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 811-09032

STI Classic Variable Trust

(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: 12/31

Date of reporting period: 12/31/06

Item 1. Reports to Stockholders.

2006 Annul Report

STI Classic Variable Trust

December 31, 2006

TABLE OF CONTENTS

STI CLASSIC VARIABLE TRUST December 31, 2006

Letter to Shareholders	1
Management Discussion and Analysis
Capital Appreciation Fund	3
International Equity Fund	5
Investment Grade Bond Fund	7
Large Cap Relative Value Fund	9
Large Cap Value Equity Fund	11
Mid-Cap Equity Fund	13
Small Cap Value Equity Fund	15
Schedules of Portfolio Investments	17
Statements of Assets and Liabilities	34
Statements of Operations	35
Statements of Changes in Net Assets	36
Financial Highlights	39
Notes to Financial Statements	40
Report of Independent Registered Public Accounting Firm	48
Other Federal Tax Information	49
Trustees and Officers of the STI Classic Variable Trust	50
Additional Information	52

Past performance does not guarantee future results.

The following information and opinions are for general information only. STI Classic Variable Trust and Trusco Capital Management, Inc. do not assume liability for any loss which may result from the reliance by any person upon such information or opinions. Such information and opinions are subject to change without notice, are for general information only and are not intended as an offer or solicitation with respect to the purchase or sale of any security, or as offering individual or personalized investment advice.

This material is authorized for distribution only when preceded or accompanied by a current prospectus. An investor should consider the fund’s investment objectives, risks, and charges and expenses carefully before investing or sending money. This and other important information about the STI Classic Variable Trust can be found in the fund’s prospectus. To obtain more information, call 1-888-STI-FUND. Please read the prospectus carefully before investing.

STI Classic Variable Trust is distributed by BISYS Fund Services Limited Partnership, which is not affiliated with Trusco Capital Management, Inc.

LETTER TO SHAREHOLDERS

STI CLASSIC VARIABLE TRUST December 31, 2006

Dear STI Classic Variable Trust Shareholders,

The equity markets scaled a wall of worry to post healthy gains in the fourth quarter and above average returns in 2006. The S&P 500 gained 6.70% including dividends in the final quarter and finished the year with a total return of 15.79%. The fixed-income markets also enjoyed a positive year, with the Lehman Brothers Aggregate Bond Index up 1.24% in the final quarter and 4.33% for the full year.

2006 began with significant economic and financial concerns that comprised the wall of worry. Economic momentum faded after the post-Katrina rebound, and was compounded by signs of an end to the multiyear housing boom. Expectations of slower growth dampened prospects for corporate profits growth. Energy prices remained stubbornly high, and key inflation gauges were above the Federal Reserve’s unofficial comfort zone of 1-2%. The Federal Reserve, worrying about inflation, wanted to slow economic growth and continued to raise short-term interest rates from the 1% low in June 2004 with no hints of stopping. Bond yields also moved higher, but not as fast as short-term rates, so that short-term yields moved above long-term yields: an inverted yield curve. An important support for the equity market, especially Large-Caps, was the reasonable valuation level relative to bond yields, inflation, and history. The S&P 500 drifted in a trading range in the first half of the year, while bond returns fell.

Two significant events occurred during the summer months that eased, but did not eliminate market jitters. First, the Fed shifted its interest rate policy to neutral. Fed Chairman Ben Bernanke, in his mid-year economic report, told Congress that growth would likely slow enough to eventually ease inflation pressures, and that the Fed would delay additional rate hikes to monitor progress. The second important development was a sharp drop in crude oil and gasoline prices.

These two developments spurred investor confidence, and the S&P 500 rose 12.7% in the second half of the year. For all of 2006, Mid-Cap equity performance was roughly even with Large-Caps, while Small-Caps enjoyed another year of relative outperformance, with the Russell 2000 up 18.4%. Further strength in Energy stocks helped the Value style outperform Growth for the year. International stocks continued to outperform due in part to the weaker value of the U.S. dollar, and the MSCI EAFE equity index gained 26.9%.

Nervous bond investors cheered the decision by the Fed to stop raising interest rates and were further heartened by the decline in oil prices, which reduced second half inflation pressures. Mortgage securities outperformed in the investment grade credit arena, and High Yield securities returned nearly 12%.

Our outlook for 2007 is generally positive, but there are some concerns and potential risks; another wall of worry. Recession risks remain, but we believe they are still relatively low, especially given the late-year economic spurt. Inflation progress could stall, particularly if the dollar remains under downward pressure, which would delay Fed ease and potentially prompt future rate increases.

We detect enough economic momentum to sustain growth, but the pace is likely to be below average for much of the year. Job growth will be the key driver of consumer incomes and spending, though there may be additional discretionary dollars if oil prices retreat further. Corporate profits growth should slow in this environment to the mid-single-digits. Inflation is likely to move back within the Fed’s comfort zone, allowing for the possibility of rate cuts later in the year. This setting can be favorable for the equity markets in 2007, and we believe bonds will also generate positive, though lower returns, if yields remain range-bound as we expect.

1

We are pleased to announce that Ashi S. Parikh joined Trusco Capital Management in the fourth quarter as Executive Vice President and Chief Investment Officer of Equities. Mr. Parikh brings 15 years of financial services experience to Trusco, with the vast majority focused on equity portfolio management and research. The portfolios he has managed have a top-quartile, risk-adjusted performance track record over a 10-year period. Mr. Parikh earned his MBA from The Harvard Business School, and graduated summa cum laude with a Bachelor of Science degree in economics from Ohio State University.

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

Sincerely,

David H. Eidson	Ashi S. Parikh
Chairman and CEO	Executive Vice President
	Chief Investment Officer of Equities

2

CAPITAL APPRECIATION FUND

STI CLASSIC VARIABLE TRUST December 31, 2006

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 & Analysis

Q: How did the Fund perform against its benchmark for the period ended December 31, 2006?

A: Fund performance in 2006 was good on an absolute basis, but disappointing on a relative basis. Total return was 10.83%, compared to 15.79% for the S&P 500 Index. The Fund and the market got off to a strong start in 2006 with the Fund’s first quarter return of 4.38% compared to the S&P 500 Index return of 4.21%. The market and the Fund then retreated in the second and third quarters before rebounding strongly in the fourth quarter. Unfortunately the Fund’s positioning towards more growth names caused it to underperform the S&P 500 Index. The Russell 1000^® Growth Index total return for 2006 was 9.07%.*

Q: What factors influenced the Fund’s performance for the period ended December 31, 2006?

A: In 2006, 40% of the underperformance can be attributed to sector selection. The Fund was significantly underweighted in the top three performing sectors: Telecommunication Services (+37%), Energy (+24%) and Utilities (+21%) and overweighted in the worst three sectors: Health Care (+7%), Information Technology (+8%), and Industrials (+13%). The remaining underperformance can be primarily attributed to stock selection in Consumer Discretionary and Information Technology. Some notable detractors in Consumer Discretionary were housing stocks: Home Depot, Lowes and Whirlpool. In Information Technology some notable detractors were in the semiconductor sector: Analog Devices, Xilinx and Intersil and in the payment processing firms: CheckFree and Global Payments. This was somewhat offset by good stock selection in Health Care, Industrials and Consumer Staples.*

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

A: As 2007 begins, several important aspects of the U.S. equity market dominate our attention. First, with the Fed looking to hold rates higher longer, relatively high energy prices, and consumers stretched in terms of debt levels, the lower quality, more leveraged stocks look expensive while higher quality stocks look very reasonable.*

Second, we believe earnings growth should slow in 2007, from mid-teens to single-digit year/year rates. This is because most of the cyclical expansion in profit margins has already been seen, and comparisons are finally becoming fairly difficult. In this environment, we believe companies with visible top and bottom line growth should do better.*

Third, the value style has significantly outperformed growth in all capitalization sizes. Style returns have tended to last no more than seven years in past cycles, and 2006 was the seventh year. Working down the egregiously high 1999 valuations of Large Cap Growth type stocks has taken a long time, but in our judgment this process has essentially run its course.*

Pulling all of these trends together, the Fund is thus tilted toward higher quality, large to mega capitalization stocks which we believe to have sustainable growth in the year ahead. Also, the Fund is currently still underweight in lower growth cyclicals such as, Energy and Utilities, and overweight in Health Care and Technology related industries which may benefit from continued international economic growth.*

Past performance does not guarantee future results.

3

CAPITAL APPRECIATION FUND

STI CLASSIC VARIABLE TRUST December 31, 2006

Growth of $10,000 Investment (As of December 31, 2006)

This chart assumes an initial hypothetical investment of $10,000 made on 12/31/96. 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 is measured against the S&P 500 Index, an unmanaged index that consists of 500 selected common stocks, most of which are listed on the New York Stock Exchange, and is a measure of the U.S. stock market as a whole. The performance of the index does not reflect the deduction of expenses associated with a mutual fund, such as investment adviser and fund accounting fees. The Fund’s performance reflects the deduction of fees for these value-added services. Investors cannot invest directly in an index, although they can invest in its underlying securities.

The Lipper Mutual Funds Average is an equally weighted average of the mutual funds within their respective investment objectives, adjusted for the reinvestment of capital gains distributions and income dividends.

Average Annual Total Returns¹ (As of December 31, 2006)

One Year	Three Years	Five Years	Ten Years
10.83%	5.45%	1.64%	7.32%

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 the 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.

¹Earnings from a variable annuity investment compound tax-free until withdrawal, so no adjustments were made for income taxes.

During the period shown, the Investment Adviser waived and/or voluntarily reimbursed fees for various expenses. Had these waivers and/or reimbursements not been in effect, performance quoted would have been lower.

*Portfolio composition is subject to change.

Portfolio Investments (as a percentage of total investments)*

4

INTERNATIONAL EQUITY FUND

STI CLASSIC VARIABLE TRUST December 31, 2006

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 & Analysis

Q: How did the Fund perform against its benchmark for the period ended December 31, 2006?

A: The MSCI EAFE was up 26.86% for the year. Continental Europe was up 36% followed closely by Hong Kong, Singapore, Australia and New Zealand, and the UK. Japan was the worst-performing market returning below 7% for the year. Within Continental Europe, Utilities was the strongest performing sector up 58% on average. The Utility stocks were bid up by public and private companies in a wave of mergers and acquisitions. Material stocks were also strong in Europe, up more than 52% for the year. And as is common in the late part of an economic cycle, the European industrial stocks were up strong, returning over 44%. Information Technology and Health-Care stocks on average were some of the poorer performing groups. However that is in relative terms because in absolute terms all groups returned more than 14% during the year. Much of the total return of the Fund and index were due to foreign currency appreciation against the United States Dollar. The Euro appreciated more than 11% against the Dollar during the year, the British pound was up over 14% versus the Dollar, however the yen was up only 1%. During the calendar year of 2006, low Price-to-Earnings (“PE”)^† stocks dramatically outperformed high PE stocks. Stocks that had a PE below 15x returned more than 35% and stocks that had a PE over 23x returned only 6.8%. A similar phenomenon was observed in the price-to-book ratio^†, but not to such a magnitude. Dividend yield was another strong differentiator during the year. Stocks paying no dividend or less than 1% returned on average less than 10% during the year. Stocks yielding more than 2% returned more than 35% during the year. Earnings growth was not rewarded during 2006 with high earnings growth stocks returning only 20% while low earnings growth stocks returned more than 25%. High beta^‡ stocks underperformed low beta stocks. The valuation ratios of the small-cap stocks have shot past those of their large-cap counterparts and small-cap stocks are now trading at a premium to larger-cap issues.*

The Fund was up 24.48% for the year, slightly trailing its benchmark.

Q: What factors influenced the Fund’s performance for the period ended December 31, 2006?

A: The international markets had a great year in 2006. It’s not often that the Fund will return nearly 25% in a year and we have to lead with the things that negatively impacted performance. Much of our underperformance relative to the benchmark came in the third quarter, and was primarily due to a few specific stocks that experienced isolated events. Sega Sammy Holdings was down 18% during the year as regulators changed the rules for Pachinko playing and further reduced the maximum success rate a player could achieve. DSG International was another company that negatively impacted performance, as the United Kingdom-based electronics retailer announced disappointing results. There was also significant merger and acquisition activity in the United Kingdom where lower quality stocks were taken over at a substantial premium. The Fund’s lack of exposure to these low quality companies was another reason for the negative impact of stock selection in 2006. On a positive note, the Fund had very good performance in Japan during the year, achieving outperformance in all but two of the 10 sectors. The Fund successfully navigated the treacherous waters of Japanese information technology sector by avoiding the large losses to a number of benchmark components. Also, stock selection was good in continental European Industrials stocks. The Fund’s average return to continental European industrials was 64.5% versus the benchmarks 44.7% return.

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

A: Our strategy is to hold stocks that have the best growth rates given their valuation ratios. The Fund has demonstrated solid long-term performance with this strategy, and the strategy will not change. Our outlook for 2007 is positive. There are many favorable factors that point to higher markets and continued economic strength. Corporate balance sheets on a global basis are in the best shape of the last 10 years. Corporations are also displaying a great deal of liquidity in the way of cash on hand. Corporate restructuring is beginning in earnest across the globe as the positive economic environment has freed companies to reach for optimistic goals. In Asia and Europe, American-style retirement programs and financial products are beginning to take hold. All of these items, coupled with low interest rates and decreasing energy prices, would seem to stack the deck to the positive side for 2007. However, stock markets are discounting mechanisms and the market’s rally in 2007 may be cut short as investors look out to 2008 and beyond. The biggest risks in 2007 are geopolitical risk shocks such as terrorism events or oil shocks, or inflation ramping up faster and stronger than most would expect.*

†	Price-to-Earnings(“PE”) is the valuation ratio of a company’s current share price to its per-share earnings. A high PE means high projected earnings in the future.
‡	Beta is measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole.

Past performance does not guarantee future results.

5

INTERNATIONAL EQUITY FUND

STI CLASSIC VARIABLE TRUST December 31, 2006

Growth of $10,000 Investment (As of December 31, 2006)

This chart assumes an initial hypothetical investment of $10,000 made on 12/31/96. 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 is measured against the Morgan Stanley Europe, Australiasia and Far East (MSCI EAFE) Index which is an unmanaged market capitalization-weighted equity index comprising 20 of the 48 countries in the MSCI universe and representing the developed world outside of North America. Each MSCI country index is created separately, then aggregated, without change, into regional MSCI indices. EAFE performance data is calculated in U.S. dollars and in local currency. The performance of the index does not reflect the deduction of expenses associated with a mutual fund, such as investment adviser and fund accounting fees. The Fund’s performance reflects the deduction of fees for these value-added services. Investors cannot invest directly in an index, although they can invest in its underlying securities.

Average Annual Total Returns¹ (As of December 31, 2006)

One Year	Three Years	Five Years	Ten Years
24.48%	18.83%	13.41%	7.74%

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 the 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   Earnings from a variable annuity investment compound tax-free until withdrawal, so no adjustments were made for income taxes.

