,678

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Seix High Yield
		Fund (a)
		04/01/06-			04/01/05-
		03/31/07			03/31/06
Capital Transactions:
I Shares:
	Proceeds from Shares Issued	$	259,961		$	184,613
	Dividends Reinvested		72,165			87,188
	Cost of Shares Redeemed		(450,506	)		(417,753	)
	Change in Net Assets from I Shares	$	(118,380	)	$	(145,952	)
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) (2):
	Proceeds from Shares Issued	$	3,056		$	37,266
	Dividends Reinvested		2,028			1,712
	Cost of Shares Redeemed		(12,227	)		(11,512	)
	Change in Net Assets from A Shares	$	(7,143	)	$	27,466
C Shares:
	Proceeds from Shares Issued	$	437		$	2,973
	Dividends Reinvested		125			97
	Cost of Shares Redeemed		(1,470	)		(383	)
	Change in Net Assets from C Shares	$	(908	)	$	2,687
Change in Net Assets from Capital Transactions		$	(126,431	)	$	(118,674	)
Share Transactions:
I Shares:
	Issued		24,404			16,930
	Reinvested		6,769			8,029
	Redeemed		(42,077	)		(38,273	)
	Change in I Shares		(10,904	)		(13,314	)
T Shares:
	Issued					258
	Reinvested					1
	Redeemed					(513	)
	Change in T Shares					(254	)
A Shares (1) (2):
	Issued		294			3,495
	Reinvested		195			162
	Redeemed		(1,176	)		(1,093	)
	Change in A Shares		(687	)		2,564
C Shares:
	Issued		42			273
	Reinvested		12			9
	Redeemed		(139	)		(36	)
	Change in C Shares		(85	)		246
Change in Shares			(11,676	)		(10,758	)

*  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 April 13, 2005 for the Maryland Municipal Bond Fund.
(2)	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.

180

STATEMENTS OF CHANGES IN NET ASSETS (continued)

STI CLASSIC FUNDS  For the Periods Indicated  (Amounts in thousands)

									Short-Term
									U.S. Treasury
			Short-Term Bond Fund						Securities Fund						Strategic Income Fund
			04/01/06-			04/01/05-			04/01/06-			04/01/05-			04/01/06-			04/01/05-
			03/31/07			03/31/06			03/31/07			03/31/06			03/31/07			03/31/06
Operations:
	Net Investment Income		$	15,575		$	9,838		$	2,719		$	2,382		$	8,876		$	12,645
	Net Realized Gain (Loss) on Investments Sold, Swaps, Options, Forward Foreign Currencies and Foreign Currency Transactions			(1,256	)		531			(733	)		(808	)		1,505			(12,508	)
	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			4,174			(947	)		1,163			(122	)		3,394			(161	)
	Change in Net Assets from Operations			18,493			9,422			3,149			1,452			13,775			(24	)
Dividends and Distributions to Shareholders:
	Net Investment Income:
		I Shares		(15,322	)		(9,580	)		(2,140	)		(1,724	)		(5,188	)		(10,426	)
		T Shares
		A Shares		(174	)		(186	)		(157	)		(131	)		(58	)		(109	)
		C Shares		(205	)		(306	)		(421	)		(528	)		(1,278	)		(2,244	)
	Tax Return of Capital
		I Shares		—			—			—			—			(2,196	)		—
		A Shares		—			—			—			—			(24	)		—
		C Shares		—			—			—			—			(541	)		—
	Realized Gains:
		I Shares		—			—			—			—			—			(4,450	)
		A Shares		—			—			—			—			—			(33	)
		C Shares		—			—			—			—			—			(1,056	)
	Total Dividends and Distributions			(15,701	)		(10,072	)		(2,718	)		(2,383	)		(9,285	)		(18,318	)
	Change in Net Assets from Capital Transactions			136,305			(12,846	)		(8,905	)		(29,864	)		(175,090	)		29,254
	Change in Net Assets			139,097			(13,496	)		(8,474	)		(30,795	)		(170,600	)		10,912
Net Assets:
	Beginning of Period			295,903			309,399			79,285			110,080			291,420			280,508
	End of Period		$	435,000		$	295,903		$	70,811		$	79,285		$	120,820		$	291,420
	Undistributed (Distributions in Excess of) Net Investment Income, End of Period		$	52		$	136		$	(1	)	$	(2	)	$	(965	)	$	(4,094	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

			Total Return
			Bond Fund (a)
			04/01/06-			04/01/05-
			03/31/07			03/31/06
Operations:
	Net Investment Income		$	27,234		$	15,669
	Net Realized Gain (Loss) on Investments Sold, Swaps, Options, Forward Foreign Currencies and Foreign Currency Transactions			(2,496	)		(2,853	)
	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			8,248			(8,256	)
	Change in Net Assets from Operations			32,986			4,560
Dividends and Distributions to Shareholders:
	Net Investment Income:
		I Shares		(27,347	)		(14,412	)
		T Shares					(1,742	)
		A Shares		(22	)		(13	)
		C Shares		(1	)		(1	)
	Tax Return of Capital
		I Shares		—			—
		A Shares		—			—
		C Shares		—			—
	Realized Gains:
		I Shares		—			(493	)
		A Shares		—			(1	)
		C Shares		—			—
	Total Dividends and Distributions			(27,370	)		(16,662	)
	Change in Net Assets from Capital Transactions			98,162			212,581
	Change in Net Assets			103,778			200,479
Net Assets:
	Beginning of Period			498,251			297,772
	End of Period		$	602,029		$	498,251
	Undistributed (Distributions in Excess of) Net Investment Income, End of Period		$	(648	)	$	36

(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 either $0 or have been rounded to $0.

See Notes to Financial Statements.

181

STATEMENTS OF CHANGES IN NET ASSETS (continued)

STI CLASSIC FUNDS  For the Periods Indicated  (Amounts in thousands)

								Short-Term U.S.
								Treasury Securities
		Short-Term Bond Fund						Fund						Strategic Income Fund
		04/01/06-			04/01/05-			04/01/06-			04/01/05-			04/01/06-			04/01/05-
		03/31/07			03/31/06			03/31/07			03/31/06			03/31/07			03/31/06
Capital Transactions:
I Shares:
	Proceeds from Shares Issued	$	229,055		$	96,780		$	9,435		$	6,931		$	24,224		$	140,531
	Proceeds from Shares Issued in Acquisition		—			12,374
	Dividends Reinvested		3,405			2,720			294			258			782			3,086
	Cost of Shares Redeemed		(89,715	)		(118,491	)		(9,587	)		(21,504	)		(184,717	)		(82,975	)
	Change in Net Assets from I Shares	$	142,745		$	(6,617	)	$	142		$	(14,315	)	$	(159,711	)	$	60,642
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	$	2,096		$	2,668		$	281		$	453		$	783		$	1,633
	Dividends Reinvested		137			164			124			108			61			127
	Cost of Shares Redeemed		(3,582	)		(3,533	)		(792	)		(2,527	)		(1,477	)		(3,670	)
	Change in Net Assets from A Shares	$	(1,349	)	$	(701	)	$	(387	)	$	(1,966	)	$	(633	)	$	(1,910	)
C Shares:
	Proceeds from Shares Issued	$	13		$	435		$	192		$	294		$	486		$	1,238
	Dividends Reinvested		173			238			374			505			1,263			2,558
	Cost of Shares Redeemed		(5,277	)		(6,201	)		(9,226	)		(14,382	)		(16,495	)		(33,274	)
	Change in Net Assets from C Shares	$	(5,091	)	$	(5,528	)	$	(8,660	)	$	(13,583	)	$	(14,746	)	$	(29,478	)
Change in Net Assets from Capital Transactions		$	136,305		$	(12,846	)	$	(8,905	)	$	(29,864	)	$	(175,090	)	$	29,254
Share Transactions:
I Shares:
	Issued		23,514			9,961			961			701			2,489			13,993
	Issued in Acquisition		—			1,281
	Reinvested		349			280			30			26			80			314
	Redeemed		(9,218	)		(12,201	)		(976	)		(2,175	)		(18,990	)		(8,337	)
	Change in I Shares		14,645			(679	)		15			(1,448	)		(16,421	)		5,970
T Shares:
	Issued
	Reinvested
	Redeemed
	Change in T Shares
A Shares:
	Issued		215			273			29			46			81			161
	Reinvested		14			17			13			11			6			13
	Redeemed		(367	)		(363	)		(81	)		(256	)		(151	)		(364	)
	Change in A Shares		(138	)		(73	)		(39	)		(199	)		(64	)		(190	)
C Shares:
	Issued		1			45			20			30			49			122
	Reinvested		19			24			38			51			129			258
	Redeemed		(543	)		(637	)		(942	)		(1,458	)		(1,694	)		(3,330	)
	Change in C Shares		(523	)		(568	)		(884	)		(1,377	)		(1,516	)		(2,950	)
Change in Shares			13,984			(1,320	)		(908	)		(3,024	)		(18,001	)		2,830

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Total Return
		Bond Fund (a)
		04/01/06-			04/01/05-
		03/31/07			03/31/06
Capital Transactions:
I Shares:
	Proceeds from Shares Issued	$	204,181		$	389,832
	Proceeds from Shares Issued in Acquisition		65,561			—
	Dividends Reinvested		13,172			8,527
	Cost of Shares Redeemed		(184,578	)		(64,112	)
	Change in Net Assets from I Shares	$	98,336		$	334,247
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	$	196		$	298
	Dividends Reinvested		12			4
	Cost of Shares Redeemed		(383	)		(66	)
	Change in Net Assets from A Shares	$	(175	)	$	236
C Shares:
	Proceeds from Shares Issued	$	—		$	28
	Dividends Reinvested		1			1
	Cost of Shares Redeemed		—			(1	)
	Change in Net Assets from C Shares	$	1		$	28
Change in Net Assets from Capital Transactions		$	98,162		$	212,581
Share Transactions:
I Shares:
	Issued		20,630			38,549
	Issued in Acquisition		6,597			—
	Reinvested		1,331			848
	Redeemed		(18,653	)		(6,348	)
	Change in I Shares		9,905			33,049
T Shares:
	Issued					3,893
	Reinvested					124
	Redeemed					(15,973	)
	Change in T Shares					(11,956	)
A Shares:
	Issued		19			29
	Reinvested		1			—
	Redeemed		(37	)		(6	)
	Change in A Shares		(17	)		23
C Shares:
	Issued		—			3
	Reinvested		—			—
	Redeemed		—			—
	Change in C Shares		—			3
Change in Shares			9,888			21,119

(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 either $0 or have been rounded to $0.

See Notes to Financial Statements.

182

STATEMENTS OF CHANGES IN NET ASSETS (continued)

STI CLASSIC FUNDS  For the Periods Indicated  (Amounts in thousands)

															U.S. Government
															Securities
			Ultra-Short						U.S. Government						Ultra-Short
			Bond Fund (a)						Securities Fund						Bond Fund (b)
			04/01/06-			04/01/05-			04/01/06-			04/01/05-			04/01/06-			04/01/05-
			03/31/07			03/31/06			03/31/07			03/31/06			03/31/07			03/31/06
Operations:
	Net Investment Income		$	7,125		$	7,772		$	21,691		$	12,880		$	1,465		$	1,926
	Net Realized Gain (Loss) on Investments Sold, Swaps, Forward Foreign Currencies and Foreign Currency Transactions			(520	)		(421	)		(2,786	)		(944	)		(108	)		(126	)
	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			1,489			(420	)		8,034			(5,944	)		469			(71	)
	Change in Net Assets from Operations			8,094			6,931			26,939			5,992			1,826			1,729
Dividends and Distributions to Shareholders:
	Net Investment Income:
		I Shares		(7,415	)		(6,434	)		(21,594	)		(13,431	)		(1,506	)		(1,902	)
		T Shares					(1,464	)
		A Shares								(119	)		(117	)
		C Shares								(235	)		(286	)					(119	)
	Realized Gains:
		I Shares		—			—			—			—			—			—
		A Shares								—			—
		C Shares								—			—						—
	Total Dividends and Distributions			(7,415	)		(7,898	)		(21,948	)		(13,834	)		(1,506	)		(2,021	)
	Change in Net Assets from Capital Transactions			(160,290	)		33,249			210,619			891			(8,525	)		(19,784	)
	Change in Net Assets			(159,611	)		32,282			215,610			(6,951	)		(8,205	)		(20,076	)
Net Assets:
	Beginning of Period			245,257			212,975			327,416			334,367			42,616			62,692
	End of Period		$	85,646		$	245,257		$	543,026		$	327,416		$	34,411		$	42,616
	Undistributed (Distributions in Excess of) Net Investment Income, End of Period		$	73		$	375		$	302		$	605		$	60		$	111

[Additional columns below]

[Continued from above table, first column(s) repeated]

			Virginia
			Intermediate Municipal
			Bond Fund
			04/01/06-			04/01/05-
			03/31/07			03/31/06
Operations:
	Net Investment Income		$	7,433		$	5,998
	Net Realized Gain (Loss) on Investments Sold, Swaps, Forward Foreign Currencies and Foreign Currency Transactions			58			280
	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			2,167			(865	)
	Change in Net Assets from Operations			9,658			5,413
Dividends and Distributions to Shareholders:
	Net Investment Income:
		I Shares		(7,178	)		(5,794	)
		T Shares
		A Shares		(189	)		(205	)
		C Shares		(63	)		—
	Realized Gains:
		I Shares		—			(1,141	)
		A Shares		—			(38	)
		C Shares		—			—
	Total Dividends and Distributions			(7,430	)		(7,178	)
	Change in Net Assets from Capital Transactions			46,132			(7,105	)
	Change in Net Assets			48,360			(8,870	)
Net Assets:
	Beginning of Period			175,232			184,102
	End of Period		$	223,592		$	175,232
	Undistributed (Distributions in Excess of) Net Investment Income, End of Period		$	(11	)	$	(18	)

(a)  Effective August 1, 2005, all T Shares of this fund were exchanged for I Shares and T Shares were no longer offered.

(b)  Effective August 1, 2006, all C Shares of this fund were exchanged for I Shares and C Shares were no longer offered.

Amounts designated as “—” are either $0 or have been rounded to $0.

See Notes to Financial Statements.