During the period shown, the Investment Adviser waived and/or voluntarily reimbursed fees for various expenses. Had these waivers and/or reimbursements not been in effect, performance quoted would have been lower.

*   Portfolio composition is subject to change.

Portfolio Investments (as a percentage of total investments)*

6

INVESTMENT GRADE BOND FUND

STI CLASSIC VARIABLE TRUST December 31, 2006

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 & Analysis

Q. How did the Fund perform against its benchmark for the period ended December 31, 2006?

A: The Fund outperformed its benchmark for the fourth quarter and 12-month periods. For the quarter, the Fund returned 1.19% versus 1.04% for the Lehman Brothers U.S. Government/Credit Index. For the 12-month period, the Fund returned 4.35% versus 3.78% for the benchmark.

Q. What factors influenced the Fund’s performance for the period ended December 31, 2006?

A: When the Fed ceased raising rates at mid-year, there were widespread expectations that the economy would slow dramatically, possibly to the point of recession. We were not nearly as pessimistic, believing that inflation remains within target ranges and growth, although declining, will stay positive. The housing market has slumped, but not crashed. In this environment, we believe the Federal Reserve should remain idle for some time while closely monitoring developments on the inflation front before establishing its next move. In particular, we believe investor appetite for risk should remain strong over the near term.

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

A: We are positioned much less defensively than we were during the first part of 2006 and believe our current allocation of overweighting mortgage-backed securities should provide the potential for increased returns in the year ahead. Finally, we believe bond markets should be attractive in 2007 as the continued glut of cash and liquidity around the world finds a home in U.S. assets.*

Past performance does not guarantee future results.

7

INVESTMENT GRADE BOND FUND

STI CLASSIC VARIABLE TRUST December 31, 2006

Growth of $10,000 Investment (As of December 31, 2006)

This chart assumes an initial hypothetical investment of $10,000 made on 12/31/96. 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 is measured against the Lehman Brothers U.S. Government/Credit Index, an unmanaged index composed of all bonds that are investment grade rated Baa or higher by Moody’s or BBB or higher by S&P, if unrated by Moody’s. Issues must have at least one year to maturity. Total return comprises price appreciation/depreciation and income as a percentage of the original investment. Indices are rebalanced monthly by market capitalization. The performance of the index does not reflect the deduction of expenses associated with a mutual fund, such as investment adviser and fund accounting fees. The Fund’s performance reflects the deduction of fees for these value-added services. Investors cannot invest directly in an index, although they can invest in its underlying securities.

The Lipper Mutual Funds Average is an equally weighted average of the mutual funds within their respective investment objectives, adjusted for the reinvestment of capital gains distributions and income dividends.

Average Annual Total Returns¹ (As of December 31, 2006)

One Year	Three Years	Five Years	Ten Years
4.35%	3.56%	4.31%	5.31%

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 the 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   Earnings from a variable annuity investment compound tax-free until withdrawal, so no adjustments were made for income taxes.

During the period shown, the Investment Adviser waived and/or voluntarily reimbursed fees for various expenses. Had these waivers and/or reimbursements not been in effect, performance quoted would have been lower.

*   Portfolio composition is subject to change.

Portfolio Investments (as a percentage of total investments)*

8

LARGE CAP RELATIVE VALUE FUND

STI CLASSIC VARIABLE TRUST December 31, 2006

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 & Analysis

Q: How did the Fund perform against its benchmark for the period ended December 31, 2006?

A: For the year ended December 31, 2006, the Fund had a total return of 16.19%. This compares to the Russell 1000^® Value Index return of 22.25% and 15.79% for the S&P 500 Index during the same period. The Fund return exceeded the market return but lagged the value style return, an unsurprising outcome given the Fund’s “core value” or “relative value” orientation that typically places it between the market and style benchmarks. The underperformance versus the style benchmark was primarily due to stock selection.*

The Fund benefited from underweights in Energy and Financial stocks. The stocks that the Fund held in Materials and Telecommunications companies were beneficial; however the Fund’s underweight position in Telecommunications stocks dampened that benefit.*

The equity market rally during the second half of the year fostered lower volatility and higher complacency toward a number of global, political, and economic risks.*

Q: What factors influenced the Fund’s performance for the period ended December 31, 2006?

A: Stock selection, which historically has been the source of competitive advantage, had a less beneficial year. We attribute that in part to smaller cap stocks doing better than large cap for much of the year, in part to our strategy in the healthcare sector not playing out as anticipated, but mostly to the timing impact of migrating the portfolio structure away from a pro-economic tilt a bit too early. We were similarly positioned early in 2003 on the front end of this same economic/earnings cycle; our adherence to valuation has a tendency to lead us to act on the early side of market transitions, so this current short-term under performance does not concern us very much. Individual stocks that helped the Fund’s performance included Cisco Systems, Entergy, and BellSouth. Stocks that hindered the Fund’s performance included Boston Scientific, ExxonMobil, and Amgen.*

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

A: The Fund’s positioning and our strategy for managing it in this environment are unchanged. We continue to expect a slow and uneven market rotation towards larger cap and more sustainable but discounted growth-oriented companies to emerge. We also expect global liquidity to relentlessly stalk overly-discounted asset values and cash flows across market sectors. Concurrently, as investors reprice the level of risk, volatility across asset classes should also increase, creating a potent recipe for disciplined stock picking. We will continue to seek undervalued stocks, wherever available in the market.*

Past performance does not guarantee future results.

9

LARGE CAP RELATIVE VALUE FUND

STI CLASSIC VARIABLE TRUST December 31, 2006

Growth of $10,000 Investment (As of December 31, 2006)

This chart assumes an initial hypothetical investment of $10,000 made on 12/31/99. 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 is measured against the the S&P 500 Index and the Russell 1000^® Value Index. The S&P 500 Index consists of index of 500 selected common stocks, most of which are listed on the New York Stock Exchange, and is a measure of the U.S. Stock market as a whole. 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 the Russell index generally have low price-to-book and price-to-earning ratios, higher dividend yields, and lower forecasted growth values. The indices are unmanaged and do not reflect the deduction of expenses associated with a mutual fund, such as investment adviser and fund accounting fees. The Fund’s performance reflects the deduction of fees for those value-added services. Investors cannot invest directly in an index, although they can invest in its underlying securities.

Average Annual Total Returns¹ (As of December 31, 2006)

			Annualized
			Inception to Date
One Year	Three Years	Five Years	(12/31/99)
16.19%	13.13%	7.78%	5.97%

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 the 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   Earnings from a variable annuity investment compound tax-free until withdrawal, so no adjustments were made for income taxes.

During the period shown, the Investment Adviser waived and/or voluntarily reimbursed fees for various expenses. Had these waivers and/or reimbursements not been in effect, performance quoted would have been lower.

*   Portfolio composition is subject to change.

Portfolio Investments (as a percentage of total investments)*

10

LARGE CAP VALUE EQUITY FUND

STI CLASSIC VARIABLE TRUST December 31, 2006

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 & Analysis

Q: How did the Fund perform against its benchmark for the period ended December 31, 2006?

A: The Fund returned 22.46% for the year outperforming both the Russell 1000^® Value Index, which finished at 22.25%, and the Lipper Large Cap Value Average that advanced 17.96%. The outperformance of the Value style relative to its Growth counterpart in the large cap space continued as the Russell 1000^® Value Index outperformed the Russell 1000^® Growth Index 22.25% to 9.07% for the year.

Q: What factors influenced the Fund’s performance for the period ended December 31, 2006?

A: The Fund’s out performance was driven by stock selection in the Energy, Financials and Materials sectors. The Fund further benefited from underweighting the Financials sector, which lagged the overall Index for the year. Stock selection in the Energy sector drove performance for the Fund, particularly from Marathon Oil (MRO), an Integrated Oil company primarily engaged in the exploration, production, refining and marketing of crude oil and natural gas. Within Financials, investments in Citigroup (C), a global diversified financial services company, and American International Group (AIG), a multi-line insurer, significantly helped Fund performance in 2006. The Fund remains overweight in Materials where positions in Engelhard Corp (EC), a chemical company acquired by BASF in June, Martin Marietta (MLM), the second largest producer in the United States of aggregate construction materials such as granite and limestone, and Weyerhaeuser (WY), a timber and wood products company positively impacted performance for the year.*

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

A: There are strong arguments for a further slowdown such as the previous 17 Fed hikes, mortgage equity withdrawals declining and the inverted yield curve. On the other hand over the last five years first quarter Gross Domestic Product growth^† (“GDP”) has accelerated from fourth quarter GDP and a number of consumer and business surveys would suggest that something similar might be in the offering. At this stage of the business/Fed cycle good news on the economy is not usually good news for the stock market because it sends bond yields up and increases the odds that the Fed is not done tightening. We still believe the economy’s underlying bias is toward slower growth but not recession. In other words, a mid cycle slowdown, which is typically good for stocks not unlike 1985 and 1995 when the Fed tightened preemptively as well. However we are cautious on the duration of the stock market rally due to the inverted yield curve and what that might portend for growth looking out to 2007 and beyond.

The Fund is slightly underweight Consumer Discretionary and slightly overweight Consumer Staples. The Fund is underweight Energy but has solid positions in integrated oil companies with significant refining assets. The Fund is slightly overweight 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 underweight Financials, however it remains the largest sector weighting in the Index. The Fund is overweight Industrials with companies like Illinois Tool Works because of their strong balance sheets and good operating leverage and slightly overweight Technology. The Fund is slightly overweight Healthcare with Pfizer being a favorite from a valuation standpoint. The Fund is equal weight Telecommunications and Utilities.*

We believe economic and profit growth will continue to slow but stay positive. In this environment higher quality companies with well defined dividend policies have historically done well as dividend yields become a more important source of total return.

^† The Gross Domestic Product is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period. It includes all of private and public consumption, government outlays, investments and exports less imports that occur within a defined territory.

Past performance does not guarantee future results.

11

LARGE CAP VALUE EQUITY FUND

STI CLASSIC VARIABLE TRUST December 31, 2006

Growth of $10,000 Investment (As of December 31, 2006)

This chart assumes an initial hypothetical investment of $10,000 made on 12/31/96. 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 is measured against the S&P 500/BARRA Value Index and the Russell 1000^® Value Index. The S&P 500/BARRA 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 BARRA Value index consists of approximately half of the S&P 500 Index on a market capitalization basis. The Russell 1000^® Value 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-earnings ratios, higher dividend yields, and lower forecasted growth values. The indices are unmanaged and do not reflect the deduction of expenses associated with a mutual fund, such as investment adviser and fund accounting fees. The Fund’s performance reflects the deduction of fees for these value-added services. Investors cannot invest directly in an index, although they can invest in its underlying securities.

The Lipper Mutual Funds Average is an equally weighted average of the mutual funds within their respective investment objectives, adjusted for the reinvestment of capital gains distributions and income dividends.

Average Annual Total Returns¹ (As of December 31, 2006 )

One Year	Three Years	Five Years	Ten Years
22.46%	13.57%	8.41%	8.23%

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 the 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   Earnings from a variable annuity investment compound tax-free until withdrawal, so no adjustments were made for income taxes.

During the period shown, the Investment Adviser waived and/or voluntarily reimbursed fees for various expenses. Had these waivers and/or reimbursements not been in effect, performance quoted would have been lower.

*   Portfolio composition is subject to change.

Portfolio Investments (as a percentage of total investments)*

12

MID-CAP EQUITY FUND

STI CLASSIC VARIABLE TRUST December 31, 2006

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 & Analysis

Q: How did the Fund perform against its benchmark for the period ended December 31, 2006?

A: For the fourth quarter of 2006, the Fund’s return was 7.05%. This trailed the benchmark return of 7.67%. For the 12-month period ended December 31, 2006, the Fund’s return was 10.72% versus 15.26% for the benchmark. The Fund’s underperformance was primarily the result of stock selection within the Consumer Discretionary and Staples sectors. Specialty retail stocks did not participate in the market’s rally as investors became cautious on consumer spending during the Christmas season. For the year, the best stock selection was in the Energy, Information Technology, and Consumer Discretionary sectors. The worst stock selection was in Materials, Industrials, Financials, and Healthcare sectors.*

Q: What factors influenced the Fund’s performance for the period ended December 31, 2006?

A: The market finished the year strong as the economy continued to post good growth. After a mid-year correction, the Russell Midcap^® Index was able to hit a new all-time high during the month of December. This strength made any cash positions a drag on performance. From a stock selection standpoint, the Fund’s holdings in the Real Estate Investment Trust (“REIT”) industry hurt performance. The Fund’s holdings in REITs returned over 25%, but the index return was 33.4%. We do not expect REIT performance to remain this strong in 2007.*

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

A: The Fund remains fully invested and well diversified. We believe superior stock selection is the best source of out performance for the Fund. We believe each stock in the Fund is one of the best investment opportunities in its sector and that the stocks in the Fund possess a strong combination of growth and valuation characteristics versus the benchmark. While we do not make large sector bets, we believe the sectors that offer the best return potential for the year are Information Technology and Financials. Investors remain skeptical of Technology shares so we believe there is good potential as Microsoft’s new operating system should trigger a new round of technology spending by corporations and consumers. Financials should have a good year as we move closer to a round of interest rate cuts by the Fed.*

Past performance does not guarantee future results.

13

MID-CAP EQUITY FUND

STI CLASSIC VARIABLE TRUST December 31, 2006

Growth of $10,000 Investment (As of December 31, 2006)

This chart assumes an initial hypothetical investment of $10,000 made on 12/31/96. 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 is measured against the Russell Midcap^® Index, a capitalization weighted index that tracks the performance of the smallest 800 securities as ranked by total market capitalization, in the medium-sized securities universe. The performance of the index does not reflect the deduction of expenses associated with a mutual fund, such as investment adviser and fund accounting fees. The Fund’s performance reflects the deduction of fees for these value-added services. Investors cannot invest directly in an index, although they can invest in its underlying securities.

Average Annual Total Returns¹ (As of December 31, 2006)

One Year	Three Years			Five Years			Ten Years
10.72%		13.92	%		6.54	%		7.41	%

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 the 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  Earnings from a variable annuity investment compound tax-free until withdrawal, so no adjustments were made for income taxes.

During the period shown, the Investment Adviser waived and/or voluntarily reimbursed fees for various expenses. Had these waivers and/or reimbursements not been in effect, performance quoted would have been lower.

* Portfolio composition is subject to change.

Portfolio Investments (as a percentage of total investments)*

14

SMALL CAP VALUE EQUITY FUND

STI CLASSIC VARIABLE TRUST December 31, 2006

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 & Analysis

Q.	How did the Fund perform against its benchmark for the period ended December 31, 2006?
A:	The STI Classic Variable Small Cap Value Equity Fund (trust shares) produced a 16.10% total return, underperforming its benchmark the Russell 2000® Value Index which produced a 23.48% for the 12 month period ended December 31, 2006. The Fund continued to reward long term investors by outperforming the Russell 2000® Value Index over the 2 Year, 3 Year, 5 Year and from inception time periods.
Q.	What factors influenced the Fund’s performance for the period ended December 31, 2006?
A:	For the year, the Fund benefited from stock selection in the Consumer Discretionary, Financials and Utilities sectors. The Fund continued its overweight of the Materials and Industrials sectors, positively impacting performance as the sectors were strong performers for 2006.*
	In Consumer Discretionary, the Fund’s investment in bebe stores (BEBE), a contemporary women’s apparel and accessories store catering to the modern sophisticated woman, the Movado Group (MOV) which manufactures, distributes and retails fine watches under various designer brands, and CKE Restaurant (CKR), which owns and operates restaurants throughout the United States were the largest contributors to stock selection in the sector.*
	Within the Financials sector, investments in Cohen & Steers (CNS), an investment manager, Jefferies Group (JEF), a full service investment bank, and Horizon Financial (HRZB), a savings bank, combined with an underweighting in the sector helped performance for the year.*
	In review of the Utilities sector, the Fund benefited from investment in Companhia de Saneamento Basico do Estado de Sao Paulo (SBS), the largest provider of water and sewage services in Latin America. PNM Resources (PNM), an integrated electric and gas utility company based in New Mexico, also contributed to the Funds performance.*
Q.	How do you plan to position the Fund, based on market conditions?
A:	The Fund continues to utilize its bottom-up approach to stock selection. This approach seeks dividend paying stocks that are trading at the lower end of historical trading ranges, display characteristics of financial strength and possess an identifiable catalyst that will 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. The Small Cap Value Fund continues to be cautious concerning valuations in the Small Cap Value equity arena. Large inflows of capital by 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, makes stock selection critical for outperformance. These non-traditional investors may also place undue downside pressure on valuations when they decide to exit the Small Cap realm. The Fund puts these concerns to the forefront during portfolio review and will continuously monitor for signals of investor change within the Small Cap Universe.*

Past performance does not guarantee future results.

15

SMALL CAP VALUE EQUITY FUND

STI CLASSIC VARIABLE TRUST December 31, 2006

Growth of $10,000 Investment (As of December 31, 2006)

This chart assumes an initial hypothetical investment of $10,000 made on 10/21/97. 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 is measured against the Russell 2000^® Value Index, an unmanaged index which is comprised of the securities in the Russell 2000^® Index with a less-than-average growth orientation. Companies in the Russell index generally have low price-to-book and price-to-earnings ratios. The performance of the index does not reflect the deduction of expenses associated with a mutual fund, such as investment adviser and fund accounting fees. The Fund’s performance reflects the deduction of fees for these value-added services. Investors cannot invest directly in an index, although they can invest in its underlying securities.

¹The since inception performance data and hypothetical $10,000 investment for the Russell 2000^® Value Index is calculated from 10/31/97 which is the closest available date for the Index performance.

Average Annual Total Returns² (As of December 31, 2006 )

							Annualized
							Inception to Date
One Year	Three Years			Five Years			(10/21/97)
16.10%		17.29	%		17.15	%		10.74	%

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 the 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.

²  Earnings from a variable annuity investment compound tax-free until withdrawal, so no adjustments were made for income taxes.

During the period shown, the Investment Adviser waived and/or voluntarily reimbursed fees for various expenses. Had these waivers and/or reimbursements not been in effect, performance quoted would have been lower.

* Portfolio composition is subject to change.

Portfolio Investments (as a percentage of total investments)*

16

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC VARIABLE TRUST December 31, 2006 (Amounts in thousands, except Shares)

Capital Appreciation Fund

	Shares		Value($)
Common Stocks (99.6%)
Consumer Discretionary (13.8%)
Carnival Corp. (b)		9,500		466
Coach, Inc. *		12,900		554
Comcast Corp., Cl A *		9,000		377
E.W. Scripps Co. (The), Cl A		7,500		375
Gap, Inc. (The)		17,900		349
Garmin Ltd. (b)		9,800		545
Lowe’s Cos., Inc.		21,700		676
Newell Rubbermaid, Inc.		14,000		405
TJX Cos., Inc. (The)		14,000		399
Walt Disney Co. (The)		20,200		693
Whirlpool Corp.		3,700		307
YUM! Brands, Inc.		6,500		382
				5,528
Consumer Staples(5.3%)
Anheuser-Busch Cos., Inc.		11,900		585
Colgate-Palmolive Co.		5,800		378
PepsiCo, Inc.		5,800		363
Procter & Gamble Co. (The)		12,300		791
				2,117
Energy (7.7%)
Chevron Corp.		8,100		596
Exxon Mobil Corp.		18,600		1,425
Halliburton Co.		12,400		385
Nabors Industries Ltd. * (b)		8,600		256
Schlumberger Ltd.		6,600		417
				3,079
Financials (19.6%)
Ambac Financial Group, Inc.		6,000		534
American Express Co.		6,900		419
American International Group, Inc.		12,700		910
Bank of America Corp.		13,600		726
Chubb Corp. (The)		8,300		439
Genworth Financial, Inc., Cl A		17,000		582
Goldman Sachs Group, Inc. (The)		4,100		817
JPMorgan Chase & Co.		17,200		831
Merrill Lynch & Co., Inc.		8,100		754
MGIC Investment Corp.		6,000		375
Morgan Stanley		9,600		782
SLM Corp.		6,600		322
Wells Fargo & Co.		10,000		356
				7,847
Health Care (20.0%)
AmerisourceBergen Corp.		13,400		602
Baxter International, Inc.		18,400		854
Forest Laboratories, Inc. *		15,500		784
Health Management Associates, Inc., Cl A		14,000		296
Johnson & Johnson		14,200		937
Lincare Holdings, Inc. *		14,000		558
Omnicare, Inc.		8,300		321
Health Care
Pfizer, Inc.		35,800		927
Quest Diagnostics, Inc.		13,500		716
Sanofi-Aventis ADR		10,900		503
Schering-Plough Corp.		30,400		719
Universal Health Services, Inc., Cl B		10,600		588
Vertex Pharmaceuticals, Inc. *		6,400		239
				8,044
Industrials (11.3%)
3M Co.		9,400		733
Danaher Corp. (b)		7,100		514
Emerson Electric Co.		11,200		494
General Electric Co.		22,600		840
Honeywell International, Inc.		11,000		498
Illinois Tool Works, Inc.		6,900		319
Raytheon Co.		15,100		797
United Parcel Service, Inc., Cl B		4,300		322
				4,517
Information Technology (18.6%)
ASML Holding NV *		22,600		557
Cisco Systems, Inc. *		32,600		892
Comverse Technology, Inc. *		14,800		312
Corning, Inc. *		29,000		543
EMC Corp. *		41,400		546
Global Payments, Inc.		10,200		472
Harris Corp.		7,900		362
International Business Machines Corp.		4,000		389
Intersil Corp., Cl A		13,400		321
Microsoft Corp.		26,800		800
Oracle Corp. *		29,600		507
QUALCOMM, Inc.		12,100		457
STMicroelectronics NV (b)		26,500		488
Symantec Corp. * (b)		19,400		404
Zebra Technologies Corp., Cl A * (b)		12,000		417
				7,467
Materials (1.5%)
Praxair, Inc.		10,200		605
Telecommunication Services (1.8%)
AT&T, Inc. (b)		20,200		722
Total Common Stocks (Cost $33,591)				39,926
Short-Term Investment (8.3%)
CSFB Enhanced Liquidity Portfolio, 5.471% (c)		3,330,435		3,330
Total Short-Term Investment (Cost $3,330)				3,330

See Notes to Financial Statements.

17

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC VARIABLE TRUST December 31, 2006 (Amounts in thousands, except Shares)

Capital Appreciation Fund-concluded

	Value($)
Total Investments (Cost $36,921) (a) – 107.9%		43,256
Liabilities in excess of other assets – (7.9)%		(3,185	)
Net Assets – 100.0%	$	40,071

* Non-income producing security.

(a) Cost for federal income tax purposes is $36,955 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands):

Unrealized Appreciation	$	6,888
Unrealized Depreciation		(587	)
Unrealized Appreciation (Depreciation)	$	6,301

(b)	This security or a partial position of the security was on loan at December 31, 2006. The total value of securities on loan at December 31, 2006 in thousands was $3,222.
(c)	This security was purchased with cash collateral held from securities lending.

ADR – American Depositary Receipt

Cl – Class

See Notes to Financial Statements.

18

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC VARIABLE TRUST December 31, 2006 (Amounts in thousands, except Shares)

International Equity Fund

	Shares		Value($)
Foreign Common Stocks (97.3%)
Australia (4.4%)
Australia & New Zealand Banking Group Ltd.		1,763		39
Babcock & Brown Ltd.		1,735		34
BlueScope Steel Ltd.		1,407		10
Leighton Holdings Ltd.		1,719		27
Lend Lease Corp. Ltd.		651		9
OneSteel Ltd.		2,888		11
Oxiana Ltd.		3,404		9
Promina Group Ltd.		4,181		23
Qantas Airways Ltd.		3,532		15
QBE Insurance Group Ltd.		686		16
Rio Tinto Group Ltd.		477		28
Sims Group Ltd. (d)		574		9
Smorgon Steel Group Ltd.		6,365		9
St. George Bank Ltd.		541		14
Zinifex Ltd.		756		11
				264
Belgium (1.1%)
Delhaize Group		447		37
Fortis		743		32
				69
Denmark (0.6%)
Danske Bank A/S		782		35
Finland (1.0%)
Fortum Corp.		444		13
Nokia Corp., Cl A		2,444		50
				63
France (10.9%)
Air France-KLM		737		31
AXA		1,475		60
BNP Paribas		704		77
Bouygues SA		174		11
Capgemini SA		368		23
Compagnie de Saint-Gobain		334		28
Compagnie Generale de Geophysique SA * (d)		101		22
Credit Agricole SA *		853		36
France Telecom SA		1,364		38
Lafarge SA		323		48
Schneider Electric SA		71		8
Societe Generale		332		56
SUEZ SA (d)		1,042		54
TOTAL SA		916		66
VINCI SA (d)		369		47
Vivendi Universal SA		1,282		50
				655
Germany (7.7%)
Allianz AG		289		59
BASF AG		525		51
Continental AG		322		37
Deutsche Bank AG		360		48
Deutsche Telekom AG		1,868		34
E.ON AG		449		62
Henkel KGaA		85		13
MAN AG		550		50
PUMA Rudolf Dassler Sport AG		79		31
SAP AG		424		23
Stada Arzneimittel AG		287		16
ThyssenKrupp AG		876		41
				465
Hong Kong (1.9%)
BOC Hong Kong Holdings Ltd.		6,500		18
China Mobile Ltd.		2,500		22
CLP Holdings Ltd.		2,500		18
CNOOC Ltd.		19,794		19
Guoco Group Ltd.		2,000		24
Wharf Holdings Ltd. (The)		4,062		15
				116
Ireland (1.2%)
Anglo Irish Bank Corp. PLC		1,454		30
CRH PLC		1,027		43
				73
Italy (3.0%)
Banca Intesa SpA		2,626		20
Benetton Group SpA		917		18
Eni SpA		2,334		78
Mediaset SpA		2,753		33
UniCredito Italiano SpA		4,032		35
				184
Japan (23.6%)
Astellas Pharma, Inc.		275		13
Brother Industries Ltd.		1,000		14
Canon, Inc.		479		27
Daicel Chemical Industries Ltd.		1,400		10
DENSO Corp.		600		24
East Japan Railway Co.		11		73
Honda Motor Co. Ltd.		1,865		74
ITOCHU Corp.		7,500		62
KDDI Corp.		4		27
Keisei Electric Railway Co. Ltd.		1,000		6
Kitz Corp.		3,000		25
Komatsu Ltd.		4,600		92
Kubota Corp.		3,000		28
Makino Milling Machine Co. Ltd.		1,075		13
Makita Corp.		900		28
Matsushita Electric Industrial Co. Ltd.		39		1
Mitsubishi Rayon Co. Ltd.		2,186		15
Mitsui Trust Holdings, Inc.		2,000		23

See Notes to Financial Statements.

19

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC VARIABLE TRUST December 31, 2006 (Amounts in thousands, except Shares)

International Equity Fund–continued

	Shares		Value($)
Japan-continued
Mizuho Financial Group, Inc.		9		64
Nippon Telegraph & Telephone Corp.		6		30
Nissan Motor Co. Ltd.		1,000		12
NSK Ltd.		3,000		30
Okinawa Electric Power Co., Inc. (The)		600		37
ORIX Corp.		230		67
Ricoh Co. Ltd.		2,000		41
SAN-A Co. Ltd. (b)		3		0
Sankyo Co. Ltd.		500		28
Sekisui Chemical Co. Ltd.		4,808		38
Shin-Etsu Chemical Co. Ltd.		200		13
Sumitomo Chemical Co. Ltd.		8,000		62
Sumitomo Corp.		3,000		45
Sumitomo Metal Industries Ltd.		8,100		35
Sumitomo Mitsui Financial Group, Inc.		8		82
Taiheiyo Cement Corp.		5,689		22
Takeda Pharmaceutical Co. Ltd.		700		48
Tokyo Electron Ltd.		234		18
Toyota Motor Corp.		1,913		127
Yamaha Motor Co. Ltd.		1,400		44
Yamatake Corp.		1,200		27
				1,425
Netherlands (3.5%)
ABN AMRO Holding NV		1,374		44
Akzo Nobel NV		503		31
ASML Holding NV *		519		13
ING Groep NV		1,414		62
Royal DSM NV		504		25
Royal KPN NV		2,459		35
				210
New Zealand (0.6%)
Fletcher Building Ltd.		4,966		39
Norway (2.3%)
DNB NOR ASA		1,707		24
Norsk Hydro ASA		969		30
Orkla ASA		830		47
Telenor ASA		1,950		37
				138
Portugal (0.3%)
Energias de Portugal SA		3,600		18
Singapore (1.2%)
United Overseas Bank Ltd.		3,000		38
UOL Group Ltd.		6,164		17
Wing Tai Holdings Ltd.		11,940		18
				73
Spain (2.1%)
Banco Santander Central Hispano SA		4,403		81
Endesa SA		287		14
Telefonica SA		1,396		30
				125
Sweden (3.0%)
Alfa Laval AB		700		32
Autoliv, Inc.		261		16
Nordea Bank AB		1,210		19
Sandvik AB		2,015		29
Swedish Match AB		2,340		44
Telefonaktiebolaget LM Ericsson		11,220		44
				184
Switzerland (6.1%)
Credit Suisse Group		975		68
Nestle SA		223		79
Novartis AG		1,457		85
Roche Holding Ltd.		424		76
UBS AG		234		14
Zurich Financial Services		185		50
				372
United Kingdom (22.8%)
Allied Irish Banks PLC		1,466		44
Anglo American PLC		920		45
AstraZeneca PLC		1,202		65
Aviva PLC		2,720		44
Barclays PLC		6,886		98
Barratt Developments PLC		579		14
BHP Billiton PLC		2,580		47
Bodycote International PLC		6,124		27
BP PLC		6,751		75
British Airways PLC *		4,259		44
British American Tobacco PLC		1,873		52
BT Group PLC		11,768		69
CRH PLC (b)		9		0
De La Rue PLC		1,586		20
DSG International PLC		8,266		31
GlaxoSmithKline PLC		2,740		72
HSBC Holdings PLC		6,169		113
International Power PLC		5,488		41
National Grid PLC		3,402		49
Next PLC		429		15
Royal & Sun Alliance Insurance Group PLC		12,125		36
Royal Bank of Scotland Group PLC (The)		2,437		95
Royal Dutch Shell PLC, Cl A		3,169		112
Royal Dutch Shell PLC, Cl B		1,594		56
Scottish & Newcastle PLC		3,153		35
Tate & Lyle PLC		1,142		17
Vodafone Group PLC		22,174		61
				1,377
Total Foreign Common Stocks (Cost $4,058)				5,885

See Notes to Financial Statements.