183

STATEMENTS OF CHANGES IN NET ASSETS (continued)

STI CLASSIC FUNDS  For the Periods Indicated  (Amounts in thousands)

														U.S. Government
		Ultra-Short						U.S. Government						Securities Ultra-Short						Virginia Intermediate
		Bond Fund (a)(b)						Securities Fund						Bond Fund (b)(c)						Municipal Bond 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-
		03/31/07			03/31/06			03/31/07			03/31/06			03/31/07			03/31/06			03/31/07			03/31/06
Capital Transactions:
I Shares:
	Proceeds from Shares Issued	$	56,762		$	282,129		$	318,558		$	159,338		$	13,831		$	50,911		$	30,094		$	21,239
	Proceeds from Shares Issued in Acquisition																				50,730			—
	Dividends Reinvested		1,246			1,145			3,313			2,992			420			691			224			882
	Cost of Shares Redeemed		(218,298	)		(110,138	)		(108,207	)		(157,312	)		(22,776	)		(57,870	)		(38,022	)		(27,623	)
	Change in Net Assets from I Shares	$	(160,290	)	$	173,136		$	213,664		$	5,018		$	(8,525	)	$	(6,268	)	$	43,026		$	(5,502	)
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							$	1,947		$	2,798								$	481		$	658
	Proceeds from Shares Issued in Acquisition																				321			—
	Dividends Reinvested								88			94									94			173
	Cost of Shares Redeemed								(2,241	)		(2,870	)								(1,037	)		(2,443	)
	Change in Net Assets from A Shares							$	(206	)	$	22								$	(141	)	$	(1,612	)
C Shares (1):
	Proceeds from Shares Issued							$	20		$	65					$	8,253		$	11		$	9
	Proceeds from Shares Issued in Acquisition																				3,903			—
	Dividends Reinvested								207			274						99			48			—
	Cost of Shares Redeemed								(3,066	)		(4,488	)					(21,868	)		(715	)		—
	Change in Net Assets from C Shares							$	(2,839	)	$	(4,149	)				$	(13,516	)	$	3,247		$	9
Change in Net Assets from Capital Transactions		$	(160,290	)	$	33,249		$	210,619		$	891		$	(8,525	)	$	(19,784	)	$	46,132		$	(7,105	)
Share Transactions:
I Shares:
	Issued		5,697			28,114			31,229			15,314			1,397			5,099			2,987			2,091
	Issued in Acquisition																				5,066			—
	Reinvested		125			132			324			288			42			86			22			88
	Redeemed		(21,881	)		(40,744	)		(10,600	)		(15,185	)		(2,306	)		(25,788	)		(3,780	)		(2,720	)
	Change in I Shares		(16,059	)		(12,498	)		20,953			417			(867	)		(20,603	)		4,295			(541	)
T Shares:
	Issued					4,871
	Reinvested					38
	Redeemed					(74,575	)
	Change in T Shares					(69,666	)
A Shares:
	Issued								190			268									49			64
	Issued in Acquisition																				32			—
	Reinvested								9			9									9			17
	Redeemed								(220	)		(275	)								(103	)		(240	)
	Change in A Shares								(21	)		2									(13	)		(159	)
C Shares (1):
	Issued								3			6						833			—			1
	Issued in Acquisition																				390			—
	Reinvested								20			26						10			5			—
	Redeemed								(301	)		(430	)					(2,163	)		(71	)		—
	Change in C Shares								(278	)		(398	)					(1,320	)		324			1
Change in Shares			(16,059	)		(82,164	)		20,654			21			(867	)		(21,923	)		4,606			(699	)

(a)  Effective August 1, 2005, all T Shares of this fund were exchanged for I Shares and T Shares were no longer offered.

(b)  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.

(c)	Effective August 1, 2005, all C Shares of this fund were exchanged for I Shares and C Shares were no longer offered.
(1)	C Shares were offered beginning on September 1, 2005 for the Virginia Intermediate Municipal Bond Fund.

Amounts designated as “—” are $0 or have been rounded to $0.

See Notes to Financial Statements.

184

STATEMENTS OF CHANGES IN NET ASSETS (continued)

STI CLASSIC FUNDS  For the Periods Indicated  (Amounts in thousands)

															U.S. Government
			Prime Quality Money						Tax-Exempt Money						Securities Money
			Market Fund						Market Fund						Market Fund
			04/01/06-			04/01/05-			04/01/06-			04/01/05-			04/01/06-			04/01/05-
			03/31/07			03/31/06			03/31/07			03/31/06			03/31/07			03/31/06
Operations:
	Net Investment Income		$	371,296		$	186,682		$	57,426		$	37,253		$	34,251		$	21,609
	Net Realized Gain (Loss) on Investments Sold			13			114			212			103			(2	)		—
	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			371,309			186,814			57,638			37,356			34,249			21,609
Dividends and Distributions to Shareholders:
	Net Investment Income:
		I Shares		(147,344	)		(98,687	)		(38,998	)		(24,325	)		(23,547	)		(14,580	)
		A Shares		(223,766	)		(87,817	)		(18,401	)		(12,929	)		(10,691	)		(7,029	)
		C Shares		(180	)		(178	)
	Realized Gains:
		I Shares		—			—			(83	)		(47	)		—			—
		A Shares		—			—			(39	)		(27	)		—			—
	Total Dividends and Distributions			(371,290	)		(186,682	)		(57,521	)		(37,328	)		(34,238	)		(21,609	)
	Change in Net Assets from Capital Transactions			2,177,286			1,683,808			(91,894	)		505,248			281,542			(79,753	)
	Change in Net Assets			2,177,305			1,683,940			(91,777	)		505,276			281,553			(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		$	9,169,738		$	6,992,433		$	1,752,104		$	1,843,881		$	949,094		$	667,541
	Undistributed (Distributions in Excess of) Net Investment Income, End of Period		$	33		$	(74	)	$	26		$	(1	)	$	13		$	—

Amounts designated as “—” are either $0 or have been rounded to $0.

See Notes to Financial Statements.

185

STATEMENTS OF CHANGES IN NET ASSETS (continued)

STI CLASSIC FUNDS  For the Periods Indicated  (Amounts in thousands)

														U.S. Government
		Prime Quality						Tax-Exempt						Securities Money
		Money Market Fund						Money Market Fund						Market Fund
		04/01/06-			04/01/05-			04/01/06-			04/01/05-			04/01/06-			04/01/05-
		03/31/07			03/31/06			03/31/07			03/31/06			03/31/07			03/31/06
Capital Transactions:
I Shares:
	Proceeds from Shares Issued	$	4,179,973		$	4,293,785		$	1,706,593		$	1,815,318		$	1,415,785		$	1,423,967
	Dividends Reinvested		16,752			10,886			105			62			656			1,077
	Cost of Shares Redeemed		(3,924,831	)		(4,501,652	)		(1,721,806	)		(1,578,954	)		(1,139,198	)		(1,528,403	)
	Change in Net Assets from I Shares	$	271,894		$	(196,981	)	$	(15,108	)	$	236,426		$	277,243		$	(103,359	)
A Shares:
	Proceeds from Shares Issued	$	3,355,734		$	3,180,851		$	665,313		$	1,385,281		$	380,290		$	428,415
	Dividends Reinvested		223,647			91,013			18,439			13,368			10,691			7,367
	Cost of Shares Redeemed		(1,673,732	)		(1,384,974	)		(760,538	)		(1,129,827	)		(386,682	)		(412,176	)
	Change in Net Assets from A Shares	$	1,905,649		$	1,886,890		$	(76,786	)	$	268,822		$	4,299		$	23,606
C Shares:
	Proceeds from Shares Issued	$	1,252		$	900
	Dividends Reinvested		154			164
	Cost of Shares Redeemed		(1,663	)		(7,165	)
	Change in Net Assets from C Shares	$	(257	)	$	(6,101	)
Change in Net Assets from Capital Transactions		$	2,177,286		$	1,683,808		$	(91,894	)	$	505,248		$	281,542		$	(79,753	)
Share Transactions:
I Shares:
	Issued		4,179,973			4,293,785			1,706,593			1,815,318			1,415,785			1,423,967
	Reinvested		16,752			10,886			105			62			656			1,077
	Redeemed		(3,924,831	)		(4,501,652	)		(1,721,806	)		(1,578,954	)		(1,139,198	)		(1,528,403	)
	Change in I Shares		271,894			(196,981	)		(15,108	)		236,426			277,243			(103,359	)
A Shares:
	Issued		3,355,734			3,180,851			665,313			1,385,281			380,290			428,415
	Reinvested		223,647			91,013			18,439			13,368			10,691			7,367
	Redeemed		(1,673,732	)		(1,384,974	)		(760,538	)		(1,129,827	)		(386,682	)		(412,176	)
	Change in A Shares		1,905,649			1,886,890			(76,786	)		268,822			4,299			23,606
C Shares:
	Issued		1,252			900
	Reinvested		154			164
	Redeemed		(1,663	)		(7,165	)
	Change in C Shares		(257	)		(6,101	)
Change in Shares			2,177,286			1,683,808			(91,894	)		505,248			281,542			(79,753	)

See Notes to Financial Statements.

186

STATEMENTS OF CHANGES IN NET ASSETS (continued)

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-
			03/31/07			03/31/06			03/31/07			3/31/2006
Operations:
	Net Investment Income		$	62,652		$	43,859		$	16,709		$	10,915
	Net Realized Gain (Loss) on Investments Sold			—			(14	)		—			107
	Change in Net Assets from Operations			62,652			43,845			16,709			11,022
Dividends and Distributions to Shareholders:
	Net Investment Income:
		I Shares		(61,585	)		(43,695	)		(6,879	)		(4,669	)
		A Shares		(1,049	)		(164	)		(9,822	)		(6,247	)
	Realized Gains:
		I Shares		—			—			(2	)		(39	)
		A Shares		—			—			(2	)		(63	)
	Total Dividends and Distributions			(62,634	)		(43,859	)		(16,705	)		(11,018	)
	Change in Net Assets from Capital Transactions			(605,937	)		254,466			78,657			155,310
	Change in Net Assets			(605,919	)		254,452			78,661			155,314
Net Assets:
	Beginning of Period			1,662,538			1,408,086			530,071			374,757
	End of Period		$	1,056,619		$	1,662,538		$	608,732		$	530,071
	Undistributed (Distributions in Excess of) Net Investment Income, End of Period		$	80		$	62		$	13		$	5

Amounts designated as “—” are either $0 or have been rounded to $0.

See Notes to Financial Statements.

187

STATEMENTS OF CHANGES IN NET ASSETS (continued)

STI CLASSIC FUNDS  For the Periods Indicated  (Amounts in thousands)

		U.S. Treasury						Virginia Tax-Free
		Money Market Fund						Money Market Fund
		04/01/06-			04/01/05-			04/01/06-			04/01/05-
		03/31/07			03/31/06			03/31/07			03/31/06
Capital Transactions:
I Shares:
	Proceeds from Shares Issued	$	3,869,543		$	2,817,452		$	350,300		$	370,968
	Dividends Reinvested		387			320			1,075			677
	Cost of Shares Redeemed		(4,495,054	)		(2,575,370	)		(347,504	)		(322,706	)
	Change in Net Assets from I Shares	$	(625,124	)	$	242,402		$	3,871		$	48,939
A Shares:
	Proceeds from Shares Issued	$	64,373		$	95,793		$	426,820		$	379,425
	Dividends Reinvested		1,049			165			9,824			6,510
	Cost of Shares Redeemed		(46,235	)		(83,894	)		(361,858	)		(279,564	)
	Change in Net Assets from A Shares	$	19,187		$	12,064		$	74,786		$	106,371
Change in Net Assets from Capital Transactions		$	(605,937	)	$	254,466		$	78,657		$	155,310
Share Transactions:
I Shares:
	Issued		3,869,543			2,817,452			350,299			370,968
	Reinvested		387			320			1,075			677
	Redeemed		(4,495,054	)		(2,575,370	)		(347,504	)		(322,706	)
	Change in I Shares		(625,124	)		242,402			3,870			48,939
A Shares:
	Issued		64,373			95,793			426,820			379,425
	Reinvested		1,049			165			9,824			6,510
	Redeemed		(46,235	)		(83,894	)		(361,858	)		(279,564	)
	Change in A Shares		19,187			12,064			74,786			106,371
Change in Shares			(605,937	)		254,466			78,656			155,310

See Notes to Financial Statements.

188

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
Georgia Tax-Exempt Bond Fund
I Shares
	Year Ended March 31, 2007	$	10.16	$	0.37		$	0.13		$	0.50		$	(0.40	)	$	(0.01	)	$	(0.41	)
	Year Ended March 31, 2006		10.21		0.36	(a)		(0.04	)		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	)		(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	)
A Shares
	Year Ended March 31, 2007		10.18		0.35			0.12			0.47			(0.38	)		(0.01	)		(0.39	)
	Year Ended March 31, 2006		10.22		0.35	(a)		(0.03	)		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	)		(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	)
C Shares
	Year Ended March 31, 2007		10.17		0.26			0.12			0.38			(0.29	)		(0.01	)		(0.30	)
	Year Ended March 31, 2006		10.22		0.27	(a)		(0.04	)		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	)		(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	)
High Grade Municipal Bond Fund
I Shares
	Year Ended March 31, 2007		10.82		0.37			0.12			0.49			(0.37	)		(0.02	)		(0.39	)
	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	)		(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	)
A Shares
	Year Ended March 31, 2007		10.83		0.35			0.12			0.47			(0.35	)		(0.02	)		(0.37	)
	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	)		(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	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

															Ratio of
															Expenses to
									Ratio of			Ratio of			Average Net
									Net			Net			Assets
		Net							Expenses			Investment			(Excluding
		Asset					Net Assets,		to			Income to			Waivers,
		Value,					End of		Average			Average			Reimbursements			Portfolio
		End of		Total			Period		Net			Net			and Expense			Turnover
		Period		Return(1)			(000)		Assets(2)			Assets(2)			Offset)(2)			Rate**
Georgia Tax-Exempt Bond Fund
I Shares
	Year Ended March 31, 2007	$	10.25		4.95	%	$	142,485		0.60	%		3.71	%		0.60	%		61	%
	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
A Shares
	Year Ended March 31, 2007		10.26		4.68			3,592		0.75			3.56			0.75			61
	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
C Shares
	Year Ended March 31, 2007		10.25		3.81			6,508		1.60			2.74			1.60			61
	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
High Grade Municipal Bond Fund
I Shares
	Year Ended March 31, 2007		10.92		4.54			163,707		0.60			3.37			0.61			128
	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
A Shares
	Year Ended March 31, 2007		10.93		4.38			2,844		0.75			3.23			0.76			128
	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

See Notes to Financial Highlights and Notes to Financial Statements.