20

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC VARIABLE TRUST December 31, 2006 (Amounts in thousands, except Shares)

International Equity Fund—concluded

	Shares		Value($)
Foreign Convertible Preferred (0.2%)
Australia (0.2%)
St. George Bank Ltd.		163		13
Total Foreign Convertible Preferred (Cost $13)				13
Foreign Preferred Stock (0.8%)
Germany (0.8%)
Fresenius AG, 1.510%		132		28
ProSiebenSat.1 Media AG, 0.840%		721		23
Total Foreign Preferred Stock (Cost $41)				51
Short-Term Investments (2.7%)
Brown Brothers Harriman & Co., Cayman Islands Cash Sweep, 4.470%		63,856		64
CSFB Enhanced Liquidity Portfolio, 5.471% (c)		99,915		100
Total Short-Term Investments (Cost $164)				164
Total Investments (Cost $4,276) (a) – 101.0%				6,113
Liabilities in excess of other assets – (1.0)%				(59	)
Net Assets – 100.0%			$	6,054

*	Non-income producing security.
(a)	Cost for federal income tax purposes is $4,355 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands):

Unrealized Appreciation	$	1,772
Unrealized Depreciation		(14	)
Unrealized Appreciation (Depreciation)	$	1,758

(b)	Market value rounds to less than one thousand dollars.
(c)	This security was purchased with cash collateral held from securities lending.
(d)	This security or a partial position of the security was on loan at December 31, 2006. The total value of securities on loan at December 31, 2006 in thousands was $97.

Cl – Class
PLC – Public Limited Company

The investment concentrations for the International Equity Fund as a percentage of net assets, by industry, as of December 31, 2006, were as follows (unaudited):

Consumer Discretionary	10.8	%
Consumer Staples	5.3
Energy	6.6
Financials	30.2
Health Care	6.6
Industrials	13.5
Information Technology	3.9
Materials	10.0
Short — Term Investments	2.7
Telecommunication Services	6.4
Utilities	5.0

See Notes to Financial Statements.

21

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC VARIABLE TRUST December 31, 2006 (Amounts in thousands, except Shares)

Investment Grade Bond Fund

	Shares or
	Principal
	Amount($)		Value($)
Asset Backed Securities (0.3%)
Automobile ABS (0.3%)
Honda Auto Receivables Owner Trust, Ser 2006-1, Cl A3, 5.070%, 02/18/10		35		35
Total Asset Backed Securities (Cost $35)				35
Collateralized Mortgage Obligations (7.2%)
Banc of America Commercial Mortgage, Inc., Ser 2004-4, Cl A3, 4.128%, 07/10/42		55		53
Banc of America Commercial Mortgage, Inc., Ser 2006-4, Cl A4, 5.634%, 07/10/46		45		46
Bear Stearns Commercial Mortgage Securities, Ser 2006-PW13, Cl A4, 5.540%, 09/11/41		35		36
Citigroup/Deutsche Bank Commercial Mortgage Trust, Ser 2005-CD1, Cl A4, 5.400%, 07/15/44 (e)		75		75
Citigroup/Deutsche Bank Commercial Mortgage Trust, Ser 2006-CD2, Cl A4, 5.545%, 01/15/46 (e)		40		40
GE Capital Commercial Mortgage Corp., Ser 2006-C1, Cl A4, 5.518%, 03/10/44 (e)		60		60
GMAC Commercial Mortgage Securities, Inc., Ser 2003-C2, Cl A1, 4.576%, 05/10/40		75		74
GS Mortgage Securities Corp. II, Ser 2006-GG6, Cl A2, 5.506%, 04/10/38 (e)		75		77
GS Mortgage Securities Corp. II, Ser 2006-GG8, Cl A4, 5.560%, 11/10/39 (e)		30		30
JP Morgan Chase Commercial Mortgage Securities Corp., Ser 2006-CB15, Cl A4, 5.814%, 06/12/43 (e)		45		47
JP Morgan Chase Commercial Mortgage Securities Corp., Ser 2006-LDP6, Cl A4, 5.475%, 04/15/43 (e)		30		30
LB-UBS Commercial Mortgage Trust, Ser 2006-C1, Cl A4, 5.156%, 02/15/31		60		59
Morgan Stanley Capital I, Ser 2006-HQ10, Cl A4, 5.328%, 11/12/41 (e)		70		70
Wachovia Bank Commercial Mortgage Trust, Ser 2006-C23, Cl A4, 5.418%, 01/15/45 (e)		70		70
Total Collateralized Mortgage Obligations (Cost $764)				767
Corporate Bonds (22.5%)
Aerospace/Defense (0.5%)
L-3 Communications Corp., 6.125%, 01/15/14		15		15
United Technologies Corp., 4.875%, 05/01/15		40		38
				53
Airlines (0.2%)
Southwest Airlines Co., 5.125%, 03/01/17		20		19
Banks (0.7%)
Bank of America Corp., 7.400%, 01/15/11		70		75
Breweries (0.5%)
Sabmiller PLC, 6.200%, 07/01/11 (d)		55		56
Building Materials (0.8%)
Lafarge SA, 6.150%, 07/15/11		30		31
Owens Corning, Inc., 6.500%, 12/01/16 (d)		55		56
				87
Chemicals (0.6%)
Lyondell Chemical Co., 8.250%, 09/15/16, Callable 09/15/11 @ 104.13		15		16
Potash Corp. of Saskatchewan, Inc., 5.875%, 12/01/36		45		43
				59
Coal (0.3%)
Peabody Energy Corp., 7.375%, 11/01/16		35		37
Commercial Services (0.3%)
Corrections Corp. of America, 7.500%, 05/01/11, Callable 05/01/07 @ 103.75		15		15
ERAC USA Finance Co., 5.600%, 05/01/15 (d)		20		20
				35
Diversified Financial Services (5.6%)
Citigroup, Inc., 5.125%, 05/05/14		10		10
Citigroup, Inc., 5.125%, 09/30/14		40		39
Citigroup, Inc., 5.850%, 12/11/34		20		20
Fund American Cos., Inc., 5.875%, 05/15/13		75		75
Goldman Sachs Group, Inc. (The), 4.750%, 07/15/13		60		58
HSBC Holdings PLC, 7.625%, 05/17/32		20		24
IDEARC, Inc., 8.000%, 11/15/16, Callable 11/15/11 @ 104 (d)		20		20

See Notes to Financial Statements.

22

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC VARIABLE TRUST December 31, 2006 (Amounts in thousands, except Shares)

Investment Grade Bond Fund–continued

	Shares or
	Principal
	Amount($)		Value($)
Diversified Financial Services–continued
International Lease Finance Corp., Ser Q, 5.250%, 01/10/13		20		20
International Lease Finance Corp., Ser R, 5.625%, 09/20/13		10		10
Janus Capital Group, Inc., 5.875%, 09/15/11		25		25
John Deere Capital Corp., 3.900%, 01/15/08		10		10
JPMorgan Chase & Co., 6.625%, 03/15/12		70		74
Lazard Group LLC, 7.125%, 05/15/15		75		78
Morgan Stanley, 5.300%, 03/01/13		45		45
Western Union Co., 5.930%, 10/01/16 (d)		75		74
				582
Electric (1.1%)
AES Corp., 8.750%, 05/15/13, Callable 05/15/08 @ 104.38 (d)		15		16
MidAmerican Energy Holdings Co., 6.125%, 04/01/36		40		40
NRG Energy, Inc., 7.375%, 02/01/16, Callable 02/01/11 @ 103.69		15		15
Pacific Gas & Electric Co., 6.050%, 03/01/34		45		46
				117
Entertainment (0.1%)
WMG Acquisition Corp., 7.375%, 04/15/14, Callable 04/15/09 @ 103.69		15		15
Environment Control (0.1%)
Allied Waste North America, Inc., 7.125%, 05/15/16, Callable 05/15/11 @ 103.56		15		15
Forest Products & Paper (0.2%)
Georgia-Pacific Corp., 8.125%, 05/15/11		15		16
Insurance (0.8%)
American International Group, Ser G, 5.600%, 10/18/16		75		76
Metlife, Inc., 5.700%, 06/15/35		5		5
				81
Investment Companies (0.2%)
Credit Suisse First Boston USA, Inc., 6.500%, 01/15/12		15		16
Lodging (0.5%)
Harrah’s Operating Co., Inc., 5.750%, 10/01/17		40		33
Wynn Las Vegas LLC, 6.625%, 12/01/14, Callable 12/01/09 @ 103.31		15		15
				48
Media (1.2%)
Cox Communications, Inc., 4.625%, 06/01/13		20		19
Cox Communications, Inc., 5.450%, 12/15/14		30		30
Dex Media West/Finance LLC, Ser B, 9.875%, 08/15/13, Callable 08/15/08 @ 104.94		15		16
EchoStar DBS Corp., 7.125%, 02/01/16		15		15
Mediacom Broadband Corp. LLC, 8.500%, 10/15/15, Callable 10/15/10 @ 104.25 (d)		15		15
News America Holdings, Inc., 6.200%, 12/15/34		20		19
Rogers Cable, Inc., 6.250%, 06/15/13		15		15
				129
Miscellaneous Manufacturer (1.1%)
General Electric Co., 5.000%, 02/01/13		115		114
Oil & Gas (1.8%)
Anadarko Petroleum Corp., 5.950%, 09/15/16		35		35
Chesapeake Energy Corp., 6.500%, 08/15/17		40		39
Devon Financing Corp. ULC, 7.875%, 09/30/31		45		55
Enterprise Products Operating LP, Ser B, 5.750%, 03/01/35		45		41
Weatherford International, Inc., 6.500%, 08/01/36		20		20
				190
Pharmaceuticals (0.4%)
Merck & Co., Inc., 5.125%, 11/15/11		30		29
Teva Pharmaceutical Finance LLC, 6.150%, 02/01/36		15		15
				44
Pipelines (0.8%)
Centerpoint Energy Resources Corp., Ser B, 7.875%, 04/01/13		30		33
Kinder Morgan Finance Co. ULC, 6.400%, 01/05/36		45		40
Williams Cos., Inc., 7.125%, 09/01/11		15		16
				89
REITS (0.1%)
Simon Property Group LP, 6.375%, 11/15/07		10		10

See Notes to Financial Statements.

23

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC VARIABLE TRUST December 31, 2006 (Amounts in thousands, except Shares)

Investment Grade Bond Fund–continued

	Shares or
	Principal
	Amount($)		Value($)
Retail (0.9%)
Woolworths Ltd., 5.550%, 11/15/15 (d)		100		99
Semiconductors (0.7%)
Advanced Micro Devices, Inc., 7.750%, 11/01/12, Callable 11/01/08 @ 103.88		15		16
Freescale Semiconductor, Inc., 8.875%, 12/15/14, Callable 12/15/10 @ 104.44 (d)		35		34
Freescale Semiconductor, Inc., 10.125%, 12/15/16, Callable 12/15/11 @ 105.06 (d)		20		20
				70
Telecommunications (3.0%)
AT&T, Inc., 5.100%, 09/15/14		45		44
Cisco Systems, Inc., 5.500%, 02/22/16		60		60
Citizens Communications Co., 9.250%, 05/15/11		15		17
Comcast Corp., 6.450%, 03/15/37		25		25
IntelSat Corp., 9.000%, 06/15/16, Callable 06/15/11 @ 104.50 (d)		15		16
NTL Cable PLC, 8.750%, 04/15/14, Callable 04/15/09 @ 104.38		15		16
Qwest Corp., 8.875%, 03/15/12		15		17
Verizon Communications, Inc., 5.550%, 02/15/16		40		40
Vodafone Group PLC, 5.500%, 06/15/11		70		69
Windstream Corp., 8.625%, 08/01/16, Callable 08/01/11 @104.31 (d)		15		16
				320
Total Corporate Bonds (Cost $2,374)				2,376
Foreign Government Bonds (1.3%)
Argentina (0.1%)
Republic of Argentina, 8.280%, 12/31/33		6		6
Brazil (0.7%)
Republic of Brazil, 7.875%, 03/07/15		30		33
Republic of Brazil, 8.250%, 01/20/34		40		48
				81
Mexico (0.1%)
United Mexican States, Ser A, 7.500%, 04/08/33		10		12
Panama (0.1%)
Republic of Panama, 7.125%, 01/29/26		10		11
Peru (0.1%)
Republic of Peru, 8.750%, 11/21/33		5		7
Philippines (0.2%)
Republic of Philippines, 8.875%, 03/17/15		10		12
Republic of Philippines, 9.500%, 02/02/30		5		7
				19
Total Foreign Government Bonds (Cost $134)				136
U.S. Government Agency Mortgages (22.1%)
Fannie Mae (8.4%)
5.131%, 01/01/36 (e)		261		261
5.416%, 04/01/36 (e)		127		127
5.500%, 04/01/36		207		204
5.362%, 05/01/36 (e)		122		123
5.370%, 05/01/36 (e)		171		171
				886
Freddie Mac (12.4%)
6.000%, 08/01/36		287		289
6.000%, 08/01/36		151		152
6.500%, 08/01/36		292		298
6.500%, 08/01/36		267		272
5.500%, 09/01/36		311		306
				1,317
Government National Mortgage Association (1.3%)
6.000%, 07/20/36		137		139
Total U.S. Government Agency Mortgages (Cost $2,333)				2,342
U.S. Government Agency Securities (24.1%)
Fannie Mae (15.9%)
4.500%, 10/15/08 (b)		800		793
5.000%, 10/15/11		450		451
5.250%, 09/15/16 (b)		425		433
				1,677
Freddie Mac (8.2%)
3.625%, 02/15/08		650		639
6.750%, 03/15/31		190		230
				869
Total U.S. Government Agency Securities (Cost $2,550)				2,546

See Notes to Financial Statements.

24

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC VARIABLE TRUST December 31, 2006 (Amounts in thousands, except Shares)

Investment Grade Bond Fund—concluded

	Shares or
	Principal
	Amount($)		Value($)
U.S. Treasury Obligations(21.1%)
U.S. Treasury Bonds (6.0%)
4.500%, 02/15/36 (b)		665		632
U.S. Treasury Notes (15.1%)
3.375%, 12/15/08		55		54
3.500%, 8/15/09 (b)		255		247
4.625%, 11/15/09		20		20
4.250%, 10/15/10		35		34
4.250%, 01/15/11		310		305
4.875%, 04/30/11		50		50
4.625%, 10/31/11		180		179
4.500%, 11/30/11 (b)		690		684
4.250%, 08/15/13		15		15
4.625%, 11/15/16		20		20
				1,608
Total U.S. Treasury Obligations (Cost $2,233)				2,240
Short-Term Investment (20.7%)
CSFB Enhanced Liquidity Portfolio, 5.471% (c)		2,195,840		2,196
Total Short-Term Investment (Cost $2,196)				2,196
Money Market (0.3%)
STI Classic Institutional Cash Management Money Market Fund, 5.160% (f)		27,399		27
Total Money Market (Cost $27)				27
Total Investments (Cost $12,646) (a) – 119.6%				12,664
Liabilities in excess of other assets – (19.6)%				(2,072	)
Net Assets – 100.0%			$	10,592

(a) Cost for federal income tax purposes is $12,673 (amount in thousands). Unrealized appreciation/(depreciation) on a tax basis is as follows

(amounts in thousands):
Unrealized Appreciation	$	31
Unrealized Depreciation	$	(40	)
Unrealized Appreciation (Depreciation)	$	(9	)

(b)	This security or a partial position of the security was on loan at December 31, 2006. The total value of securities on loan at December 31, 2006 in thousands was $2,132.
(c)	This security was purchased with cash collateral held from securities lending.
(d)	Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund’s advisor has deemed this security to be liquid based upon procedures approved by the Board of Trustees. (e) Variable rate security. Rate presented represents rate in effect at December 31, 2006. Maturity date represents actual maturity date.
(f)	Affiliate Investment.

Cl – Class

CDX – Credit Default Swap

LLC – Limited Liability Company

LP – Limited Partnership

PLC – Public Limited Company

REIT – Real Estate Investment Trust

Ser – Series

Credit Default Swap Agreements

									Unrealized
		Notional			Fixed		Expiration		Appreciation
Underlying Instrument	Counterparty	Amount ($)			Rate (%)		Date		(Depreciation) ($)
Dow Jones CDX Indices; Series 7	Citibank N.A.		195,000			0.40		12/20/11		(1	)
Brunswick Corp.	Merrill Lynch		(20,000	)		0.67		12/20/11		—
Campbell Soup Co.	Citibank N.A.		(20,000	)		0.15		12/20/11		—
H.J. Heinz Co.	Citibank N.A.		(20,000	)		0.36		12/20/11		—
IStar Financial, Inc.	Citibank N.A.		(20,000	)		0.45		12/20/11		—
Lennar Corp.	Citibank N.A.		(20,000	)		0.71		12/20/11		—
Nordstrom, Inc.	Citibank N.A.		(20,000	)		0.24		12/20/11		—
Nucor Corp.	Citibank N.A.		(20,000	)		0.18		12/20/11		—
Quest Diagnostics, Inc.	Merrill Lynch		(20,000	)		0.42		12/20/11		—
Sprint Nextel Corp.	Citibank N.A.		(20,000	)		0.60		12/20/11		—
Weyerhaueser Co.	Citibank N.A.		(20,000	)		0.59		12/20/11		—
										(1	)

See Notes to Financial Statements.

25

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC VARIABLE TRUST December 31, 2006 (Amounts in thousands, except Shares)

Large Cap Relative Value Fund

	Shares		Value($)
Common Stocks (92.7%)
Consumer Discretionary (7.5%)
Abercrombie & Fitch Co., Cl A (b)		1,800		125
Advance Auto Parts, Inc.		3,500		124
CBS Corp., Cl B		6,000		187
Lowe’s Cos., Inc.		2,500		78
NIKE, Inc., Cl B		1,375		136
Target Corp.		1,400		80
Time Warner, Inc.		10,600		232
Walt Disney Co. (The)		4,000		137
				1,099
Consumer Staples (12.6%)
Anheuser-Busch Cos., Inc.		3,000		148
Archer Daniels Midland Co.		6,000		191
Cadbury Schweppes PLC ADR		3,200		137
ConAgra Foods, Inc.		6,300		170
CVS Corp.		5,500		170
Diageo PLC ADR		2,000		159
General Mills, Inc.		3,000		173
PepsiCo, Inc.		2,000		125
Procter & Gamble Co. (The)		2,300		148
Unilever PLC ADR		5,200		145
Wal-Mart Stores, Inc.		3,100		143
Wm. Wrigley Jr. Co.		2,500		129
				1,838
Energy (9.6%)
Baker Hughes, Inc.		2,800		209
Cameron International Corp. *		2,700		143
Chevron Corp.		4,500		330
ConocoPhillips		4,500		324
CONSOL Energy, Inc.		5,000		161
Exxon Mobil Corp.		3,000		230
				1,397
Financials (21.3%)
American International Group, Inc.		2,100		150
Ameriprise Financial, Inc.		3,900		213
Bank of America Corp.		5,000		267
Berkshire Hathaway, Inc., Cl B *		50		183
Capital One Financial Corp.		2,050		157
Cincinnati Financial Corp.		3,100		140
CIT Group, Inc.		3,000		167
Citigroup, Inc.		5,300		296
Genworth Financial, Inc., Cl A		5,000		171
Goldman Sachs Group, Inc. (The)		340		68
Morgan Stanley		2,000		163
Principal Financial Group, Inc.		3,500		205
SLM Corp.		2,750		134
State Street Corp.		1,950		132
U.S. Bancorp		4,400		159
UBS AG ADR		3,000		181
Wachovia Corp.		2,300		131
Wells Fargo & Co.		5,000		178
				3,095
Health Care (11.0%)
Abbott Laboratories		3,800		185
Amgen, Inc. *		2,000		137
Becton, Dickinson & Co.		2,100		147
Boston Scientific Corp. *		12,000		206
Bristol-Myers Squibb Co.		4,500		118
Eli Lilly & Co.		4,000		208
Johnson & Johnson		1,850		122
Medtronic, Inc.		4,000		214
Pfizer, Inc.		10,000		260
				1,597
Industrials (8.7%)
3M Co.		1,950		152
Dover Corp.		3,500		172
Emerson Electric Co.		3,000		132
Equifax, Inc.		559		23
General Electric Co.		7,000		260
Goodrich Corp.		4,500		205
Ingersoll-Rand Co. Ltd., Cl A		4,000		157
R.R. Donnelley & Sons Co.		4,900		174
				1,275
Information Technology (12.5%)
Accenture Ltd., Cl A		7,000		259
Agilent Technologies, Inc. *		4,000		139
Applied Materials, Inc.		10,000		185
Cisco Systems, Inc. *		6,700		183
First Data Corp.		5,700		145
Fiserv, Inc. *		2,600		136
Intel Corp.		10,000		203
Microsoft Corp.		4,500		134
Nokia Corp. ADR		9,000		183
Texas Instruments, Inc.		3,800		109
Verigy Ltd. *		489		9
Western Union Co.		6,200		139
				1,824
Materials (4.0%)
E.I. du Pont de Nemours & Co. (b)		3,000		146
Huntsman Corp. *		8,000		152
Praxair, Inc.		2,100		125
Sonoco Products Co.		4,300		163
				586
Telecommunication Services (2.9%)
ALLTEL Corp.		3,200		194
BellSouth Corp.		3,500		165
Vodafone Group PLC ADR		2,500		69
				428

See Notes to Financial Statements.

26

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC VARIABLE TRUST December 31, 2006 (Amounts in thousands, except Shares)

Large Cap Relative Value Fund—concluded

	Shares		Value($)
Utilities (2.6%)
Edison International		3,500		159
Entergy Corp.		1,025		95
Exelon Corp.		2,000		124
				378
Total Common Stocks (Cost $10,902)				13,517
Short-Term Investment (1.8%)
CSFB Enhanced Liquidity Portfolio, 5.471% (c)		267,700		268
Total Short-Term Investment (Cost $268)				268
Money Market (6.5%)
STI Classic Institutional Cash Management Money Market Fund, 5.160% (d)		947,955		948
Total Money Market (Cost $948)				948
Total Investments (Cost $12,118) (a) – 101.0%				14,733
Liabilities in excess of other assets – (1.0)%				(152	)
Net Assets – 100.0%			$	14,581

*	Non-income producing security.
(a)	Cost for federal income tax purposes is $12,142 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands):

Unrealized Appreciation	$	2,807
Unrealized Depreciation		(216	)
Unrealized Appreciation (Depreciation)	$	2,591

(b)	This security or a partial position of the security was on loan at December 31, 2006. The total value of securities on loan at December 31, 2006 in thousands was $260.
(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.

27

SCHEDULES OF PROTFOLIO INVESTMENTS

STI CLASSIC VARIABLE TRUST December 31, 2006 (Amounts in thousands, except Shares)

Large Cap Value Equity Fund

	Shares		Value($)
Common Stocks (96.2%)
Consumer Discretionary (8.6%)
Advance Auto Parts, Inc.		8,445		300
Borders Group, Inc.		12,794		286
Circuit City Stores, Inc.		15,600		296
Dollar General Corp. (b)		12,200		196
Foot Locker, Inc.		13,400		294
H&R Block, Inc.		12,007		277
Leggett & Platt, Inc.		12,750		305
OSI Restaurant Partners, Inc.		4,801		188
Standard-Pacific Corp.		7,700		206
Target Corp.		5,150		294
Time Warner, Inc.		15,100		329
Williams-Sonoma, Inc.		9,200		289
				3,260
Consumer Staples (7.4%)
Colgate-Palmolive Co.		10,300		672
Hershey Co. (The) (b)		7,700		383
PepsiCo, Inc.		12,850		804
Procter & Gamble Co. (The)		11,750		755
Sara Lee Corp.		11,150		190
				2,804
Energy (9.1%)
Chevron Corp.		11,550		849
ConocoPhillips		11,600		835
Exxon Mobil Corp.		15,000		1,150
Marathon Oil Corp.		4,050		375
Rowan Cos., Inc.		6,150		204
				3,413
Financials (27.5%)
American International Group, Inc.		9,450		677
Aon Corp.		5,250		186
Astoria Financial Corp.		6,350		192
Bank of America Corp.		17,900		956
Bank of New York Co., Inc. (The)		4,771		188
BB&T Corp.		4,350		191
Bear Stearns Cos., Inc. (The)		2,250		366
CIT Group, Inc.		6,750		376
Citigroup, Inc.		21,341		1,188
Colonial BancGroup, Inc. (The)		15,500		399
Genworth Financial, Inc., Cl A		16,900		578
Hartford Financial Services Group, Inc. (The)		4,350		406
Huntington Bancshares, Inc.		8,200		195
JPMorgan Chase & Co.		15,945		770
Lincoln National Corp.		2,950		196
Merrill Lynch & Co., Inc.		4,050		377
Morgan Stanley		4,421		360
Northern Trust Corp.		5,250		319
U.S. Bancorp		17,450		632
Wachovia Corp.		14,500		826
Washington Mutual, Inc.		17,700		805
XL Capital Ltd., Cl A		2,700		194
				10,377
Health Care (7.5%)
Cooper Cos., Inc. (The)		4,200		187
Health Management Associates, Inc., Cl A		13,750		290
Johnson & Johnson		11,950		789
Omnicare, Inc.		7,600		294
Pfizer, Inc.		26,650		690
Wyeth		11,600		591
				2,841
Industrials (13.7%)
3M Co.		5,250		409
Caterpillar, Inc.		4,400		270
Con-way, Inc.		4,900		216
Emerson Electric Co.		7,054		311
General Electric Co.		28,650		1,065
Hubbell, Inc., Cl B		4,200		190
Illinois Tool Works, Inc.		12,150		561
ITT Industries, Inc.		7,547		429
MSC Industrial Direct Co., Inc., Cl A		4,800		188
Oshkosh Truck Corp.		5,050		245
Pentair, Inc.		7,500		236
R.R. Donnelley & Sons Co.		9,100		323
Southwest Airlines Co.		11,950		183
Union Pacific Corp.		3,300		304
Wabtec Corp.		7,650		232
				5,162
Information Technology (4.8%)
Analog Devices, Inc.		11,200		368
First Data Corp.		7,800		199
Harris Corp.		7,147		328
Jack Henry & Associates, Inc.		8,315		178
Maxim Integrated Products, Inc.		12,000		367
Tektronix, Inc.		7,050		206
Western Union Co.		7,500		168
				1,814
Materials (4.5%)
Alcoa, Inc.		8,250		248
Dow Chemical Co. (The)		7,200		288
E.I. du Pont de Nemours & Co.		7,750		377
Martin Marietta Materials, Inc.		1,800		187
Praxair, Inc.		5,700		338
Weyerhaeuser Co.		3,500		247
				1,685

See Notes to Financial Statements.

28

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC VARIABLE TRUST December 31, 2006 (Amounts in thousands, except Shares)

Large Cap Value Equity Fund—concluded

	Shares		Value($)
Telecommunication Services (6.4%)
ALLTEL Corp.		10,518		635
AT&T, Inc. (b)		17,250		617
Sprint Nextel Corp.		16,900		319
Verizon Communications, Inc.		15,890		592
Windstream Corp.		16,773		239
				2,402
Utilities (6.7%)
Dominion Resources, Inc. (b)		5,539		464
Duke Energy Corp.		12,974		431
Entergy Corp.		4,400		406
PPL Corp.		11,691		419
Public Service Enterprise Group, Inc.		6,100		405
Questar Corp.		4,750		394
				2,519
Total Common Stocks (Cost $30,443)				36,277
Short-Term Investment (4.1%)
CSFB Enhanced Liquidity Portfolio, 5.471% (c)		1,527,500		1,528
Total Short-Term Investment (Cost $1,528)				1,528
Money Market (3.7%)
STI Classic Institutional Cash Management Money Market Fund, 5.160% (d)		1,410,185		1,410
Total Money Market (Cost $1,410)				1,410
Total Investments (Cost $33,381) (a) — 104.0%				39,215
Liabilities in excess of other assets — (4.0)%				(1,521	)
Net Assets — 100.0%			$	37,694

(a) Cost for federal income tax purposes is $33,407 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands):

Unrealized Appreciation	$	5,979
Unrealized Depreciation		(171	)
Unrealized Appreciation (Depreciation)	$	5,808

(b)	This security or a partial position of the security was on loan at December 31, 2006. The total value of securities on loan at December 31, 2006 in thousands was $1,492.
(c)	This security was purchased with cash collateral held from securities lending.
(d)	Affiliate Investment.