189

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
High Grade Municipal Bond Fund
C Shares
	Year Ended March 31, 2007	$	10.85	$	0.26		$	0.12		$	0.38		$	(0.26	)	$	(0.02	)	$	(0.28	)
	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	)		(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	)
High Income Fund
I Shares
	Year Ended March 31, 2007		6.97		0.58			0.39			0.97			(0.58	)		—			(0.58	)
	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			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(b)		7.37		0.39			(0.12	)		0.27			(0.39	)		—			(0.39	)
A Shares
	Year Ended March 31, 2007		6.98		0.56			0.39			0.95			(0.56	)		—			(0.56	)
	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(c)		7.39		0.35	(a)		(0.01	)		0.34			(0.35	)		—			(0.35	)
C Shares
	Year Ended March 31, 2007		6.97		0.51			0.39			0.90			(0.51	)		—			(0.51	)
	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			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	)
Intermediate Bond Fund
I Shares
	Year Ended March 31, 2007		9.85		0.46	(a)		0.11			0.57			(0.46	)		—			(0.46	)
	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	)
A Shares
	Year Ended March 31, 2007		9.85		0.44	(a)		0.10			0.54			(0.44	)		—			(0.44	)
	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††(d)		10.32		0.02			0.04			0.06			(0.02	)		—			(0.02	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

															Ratio of
															Expenses to
									Ratio of			Ratio of			Average Net
									Net			Net			Assets
		Net							Expenses			Investment			(Excluding
		Asset					Net Assets,		to			Income to			Waivers,
		Value,					End of		Average			Average			Reimbursements			Portfolio
		End of		Total			Period		Net			Net			and Expense			Turnover
		Period		Return(1)			(000)		Assets(2)			Assets(2)			Offset)(2)			Rate**
High Grade Municipal Bond Fund
C Shares
	Year Ended March 31, 2007	$	10.95		3.49	%	$	6,724		1.60	%		2.37	%		1.61	%		128	%
	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
High Income Fund
I Shares
	Year Ended March 31, 2007		7.36		14.58			42,809		0.70			8.11			0.71			379
	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(b)		7.25		3.70			28,767		0.82			8.27			0.97			59
A Shares
	Year Ended March 31, 2007		7.37		14.22			498		1.00			7.86			1.01			379
	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(c)		7.38		4.61			1,508		1.10			7.80			1.88			49
C Shares
	Year Ended March 31, 2007		7.36		13.45			28,862		1.70			7.11			1.71			379
	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
Intermediate Bond Fund
I Shares
	Year Ended March 31, 2007		9.96		5.97			94,136		0.31			4.67			0.31			225
	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
A Shares
	Year Ended March 31, 2007		9.95		5.62			105		0.58			4.72			0.58			225
	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††(d)		10.36		0.53			1		0.71			2.58			0.71			130

See Notes to Financial Highlights and Notes to Financial Statements.

190

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
Intermediate Bond Fund
C Shares
	Year Ended March 31, 2007	$	9.85	$	0.36	(a)	$	0.12		$	0.48		$	(0.38	)	$	—		$	(0.38	)
	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††(d)		10.32		0.01			0.04			0.05			(0.01	)		—			(0.01	)
Investment Grade Bond Fund
I Shares
	Year Ended March 31, 2007		10.40		0.49			0.10			0.59			(0.50	)		—			(0.50	)
	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	)		(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	)
A Shares
	Year Ended March 31, 2007		10.40		0.46			0.10			0.56			(0.47	)		—			(0.47	)
	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	)		(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	)
C Shares
	Year Ended March 31, 2007		10.40		0.38			0.11			0.49			(0.39	)		—			(0.39	)
	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	)		(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	)
Investment Grade Tax-Exempt Bond Fund
I Shares
	Year Ended March 31, 2007		11.38		0.38			0.12			0.50			(0.37	)		(0.04	)		(0.41	)
	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	)		(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	)
A Shares
	Year Ended March 31, 2007		11.39		0.34			0.13			0.47			(0.34	)		(0.04	)		(0.38	)
	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	)		(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	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

															Ratio of
															Expenses to
									Ratio of			Ratio of			Average Net
									Net			Net			Assets
		Net							Expenses			Investment			(Excluding
		Asset					Net Assets,		to			Income to			Waivers,
		Value,					End of		Average			Average			Reimbursements			Portfolio
		End of		Total			Period		Net			Net			and Expense			Turnover
		Period		Return(1)			(000)		Assets(2)			Assets(2)			Offset)(2)			Rate**
Intermediate Bond Fund
C Shares
	Year Ended March 31, 2007	$	9.95		4.92	%	$	1		1.31	%		3.61	%		1.31	%		225	%
	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††(d)		10.36		0.51			1		1.00			2.22			1.41			130
Investment Grade Bond Fund
I Shares
	Year Ended March 31, 2007		10.49		5.79			394,196		0.55			4.70			0.55			240
	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
A Shares
	Year Ended March 31, 2007		10.49		5.48			16,526		0.85			4.40			0.85			240
	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
C Shares
	Year Ended March 31, 2007		10.50		4.84			9,024		1.55			3.69			1.55			240
	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
Investment Grade Tax-Exempt Bond Fund
I Shares
	Year Ended March 31, 2007		11.47		4.51			410,473		0.55			3.28			0.55			214
	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
A Shares
	Year Ended March 31, 2007		11.48		4.20			11,723		0.85			2.97			0.85			214
	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

See Notes to Financial Highlights and Notes to Financial Statements.

191

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
Investment Grade Tax-Exempt Bond Fund
C Shares
	Year Ended March 31, 2007	$	11.37	$	0.26		$	0.13		$	0.39		$	(0.26	)	$	(0.04	)	$	(0.30	)
	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	)		(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	)
Limited Duration Fund
I Shares
	Year Ended March 31, 2007		9.99		0.51			(0.02	)		0.49			(0.50	)		—	*		(0.50	)
	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(e)		10.00		—	*		—			—	*		—	*		—			—	*
Limited-Term Federal Mortgage Securities Fund
I Shares
	Year Ended March 31, 2007		9.88		0.43	(a)		0.09			0.52			(0.46	)		—			(0.46	)
	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	)		(0.12	)		(0.29	)		—			(0.29	)
	Year Ended May 31, 2003		10.31		0.29	(a)		0.42			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	)
A Shares
	Year Ended March 31, 2007		9.87		0.41	(a)		0.08			0.49			(0.44	)		—			(0.44	)
	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	)		(0.14	)		(0.27	)		—			(0.27	)
	Year Ended May 31, 2003		10.29		0.24	(a)		0.44			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	)
C Shares
	Year Ended March 31, 2007		9.89		0.33	(a)		0.08			0.41			(0.36	)		—			(0.36	)
	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	)		(0.18	)		(0.23	)		—			(0.23	)
	Year Ended May 31, 2003		10.31		0.21	(a)		0.43			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	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

															Ratio of
															Expenses to
									Ratio of			Ratio of			Average Net
									Net			Net			Assets
		Net							Expenses			Investment			(Excluding
		Asset					Net Assets,		to			Income to			Waivers,
		Value,					End of		Average			Average			Reimbursements			Portfolio
		End of		Total			Period		Net			Net			and Expense			Turnover
		Period		Return(1)			(000)		Assets(2)			Assets(2)			Offset)(2)			Rate**
Investment Grade Tax-Exempt Bond Fund
C Shares
	Year Ended March 31, 2007	$	11.46		3.48	%	$	7,254		1.55	%		2.27	%		1.55	%		214	%
	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
Limited Duration Fund
I Shares
	Year Ended March 31, 2007		9.98		5.04			40,291		0.14			5.03			0.14			185
	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(e)		10.00		—	(f)		12,298		—	(f)		—	(f)		—	(f)		—	(f)
Limited-Term Federal Mortgage Securities Fund
I Shares
	Year Ended March 31, 2007		9.94		5.33			422,749		0.55			4.32			0.55			90
	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
A Shares
	Year Ended March 31, 2007		9.92		5.03			3,540		0.75			4.12			0.75			90
	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
C Shares
	Year Ended March 31, 2007		9.94		4.18			14,530		1.55			3.30			1.55			90
	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

See Notes to Financial Highlights and Notes to Financial Statements.

192

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
Maryland Municipal Bond Fund
I Shares
	Year Ended March 31, 2007	$	10.14	$	0.38	(a)	$	0.11		$	0.49		$	(0.38	)	$	(0.04	)	$	(0.42	)
	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	)		(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	)
A Shares
	Year Ended March 31, 2007		10.15		0.38	(a)		0.10			0.48			(0.37	)		(0.04	)		(0.41	)
	Period Ended March 31, 2006(g)		10.32		0.30			(0.07	)		0.23			(0.31	)		(0.09	)		(0.40	)
C Shares
	Year Ended March 31, 2007		10.16		0.28	(a)		0.11			0.39			(0.28	)		(0.04	)		(0.32	)
	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	)		(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	)
North Carolina Tax-Exempt Bond Fund
I Shares
	Year Ended March 31, 2007		9.90		0.35	(a)		0.15			0.50			(0.35	)		—			(0.35	)
	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(h)		10.00		0.09			(0.24	)		(0.15	)		(0.09	)		—			(0.09	)
A Shares
	Year Ended March 31, 2007		9.88		0.34	(a)		0.15			0.49			(0.34	)		—			(0.34	)
	Year Ended March 31, 2006		9.87		0.37			0.01			0.38			(0.37	)		—			(0.37	)
	Period Ended March 31, 2005†(i)		9.97		0.01			(0.10	)		(0.09	)		(0.01	)		—			(0.01	)
C Shares
	Year Ended March 31, 2007		9.89		0.25	(a)		0.15			0.40			(0.25	)		—			(0.25	)
	Year Ended March 31, 2006		9.87		0.30			0.02			0.32			(0.30	)		—			(0.30	)
	Period Ended March 31, 2005†(i)		9.97		0.01			(0.10	)		(0.09	)		(0.01	)		—			(0.01	)
Seix Floating Rate High Income Fund
I Shares
	Year Ended March 31, 2007		9.96		0.69			0.03			0.72			(0.70	)		—	*		(0.70	)
	Period Ended March 31, 2006(j)		10.00		0.04			(0.04	)		—			(0.04	)		—			(0.04	)
A Shares
	Period Ended March 31, 2007(k)		9.94		0.60			0.06			0.66			(0.61	)		—	*		(0.61	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

															Ratio of
															Expenses to
									Ratio of			Ratio of			Average Net
									Net			Net			Assets
		Net							Expenses			Investment			(Excluding
		Asset					Net Assets,		to			Income to			Waivers,
		Value,					End of		Average			Average			Reimbursements			Portfolio
		End of		Total			Period		Net			Net			and Expense			Turnover
		Period		Return(1)			(000)		Assets(2)			Assets(2)			Offset)(2)			Rate**
Maryland Municipal Bond Fund
I Shares
	Year Ended March 31, 2007	$	10.21		4.93	%	$	29,513		0.63	%		3.75	%		0.63	%		57	%
	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
A Shares
	Year Ended March 31, 2007		10.22		4.77			45		0.78			3.69			0.78			57
	Period Ended March 31, 2006(g)		10.15		2.25			502		0.77			3.54			0.78			55
C Shares
	Year Ended March 31, 2007		10.23		3.88			6,873		1.63			2.75			1.63			57
	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
North Carolina Tax-Exempt Bond Fund
I Shares
	Year Ended March 31, 2007		10.05		5.17			44,130		0.59			3.54			0.59			84
	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(h)		9.76		(1.52	)		32,757		0.75			2.45			2.30			20
A Shares
	Year Ended March 31, 2007		10.03		5.02			896		0.75			3.46			0.75			84
	Year Ended March 31, 2006		9.88		3.85			110		0.66			2.47			0.67			85
	Period Ended March 31, 2005†(i)		9.87		(0.89	)		—		—			3.84			—			32
C Shares
	Year Ended March 31, 2007		10.04		4.14			2		1.59			2.56			1.59			84
	Year Ended March 31, 2006		9.89		3.23			2		1.58			2.18			1.58			85
	Period Ended March 31, 2005†(i)		9.87		(0.90	)		—		—			3.70			—			32
Seix Floating Rate High Income Fund
I Shares
	Year Ended March 31, 2007		9.98		7.47			582,861		0.51			7.03			0.51			148
	Period Ended March 31, 2006(j)		9.96		0.02			106,405		0.56			5.24			0.80			9
A Shares
	Period Ended March 31, 2007(k)		9.99		6.87			10,310		0.79			6.83			0.79			148

See Notes to Financial Highlights and Notes to Financial Statements.

193

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
Seix High Yield Fund
I Shares
	Year Ended March 31, 2007	$	10.69	$	0.74		$	0.15		$	0.89		$	(0.74	)	$	—		$	(0.74	)
	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	)
A Shares
	Year Ended March 31, 2007		10.45		0.72			0.15			0.87			(0.72	)		—			(0.72	)
	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(l)		10.00		0.54			(0.22	)		0.32			(0.51	)		(0.03	)		(0.54	)
C Shares
	Year Ended March 31, 2007		10.68		0.63			0.15			0.78			(0.63	)		—			(0.63	)
	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††(d)		11.32		0.04			0.10			0.14			(0.04	)		—			(0.04	)
Short-Term Bond Fund
I Shares
	Year Ended March 31, 2007		9.71		0.43	(a)		0.07			0.50			(0.43	)		—			(0.43	)
	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	)		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	)
A Shares
	Year Ended March 31, 2007		9.73		0.41	(a)		0.08			0.49			(0.41	)		—			(0.41	)
	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	)		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	)
C Shares
	Year Ended March 31, 2007		9.73		0.33	(a)		0.08			0.41			(0.33	)		—			(0.33	)
	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	)		(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	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

															Ratio of
															Expenses to
									Ratio of			Ratio of			Average Net
									Net			Net			Assets
		Net							Expenses			Investment			(Excluding
		Asset					Net Assets,		to			Income to			Waivers,
		Value,					End of		Average			Average			Reimbursements			Portfolio
		End of		Total			Period		Net			Net			and Expense			Turnover
		Period		Return(1)			(000)		Assets(2)			Assets(2)			Offset)(2)			Rate**
Seix High Yield Fund
I Shares
	Year Ended March 31, 2007	$	10.84		8.68	%	$	1,116,851		0.48	%		6.92	%		0.48	%		130	%
	Year Ended March 31, 2006		10.69		5.37			1,217,679		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
A Shares
	Year Ended March 31, 2007		10.60		8.61			29,517		0.74			6.82			0.74			130
	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(l)		9.78		3.29			9,877		0.89			6.53			1.20			97
C Shares
	Year Ended March 31, 2007		10.83		7.62			4,970		1.48			5.92			1.48			130
	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††(d)		11.42		1.20			1		1.18			6.29			1.41			73
Short-Term Bond Fund
I Shares
	Year Ended March 31, 2007		9.78		5.23			426,757		0.46			4.38			0.46			104
	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
A Shares
	Year Ended March 31, 2007		9.81		5.11			3,742		0.66			4.15			0.66			104
	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
C Shares
	Year Ended March 31, 2007		9.81		4.29			4,501		1.46			3.33			1.46			104
	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

See Notes to Financial Highlights and Notes to Financial Statements.

194

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			Distributions			from			Total
		Value,		Investment			Gains						from Net			from Tax			Realized			Dividends
		Beginning		Income			(Losses) on			Total From			Investment			Return of			Capital			and
		of Period		(Loss)			Investments			Operations			Income			Capital			Gains			Distributions
Short-Term U.S. Treasury Securities Fund
I Shares
	Year Ended March 31, 2007	$	9.80	$	0.39		$	0.06		$	0.45		$	(0.39	)	$	—		$	—		$	(0.39	)
	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	)		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	)
A Shares
	Year Ended March 31, 2007		9.79		0.37			0.06			0.43			(0.37	)		—			—			(0.37	)
	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	)		(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	)
C Shares
	Year Ended March 31, 2007		9.78		0.29			0.06			0.35			(0.29	)		—			—			(0.29	)
	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	)		(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	)
Strategic Income Fund
I Shares
	Year Ended March 31, 2007		9.64		0.50	(a)		0.31			0.81			(0.40	)		(0.17	)		—			(0.57	)
	Year Ended March 31, 2006		10.24		0.43	(a)		(0.41	)		0.02			(0.44	)		—			(0.18	)		(0.62	)
	Period Ended March 31, 2005†		9.81		0.39	(a)		0.49			0.88			(0.39	)		—			(0.06	)		(0.45	)
	Year Ended May 31, 2004		9.99		0.55	(a)		(0.14	)		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(m)		10.00		0.27			(0.20	)		0.07			(0.27	)		—			—			(0.27	)
A Shares
	Year Ended March 31, 2007		9.68		0.49	(a)		0.30			0.79			(0.39	)		(0.16	)		—			(0.55	)
	Year Ended March 31, 2006		10.27		0.41	(a)		(0.41	)		—			(0.41	)		—			(0.18	)		(0.59	)
	Period Ended March 31, 2005†		9.82		0.39	(a)		0.49			0.88			(0.37	)		—			(0.06	)		(0.43	)
	Period Ended May 31, 2004(n)		9.93		0.33	(a)		(0.07	)		0.26			(0.31	)		—			(0.06	)		(0.37	)
C Shares
	Year Ended March 31, 2007		9.65		0.43	(a)		0.28			0.71			(0.34	)		(0.14	)		—			(0.48	)
	Year Ended March 31, 2006		10.24		0.35	(a)		(0.41	)		(0.06	)		(0.35	)		—			(0.18	)		(0.53	)
	Period Ended March 31, 2005†		9.81		0.37	(a)		0.46			0.83			(0.34	)		—			(0.06	)		(0.40	)
	Year Ended May 31, 2004		9.99		0.50	(a)		(0.14	)		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(m)		10.00		0.25			(0.20	)		0.05			(0.25	)		—			—			(0.25	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

															Ratio of
															Expenses to
									Ratio of			Ratio of			Average Net
									Net			Net			Assets
		Net							Expenses			Investment			(Excluding
		Asset					Net Assets,		to			Income to			Waivers,
		Value,					End of		Average			Average			Reimbursements			Portfolio
		End of		Total			Period		Net			Net			and Expense			Turnover
		Period		Return(1)			(000)		Assets(2)			Assets(2)			Offset)(2)			Rate**
Short-Term U.S. Treasury Securities Fund
I Shares
	Year Ended March 31, 2007	$	9.86		4.64	%	$	55,459		0.48	%			%3.93		0.48	%		87	%
	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
A Shares
	Year Ended March 31, 2007		9.85		4.46			3,974		0.66			3.75			0.66			87
	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
C Shares
	Year Ended March 31, 2007		9.84		3.62			11,378		1.48			2.90			1.48			87
	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
Strategic Income Fund
I Shares
	Year Ended March 31, 2007		9.88		8.66			86,812		0.71			5.20			0.73			397
	Year Ended March 31, 2006		9.64		0.19			243,001		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(m)		9.80		0.74			43,717		0.94			6.07			1.04			43
A Shares
	Year Ended March 31, 2007		9.92		8.31			1,144		1.01			5.10			1.03			397
	Year Ended March 31, 2006		9.68		(0.01	)		1,740		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(n)		9.82		2.59			4,181		1.15			5.15			1.60			95
C Shares
	Year Ended March 31, 2007		9.88		7.48			32,864		1.71			4.43			1.73			397
	Year Ended March 31, 2006		9.65		(0.57	)		46,679		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(m)		9.80		0.55			39,490		1.53			5.49			2.07			43

See Notes to Financial Highlights and Notes to Financial Statements.

195

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
Total Return Bond Fund
I Shares
	Year Ended March 31, 2007	$	9.86	$	0.48		$	0.11		$	0.59		$	(0.49	)	$	—		$	(0.49	)
	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	)
A Shares
	Year Ended March 31, 2007		10.15		0.46			0.12			0.58			(0.47	)		—			(0.47	)
	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	)		(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(o)		10.00		0.27			0.09			0.36			(0.28	)		—			(0.28	)
C Shares
	Year Ended March 31, 2007		9.86		0.38			0.11			0.49			(0.39	)		—			(0.39	)
	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††(d)		10.25		0.01			0.06			0.07			(0.02	)		—			(0.02	)
Ultra-Short Bond Fund (3)
I Shares
	Year Ended March 31, 2007		9.96		0.48			0.05			0.53			(0.49	)		—			(0.49	)
	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	)		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(p)		10.00		0.05			—			0.05			(0.05	)		—			(0.05	)
U.S. Government Securities Fund
I Shares
	Year Ended March 31, 2007		10.19		0.47			0.11			0.58			(0.48	)		—			(0.48	)
	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	)		(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	)
A Shares
	Year Ended March 31, 2007		10.19		0.44			0.11			0.55			(0.45	)		—			(0.45	)
	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	)		(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	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

															Ratio of
															Expenses to
									Ratio of			Ratio of			Average Net
									Net			Net			Assets
		Net							Expenses			Investment			(Excluding
		Asset					Net Assets,		to			Income to			Waivers,
		Value,					End of		Average			Average			Reimbursements			Portfolio
		End of		Total			Period		Net			Net			and Expense			Turnover
		Period		Return(1)			(000)		Assets(2)			Assets(2)			Offset)(2)			Rate**
Total Return Bond Fund
I Shares
	Year Ended March 31, 2007	$	9.96		6.16	%	$	601,676		0.30	%		4.97	%		0.30	%		310	%
	Year Ended March 31, 2006		9.86		1.68			497,730		0.29			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
A Shares
	Year Ended March 31, 2007		10.26		5.82			324		0.54			4.57			0.54			310
	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(o)		10.08		3.69			166		0.80			3.30			1.11			502
C Shares
	Year Ended March 31, 2007		9.96		5.10			29		1.30			3.96			1.30			310
	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††(d)		10.30		0.65			1		1.10			2.71			1.41			330
Ultra-Short Bond Fund (3)
I Shares
	Year Ended March 31, 2007		10.00		5.44			85,646		0.28			4.58			0.28			96
	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(p)		10.00		0.30			33,730		0.36			2.44			0.91			30
U.S. Government Securities Fund
I Shares
	Year Ended March 31, 2007		10.29		5.86			535,056		0.55			4.70			0.55			131
	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
A Shares
	Year Ended March 31, 2007		10.29		5.54			2,849		0.85			4.40			0.85			131
	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

See Notes to Financial Highlights and Notes to Financial Statements.

196

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
U.S. Government Securities Fund
C Shares
	Year Ended March 31, 2007	$	10.19	$	0.37		$	0.11		$	0.48		$	(0.38	)	$	—		$	(0.38	)
	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	)		(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	)
U.S. Government Securities Ultra-Short Bond Fund(3)
I Shares
	Year Ended March 31, 2007		9.85		0.42			0.11			0.53			(0.43	)		—			(0.43	)
	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	)		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(q)		9.95		0.05			—			0.05			(0.05	)		—			(0.05	)
Virginia Intermediate Municipal Bond Fund
I Shares
	Year Ended March 31, 2007		10.01		0.36			0.10			0.46			(0.36	)		—			(0.36	)
	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	)		(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	)
A Shares
	Year Ended March 31, 2007		10.01		0.35			0.10			0.45			(0.35	)		—			(0.35	)
	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	)		(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	)
C Shares
	Year Ended March 31, 2007		10.01		0.26			0.10			0.36			(0.26	)		—			(0.26	)
	Period Ended March 31, 2006(r)		10.27		0.14			(0.19	)		(0.05	)		(0.14	)		(0.07	)		(0.21	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

															Ratio of
															Expenses to
									Ratio of			Ratio of			Average Net
									Net			Net			Assets
		Net							Expenses			Investment			(Excluding
		Asset					Net Assets,		to			Income to			Waivers,
		Value,					End of		Average			Average			Reimbursements			Portfolio
		End of		Total			Period		Net			Net			and Expense			Turnover
		Period		Return(1)			(000)		Assets(2)			Assets(2)			Offset)(2)			Rate**
U.S. Government Securities Fund
C Shares
	Year Ended March 31, 2007	$	10.29		4.81	%	$	5,121		1.55	%		3.67	%		1.55	%		131	%
	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
U.S. Government Securities Ultra-Short Bond Fund(3)
I Shares
	Year Ended March 31, 2007		9.95		5.50			34,411		0.29			4.23			0.33			141
	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(q)		9.95		0.32			28,138		0.30			2.42			0.83			34
Virginia Intermediate Municipal Bond Fund
I Shares
	Year Ended March 31, 2007		10.11		4.67			214,908		0.59			3.59			0.60			54
	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
A Shares
	Year Ended March 31, 2007		10.11		4.52			5,395		0.74			3.43			0.75			54
	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
C Shares
	Year Ended March 31, 2007		10.11		3.64			3,289		1.60			2.63			1.61			54
	Period Ended March 31, 2006(r)		10.01		(0.52	)		9		1.62			2.35			1.62			54

See Notes to Financial Highlights and Notes to Financial Statements.

197

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
Prime Quality Money Market Fund
I Shares
	Year Ended March 31, 2007	$	1.00	$	0.05	$	—	$	0.05	$	(0.05	)	$	—		$	(0.05	)
	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	)
A Shares
	Year Ended March 31, 2007		1.00		0.05		—		0.05		(0.05	)		—			(0.05	)
	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	)
C Shares
	Year Ended March 31, 2007		1.00		0.04		—		0.04		(0.04	)		—			(0.04	)
	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	)
Tax-Exempt Money Market Fund
I Shares
	Year Ended March 31, 2007		1.00		0.03		—		0.03		(0.03	)		—	*		(0.03	)
	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	)
A Shares
	Year Ended March 31, 2007		1.00		0.03		—		0.03		(0.03	)		—	*		(0.03	)
	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	)
U.S. Government Securities Money Market Fund
I Shares
	Year Ended March 31, 2007		1.00		0.05		—		0.05		(0.05	)		—			(0.05	)
	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	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

															Ratio of
															Expenses to
									Ratio of			Ratio of			Average Net
									Net			Net			Assets
		Net							Expenses			Investment			(Excluding
		Asset					Net Assets,		to			Income to			Waivers,
		Value,					End of		Average			Average			Reimbursements
		End of		Total			Period		Net			Net			and Expense
		Period		Return(1)			(000)		Assets(2)			Assets(2)			Offset)(2)
Prime Quality Money Market Fund
I Shares
	Year Ended March 31, 2007	$	1.00		4.83	%	$	3,248,781		0.53	%		4.73	%		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
A Shares
	Year Ended March 31, 2007		1.00		4.67			5,917,224		0.68			4.59			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
C Shares
	Year Ended March 31, 2007		1.00		4.57			3,733		0.78			4.47			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
Tax-Exempt Money Market Fund
I Shares
	Year Ended March 31, 2007		1.00		3.15			1,157,688		0.48			3.10			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
A Shares
	Year Ended March 31, 2007		1.00		3.00			594,416		0.63			2.95			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
U.S. Government Securities Money Market Fund
I Shares
	Year Ended March 31, 2007		1.00		4.62			691,145		0.59			4.56			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

See Notes to Financial Highlights and Notes to Financial Statements.

198

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
U.S. Government Securities Money Market Fund
A Shares
	Year Ended March 31, 2007	$	1.00	$	0.04	$	—	$	0.04	$	(0.04	)	$	—		$	(0.04	)
	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	)
U.S. Treasury Money Market Fund
I Shares
	Year Ended March 31, 2007		1.00		0.05		—		0.05		(0.05	)		—			(0.05	)
	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	)
A Shares
	Year Ended March 31, 2007		1.00		0.04		—		0.04		(0.04	)		—			(0.04	)
	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(s)		1.00		—		—		—		—	*		—	*		—	*
Virginia Tax-Free Money Market Fund
I Shares
	Year Ended March 31, 2007		1.00		0.03		—		0.03		(0.03	)		—	*		(0.03	)
	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	)
A Shares
	Year Ended March 31, 2007		1.00		0.03		—		0.03		(0.03	)		—	*		(0.03	)
	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	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

															Ratio of
															Expenses to
									Ratio of			Ratio of			Average Net
									Net			Net			Assets
		Net							Expenses			Investment			(Excluding
		Asset					Net Assets,		to			Income to			Waivers,
		Value,					End of		Average			Average			Reimbursements			Portfolio
		End of		Total			Period		Net			Net			and Expense			Turnover
		Period		Return(1)			(000)		Assets(2)			Assets(2)			Offset)(2)			Rate**
U.S. Government Securities Money Market Fund
A Shares
	Year Ended March 31, 2007	$	1.00		4.46	%	$	257,949		0.74	%		4.37	%		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
U.S. Treasury Money Market Fund
I Shares
	Year Ended March 31, 2007		1.00		4.61			1,025,065		0.58			4.50			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
A Shares
	Year Ended March 31, 2007		1.00		4.45			31,554		0.73			4.41			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(s)		1.00		0.15			401		0.75			0.21			3.17	(t)
Virginia Tax-Free Money Market Fund
I Shares
	Year Ended March 31, 2007		1.00		3.14			230,191		0.45			3.09			0.45
	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
A Shares
	Year Ended March 31, 2007		1.00		2.98			378,541		0.60			2.94			0.60
	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

See Notes to Financial Highlights and Notes to Financial Statements.