Cl — Class

See Notes to Financial Statements

29

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC VARIABLE TRUST December 31, 2006 (Amounts in thousands, except Shares)

Mid-Cap Equity Fund

	Shares		Value($)
Common Stocks (97.6%)
Consumer Discretionary (16.7%)
Abercrombie & Fitch Co., Cl A		1,980		137
American Eagle Outfitters, Inc.		4,089		128
CBS Corp., Cl B		3,597		112
DIRECTV Group, Inc. (The) *		4,475		112
Hilton Hotels Corp.		4,730		164
International Game Technology		2,851		132
J.C. Penney Co., Inc.		1,742		134
KB HOME (b)		1,996		102
Limited Brands, Inc.		4,618		134
Liz Claiborne, Inc.		2,848		124
Mattel, Inc.		5,702		129
Men’s Wearhouse, Inc. (The)		2,420		93
Mohawk Industries, Inc. * (b)		1,371		103
Newell Rubbermaid, Inc.		4,460		129
Nordstrom, Inc.		2,367		117
Office Depot, Inc. *		2,398		92
Omnicom Group, Inc.		1,222		128
Whirlpool Corp.		1,154		96
				2,166
Consumer Staples (6.0%)
Church & Dwight Co., Inc.		1,863		79
Del Monte Foods Co.		9,348		103
General Mills, Inc.		2,137		123
J. M. Smucker Co. (The)		2,758		135
Kroger Co. (The)		4,961		114
Pepsi Bottling Group, Inc. (The)		4,006		124
Reynolds American, Inc. (b)		1,560		102
				780
Energy (6.9%)
Cameron International Corp. *		2,616		139
Chesapeake Energy Corp.		3,093		90
Diamond Offshore Drilling, Inc. (b)		1,508		121
Noble Energy, Inc.		3,027		149
Peabody Energy Corp.		2,230		90
Pogo Producing Co.		2,026		98
Tesoro Corp.		1,724		113
Tidewater, Inc.		2,051		99
				899
Financials (21.5%)
AMB Property Corp. REIT		1,841		108
Ambac Financial Group, Inc.		1,345		120
American Financial Group, Inc.		3,221		116
Ameriprise Financial, Inc.		2,314		126
Apartment Investment & Management Co., Cl A REIT		1,977		111
Arch Capital Group Ltd. *		1,090		74
Archstone-Smith Trust REIT		1,870		109
Assurant, Inc.		1,980		109
BankUnited Financial Corp., Cl A		3,162		88
Bear Stearns Cos., Inc. (The)		501		82
CB Richard Ellis Group, Inc., Cl A *		2,909		97
CIT Group, Inc.		2,343		131
Downey Financial Corp. (b)		996		72
Entertainment Properties Trust REIT		1,545		90
Everest Re Group Ltd.		691		68
Fidelity National Title Group, Inc., Cl A		150		4
First Marblehead Corp. (The) (b)		1,225		67
HCC Insurance Holdings, Inc.		3,630		116
IndyMac Bancorp, Inc.		1,810		82
Jones Lang LaSalle, Inc.		1,208		111
MGIC Investment Corp. (b)		2,463		153
PMI Group, Inc. (The)		3,304		155
ProLogis REIT		2,157		131
Raymond James Financial, Inc.		1,912		58
Security Capital Assurance Ltd.		2,602		72
SL Green Realty Corp. REIT		1,067		142
Taubman Centers, Inc.		2,284		116
Transatlantic Holdings, Inc.		1,331		83
				2,791
Health Care (9.1%)
Applera Corp.-Applied Biosystems Group		3,437		126
Becton, Dickinson & Co.		1,619		114
Celgene Corp. *		1,709		98
Dade Behring Holdings, Inc.		2,320		92
Henry Schein, Inc. *		1,933		95
Laboratory Corp. of America Holdings (b)*		1,721		126
Millipore Corp. *		1,683		112
Thermo Electron Corp. *		3,288		149
Universal Health Services, Inc., Cl B		2,132		118
WellCare Health Plans, Inc. *		2,227		154
				1,184
Industrials (10.2%)
Alaska Air Group, Inc. *		2,413		95
Copart, Inc. *		4,205		126
Covanta Holding Corp. * (b)		5,880		130
CSX Corp.		2,839		98
Curtiss-Wright Corp.		2,898		107
Eaton Corp.		1,426		107
Ingersoll-Rand Co. Ltd., Cl A		3,344		132
L-3 Communications Holdings, Inc.		1,179		96
Lennox International, Inc.		4,403		136
PACCAR, Inc.		1,901		123
Sotheby’s		3,303		102
Toro Co. (The)		1,661		77
				1,329

See Notes to Financial Statements.

30

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC VARIABLE TRUST December 31, 2006 (Amounts in thousands, except Shares)

Mid-Cap Equity Fund—concluded

	Shares		Value($)
Information Technology (12.2%)
Acxiom Corp. (b)		4,089		105
AVX Corp.		4,163		62
BMC Software, Inc. * (b)		3,177		102
Cadence Design Systems, Inc. *		6,049		108
Electronic Data Systems Corp.		4,305		119
Lexmark International, Inc., Cl A *		1,679		123
LSI Logic Corp. *		9,659		87
McAfee, Inc. *		1,840		52
MEMC Electronic Materials, Inc. *		1,465		57
National Semiconductor Corp.		2,703		61
NCR Corp. *		2,212		95
Novellus Systems, Inc. * (b)		2,988		103
Sabre Holdings Corp., Cl A		3,487		111
Sybase, Inc. *		2,895		72
Teradyne, Inc. *		5,358		80
Total System Services, Inc.		3,703		98
Vishay Intertechnology, Inc. *		7,191		97
Xerox Corp. *		3,327		56
				1,588
Materials (5.0%)
Albemarle Corp.		1,197		86
FMC Corp.		1,392		107
Freeport-McMoRan Copper & Gold, Inc., Cl B		1,543		86
Lyondell Chemical Co.		3,678		94
Sonoco Products Co.		3,351		127
Steel Dynamics, Inc.		2,134		69
Temple-Inland, Inc.		50		2
United States Steel Corp.		1,169		86
				657
Telecommunication Services (1.8%)
Qwest Communications International, Inc.* (b)		14,520		122
Telephone & Data Systems, Inc.		2,067		112
				234
Utilities (8.2%)
Alliant Energy Corp.		3,432		130
American Electric Power Co., Inc.		3,803		162
Edison International		3,300		150
MDU Resources Group, Inc.		4,509		116
OGE Energy Corp.		3,525		141
PG&E Corp.		3,642		171
Pinnacle West Capital Corp.		2,145		109
Xcel Energy, Inc.		4,030		93
				1,072
Total Common Stocks (Cost $11,070)				12,700
Short-Term Investment (9.3%)
CSFB Enhanced Liquidity Portfolio, 5.471% (c)		1,214,527		1,215
Total Short-Term Investment (Cost $1,215)				1,215
Money Market (2.3%)
STI Classic Institutional Cash Management Money Market Fund, 5.160% (d)		305,260		305
Total Money Market (Cost $305)				305
Total Investments (Cost $12,590) (a) – 109.2%				14,220
Liabilities in excess of other assets – (9.2)%				(1,194	)
Net Assets – 100.0%			$	13,026

*	Non-income producing security.
(a)	Cost for federal income tax purposes is $12,647 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands):

Unrealized Appreciation	$	1,659
Unrealized Depreciation		(86	)
Unrealized Appreciation (Depreciation)	$	1,573

(b)	This security or a partial position of the security was on loan at December 31, 2006. The total value of securities on loan at December 31, 2006 in thousands was $1,172.
(c)	This security was purchased with cash collateral held from securities lending.
(d)	Affiliate Investment.

Cl – Class

REIT – Real Estate Investment Trust

See Notes to Financial Statements.

31

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC VARIABLE TRUST December 31, 2006 (Amounts in thousands, except Shares)

Small Cap Value Equity Fund

	Shares		Value($)
Common Stocks (94.2%)
Consumer Discretionary (12.2%)
Asbury Automotive Group, Inc.		7,000		165
Bassett Furniture Industries, Inc.		5,600		92
Borders Group, Inc.		5,900		132
BorgWarner, Inc.		2,500		148
CKE Restaurants, Inc.		12,600		231
Cobra Electronics Corp.		9,300		89
Cooper Tire & Rubber Co. (b)		11,900		170
Courier Corp.		3,100		121
Group 1 Automotive, Inc. (b)		3,800		197
Harte-Hanks, Inc.		5,200		144
International Speedway Corp., Cl A		148		8
Lithia Motors, Inc.		7,100		204
Makita Corp. ADR		6,452		201
Movado Group, Inc.		11,800		341
Stanley Furniture Co., Inc.		1,800		39
Tuesday Morning Corp. (b)		13,529		209
World Wrestling Entertainment, Inc.		10,900		178
				2,669
Consumer Staples (4.3%)
Church & Dwight Co., Inc.		8,550		364
Flowers Foods, Inc.		8,700		235
Gruma SA ADR		2,000		29
Inter Parfums, Inc.		5,300		102
Longs Drug Stores Corp.		5,300		225
				955
Energy (4.4%)
CARBO Ceramics, Inc. (b)		5,800		217
CHC Helicopter Corp., Cl A		20,000		422
Tidewater, Inc. (b)		3,100		150
Ultrapar Participacoes SA ADR (b)		7,700		177
				966
Financials (15.6%)
Bank of Hawaii Corp.		5,300		286
Banner Corp.		2,700		120
Capital Corp. of the West		1,700		55
City National Corp.		2,200		157
Desert Community Bank		2,400		43
Federal Agricultural Mortgage Corp., Cl A		2,011		55
First Republic Bank		8,000		313
Glacier Bancorp, Inc.		8,883		217
HCC Insurance Holdings, Inc.		5,400		173
Horizon Financial Corp.		7,620		183
Hub International Ltd.		13,600		426
International Bancshares Corp.		3,300		102
Jones Lang LaSalle, Inc.		3,200		295
National Interstate Corp.		451		11
OneBeacon Insurance Group Ltd. *		8,500		238
StanCorp Financial Group, Inc.		5,600		252
UCBH Holdings, Inc.		10,500		184
Washington Federal, Inc.		5,565		131
West Coast Bancorp		5,176		179
				3,420
Health Care (9.4%)
Cooper Cos., Inc. (The)		20,600		917
PerkinElmer, Inc.		10,000		222
Perrigo Co.		12,400		215
STERIS Corp.		28,500		717
				2,071
Industrials (32.2%)
A.O. Smith Corp.		1,500		56
AAON, Inc.		509		13
ADESA, Inc.		6,546		182
American Ecology Corp.		6,500		120
Baldor Electric Co.		6,800		227
BlueLinx Holdings, Inc.		6,800		71
Donaldson Co., Inc.		7,500		260
DRS Technologies, Inc.		1,096		58
Forward Air Corp.		9,402		272
GATX Corp.		21,700		940
Gol Linhas Aereas Inteligentes SA ADR (b)		6,956		199
Graco, Inc.		13,900		551
Greenbrier Cos., Inc. (The) (b)		6,000		180
Grupo Aeroportuario del Pacifico SA de CV ADR		17,300		678
Heartland Express, Inc.		11,366		171
Herman Miller, Inc.		8,800		320
IDEX Corp.		3,600		171
Lennox International, Inc.		8,914		273
LSI Industries, Inc.		6,262		124
McGrath Rentcorp		7,400		227
Mueller Water Products, Inc. * (b)		9,419		140
Multi-Color Corp.		4,700		154
Oshkosh Truck Corp.		2,800		136
Portec Rail Products, Inc.		4,086		41
Quixote Corp.		8,781		173
Seaspan Corp.		8,645		200
Supreme Industries, Inc., Cl A		2,600		17
Titan International, Inc. (b)		9,000		181
United Industrial Corp. (b)		4,100		208
UTI Worldwide, Inc.		4,500		135
Wabtec Corp.		14,700		447
Walter Industries, Inc. (b)		5,700		154
				7,079

See Notes to Financial Statements.

32

SCHEDULES OF PORTFOLIO INVESTMENTS

STI CLASSIC VARIABLE TRUST December 31, 2006 (Amounts in thousands, except Shares)

Small Cap Value Equity Fund—concluded

	Shares		Value($)
Information Technology (6.1%)
Black Box Corp.		4,000		168
Cohu, Inc.		10,100		204
Harris Corp.		4,954		227
Jack Henry & Associates, Inc.		7,500		161
Keithley Instruments, Inc.		6,800		89
Nam Tai Electronics, Inc.		10,100		153
Tektronix, Inc.		11,700		341
				1,343
Materials (7.6%)
Aber Diamond Corp.		3,916		144
Agnico-Eagle Mines Ltd.		4,900		202
Airgas, Inc.		12,000		486
AMCOL International Corp.		5,400		150
Foundation Coal Holdings, Inc.		6,700		213
Myers Industries, Inc.		3,500		55
RPM International, Inc.		12,400		259
Valspar Corp. (The)		6,300		174
				1,683
Utilities (2.4%)
Companhia de Saneamento Basico do Estado de Sao Paulo ADR		9,200		311
PNM Resources, Inc.		7,200		224
				535
Total Common Stocks (Cost $16,571)				20,721
Short-Term Investment (8.6%)
CSFB Enhanced Liquidity Portfolio, 5.471% (c)		1,886,912		1,887
Total Short-Term Investment (Cost $1,887)				1,887
Money Market (4.8%)
STI Classic Institutional Cash Management Money Market Fund, 5.160% (d)		1,055,750		1,056
Total Money Market (Cost $1,056)				1,056
Total Investments (Cost $19,514) (a) – 107.6%				23,664
Liabilities in excess of other assets – (7.6)%				(1,662	)
Net Assets - 100.0%			$	22,002

*	Non-income producing security.
(a)	Cost for federal income tax purposes is $19,565 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands):

Unrealized Appreciation	$	4,720
Unrealized Depreciation		(621	)
Unrealized Appreciation (Depreciation)	$	4,099

(b)	This security or a partial position of the security was on loan at December 31, 2006. The total value of securities on loan at December 31, 2006 in thousands was $1,824.
(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.