199

NOTES TO FINANCIAL HIGHLIGHTS

*	Amount less than $0.005.
**	Not annualized for periods less than one year.
(1)	Total return excludes sales charge. Not annualized for periods less than one year.
(2)	Annualized for periods less than one year.
(3)	Financial Highlights per share amounts for the Ultra-Short Bond Fund and the U.S. Government Securities Ultra-Short Bond Fund have been adjusted for a 5:1 reverse stock split and 4.974874:1 reverse stock split, respectively which occurred on April 1, 2005, for the periods ended March 31, 2005, May 31, 2004, May 31, 2003 and May 31, 2002.
(a)	Per share data was calculated using the average shares method.
(b)	Commenced operations on October 3, 2001.
(c)	Commenced operations on October 27, 2003.
(d)	Commenced operations on October 11, 2004.
(e)	Commenced operations on October 25, 2002.
(f)	Amounts are not meaningful due to the short period of operations.
(g)	Commenced operations on April 13, 2005.
(h)	Commenced operations on January 8, 2004.
(i)	Commenced operations on March 21, 2005.
(j)	Commenced operations on March 2, 2006
(k)	Commenced operations on May 8, 2006.
(l)	Commenced operations on December 21, 2001.
(m)	Commenced operations on November 30, 2001.
(n)	Commenced operations on October 8, 2003.
(o)	Commenced operations on January 25, 2002.
(p)	Commenced operations on April 15, 2002.
(q)	Commenced operations on April 11, 2002.
(r)	Commenced operations on September 1, 2005.
(s)	Commenced operations on November 12, 2003.
(t)	Ratio reflects the impact of the initial low level of average net assets associated with commencement of operations.
†	Effective June 1, 2004, the 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	%
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	%

200

NOTES TO FINANCIAL STATEMENTS

STI CLASSIC FUNDS  March 31, 2007

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 50 funds as of March 31, 2007. The Trust is authorized to issue an unlimited number of shares without par value. The financial statements presented herein are those of the Georgia Tax-Exempt Bond Fund, High Grade Municipal Bond Fund (formerly Florida Tax-Exempt Bond Fund), High Income 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, Total Return Bond Fund (formerly Core Bond Fund), Ultra-Short Bond Fund, U.S. Government Securities Fund, U.S. Government Securities 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 Limited Duration Fund, Ultra-Short Bond Fund, U.S. Government Securities and Ultra-Short Bond Fund may offer I Shares only. The Seix Floating Rate High Income 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 offer I Shares and A Shares. The remaining Funds offer I Shares, A Shares and C Shares. The Funds’ prospectuses provide a description of each Fund’s 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 the 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, Seix Floating Rate High Income 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, Seix Floating Rate High Income 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. Reorganizations

Intermediate Bond Fund — The Trust entered into a plan of reorganization on behalf of the High Quality Bond Fund and the Intermediate Bond Fund that provides for the acquisition by the Intermediate Bond Fund of all of the assets, subject to stated liabilities, of the High Quality Bond Fund in exchange for I Shares of the Intermediate Bond Fund, the distribution of such shares to the shareholders of the High Quality Bond Fund and the dissolution of the High Quality Bond Fund. The reorganization, which qualified as a tax-free exchange for federal income tax purposes, was approved by the Board of Trustees (the “Board”) on November 14, 2006

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NOTES TO FINANCIAL STATEMENTS (continued)

STI CLASSIC FUNDS  March 31, 2007

and completed on January 31, 2007. 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
		High Quality			Intermediate			Intermediate
		Bond Fund			Bond Fund			Bond Fund
Shares			3,484,579			6,031,180			9,440,405
Net Assets		$	33,737,909		$	59,685,005		$	93,422,914
Net Asset Value:
	I Shares	$	9.68		$	9.90		$	9.90
	Net unrealized appreciation	$	(120,650	)	$	(230,831	)	$	(351,481	)

Total Return Bond Fund (formerly Core Bond Fund) — The Trust entered into a 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 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:

		Before Reorganization				After Reorganization
		Total Return		Core Bond		Core Bond
		Bond Fund		Fund		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, the reorganized Core Bond Fund was renamed the Total Return Bond Fund.

Virginia Intermediate Municipal Bond Fund — The Trust entered into a 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 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 Municipal		Virginia Intermediate		Virginia Intermediate
		Bond Fund		Municipal Bond Fund		Municipal 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

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NOTES TO FINANCIAL STATEMENTS (continued)

STI CLASSIC FUNDS  March 31, 2007

Short-Term Bond Fund — The Trust entered into a 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 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	)

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($)
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
Total Return Bond Fund		14,597,989		148,243,208
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 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

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STI CLASSIC FUNDS  March 31, 2007

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. 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. Investments in other investment companies are valued at their respective daily net asset values.

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

204

NOTES TO FINANCIAL STATEMENTS (continued)

STI CLASSIC FUNDS  March 31, 2007

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 a Fair Value Pricing Service 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, security 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. 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 Strategic Income Fund 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 fiscal year are recognized as ordinary income or loss for federal income tax purposes. The Fund could be exposed to risk if a counterparty is unable to meet the terms of a forward foreign currency contract or if the value of the foreign currency changes unfavorably. As of March 31, 2007, the Strategic Income Fund did not hold any open forward foreign currency contracts.

Securities Lending — Each Fund (except 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 securities purchased with cash 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 initial value of the collateral must be at least 102% of the market value of the securities loaned if the securities loaned are U.S. securities (105% for non-U.S. securities); and maintained in an amount equal to at least 100% (103% for non-U.S. securities) 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.

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NOTES TO FINANCIAL STATEMENTS (continued)

STI CLASSIC FUNDS  March 31, 2007

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 March 31, 2007, the Portfolio was invested in certificates of deposit, repurchase agreements, asset backed securities and corporate bonds (with interest rates ranging from 5.390% to 5.648% and maturity dates ranging from 04/02/07 to 02/25/21).

The Funds paid securities lending fees during the year ended March 31, 2007, 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		8
Investment Grade Bond Fund		98
Limited-Term Federal Mortgage Securities Fund		7
Seix High Yield Fund		76
Short-Term Bond Fund		43
Short-Term U.S. Treasury Securities Fund		3
Strategic Income Fund		26
Ultra-Short Bond Fund		4
U.S. Government Securities Fund		76
U.S. Government Securities Ultra-Short Bond Fund		1

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. The Fund will segregate or earmark liquid assets in an amount as least equal in value to its commitments to purchase when-issued and forward commitment securities.

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

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NOTES TO FINANCIAL STATEMENTS (continued)

STI CLASSIC FUNDS  March 31, 2007

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 yield, principally by earning a negotiated fee. As of March 31, 2007, there were no open mortgage dollar rolls.

Bank Loans — The High Income Fund, Seix Floating Rate High Income Fund, Seix High Yield Fund and Strategic Income Fund invest in first and second lien senior floating rate loans (“bank loans”). These loans are loans made by banks and other large financial institutions to various companies and are senior in the borrowing companies’ capital structure. Coupon rates are floating, not fixed and are tied to a benchmark lending rate. A Fund records an investment when the borrower withdraws money and records interest as earned. Some types of senior loans in which these Funds may invest require that an open loan for a specific amount be continually offered to a borrower. These types of senior loans, commonly referred to as revolvers, contractually obligate the lender (and therefore those with an interest in the loan) to fund the loan at the borrower’s discretion. Therefore, a Fund must have funds sufficient to cover its contractual obligation. A Fund will maintain, on a daily basis, high-quality, liquid assets in an amount at least equal in value to its contractual obligation to fulfill the revolving senior loan. These unfunded loan commitments, which are marked to market daily, are presented with the Schedule of Portfolio Investments. At March 31, 2007, only the Seix Floating Rate High Income Fund had unfunded loan commitments.

Swap Agreements — The High Income, Intermediate Bond, Investment Grade Bond, Investment Grade Tax-Exempt Bond, Strategic Income and Total Return Bond Funds may enter into swap agreements, which are two-party contracts entered into primarily by institutional investors for periods ranging from a day to more than one year. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a “notional amount,” i.e., the return on or increase in value of a particular dollar amount invested in a “basket” of securities representing a particular index. 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 a swap agreement counterparty.

Swap agreements typically are settled on a net basis, which means that the two payment streams are netted out, with the Fund receiving or paying, as the case may be, only the net amount of the two payments. Payments may be made at the conclusion of a swap agreement, at the time a Fund enters into a swap agreement or periodically during its term. Up-front receipts and payments are recorded as deferred income (liability) or expense (asset), as the case may be, on the statement of assets and liabilities and then amortized to income or expense over the life of the swap contract. Until a swap agreement is settled in cash, the gain or loss on the notional amount plus income on the instruments, less the interest paid by the Fund on the notional amount, is recorded as “unrealized appreciation or depreciation on swap agreements” and, when cash is exchanged, the gain or loss realized is recorded as “realized gains or losses on swap agreements”. A Fund’s current obligations under swap agreements (offset against any amounts owing to the Fund) will be accrued daily and any accrued but unpaid net amounts owed to a swap counterparty will be covered by segregating cash or other assets deemed to be liquid with the

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NOTES TO FINANCIAL STATEMENTS (continued)

STI CLASSIC FUNDS  March 31, 2007

Fund’s custodian. Swap agreements do not involve the delivery of securities or other underlying assets. Accordingly, the risk of loss with respect to swap agreements is limited to the net amount of payments that a Fund is contractually obligated to make. If the other party to a swap agreement defaults, the Fund’s risk of loss consists of the net amount of payments that such Fund is contractually entitled to receive, if any.

Credit default swap (“CDS”) agreements are a specific kind of counterparty agreement designed to transfer the third party credit risk between parties. One party in the CDS is a lender and faces credit risk from a third party, while the counterparty in the CDS agrees to insure this risk in exchange for regular periodic payments (essentially an insurance premium). If the third party defaults, the party providing insurance will have to purchase from the insured party the defaulted asset.

Interest rate swaps involve the exchange of commitments to pay and receive interest based on a notional principle amount. Net periodic interest payments to be received or paid are accrued daily and are recorded as realized gains or losses on the Statements of Operations.

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. The Strategic Income Fund does not have any compensating balance arrangements with its custodian, Brown Brothers Harriman & Co.

Restricted Securities — Certain of the Funds’ investments are restricted as to resale. As of March 31, 2007, all of these restricted securities have been deemed liquid by the Funds’ advisers based upon procedures approved by the Board unless stated otherwise on each Fund’s Schedule of Portfolio Investments.

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. Expenses attributable to the Trust and the STI Classic Variable Trust (collectively, the “STI Complex”) are allocated across the STI Complex based upon 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 — Prior to November 20, 2006, for Funds other than the Money Market Funds, a redemption fee of 2% of the value of the shares sold was 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 was excluded under the Funds’ Redemption Fee Policy. On November 20, 2006 the Redemption Fee Policy was removed from all Funds. 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 years ended March 31, 2007 and March 31, 2006, were as follows:

	Year Ended		Year Ended
	03/31/07($)		03/31/06($)
High Grade Municipal Bond Fund		—		87
Investment Grade Bond Fund		5		—

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NOTES TO FINANCIAL STATEMENTS (continued)

STI CLASSIC FUNDS  March 31, 2007

	Year Ended		Year Ended
	03/31/07($)		03/31/06($)
Investment Grade Tax-Exempt Bond Fund		766		15
Limited-Term Federal Mortgage Securities Fund		541		550
Seix Floating Rate High Income Fund		1,006		—
Seix High Yield Fund		80		2,387
Short-Term Bond Fund		265		234
Strategic Income Fund		789		348
U.S. Government Securities Fund		662		693
Virginia Intermediate Municipal Bond Fund		1,440		903

      Amounts designated as “—” are $0.

New Accounting Pronouncements — In July 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 affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50 percent) that each tax position will be sustained upon examination by the applicable tax authority based on the technical merits of the position. 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 no later than the last business day of the first financial reporting date which occurs during the fiscal year beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Accordingly, the Funds are required to implement FIN 48 in their net asset value per share calculations on September 28, 2007. Management has not completed their analysis on whether the adoption of FIN 48 will have an impact to the financial statements once adopted.

In September 2006, the 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 expanded disclosures about fair value measurements. As of March 31, 2007, 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.

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 an advisory agreement.

Under the terms of the agreement, 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 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

209

NOTES TO FINANCIAL STATEMENTS (continued)

STI CLASSIC FUNDS  March 31, 2007

$2.5 billion and a discount of 20% applies on amounts over $5 billion. Fee rates for the year ended March 31, 2007 were as follows:

					Advisory Fees
	Maximum Annual		Overall Annual		Waived or			Net Annual
	Advisory Fee(%)		Advisory Fee(%)		Reimbursed(%)			Fees Paid(%)
Georgia Tax-Exempt Bond Fund		0.55		0.55		—			0.55
High Grade Municipal Bond Fund		0.55		0.55		—			0.55
High Income Fund		0.60		0.60		—			0.60
Intermediate Bond Fund		0.25		0.25		—			0.25
Investment Grade Bond Fund		0.50		0.50		—			0.50
Investment Grade Tax-Exempt Bond Fund		0.50		0.50		—			0.50
Limited Duration Fund		0.10		0.10		—			0.10
Limited-Term Federal Mortgage Securities Fund		0.50		0.50		—			0.50
Maryland Municipal Bond Fund		0.55		0.55		—			0.55
North Carolina Tax-Exempt Bond Fund		0.55		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		0.40		0.40		—			0.40
Short-Term U.S. Treasury Securities Fund		0.40		0.40		—			0.40
Strategic Income Fund		0.60		0.60		(0.02	)		0.58
Total Return Bond Fund		0.25		0.25		—			0.25
Ultra-Short Bond Fund		0.22		0.22		—			0.22
U.S. Government Securities Fund		0.50		0.50		—			0.50
U.S. Government Securities Ultra-Short Bond Fund		0.20		0.20		(0.03	)		0.17
Virginia Intermediate Municipal Bond Fund		0.55		0.55		—			0.55
Prime Quality Money Market Fund		0.55		0.49		—			0.49
Tax-Exempt Money Market Fund		0.45		0.44		—			0.44
U.S. Government Securities Money Market Fund		0.55		0.55		—			0.55
U.S. Treasury Money Market Fund		0.55		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		0.71
North Carolina Tax-Exempt Bond Fund	A Shares		0.86
North Carolina Tax-Exempt Bond Fund	C Shares		1.71
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

Under the Expense Limitation Agreements, 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

210

NOTES TO FINANCIAL STATEMENTS (continued)

STI CLASSIC FUNDS  March 31, 2007

contractual waivers or reimbursements at a date not to exceed three years from the date of the corresponding Expense Limitation Agreement. 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. During the year ended March 31, 2007, the Investment Adviser did not recapture any of its prior contractual waivers or reimbursements. The Investment Adviser does not intend to recapture such amounts. As of March 31, 2007, there were no available cumulative potential reimbursements based on reimbursements within three years from the date of the corresponding Expense Limitation Agreement (until August 1, 2009) after being reduced by amounts forfeited during the current fiscal year.

During the year ended March 31, 2007, 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 has entered into a Master Services Agreement with BISYS Fund Services Ohio, Inc. (the “Administrator”), under which the Administrator provides administrative, fund accounting and transfer agent, and shareholder services for an annual fee, calculated and paid monthly, (expressed as a percentage of the combined average daily net assets of the STI Complex) 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 $2,714 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 STI Complex, including $300,000 towards the premium for Directors and Officers Liability/ Errors and Omissions insurance coverage, and $25,000 towards 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 STI Complex 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 year ended March 31, 2007 were as follows:

	Board Approved		Board Approved
	and Charged		and Charged
	A Share		C Share
	Distribution		Distribution
	Fee(%)		and Service Fee(%)
Georgia Tax-Exempt Bond Fund		0.15		1.00
High Grade Municipal 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 Fund		0.30		N/A

211

NOTES TO FINANCIAL STATEMENTS (continued)

STI CLASSIC FUNDS  March 31, 2007

	Board Approved		Board Approved
	and Charged		and Charged
	A Share		C Share
	Distribution		Distribution
	Fee(%)		and Service Fee(%)
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
Total Return Bond Fund		0.25		1.00
U.S. Government Securities Fund		0.30		1.00
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 their respective net assets and transaction costs.

Other — Certain officers of the STI Complex 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 plus reimbursement for certain expenses incurred. Trustees receive an additional fee for attendance at committee meetings. The current retainer and meeting fees are as follows:

	Chairman($)		Trustee($)
Annual Retainer		55,000		44,000
Regular Meeting Fee		10,000		8,000
Special Meeting Fee		5,000		4,000
Committee Meeting Fee		4,500		3,000

The Trust approved a deferred compensation plan for its trustees, effective January 1, 2007. Under that plan, a trustee may elect to defer all or a portion of his or her compensation. Amounts deferred are retained by the Trust, and the value of such deferred amounts is determined by reference to the change in value of Class I Shares of one or more series of the STI Classic Funds as specified by the trustee. Benefits under the deferred compensation plan are payable upon retirement. As of March 31, 2007, under the deferred compensation plan, the Trust had a deferred liability of approximately $68,635.

The Investment Adviser provides services to the STI Complex 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 STI Complex, including providing certain related services, and receives an annual fee of $156,750 for providing these services. The fees above are allocated across the assets of the STI Complex. For the year ended March 31, 2007, the total amount paid by the Trust for compliance services fees was $546,818.

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 year ended

212

NOTES TO FINANCIAL STATEMENTS (continued)

STI CLASSIC FUNDS  March 31, 2007

March 31, 2007, 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($)
High Grade Municipal Bond Fund		—
High Income Fund		1
Intermediate Bond Fund		—
Investment Grade Bond Fund		2
Investment Grade Tax-Exempt Bond Fund		1
Limited Duration		1
Limited-Term Federal Mortgage Securities Fund		3
Seix Floating Rate High Income Fund		17
Seix High Yield Fund		13
Total Return Bond Fund		6
U.S. Government Securities Fund		4
Prime Quality Money Market Fund		47
U.S. Government Securities Money Market Fund		155
U.S. Treasury Money Market Fund		529

      Amounts designated as “—” round to less than $1,000.

5.  Investment Transactions

The cost of security purchases and the proceeds from sales and maturities of securities, excluding securities maturing less than one year from acquisition and U.S. government securities, for the year ended March 31, 2007, were as follows (in thousands):

			Sales and
	Purchases($)		Maturities($)
Georgia Tax-Exempt Bond Fund		108,669		83,646
High Grade Municipal Bond Fund		213,873		219,961
High Income Fund		258,522		264,586
Intermediate Bond Fund		28,744		19,250
Investment Grade Bond Fund		166,072		118,837
Investment Grade Tax-Exempt Bond Fund		857,513		740,117
Limited Duration Fund		49,210		43,373
Maryland Municipal Bond Fund		21,239		24,780
North Carolina Tax-Exempt Bond Fund		38,558		35,319
Seix Floating Rate High Income Fund		1,030,633		582,652
Seix High Yield Fund		1,548,917		1,540,506
Short-Term Bond Fund		129,934		81,897
Strategic Income Fund		385,632		500,851
Total Return Bond Fund		210,995		141,552
Ultra-Short Bond Fund		41,474		148,376
U.S. Government Securities Ultra-Short Bond Fund		735		3,211
Virginia Intermediate Municipal Bond Fund		112,416		116,595

213

NOTES TO FINANCIAL STATEMENTS (continued)

STI CLASSIC FUNDS  March 31, 2007

The cost of security purchases and proceeds from sales and maturities of U.S. government securities, excluding securities maturing less than one year from acquisition, for the year ended March 31, 2007, were as follows (in thousands):

			Sales and
	Purchases($)		Maturities($)
Intermediate Bond Fund		143,101		175,989
Investment Grade Bond Fund		866,211		1,014,136
Limited Duration Fund		10,369		9,388
Limited-Term Federal Mortgage Securities Fund		423,226		340,668
Seix High Yield Fund		—		41,426
Short-Term Bond Fund		375,775		270,791
Short-Term U.S. Treasury Securities Fund		62,492		69,119
Strategic Income Fund		301,887		354,083
Total Return Bond Fund		1,523,043		1,563,990
Ultra-Short Bond Fund		95,799		140,810
U.S. Government Securities Fund		804,776		576,211
U.S. Government Securities Ultra-Short Bond Fund		43,861		43,651

6.  Federal Tax Policies and Information

It is the policy of each Fund to qualify or 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 from 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 and the difference between book and tax amortization methods for premium and market discount), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification.

At March 31, 2007, 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 March 31, 2007 are presented on each Fund’s Schedule of Portfolio Investments.

214

NOTES TO FINANCIAL STATEMENTS (continued)

STI CLASSIC FUNDS  March 31, 2007

The tax character of distributions paid to shareholders during the year ended March 31, 2007 was as follows (in thousands):

	Distributions paid from
											Total
	Net Investment		Net Long Term		Total Taxable		Tax-Exempt		Return of		Distributions
Fund	Income($)		Capital Gains($)		Distributions($)		Distributions($)		Capital($)		Paid($)*
Georgia Tax-Exempt Bond Fund		—		110		110		5,296		—		5,406
High Grade Municipal Bond Fund		50		261		311		5,750		—		6,061
High Income Fund		5,497		—		5,497		—		—		5,497
Intermediate Bond Fund		3,670		—		3,670		—		—		3,670
Investment Grade Bond Fund		21,516		—		21,516		—		—		21,516
Investment Grade Tax-Exempt Bond Fund		1,228		227		1,455		11,267		—		12,722
Limited Duration Fund		3,643		9		3,652		—		—		3,652
Limited-Term Federal Mortgage Securities Fund		18,460		—		18,460		—		—		18,460
Maryland Municipal Bond Fund		36		106		142		1,376		—		1,518
North Carolina Tax-Exempt Bond Fund		—		—		—		1,516		—		1,516
Seix Floating Rate High Income Fund		26,504		—		26,504		—		—		26,504
Seix High Yield Fund		85,396		—		85,396		—		—		85,396
Short-Term Bond Fund		14,992		—		14,992		—		—		14,992
Short-Term U.S. Treasury Securities Fund		2,675		—		2,675		—		—		2,675
Strategic Income Fund		6,746		—		6,746		—		2,761		9,507
Total Return Bond Fund		26,630		—		26,630		—		—		26,630
Ultra-Short Bond Fund		7,874		—		7,874		—		—		7,874
U.S. Government Securities Fund		20,925		—		20,925		—		—		20,925
U.S. Government Securities Ultra-Short Bond Fund		1,529		—		1,529		—		—		1,529
Virginia Intermediate Municipal Bond Fund		—		—		—		7,244		—		7,244
Prime Quality Money Market Fund		358,404		88		358,492		—		—		358,492
Tax-Exempt Money Market Fund		101		20		121		56,823		—		56,944
U.S. Government Securities Money Market Fund		32,696		—		32,696		—		—		32,696
U.S. Treasury Money Market Fund		63,779		—		63,779		—		—		63,779
Virginia Tax-Free Money Market Fund		4		—		4		16,287		—		16,291

*  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 either $0 or have been rounded to $0.

215

NOTES TO FINANCIAL STATEMENTS (continued)

STI CLASSIC FUNDS  March 31, 2007

The tax character of distributions paid to shareholders during the period 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($)*
Georgia Tax-Exempt Bond Fund		—		127		127		3,970		4,097
High-Grade Municipal Bond Fund		21		850		871		5,574		6,445
High Income Fund		8,484		1,954		10,438		—		10,438
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
Total Return Bond Fund		15,441		89		15,530		—		15,530
Ultra-Short Bond Fund		7,484		—		7,484		—		7,484
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
Virginia Intermediate Municipal Bond Fund		—		1,180		1,180		5,997		7,177
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 Statement of Changes in Net Assets because for tax purposes dividends are recognized when actually paid.

Amounts designated as “—” are either $0 or have been rounded to $0.

216

NOTES TO FINANCIAL STATEMENTS (continued)

STI CLASSIC FUNDS  March 31, 2007

As of March 31, 2007 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($)			Other Losses($)**
Georgia Tax-Exempt Bond Fund		302		—		—		302		(540	)		(111	)
High Grade Municipal Bond Fund		497		269		165		931		(503	)		—
High Income Fund		—		1,656		—		1,656		(506	)		—
Intermediate Bond Fund		—		964		—		964		(407	)		(3,785	)
Investment Grade Bond Fund		—		1,485		—		1,485		(1,893	)		(14,840	)
Investment Grade Tax-Exempt Bond Fund		1,039		859		508		2,406		(1,192	)		—
Limited Duration Fund		—		183		—		183		(184	)		(28	)
Limited-Term Federal Mortgage Securities Fund		—		1,826		—		1,826		(1,756	)		(18,607	)
Maryland Municipal Bond Fund		67		9		13		89		(111	)		—
North Carolina Tax- Exempt Bond Fund		74		—		—		74		(138	)		(133	)
Seix Floating Rate High Income Fund		—		5,261		—		5,261		(3,748	)		(15	)
Seix High Yield Fund		—		7,190		—		7,190		(7,172	)		(16,794	)
Short-Term Bond Fund		—		1,706		—		1,706		(1,693	)		(11,178	)
Short-Term U.S. Treasury Securities Fund		—		248		—		248		(251	)		(2,419	)
Strategic Income Fund		—		—		—		—		(845	)		(4,400	)
Total Return Bond Fund		—		1,995		—		1,995		(2,672	)		(8,527	)
Ultra-Short Bond Fund		—		454		—		454		(434	)		(2,419	)
U.S. Government Securities Fund		—		2,471		—		2,471		(2,305	)		(8,995	)
U.S. Government Ultra-Short Bond Fund		—		144		—		144		(129	)		(1,342	)
Virginia Intermediate Municipal Bond Fund		671		—		—		671		(697	)		(96	)
Prime Quality Money Market Fund		—		36,614		—		36,614		(36,565	)		—
Tax-Exempt Money Market Fund		4,721		56		63		4,840		(4,692	)		—
U.S. Government Securities Money Market Fund		—		3,807		—		3,807		(3,791	)		(2	)
U.S. Treasury Money Market Fund		—		4,173		—		4,173		(4,091	)		(212	)
Virginia Tax-Free Money Market Fund		1,543		—		—		1,543		(1,529	)		—

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Unrealized
	Appreciation			Total Accumulated
	(Depreciation)($)***			Earnings (Deficit)($)
Georgia Tax-Exempt Bond Fund		3,254			2,905
High Grade Municipal Bond Fund		1,790			2,218
High Income Fund		1,786			2,936
Intermediate Bond Fund		52			(3,176	)
Investment Grade Bond Fund		635			(14,613	)
Investment Grade Tax-Exempt Bond Fund		1,448			2,662
Limited Duration Fund		(5	)		(34	)
Limited-Term Federal Mortgage Securities Fund		(542	)		(19,079	)
Maryland Municipal Bond Fund		855			833
North Carolina Tax- Exempt Bond Fund		541			344
Seix Floating Rate High Income Fund		1,843			3,341
Seix High Yield Fund		14,967			(1,809	)
Short-Term Bond Fund		(375	)		(11,540	)
Short-Term U.S. Treasury Securities Fund		4			(2,418	)
Strategic Income Fund		1,579			(3,666	)
Total Return Bond Fund		(1,103	)		(10,307	)
Ultra-Short Bond Fund		391			(2,008	)
U.S. Government Securities Fund		1,629			(7,200	)
U.S. Government Ultra-Short Bond Fund		190			(1,137	)
Virginia Intermediate Municipal Bond Fund		4,641			4,519
Prime Quality Money Market Fund		—			49
Tax-Exempt Money Market Fund		—			148
U.S. Government Securities Money Market Fund		—			14
U.S. Treasury Money Market Fund		—			(130	)
Virginia Tax-Free Money Market Fund		—			14

 **  As of the latest tax year end of March 31, 2007, 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.

217

NOTES TO FINANCIAL STATEMENTS (continued)

STI CLASSIC FUNDS  March 31, 2007

	Expires
	2009($)		2011($)		2012($)		2013($)		2014($)		2015($)
Georgia Tax-Exempt Bond Fund		—		—		—		—		—		102
Intermediate Bond Fund		—		—		718		—		1,179		—
Investment Grade Bond Fund		7,224		—		—		—		—		7,017
Limited Duration Fund		—		—		—		—		—		13
Limited-Term Federal Mortgage Securities Fund		—		—		5,162		3,272		5,209		4,012
North Carolina Tax-Exempt Bond Fund		—		—		—		—		130		—
Seix High Yield Fund		—		—		—		—		5,154		11,640
Short-Term Bond Fund		352		9,216		22		354		47		978
Short-Term U.S. Treasury Securities Fund		—		—		—		245		907		1,149
Strategic Income Fund		—		—		—		—		—		4,195
Total Return Bond Fund		—		161		573		1,285		—		4,712
Ultra-Short Bond Fund		—		—		588		548		573		665
U.S. Government Securities Fund		—		—		2,698		508		251		5,287
U.S. Government Securities Ultra-Short Bond Fund		—		—		519		393		272		150
Virginia Intermediate Municipal Bond Fund		—		—		—		—		33		63
U.S. Treasury Money Market Fund		—		—		—		165		42		5

During the year ended March 31, 2007, the Intermediate Bond Fund and North Carolina Tax-Exempt Bond Fund utilized $319 and $40, respectively, in thousands, in capital loss carryforwards.

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 Georgia Tax-Exempt Bond Fund, Intermediate Bond Fund, Investment Grade Bond Fund, Limited Duration Fund, Limited-Term Federal Mortgage Securities Fund, North Carolina Tax-Exempt Bond Fund, Seix Floating Rate High Income Fund, Short-Term Bond Fund, Short-Term U.S. Treasury Securities Fund, Strategic Income Fund, Total Return Bond Fund, Ultra-Short Bond Fund, U.S. Government Securities Fund, U.S. Government Securities Ultra-Short Bond Fund and U.S. Government Securities Money Market Fund have incurred and will elect to defer $9, $1,888, $599, $15, $952, $3, $15, $209, $118, $205, $1,796, $45, $251, $8 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 and the difference between book and tax amortization methods for premium and market discount.

Amounts designated as “—” are either $0 or have been rounded to $0.

7.  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 High Income Fund, Seix Floating Rate High Income Fund, Seix High Yield Fund and Strategic Income Fund invest in first and second lien senior floating rate loans. The risks associated with floating rate loans are similar to the risks of below investment grade securities. In addition, the value of the collateral securing the loan may decline, causing a loan to be substantially unsecured. Difficulty in selling a floating rate loan may result in a loss. Borrowers may pay back principal before the scheduled due date when interest rates decline, which may require the Fund to replace a particular loan with a lower-yielding security. There may be less extensive public information available with respect to loans than for rated, registered or exchange listed securities. The Fund may assume the credit risk of the primary lender in addition to the borrower, and investments in loan assignments may involve the risks of being a lender.

218

NOTES TO FINANCIAL STATEMENTS (concluded)

STI CLASSIC FUNDS  March 31, 2007

The Intermediate Bond, Investment Grade Bond, Strategic Income and Total Return Bond Funds may 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 future 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 price volatility associated with these Fund’s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar.