33

STATEMENTS OF ASSETS AND LIABILITIES

STI CLASSIC VARIABLE TRUST December 31, 2006 (Amounts in thousands)

									Large Cap		Large Cap					Small Cap
	Capital		International			Investment			Relative		Value			Mid–Cap		Value
	Appreciation		Equity			Grade			Value		Equity			Equity		Equity
	Fund		Fund			Bond Fund			Fund		Fund			Fund		Fund
Assets:
Investments, at Cost	$	36,921	$	4,276		$	12,646		$	12,118	$	33,381		$	12,590	$	19,514
Investments, at Value *	$	43,256	$	6,113		$	12,637		$	13,785	$	37,805		$	13,915	$	22,608
Investment in Affiliates, at Value (Cost $—, $—, $27, $948, $1,410 $305, $1,056, respectively)		—		—			27			948		1,410			305		1,056
Total Investments		43,256		6,113			12,664			14,733		39,215			14,220		23,664
Cash		174		—			—			—		2			—		—
Foreign Currency, at Value (Cost $88)		—		89			—			—		—			—		—
Interest and Dividends Receivable		40		6			115			20		53			21		40
Receivable for Capital Shares Issued		9		12			43			34		20			1		7
Receivable for Investment Securities Sold		—		—			55			97		—			155		227
Reclaims Receivable		—		2			—			—		—			—		—
Total Assets		43,479		6,222			12,877			14,884		39,290			14,397		23,938
Liabilities:
Payable to Custodian		—		14			—			—		—			—		—
Income Distributions Payable		—		—			43			—		—			—		—
Payable for Investment Securities Purchased		—		12			24			8		—			129		—
Payable for Capital Shares Redeemed		7		—			1			1		2			1		1
Unrealized Depreciation on Credit Default Swap Agreements (Proceeds $—)		—		—			1			—		—			—		—
Payable upon Return of Securities Loaned		3,330		100			2,196			268		1,528			1,215		1,887
Investment Advisory Fees Payable		14		6			4			3		10			2		18
Administration Fees Payable		1		—			—			—		1			—		—
Custodian Fees Payable		2		24			2			1		3			6		3
Accrued Expenses		54		12			14			22		52			18		27
Total Liabilities		3,408		168			2,285			303		1,596			1,371		1,936
Total Net Assets	$	40,071	$	6,054		$	10,592		$	14,581	$	37,694		$	13,026	$	22,002
Net Assets Consist of:
Capital	$	31,570	$	5,532		$	10,804		$	11,096	$	34,526		$	9,739	$	13,372
Undistributed (Distribution in Excess of) Net Investment Income		148		(2	)		114			17		75			22		74
Accumulated Net Realized Gains (Losses) on Investments and Foreign Currency Transactions		2,018		(1,313	)		(344	)		853		(2,741	)		1,635		4,406
Net Unrealized Appreciation on Investments, Swaps and Foreign Currency Transactions		6,335		1,837			18			2,615		5,834			1,630		4,150
Total Net Assets:	$	40,071	$	6,054		$	10,592		$	14,581	$	37,694		$	13,026	$	22,002
Shares Outstanding (unlimited number of shares authorized, no par value):		2,370		404			1,043			1,106		2,136			947		1,361
Net Asset Value, Offering and Redemption Price Per Share:	$	16.91	$	14.98		$	10.15		$	13.18	$	17.65		$	13.75	$	16.16

*	Includes securities on loan of $3,222, $97, $2,132, $260, $1,492, $1,172 and $1,824, respectively.
	Amounts designated as “—” are $0 or have been rounded to $0.

See Notes to Financial Statements.

34

STATEMENTS OF OPERATIONS

STI CLASSIC VARIABLE TRUST For the Year Ended December 31, 2006 (Amounts in thousands)

										Large Cap			Large Cap						Small Cap
	Capital			International			Investment			Relative			Value			Mid-Cap			Value
	Appreciation			Equity			Grade			Value			Equity			Equity			Equity
	Fund			Fund			Bond Fund			Fund			Fund			Fund			Fund
Investment Income:
Dividend Income	$	592		$	140		$	9		$	275		$	875		$	199		$	347
Dividend Income from Affiliated Investment Companies		—			—			2			8			27			9			12
Interest Income		—			5			577			—			—			—			—
Income from Securities Lending		12			2			15			1			5			3			8
Less: Foreign Taxes Withheld		—			(13	)		—			—			—			—			—
Total Investment Income		604			134			603			284			907			211			367
Expenses:
Investment Advisory Fees		420			61			60			105			302			141			255
Administration and Fund Accounting Fees		11			1			3			3			10			4			6
Compliance Services Fees		1			—			—			—			1			—			—
Custodian Fees		5			88			5			4			11			20			11
Professional Fees		40			6			11			13			37			13			19
Insurance Fees		1			—			—			—			1			—			—
Printing Fees		72			9			12			24			58			24			24
Trustees’ Fees		1			—			—			—			1			—			—
Other Expenses		2			34			5			3			—			4			3
Total Expenses		553			199			96			152			421			206			318
Less: Investment Advisory Fees Waived or Fees Reimbursed		(68	)		(130	)		(19	)		(28	)		(63	)		(43	)		(52	)
Net Expenses		485			69			77			124			358			163			266
Net Investment Income		119			65			526			160			549			48			101
Realized and Unrealized Gain (Loss) on Investments, Swaps and Foreign Currency Transactions:
Net Realized Gain (Loss) on Investments Sold and Foreign Currency Transactions		2,175			791			(50	)		885			4,513			1,662			4,588
Net Change in Unrealized Appreciation (Depreciation) on Investments, Swaps and Foreign Currency Transactions		2,039			340			6			892			2,576			(306	)		(1,467	)
Net Realized and Unrealized Gain (Loss) on Investments, Swaps and Foreign Currency Transactions		4,214			1,131			(44	)		1,777			7,089			1,356			3,121
Change in Net Assets from Operations	$	4,333		$	1,196		$	482		$	1,937		$	7,638		$	1,404		$	3,222

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

See Notes to Financial Statements.

35

STATEMENTS OF CHANGES IN NET ASSETS

STI CLASSIC VARIABLE TRUST For the Years Ended December 31, (Amounts in thousands)

	Capital Appreciation						International						Investment Grade
	Fund						Equity Fund						Bond Fund
	2006			2005			2006			2005			2006			2005
Operations:
Net Investment Income	$	119		$	68		$	65		$	72		$	526		$	565
Net Realized Gain (Loss) on Investments Sold and Foreign Currency Transactions		2,175			2,488			791			835			(50	)		6
Net Change in Unrealized Appreciation (Depreciation) on Investments, Swaps and Foreign Currency Transactions		2,039			(3,188	)		340			(257	)		6			(233	)
Change in Net Assets from Operations		4,333			(632	)		1,196			650			482			338
Dividends and Distributions to Shareholders:
Net Investment Income		(120	)		(68	)		(66	)		(133	)		(473	)		(592	)
Net Realized Gains		(2,422	)		—			—			—			—			—
Return of Capital		—			—			—			—			(51	)		—
Total Dividends and Distributions		(2,542	)		(68	)		(66	)		(133	)		(524	)		(592	)
Capital Transactions:
Proceeds from Shares Issued		3,217			6,219			1,354			330			494			933
Dividends Reinvested		2,542			68			66			133			572			596
Cost of Shares Redeemed		(13,786	)		(14,142	)		(1,816	)		(1,903	)		(3,862	)		(4,892	)
Change in Net Assets from Capital Transactions		(8,027	)		(7,855	)		(396	)		(1,440	)		(2,796	)		(3,363	)
Change in Net Assets		(6,236	)		(8,555	)		734			(923	)		(2,838	)		(3,617	)
Net Assets:
Beginning of Period		46,307			54,862			5,320			6,243			13,430			17,047
End of Period	$	40,071		$	46,307		$	6,054		$	5,320		$	10,592		$	13,430
Undistributed (Distributions in Excess of) Net Investment Income, End of Period	$	148		$	6		$	(2	)	$	(18	)	$	114		$	1
Share Transactions:
Issued		194			391			99			30			49			91
Reinvested		161			4			5			12			57			58
Redeemed		(835	)		(887	)		(136	)		(170	)		(384	)		(477	)
Change in Shares		(480	)		(492	)		(32	)		(128	)		(278	)		(328	)

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

See Notes to Financial Statements. 36

STATEMENTS OF CHANGES IN NET ASSETS

STI CLASSIC VARIABLE TRUST For the Years Ended December 31, (Amounts in thousands)

	Large Cap Relative						Large Cap Value						Mid-Cap						Small Cap Value
	Value Fund						Equity Fund						Equity Fund						Equity Fund
	2006			2005			2006			2005			2006			2005			2006			2005
Operations:
Net Investment Income	$	160		$	113		$	549		$	661		$	48		$	70		$	101		$	126
Net Realized Gain on Investments Sold		885			1,129			4,513			4,556			1,662			3,519			4,588			4,925
Net Change in Unrealized Appreciation (Depreciation) on Investments, Swaps and Foreign Currency Transactions		892			(214	)		2,576			(3,746	)		(306	)		(1,540	)		(1,467	)		(1,854	)
Change in Net Assets from Operations		1,937			1,028			7,638			1,471			1,404			2,049			3,222			3,197
Dividends and Distributions to Shareholders:
Net Investment Income		(157	)		(110	)		(534	)		(662	)		(54	)		(68	)		(93	)		(125	)
Net Realized Gains		(877	)		—			—			—			(1,012	)		—			(5,051	)		(3,009	)
Total Dividends and Distributions		(1,034	)		(110	)		(534	)		(662	)		(1,066	)		(68	)		(5,144	)		(3,134	)
Capital Transactions:
Proceeds from Shares Issued		3,400			1,769			4,540			2,872			642			1,034			3,897			5,765
Dividends Reinvested		1,034			110			534			662			1,066			68			5,144			3,134
Cost of Shares Redeemed		(2,908	)		(2,089	)		(12,512	)		(13,328	)		(4,056	)		(4,429	)		(5,387	)		(14,652	)
Change in Net Assets from Capital Transactions		1,526			(210	)		(7,438	)		(9,794	)		(2,348	)		(3,327	)		3,654			(5,753	)
Change in Net Assets		2,429			708			(334	)		(8,985	)		(2,010	)		(1,346	)		1,732			(5,690	)
Net Assets:
Beginning of Period		12,152			11,444			38,028			47,013			15,036			16,382			20,270			25,960
End of Period	$	14,581		$	12,152		$	37,694		$	38,028		$	13,026		$	15,036		$	22,002		$	20,270
Undistributed Net Investment Income, (End of Period)	$	17		$	4		$	75		$	—		$	22		$	8		$	74		$	14
Share Transactions:
Issued		265			151			280			201			46			82			207			321
Reinvested		85			9			33			46			83			5			339			179
Redeemed		(227	)		(177	)		(778	)		(930	)		(295	)		(354	)		(296	)		(805	)
Change in Shares		123			(17	)		(465	)		(683	)		(166	)		(267	)		250			(305	)

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

37 See Notes to Financial Statements.

This page is intentionally left blank.

 38

FINANCIAL HIGHLIGHTS

STI CLASSIC VARIABLE TRUST Selected Data For a Share of Beneficial Interest Outstanding Throughout Each Year

												Dividends
			Net			Net Realized						from			Distributions						Total
			Investment			and Unrealized						Net Invest-			from			Distributions			Dividends			Net Asset													Ratio of Expenses to Average Net Asset
	Net Asset Value,		Income			Gains (Losses)			Total From			ment			Realized			from Return of			and			Value, End		Total			Net Assets,		Ratio of Net Expenses to			Ratio of Net Investment Income			(Excluding Waivers, Reimbursements			Portfolio
	Beginning of Year		(Loss)			on Investments			Operations			Income			Capital Gains			Capital			Distributions			of Year		Return			End of Year (000)		Average Net Assets			(Loss) to AverageNet Assets			and Expense Offset)			Turnover Rate
Capital Appreciation Fund
Year Ended December 31, 2006	$	16.25	$	0.05		$	1.64		$	1.69		$	(0.05	)	$	(0.98	)	$	—		$	(1.03	)	$	16.91		10.83	%	$	40,071		1.12	%		0.28	%		1.28	%		82	%
Year Ended December 31, 2005		16.42		0.02			(0.17	)		(0.15	)		(0.02	)		—			—			(0.02	)		16.25		(0.90	)		46,307		1.13			0.14			1.22			80
Year Ended December 31, 2004		15.41		0.03			1.01			1.04			(0.03	)		—			—			(0.03	)		16.42		6.75			54,862		1.15			0.19			1.43			79
Year Ended December 31, 2003		13.01		(0.03	)(a)		2.43			2.40			—			—			—			—			15.41		18.45			59,367		1.15			(0.21	)		1.50			91
Year Ended December 31, 2002		17.48		(0.07	)		(3.74	)		(3.81	)		—			(0.66	)		—			(0.66	)		13.01		(21.89	)		56,718		1.15			(0.41	)		1.46			67
International Equity Fund
Year Ended December 31, 2006		12.19		0.16			2.80			2.96			(0.17	)		—			—			(0.17	)		14.98		24.48			6,054		1.30			1.22			3.73			67
Year Ended December 31, 2005		11.06		0.15	(a)		1.27			1.42			(0.29	)		—			—			(0.29	)		12.19		12.96			5,320		1.47			1.30			4.97			57
Year Ended December 31, 2004		9.43		0.11			1.69			1.80			(0.17	)		—			—			(0.17	)		11.06		19.35			6,243		1.60			0.74			3.89			65
Year Ended December 31, 2003		6.92		0.07	(a)		2.50			2.57			(0.06	)		—			—			(0.06	)		9.43		37.31			6,920		1.60			0.99			3.91			75
Year Ended December 31, 2002		8.55		0.02			(1.61	)		(1.59	)		—			(0.04	)		—			(0.04	)		6.92		(18.58)	*		6,230		1.60			0.27			2.59			115
Investment Grade Bond Fund
Year Ended December 31, 2006		10.16		0.44			(0.01	)		0.43			(0.40	)		—			(0.04	)		(0.44	)		10.15		4.35			10,592		0.65			4.36			0.81			222
Year Ended December 31, 2005		10.34		0.39			(0.17	)		0.22			(0.40	)		—			—			(0.40	)		10.16		2.18			13,430		0.70			3.70			0.88			223
Year Ended December 31, 2004 (b)		10.27		0.36			0.06			0.42			(0.35	)		—			—			(0.35	)		10.34		4.16			17,047		0.75			3.52			1.19			197
Year Ended December 31, 2003		10.29		0.34	(a)		0.02			0.36			(0.38	)		—			—			(0.38	)		10.27		3.51			20,316		0.75			3.66			1.25			147
Year Ended December 31, 2002		10.05		0.44			0.28			0.72			(0.48	)		—			—			(0.48	)		10.29		7.40			23,126		0.75			4.33			1.28			144
Large Cap Relative Value Fund
Year Ended December 31, 2006		12.37		0.17			1.73			1.90			(0.16	)		(0.93	)		—			(1.09	)		13.18		16.19			14,581		1.00			1.29			1.23			47
Year Ended December 31, 2005		11.45		0.11			0.92			1.03			(0.11	)		—			—			(0.11	)		12.37		9.03			12,152		1.06			0.97			1.11			47
Year Ended December 31, 2004		10.10		0.09	(a)		1.35			1.44			(0.09	)		—			—			(0.09	)		11.45		14.30			11,444		1.18			0.87			1.53			44
Year Ended December 31, 2003		8.05		0.08	(a)		2.04			2.12			(0.07	)		—			—			(0.07	)		10.10		26.49			9,198		1.20			0.92			2.20			22
Year Ended December 31, 2002		10.21		0.06			(2.16	)		(2.10	)		(0.06	)		—			—			(0.06	)		8.05		(20.59	)		4,354		1.20			6.80			2.56			51
Large Cap Value Equity Fund
Year Ended December 31, 2006		14.62		0.24			3.02			3.26			(0.23	)		—			—			(0.23	)		17.65		22.46			37,694		0.95			1.46			1.12			91
Year Ended December 31, 2005		14.32		0.23			0.30			0.53			(0.23	)		—			—			(0.23	)		14.62		3.75			38,028		0.93			1.58			0.95			100
Year Ended December 31, 2004		12.60		0.19			1.72			1.91			(0.19	)		—			—			(0.19	)		14.32		15.29			47,013		0.95			1.43			1.11			85
Year Ended December 31, 2003		10.39		0.17	(a)		2.21			2.38			(0.17	)		—			—			(0.17	)		12.60		23.12			45,484		0.95			1.52			1.19			54
Year Ended December 31, 2002		12.70		0.16			(2.31	)		(2.15	)		(0.16	)**		—			—			(0.16	)**		10.39		(16.98	)		43,899		0.95			1.37			1.13			50
Mid-Cap Equity Fund
Year Ended December 31, 2006		13.51		0.04			1.32			1.36			(0.05	)		(1.07	)		—			(1.12	)		13.75		10.72			13,026		1.15			0.34			1.46			181
Year Ended December 31, 2005		11.87		0.07			1.63			1.70			(0.06	)		—			—			(0.06	)		13.51		14.32			15,036		1.15			0.50			1.36			115
Year Ended December 31, 2004		10.23		0.08			1.63			1.71			(0.07	)		—			—			(0.07	)		11.87		16.82			16,382		1.15			0.71			1.65			79
Year Ended December 31, 2003		7.93		0.05	(a)		2.30			2.35			(0.05	)		—			—			(0.05	)		10.23		29.72			16,182		1.15			0.60			1.84			182
Year Ended December 31, 2002		11.09		(0.04	)		(3.11	)		(3.15	)		—			(0.01	)		—			(0.01	)		7.93		(28.45	)		13,962		1.15			(0.32	)		1.72			90
Small Cap Value Equity Fund
Year Ended December 31, 2006		18.24		0.09			2.52			2.61			(0.08	)		(4.61	)		—			(4.69	)		16.16		16.10			22,002		1.20			0.46			1.44			74
Year Ended December 31, 2005		18.33		0.08			2.00			2.08			(0.08	)		(2.09	)		—			(2.17	)		18.24		11.90			20,270		1.20			0.47			1.34			57
Year Ended December 31, 2004		14.80		0.05	(a)		3.52			3.57			(0.04	)		—			—			(0.04	)		18.33		24.19			25,960		1.20			0.33			1.57			52
Year Ended December 31, 2003		10.75		0.07	(a)		4.05			4.12			(0.07	)		—			—			(0.07	)		14.80		38.44			20,381		1.20			0.56			1.79			27
Year Ended December 31, 2002		10.94		0.06			(0.19	)		(0.13	)		(0.06	)		—			—			(0.06	)		10.75		(1.20	)		15,286		1.20			0.55			1.79			17