The 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 Intermediate Bond, Investment Grade Bond, Limited Duration, Limited-Term Federal Mortgage Securities, Short-Term Bond, Total Return Bond, Ultra-Short Bond, U.S. Government Securities and U.S. Government Securities 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 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.

219

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

STI CLASSIC FUNDS  March 31, 2007

To the Board of Trustees and Shareholders of

STI Classic Funds:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of portfolio investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Georgia Tax-Exempt Bond Fund, High Grade Municipal Bond Fund (formerly known as “Florida Tax-Exempt Bond Fund”), High Income 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, Total Return Bond Fund (formerly known as “Core Bond Fund”), Ultra-Short Bond Fund, U.S. Government Securities Fund, U.S. Government Securities 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 (twenty-five of the fifty funds constituting STI Classic Funds, hereafter referred to as the “Funds”) at March 31, 2007, and the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods indicated, except as discussed below where funds were audited by other independent accountants, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at March 31, 2007 by correspondence with the custodians and brokers, provide a reasonable basis for our opinion. The financial highlights for the period ended May 31, 2004 of the North Carolina Tax-Exempt Bond Fund were audited by other independent accountants, whose report dated July 19, 2004 expressed an unqualified opinion on those financial statements. The financial highlights for each of the two years (or periods) in the period ended October 31, 2003 of the Intermediate Bond Fund, Limited Duration Fund, Seix High Yield Fund and Total Return Bond Fund were audited by other independent accountants whose report dated December 19, 2003 expressed an unqualified opinion on those financial statements.

PricewaterhouseCoopers LLP

Columbus, Ohio

May 30, 2007

220

OTHER FEDERAL TAX INFORMATION

STI CLASSIC FUNDS  March 31, 2007

(Unaudited)

For corporate shareholders, the following percentage of the total ordinary income distributions paid by the Funds during the year ended March 31, 2007 qualify for the corporate dividends received deductions:

	Dividend Received
	Deduction(%)
Strategic Income Fund		1.25

For the year ended March 31, 2007, the following Fund had a qualified dividend income of:

	Qualified Dividend
	Income(%)
Strategic Income Fund		1.25

221

TRUSTEES AND OFFICERS OF THE STI CLASSIC FUNDS

STI CLASSIC FUNDS  March 31, 2007

(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.” Mr. Ridley is a trustee who may be deemed to be an “interested person” of the Trust.

					Number of
Name, Business					Portfolios in
Address, State of	Position		Term of Office		Fund
Residence and Date	Held with		and Length of	Principal Occupation(s)	Complex
of Birth	Trust		Time Served	During the Past 5 Years	Overseen		Other Directorships Held
INTERESTED TRUSTEE*
Clarence H. Ridley 3435 Stelzer Road Columbus, OH 43219 (Georgia) DOB 06/42		Trustee	Indefinite; since November 2001	Chairman, Haverty Furniture Companies		57	Crawford & Co.; Haverty Furniture Companies
INDEPENDENT TRUSTEES
Jeffrey M. Biggar 3435 Stelzer Road Columbus, OH 43219 (Ohio) DOB 02/50		Trustee	Indefinite; since January 2007	Retired. Chief Executive Officer and Senior Managing Director, Sterling (National City Corp.) (2002-2006)		57	None
F. Wendell Gooch 3435 Stelzer Road Columbus, OH 43219 (Indiana) DOB 12/32		Trustee	Indefinite; since May 1992	Retired		57	SEI Family of Funds
Sidney E. Harris 3435 Stelzer Road Columbus, OH 43219 (Georgia) DOB 07/49		Trustee	Indefinite; since November 2004	Professor (since 1997), Dean (1997-2004), J. Mack Robinson College of Business, Georgia State University		57	ServiceMaster Company; Total System Services, Inc.
Warren Y. Jobe 3435 Stelzer Road Columbus, OH 43219 (Georgia) DOB 11/40		Trustee	Indefinite; since November 2004	Retired. Executive Vice President, Georgia Power Company and Senior Vice President, Southern Company (1998-2001)		57	WellPoint, Inc; UniSource Energy Corp.; HomeBanc Corp.
Connie D. McDaniel 3435 Stelzer Road Columbus, OH 43219 (Georgia) DOB 04/58		Trustee	Indefinite; since May 2005	Vice President Global Finance Transformation (since 2007), Vice President and Controller (1999-2007), The Coca-Cola Company		57	None
James O. Robbins 3435 Stelzer Road Columbus, OH 43219 (Florida) DOB 07/42		Trustee	Indefinite; since May 2000	Retired. President and Chief Executive Officer, Cox Communications, Inc. (1985-2005)		57	Bessemer Securities, Inc.; Humana, Inc.
Charles D. Winslow 3435 Stelzer Road Columbus, OH 43219 (Florida) DOB 07/35		Trustee	Indefinite; since November 2004	Retired. Formerly Partner, Accenture (consulting)		57	None

* Mr. Ridley may be deemed an Interested Trustee because of a material business relationship with the parent of the Investment Adviser.

222

TRUSTEES AND OFFICERS OF THE STI CLASSIC FUNDS (concluded)

STI CLASSIC FUNDS  March 31, 2007

(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 3435 Stelzer Road Columbus, OH 43219 DOB 08/64	President and Chief Executive Officer	One year; since July 2004	Senior Vice President, Relationship Management, BISYS Fund Services (since 2002); Vice President, Client Services, BISYS Fund Services (1997-2002)
Deborah A. Lamb 50 Hurt Plaza Suite 1400 Atlanta, GA 30303 DOB 10/52	Executive Vice President; Assistant Secretary; Chief Compliance Officer	One year; since September 2004; since November 2003; since August 2004 (respectively)	Chief Compliance Officer, Managing Director, Trusco Capital Management, Inc. (since 2003); President, Investment Industry Consultants, LLC (2000-2003)
Martin R. Dean 3435 Stelzer Road Columbus, OH 43219 DOB 11/63	Treasurer, Chief Financial Officer and Chief Accounting Officer	One year; since March 2007	Vice President, Fund Administration, BISYS Fund Services
Cynthia J. Surprise 3435 Stelzer Road Columbus, OH 43219 DOB 07/46	Secretary and Chief Legal Officer	One year; since February 2005	Senior Counsel, Legal Services, BISYS Fund Services (since 2004); Director and Counsel, Investors Bank & Trust Company (1999-2004)
Jennifer A. English 3435 Stelzer Road Columbus, OH 43219 DOB 03/72	Assistant Secretary	One year; since November 2005	Assistant Counsel, Legal Services, BISYS Fund Services (since 2005); Assistant Counsel, PFPC Inc. (2002-2005); Associate Legal Product Manager, Fidelity Investments (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.

223

ADDITIONAL INFORMATION

STI CLASSIC FUNDS  March 31, 2007

(Unaudited)

Annual Approval of Investment Advisory Agreement

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 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 of 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 October 24, 2006, and requested and reviewed additional material from the Adviser in preparation for its quarterly meeting held on November 14, 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 the Trustees in connection with their consideration of the 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 held 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. As part of its consideration, the Board also reviewed a single consolidated form of advisory agreement representing the substance of both of the Trust’s existing agreements with the Adviser and considered whether to adopt the consolidated form of agreement going forward.

Based on the Board’s deliberations and evaluation of the information it received, the Board, including the Independent Trustees, approved the consolidated form of agreement and the selection of the Adviser 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. 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

224

ADDITIONAL INFORMATION (continued)

STI CLASSIC FUNDS  March 31, 2007

(Unaudited)

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 agreement.

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 agreement.

Fund Expenses

With respect to advisory fees, the Board considered the rate of compensation under the agreement 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 agreement.

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.

225

ADDITIONAL INFORMATION  (continued)

STI CLASSIC FUNDS  March 31, 2007

(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 (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 October 1, 2006 through March 31, 2007.

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		Expenses Paid		Expense Ratio
		Account Value		Account Value		During Period*		During Period**
		10/01/06		03/31/07		10/01/06-03/31/07		10/01/06-03/31/07
Georgia Tax-Exempt Bond Fund	I Shares	$	1,000.00	$	1,017.70	$	0.03		0.60	%
	A Shares		1,000.00		1,015.90		3.77		0.75
	C Shares		1,000.00		1,011.60		8.07		1.60
High Grade Municipal Bond Fund	I Shares		1,000.00		1,012.90		3.06		0.61
	A Shares		1,000.00		1,012.20		3.81		0.76
	C Shares		1,000.00		1,007.90		8.06		1.61
High Income Fund	I Shares		1,000.00		1,092.20		3.60		0.70
	A Shares		1,000.00		1,090.50		5.21		1.00
	C Shares		1,000.00		1,085.30		8.84		1.70
Intermediate Bond Fund	I Shares		1,000.00		1,028.50		1.62		0.32
	A Shares		1,000.00		1,026.30		2.68		0.53
	C Shares		1,000.00		1,023.30		6.76		1.34
Investment Grade Bond Fund	I Shares		1,000.00		1,026.50		2.78		0.56
	A Shares		1,000.00		1,025.00		4.34		0.86
	C Shares		1,000.00		1,021.40		7.86		1.56
Investment Grade Tax-Exempt Bond Fund	I Shares		1,000.00		1,015.10		2.81		0.56
	A Shares		1,000.00		1,013.60		4.32		0.86
	C Shares		1,000.00		1,009.20		7.81		1.56
Limited Duration Fund	I Shares		1,000.00		1,025.10		0.71		0.14
Limited-Term Federal Mortgage Securities Fund	I Shares		1,000.00		1,025.90		2.78		0.55
	A Shares		1,000.00		1,024.90		3.79		0.75
	C Shares		1,000.00		1,020.80		7.81		1.55
Maryland Municipal Bond Fund	I Shares		1,000.00		1,016.60		3.22		0.64
	A Shares		1,000.00		1,015.80		4.02		0.79
	C Shares		1,000.00		1,011.50		8.22		1.64
North Carolina Tax-Exempt Bond Fund	I Shares		1,000.00		1,019.10		2.97		0.59
	A Shares		1,000.00		1,018.30		3.72		0.74
	C Shares		1,000.00		1,014.10		7.88		1.57
Seix Floating Rate High Income Fund	I Shares		1,000.00		1,050.00		2.56		0.50
	A Shares		1,000.00		1,048.40		7.99		0.78
Seix High Yield Fund	I Shares		1,000.00		1,058.60		2.51		0.49
	A Shares		1,000.00		1,057.60		3.85		0.74
	C Shares		1,000.00		1,053.40		7.63		1.49

226

ADDITIONAL INFORMATION  (continued)

STI CLASSIC FUNDS  March 31, 2007

(Unaudited)

		Beginning		Ending		Expenses Paid		Expense Ratio
		Account Value		Account Value		During Period*		During Period**
		10/01/06		03/31/07		10/01/06-03/31/07		10/01/06-03/31/07
Short-Term Bond Fund	I Shares	$	1,000.00	$	1,024.80	$	2.32		0.46	%
	A Shares		1,000.00		1,023.70		3.33		0.66
	C Shares		1,000.00		1,020.70		7.36		1.46
Short-Term U.S. Treasury Securities Fund	I Shares		1,000.00		1,022.30		2.42		0.48
	A Shares		1,000.00		1,021.40		3.33		0.66
	C Shares		1,000.00		1,017.30		7.44		1.48
Strategic Income Fund	I Shares		1,000.00		1,051.20		3.68		0.72
	A Shares		1,000.00		1,049.40		5.21		1.02
	C Shares		1,000.00		1,046.00		8.77		1.72
Total Return Bond Fund	I Shares		1,000.00		1,028.50		1.52		0.30
	A Shares		1,000.00		1,027.50		2.78		0.55
	C Shares		1,000.00		1,023.40		6.56		1.30
Ultra-Short Bond Fund	I Shares		1,000.00		1,026.20		1.46		0.29
U.S. Government Securities Fund	I Shares		1,000.00		1,025.50		2.78		0.55
	A Shares		1,000.00		1,024.00		4.29		0.85
	C Shares		1,000.00		1,020.40		7.81		1.55
U.S. Government Securities Ultra- Short Bond Fund	I Shares		1,000.00		1,027.30		1.42		0.28
Virginia Intermediate Municipal Bond Fund	I Shares		1,000.00		1,015.20		3.01		0.60
	A Shares		1,000.00		1,014.40		3.77		0.75
	C Shares		1,000.00		1,010.20		8.02		1.60
Prime Quality Money Market Fund	I Shares		1,000.00		1,024.30		2.67		0.53
	A Shares		1,000.00		1,023.60		3.43		0.68
	C Shares		1,000.00		1,023.10		3.93		0.78
Tax-Exempt Money Market Fund	I Shares		1,000.00		1,015.70		2.41		0.48
	A Shares		1,000.00		1,015.00		3.16		0.63
U.S. Government Securities Money Market Fund	I Shares		1,000.00		1,023.50		3.03		0.60
	A Shares		1,000.00		1,022.70		3.78		0.75
U.S. Treasury Money Market Fund	I Shares		1,000.00		1,023.40		2.98		0.59
	A Shares		1,000.00		1,022.60		3.73		0.74
Virginia Tax-Free Money Market Fund	I Shares		1,000.00		1,015.70		2.26		0.45
	A Shares		1,000.00		1,014.90		3.01		0.60

  *  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.

227

ADDITIONAL INFORMATION  (continued)

STI CLASSIC FUNDS  March 31, 2007

(Unaudited)

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 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		Expenses Paid		Expense Ratio
		Account Value		Account Value		During Period*		During Period**
		10/01/06		03/31/07		10/01/06-03/31/07		10/01/06-03/31/07
Georgia Tax-Exempt Bond Fund	I Shares	$	1,000.00	$	1,024.90	$	0.03		0.60	%
	A Shares		1,000.00		1,021.19		3.78		0.75
	C Shares		1,000.00		1,016.90		8.10		1.60
High Grade Municipal Bond Fund	I Shares		1,000.00		1,050.00		3.12		0.61
	A Shares		1,000.00		1,050.00		3.88		0.76
	C Shares		1,000.00		1,050.00		8.23		1.61
High Income Fund	I Shares		1,000.00		1,021.49		3.48		0.70
	A Shares		1,000.00		1,019.95		5.04		1.00
	C Shares		1,000.00		1,016.45		8.55		1.70
Intermediate Bond Fund	I Shares		1,000.00		1,023.34		1.61		0.32
	A Shares		1,000.00		1,022.29		2.67		0.53
	C Shares		1,000.00		1,018.25		6.74		1.34
Investment Grade Bond Fund	I Shares		1,000.00		1,022.19		2.77		0.56
	A Shares		1,000.00		1,020.64		4.33		0.86
	C Shares		1,000.00		1,017.15		7.85		1.56
Investment Grade Tax-Exempt Bond Fund	I Shares		1,000.00		1,022.14		2.82		0.56
	A Shares		1,000.00		1,020.64		4.33		0.86
	C Shares		1,000.00		1,017.15		7.85		1.56
Limited Duration Fund	I Shares		1,000.00		1,024.23		0.71		0.14
Limited-Term Federal Mortgage Securities Fund	I Shares		1,000.00		1,022.19		2.77		0.55
	A Shares		1,000.00		1,021.19		3.78		0.75
	C Shares		1,000.00		1,017.20		7.80		1.55
Maryland Municipal Bond Fund	I Shares		1,000.00		1,021.74		3.23		0.64
	A Shares		1,000.00		1,020.94		4.03		0.79
	C Shares		1,000.00		1,016.75		8.25		1.64
North Carolina Tax-Exempt Bond Fund	I Shares		1,000.00		1,021.99		2.97		0.59
	A Shares		1,000.00		1,021.24		3.73		0.74
	C Shares		1,000.00		1,017.10		7.90		1.57
Seix Floating Rate High Income Fund	I Shares		1,000.00		1,022.44		2.52		0.50
	A Shares		1,000.00		996.11		3.88		0.78
Seix High Yield Fund	I Shares		1,000.00		1,022.49		2.47		0.49
	A Shares		1,000.00		1,021.19		3.78		0.74
	C Shares		1,000.00		1,017.50		7.49		1.49
Short-Term Bond Fund	I Shares		1,000.00		1,022.64		2.32		0.46
	A Shares		1,000.00		1,021.64		3.33		0.66
	C Shares		1,000.00		1,017.65		7.34		1.46
Short-Term U.S. Treasury Securities Fund	I Shares		1,000.00		1,022.54		2.42		0.48
	A Shares		1,000.00		1,021.64		3.33		0.66
	C Shares		1,000.00		1,017.55		7.44		1.48

228

ADDITIONAL INFORMATION  (concluded)

STI CLASSIC FUNDS  March 31, 2007

(Unaudited)

		Beginning		Ending		Expenses Paid		Expense Ratio
		Account Value		Account Value		During Period*		During Period**
		10/01/06		03/31/07		10/01/06-03/31/07		10/01/06-03/31/07
Strategic Income Fund	I Shares	$	1,000.00	$	1,021.34	$	3.63		0.72	%
	A Shares		1,000.00		1,019.85		5.14		1.02
	C Shares		1,000.00		1,016.36		8.65		1.72
Total Return Bond Fund	I Shares		1,000.00		1,023.44		1.51		0.30
	A Shares		1,000.00		1,022.19		2.77		0.55
	C Shares		1,000.00		1,018.45		6.54		1.30
Ultra-Short Bond Fund	I Shares		1,000.00		1,023.49		1.46		0.29
U.S. Government Securities Fund	I Shares		1,000.00		1,022.19		2.77		0.55
	A Shares		1,000.00		1,020.69		4.28		0.85
	C Shares		1,000.00		1,017.20		7.80		1.55
U.S. Government Securities Ultra- Short Bond Fund	I Shares		1,000.00		1,023.54		1.41		0.28
Virginia Intermediate Municipal Bond Fund	I Shares		1,000.00		1,021.94		3.02		0.60
	A Shares		1,000.00		1,021.19		3.78		0.75
	C Shares		1,000.00		1,016.95		8.05		1.60
Prime Quality Money Market Fund	I Shares		1,000.00		1,022.29		2.67		0.53
	A Shares		1,000.00		1,021.54		3.43		0.68
	C Shares		1,000.00		1,021.04		3.93		0.78
Tax-Exempt Money Market Fund	I Shares		1,000.00		1,022.54		2.42		0.48
	A Shares		1,000.00		1,021.79		3.18		0.63
U.S. Government Securities Money Market Fund	I Shares		1,000.00		1,021.94		3.02		0.60
	A Shares		1,000.00		1,021.19		3.78		0.75
U.S. Treasury Money Market Fund	I Shares		1,000.00		1,021.99		2.97		0.59
	A Shares		1,000.00		1,021.24		3.73		0.74
Virginia Tax-Free Money Market Fund	I Shares		1,000.00		1,022.69		2.27		0.45
	A Shares		1,000.00		1,021.94		3.02		0.60

  *  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 1-202-551-8090.

229

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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 • No Bank Guarantee • May Lose Value

STI-ABMM-0307
5/07

Item 2. Code of Ethics.

(a) The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. This code of ethics is included as an Exhibit.

(b) During the period covered by the report, with respect to the registrant’s code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions; there have been no amendments to, nor any waivers granted from, a provision that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item 2.

Item 3. Audit Committee Financial Expert.

3(a)(1) The registrant’s board of directors has determined that the registrant has at least one audit committee financial expert serving on its audit committee.

3(a)(2) The audit committee financial expert is Warren Y. Jobe, who is “independent” for purposes of this Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Audit Fees: the aggregate fees billed for each of the last two fiscal years for professional services rendered by PricewaterhouseCoopers LLP for the audit of the Trust’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were as follows:

	Current Year			Previous Year
(a) Audit Fees	$	729,216		$	775,780
(b) Audit-Related Fees	$	107,670	(1)	$	109,170	(1)
(c) Tax Fees	$	0		$	0
(d) All Other Fees	$	0		$	0

(1) Services related to security count examinations under Rule 17f-2 of the Investment Company Act.

e(1) Except as permitted by Rule 2-01(c)(7)(i)(C) of Regulation S-X, the Trust’s Audit Committee Charter provides that the principal responsibilities of the Committee shall include approving audit and non-audit services an independent accounting firm provides to the Trust (and certain Trust service providers) as required by and in accordance with applicable law. The Committee is authorized to develop policies and procedures, in accordance with applicable law, that provide for the advance pre-approval of some or all audit and non-audit services. The Committee is further authorized to delegate its responsibility to pre-approve audit and non-audit services to one or more members of the Committee, in accordance with applicable law.

e(2) None of the services summarized in (b)-(d), above, were approved by the Audit Committee pursuant to Rule 2-01(c)(7)(i)(C) of Regulation S-X.

(f) Not applicable.

(g)

Current Year	Previous Year
$3,438,868 (1)	$3,100,592 (1)

(1) Non-audit services relate principally to certain technical accounting advice on financial products of SunTrust Banks, Inc.; Sarbanes-Oxley 404 implementation; review of certain registration statements and regulatory filings; issuance of comfort letters; and, tax compliance services to other entities controlled by SunTrust Banks, Inc.

(h) In regards to Item 4 (g), The audit committee has considered that the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

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.

(b) There were no significant changes in the registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) The code of ethics that is the subject of the disclosure required by Item 2 is attached hereto.

(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/ Martin R. Dean, Treasurer
	Martin R. Dean          Treasurer

Date 06/07/07

     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
	R. Jeffrey Young            President

Date 06/08/07

By (Signature and Title)*	/s/ Martin R. Dean, Treasurer
	Martin R. Dean           Treasurer

Date 06/07/07

* Print the name and title of each signing officer under his or her signature.

EX-99.CODE ETH

EX. 99. CODE ETH

STI CLASSIC FUNDS
STI CLASSIC VARIABLE TRUST

FINANCIAL OFFICER CODE OF ETHICS

I. INTRODUCTION

     The reputation and integrity of the STI Classic Funds and STI Classic Variable Trust (the “Trusts”) are valuable assets that are vital to the Trusts’ success. The Trusts’ senior financial officers (“SFOs”) are responsible for conducting the Trusts’ business in a manner that demonstrates a commitment to the highest standards of integrity. The Trusts’ SFOs include the principal executive officer, the principal financial officer, comptroller or principal accounting officer, and any person who performs a similar function.

     The Sarbanes-Oxley Act of 2002 (the “Act”) effected sweeping corporate disclosure and financial reporting reform on public companies, including mutual funds, to address corporate malfeasance and assure investors that the companies in which they invest are accurately and completely disclosing financial information. Under the Act, all public companies (including the Trust) must either have a code of ethics for their SFOs, or disclose why it does not. The Act was intended to foster corporate environments which encourage employees to question and report unethical and potentially illegal business practices. The Trusts have chosen to adopt this Financial Officer Code of Ethics (the “Code”) to encourage their SFOs to act in a manner consistent with the highest principles of ethical conduct.

II. PURPOSES OF THE CODE

     The purposes of this Code are:

• To promote honest and ethical conduct by the Trusts’ SFOs, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

• To assist the Trusts’ SFOs in recognizing and avoiding conflicts of interest, including disclosing to an appropriate person any material transaction or relationship that reasonably could be expected to give rise to such a conflict;

• To promote full, fair, accurate, timely, and understandable disclosure in reports and documents that the Trusts file with, or submit to, the SEC and in other public communications made by the Trusts;

• To promote compliance with applicable laws, rules and regulations;

• To encourage the prompt internal reporting to an appropriate person of violations of this Code; and

• To establish accountability for adherence to this Code.

III. QUESTIONS ABOUT THIS CODE

     The Trusts’ compliance officer designated to oversee compliance with the Trusts’ Code of Ethics adopted pursuant to Rule 17j-1 shall serve as Compliance Officer for the implementation and administration of this Code. You should direct your questions about this Code to the Compliance Officer.

IV. CONDUCT GUIDELINES

     The Trusts have adopted the following guidelines under which the Trusts’ SFOs must perform their official duties and conduct the business affairs of the Trusts.

     1. ETHICAL AND HONEST CONDUCT IS OF PARAMOUNT IMPORTANCE. The Trusts’ SFOs must act with honesty and integrity and avoid violations of this Code, including the avoidance of actual or apparent conflicts of interest with the Trusts in personal and professional relationships.

     2. SFOS MUST DISCLOSE MATERIAL TRANSACTIONS OR RELATIONSHIPS. The Trusts’ SFOs must disclose to the Compliance Officer any actual or apparent conflicts of interest the SFO may have with the Trusts that reasonably could be expected to give rise to any violations of this Code. Such conflicts of interest may arise as a result of material transactions or business or personal relationships to which the SFO may be a party. If it is not possible to disclose the matter to the Compliance Officer, it should be disclosed to the Trusts’ Chief Financial Officer, Chief Executive Officer or another appropriate person. In addition to disclosing any actual or apparent conflicts of interest in which an SFO is personally involved, the Trusts’ SFOs have an obligation to report any other actual or apparent conflicts which they discover or of which they otherwise become aware. If you are unsure whether a particular fact pattern gives rise to a conflict of interest, or whether a particular transaction or relationship is “material,” you should bring the matter to the attention of the Compliance Officer.

     3. STANDARDS FOR QUALITY OF INFORMATION SHARED WITH SERVICE PROVIDERS OF THE TRUSTS. The Trusts’ SFOs must at all times seek to provide information to the Trusts’ service providers (adviser, administrator, outside auditor, outside counsel, custodian, etc.) that is accurate, complete, objective, relevant, timely, and understandable.

     4. STANDARDS FOR QUALITY OF INFORMATION INCLUDED IN PERIODIC REPORTS. The Trusts’ SFOs must at all times endeavor to ensure full, fair, timely, accurate, and understandable disclosure in the Trusts’ periodic reports.

     5. COMPLIANCE WITH LAWS. The Trusts’ SFOs must comply with the federal securities laws and other laws and rules applicable to the Trusts, such as the Internal Revenue Code.

     6. STANDARD OF CARE. The Trusts’ SFOs must at all times act in good faith and with due care, competence and diligence, without misrepresenting material facts or allowing your independent judgment to be subordinated. The Trusts’ SFOs must conduct the affairs of the Trusts in a responsible manner, consistent with this Code.

     7. CONFIDENTIALITY OF INFORMATION. The Trusts’ SFOs must respect and protect the confidentiality of information acquired in the course of their professional duties, except when authorized by the Trusts to disclose it or where disclosure is otherwise legally mandated. You may not use confidential information acquired in the course of your work for personal advantage.

     8. SHARING OF INFORMATION AND EDUCATIONAL STANDARDS. The Trusts’ SFOs should share information with relevant parties to keep them informed of the business affairs of the Trusts, as appropriate, and maintain skills important and relevant to the Trusts’ needs.

     9. PROMOTE ETHICAL CONDUCT. The Trusts’ SFOs should at all times proactively promote ethical behavior among peers in your work environment.

     10. STANDARDS FOR RECORDKEEPING. The Trusts’ SFOs must at all times endeavor to ensure that the Trusts’ financial books and records are thoroughly and accurately maintained to the best of their knowledge in a manner consistent with applicable laws and this Code.

V. WAIVERS OF THIS CODE

     You may request a waiver of a provision of this Code by submitting your request in writing to the Compliance Officer for appropriate review. For example, if a family member works for a service provider that prepares the Trusts’ financial statements, you may have a potential conflict of interest in reviewing those statements and should seek a waiver of this Code to review the work. An executive officer of the Trusts, or another appropriate person (such as a designated Board or Audit Committee member), will decide whether to grant a waiver. All waivers of this code must be disclosed to the Trusts’ shareholders to the extent required by SEC rules.

VI. AFFIRMATION OF THE CODE

     Upon adoption of the Code, the Trusts’ SFOs must affirm in writing that they have received, read and understand the Code, and annually thereafter must affirm that they have complied with the requirements of the Code. To the extent necessary, the Trusts’ Compliance Officer will provide guidance on the conduct required by this Code and the manner in which violations or suspected violations must be reported and waivers must be requested.

VII. REPORTING VIOLATIONS

     In the event that an SFO discovers or, in good faith, suspects a violation of this Code, the SFO MUST immediately report the violation or suspected violation to the Compliance Officer. The Compliance Officer may, in his or her discretion, consult with another member of the Trusts’ senior management or the Board in determining how to address the suspected violation. For example, a Code violation may occur when a periodic report or financial statement of the Trusts omits a material fact, or is technically accurate but, in the view of the SFO, is written in a way that obscures its meaning.

     SFOs who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated as confidential to the extent possible.

VIII. VIOLATIONS OF THE CODE

     Dishonest or unethical conduct or conduct that is illegal will constitute a violation of this Code, regardless of whether this Code specifically refers to such particular conduct. A violation of this Code may result in disciplinary action, up to and including removal as an SFO of the Trust. A variety of laws apply to the Trusts and their operations, including the Securities Act of 1933, the Investment Company Act of 1940, state laws relating to duties owed by Trust officers, and criminal laws. The Trusts will report any suspected criminal violations to the appropriate authorities, and will investigate, address and report, as appropriate, non-criminal violations.

ADOPTED: NOVEMBER 20, 2003

EX-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.

06/08/07 Date	R. Jeffrey Young    R. Jeffrey Young
	President

CERTIFICATIONS

I, Martin R. Dean, 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.

06/07/07 Date	/s/ Martin R. Dean      Martin R. Dean
	Treasurer

EX-99.906.CERT

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the year ended March 31, 2007 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.

06/07/07 Date
	/s/ R. Jeffrey Young R. Jeffrey Young
	President
	/s/ Martin R. Dean Martin R. Dean
	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.