*	Total return would have been (18.70)% without the payment by affiliate. During the fiscal year ended December 31, 2002, the Fund was reimbursed by the Investment Adviser for losses incurred of $5,807 due to the sale of shares in several registered investment companies which were inadvertently purchased in excess of the amount permitted under applicable Securities and Exchange Commission rules.
**	Includes Return of Capital of $0.0049 per share.
(a)	Amounts calculated using the average shares method.
(b)	Effective January 1, 2004, the Fund adopted a change in the amortization and accretion methodology on fixed income securities. The cumulative effect of this change in methodology on December 31, 2004 was to increase net investment income to average net assets from 3.40% to 3.52%; to increase net investment income per share from $0.35 to $0.36; and, to decrease net realized and unrealized gains (losses) per share from $0.07 to $0.06. Per share ratios and supplemental data for prior periods have not been restated to reflect this change.

39 See Notes to Financial Statements.

NOTES TO FINANCIAL STATEMENTS

STI CLASSIC VARIABLE TRUST December 31, 2006

1.	Organization
	The STI Classic Variable Trust (the “Trust”) was organized as a Massachusetts business trust under a Declaration of Trust dated April 18, 1995. The Trust is registered under the Investment Company Act of 1940 (the “1940 Act”), as amended, as an open-end management investment company offering seven funds as of December 31, 2006. The financial statements presented herein are those of the Capital Appreciation Fund, the International Equity Fund, the Investment Grade Bond Fund, the Large Cap Relative Value Fund, the Large Cap Value Equity Fund, the Mid-Cap Equity Fund, and the Small Cap Value Equity Fund (each a “Fund” and collectively the “Funds”). The Trust is authorized to issue an unlimited number of shares without par value. Shareholders have no preemptive rights. The assets of each Fund are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. Sales of shares of the Funds may only be made to separate accounts of various life insurance companies and certain qualified benefit plans. The Funds’ prospectus provides a description of each Fund’s investment objectives, policies and strategies.
	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 the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. The actual results could differ from these estimates.

Security Valuation — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded on valuation date (or at approximately 4:00 p.m. Eastern Time if a security’s primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sale price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value. The prices for foreign securities are reported in local currency and converted to U.S. dollars at the exchange rate of such currencies against the U.S. dollar, as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern Time), as provided by an independent pricing service approved by the Funds’ Board of Trustees (the “Board”). If a security price cannot be obtained from an independent, third-party pricing agent, the Funds’ accounting agent will seek to obtain a bid price from at least one independent broker.

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.

40

NOTES TO FINANCIAL STATEMENTS (continued)

STI CLASSIC VARIABLE TRUST December 31, 2006

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 preauthorize the Funds’ accounting agent to utilize a Fair Value Pricing Service, the adviser will request that a Committee meeting be called. In addition, the Funds’ accounting agent monitors price movements among certain selected indices, securities and/or groups of securities that may be an indicator that the closing prices received earlier 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 exceed levels established by the Funds (“Trigger Points”), the Funds may use a systematic valuation model provided by an independent third party to fair value their international equity securities.

Security Transactions and Investment Income — During the period, security transactions are accounted for no later than one business day following the trade date. For financial reporting purposes, however, 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 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.

Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars on the following basis: (i) market value of investment securities, other assets and liabilities at the current rate of exchange; and (ii) purchases and sales of investment securities, income and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate the portion of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies.

Forward Foreign Currency Contracts — The International Equity 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 year are recognized as ordinary income or loss for Federal income tax purposes. As of December 31, 2006, the International Equity Fund did not have open foreign currency contracts.

Securities Lending — Each Fund may lend portfolio securities to brokers, dealers and other financial organizations that meet capital and other credit requirements or other criteria established by the Trust’s Board. These loans may not exceed either (i) 50% of the sum of the market value of all securities of the Fund and the market value of the loan collateral or (ii) 33.33% of the total market value of all securities of the Fund. No Fund will lend portfolio securities to its investment adviser or its affiliates unless it has applied for and received specific authority to do so from the Securities and Exchange Commission. Loans of portfolio securities will be fully collateralized by cash, letters of credit or U.S. government securities. The value of the collateral is at least 100% of the market value of the securities loaned, or in the case of the Investment Grade Bond Fund, the initial value of the collateral is at least 102% of the market value of the securities loaned and 100% thereafter. However, due to market fluctuations during the day, the value of securities loaned on a particular day may, during the course of the day, exceed the value of collateral. On each business day, the

41

NOTES TO FINANCIAL STATEMENTS (continued)

STI CLASSIC VARIABLE TRUST December 31, 2006

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 consists of money market instruments including money market mutual funds registered under the 1940 Act, commercial paper, repurchase agreements, U.S. Treasury Bills and U.S. agency obligations. At December 31, 2006, the Portfolio was invested in repurchase agreements, asset backed securities and corporate bonds (with interest rates ranging from 5.353% to 5.580% and maturity dates ranging from 01/02/07 to 02/25/21).

The Funds paid security lending fees during the year ended December 31, 2006, which have been netted against Income from Securities Lending on the Statements of Operations. These fees are presented below:

	Fees ($)
Capital Appreciation Fund		2,173
International Equity Fund		431
Investment Grade Bond Fund		2,627
Large Cap Relative Value Fund		187
Large Cap Value Equity Fund		969
Mid-Cap Equity Fund		507
Small Cap Value Equity Fund		1,341

Swap Agreements — The Investment Grade Bond Fund 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. The Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty.

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 or periodically during its term. 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”. The 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 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.

42

NOTES TO FINANCIAL STATEMENTS (continued)

STI CLASSIC VARIABLE TRUST December 31, 2006

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 with its custodian, SunTrust Bank, a wholly-owned subsidiary of SunTrust Banks, Inc., on the following business day. If a Fund has a positive cash balance in excess of $100,000 it is allowed to overdraw an amount equal to 90% of the balance from SunTrust Bank on the following business day. All such deposits to, and overdrafts from, the compensating balance account are non-interest bearing and are for a duration of one business day. This does not apply to the International Equity Fund.

Expenses — Expenses that are directly related to a specific Fund are charged to that Fund. Other operating expenses of the Trust are pro-rated to the Funds on the basis of relative net assets or another appropriate basis.

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 for all Funds except for the International Equity Fund, which distributes income annually, and the Investment Grade Bond Fund, which distributes daily and pays monthly. Any net realized capital gains on sales of securities are distributed to shareholders at least annually. However, to the extent that net realized capital gains can be offset by capital loss carryovers, such gains will not be distributed.

New Accounting Pronouncements — In September 2006, the Financial Accounting Standards Board (FASB) issued Statement on Financial Accounting Standards (SFAS) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to GAAP from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of December 31, 2006, the Funds do not believe the adoption of SFAS No. 157 will impact the financial statement amounts, however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.

During 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 evaluation of tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether the tax positions will “more-likely-than-not” be sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is required as of the semi-annual 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. Management has not completed their analysis on whether the adoption of FIN 48 will have an impact to the financial statements.

3.	Agreements and Other Transactions with Affiliates
	Investment Advisory Agreement — The Trust and Trusco Capital Management, Inc. (the “Investment Adviser”), a wholly-owned subsidiary of SunTrust Banks, Inc., have entered into advisory agreements.
	Under the terms of the agreements, 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 $500 million. A discount of 5% applies on the next $500 million, a discount of 10% applies on amounts over $1 billion. Fee rates for the year ended December 31, 2006 were as follows:

42

NOTES TO FINANCIAL STATEMENTS (continued)

STI CLASSIC VARIABLE TRUST December 31, 2006

	Maximum				Advisory Fees
	Annual		Overall Annual		Waived or		Net Annual
	Advisory Fee (%)		Advisory Fee (%)		Reimbursed (%)		Fees Paid (%)
Capital Appreciation Fund		0.97		0.97		0.16	0.81
International Equity Fund		1.15		1.15		2.43	—
Investment Grade Bond Fund		0.50		0.50		0.16	0.34
Large Cap Relative Value Fund		0.85		0.85		0.23	0.62
Large Cap Value Equity Fund		0.80		0.80		0.17	0.63
Mid-Cap Equity Fund		1.00		1.00		0.31	0.69
Small Cap Value Equity Fund		1.15		1.15		0.24	0.91

The Investment Adviser has contractually agreed, until August 1, 2007, to waive fees and/or reimburse each Fund to the extent necessary to maintain each Fund’s Total Operating Expenses as noted below:

	Total Operating
	Expenses (%)
Capital Appreciation Fund		1.12
International Equity Fund		1.30
Investment Grade Bond Fund		0.65
Large Cap Relative Value Fund		1.00
Large Cap Value Equity Fund		0.95
Mid-Cap Equity Fund		1.15
Small Cap Value Equity Fund		1.20

The Investment Adviser may retain the difference between the Total Operating Expenses and the actual total expense ratio to recapture any of its prior waivers or reimbursements, until May 1, 2009. 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 limits on Total Operating Expenses in place at that time. During the year ended December 31, 2006, the Funds did not make any fee repayments to the Investment Adviser. As of December 31, 2006, the fee repayments that may potentially be made to the Investment Adviser are as follows (in thousands):

	Amount ($)
Capital Appreciation Fund		70
International Equity Fund		226
Investment Grade Bond Fund		25
Large Cap Relative Value Fund		34
Large Cap Value Equity Fund		67
Mid-Cap Equity Fund		53
Small Cap Value Equity Fund		71

Administration, Fund Accounting and Transfer Agency Agreement — The Trust and STI Classic Funds are parties to a Master Services Agreement with BISYS Fund Services Ohio, Inc. (the “Administrator”), under which the Administrator provides administrative, fund accounting transfer agent and shareholder services for an annual fee (expressed as a percentage of the combined average daily net assets of the Trust and STI Classic Funds) 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 Trust and STI Classic Funds, including $300,000 toward the premium for Directors and Officers Liability / Errors and Omissions insurance coverage, and $25,000 toward the premium for Fidelity Bond coverage. The Administrator has agreed, under the terms of the Master Services Agreement, to pay certain legal expenses for the benefit of the Trust and the STI Classic Funds 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.

44

NOTES TO FINANCIAL STATEMENTS (continued)

STI CLASSIC VARIABLE TRUST December 31, 2006

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.

Custodian Agreements — SunTrust Bank acts as Custodian for the Funds except for the International Equity Fund, which has appointed Brown Brothers Harriman & Co. as Custodian. The Funds pay custody fees on the basis of net assets and transaction costs.

Other — Certain officers of the Trust are also officers of the Investment Adviser, the Administrator, and/or the Distributor. Such officers receive no fees from the Trust for serving as officers of the Trust. Each of the trustees receives an annual retainer fee and an additional fee for each meeting attended 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, to become effective during 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 of more series of the STI Classic Funds as specified by the Trustee. Benefits under the deferred compensation plan are payable upon retirement.

The Investment Adviser provides services to the Trust and the STI Classic Funds to ensure compliance with applicable laws and regulations. The Investment Adviser has designated a dedicated compliance staff and an employee to serve as Chief Compliance Officer. The Investment Adviser receives an annual fee totaling $475,000 for these services. In addition, the Administrator provides an employee and staff to assist the Chief Compliance Officer for the Trust, including providing certain related services, and receives an annual fee of $156,750 for providing these services. The fees above are allocated across the assets of the Trust and the STI Classic Funds. For the year ended December 31, 2006, the total amount paid by the Trust related to trustees and compliance services was $5,227.

4. Risks

The International Equity Fund invests 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 the Fund’s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar.

The Investment Grade Bond Fund invests primarily in fixed income securities rated investment grade by at least one national securities rating agency or unrated securities that the Investment Adviser believes are of comparable quality. Changes by recognized rating agencies in the ratings of any fixed income security or in the ability of an issuer to make payments of interest and principal may affect the value of these investments.

45

NOTES TO FINANCIAL STATEMENTS (continued)

STI CLASSIC VARIABLE TRUST December 31, 2006

5. Investment Transactions

The cost of purchases and the proceeds from sales and maturities of securities, excluding short-term investments and U.S. Government securities, for the year ended December 31, 2006 were as follows (in thousands):

			Sales and
	Purchases ($)		Maturities ($)
Capital Appreciation Fund		35,224		45,603
International Equity Fund		3,487		3,795
Investment Grade Bond Fund		25,530		28,156
Large Cap Relative Value Fund		5,793		6,162
Large Cap Value Equity Fund		33,270		41,934
Mid-Cap Equity Fund		24,804		28,237
Small Cap Value Equity Fund		15,886		18,221

The cost of purchases and proceeds from sales and maturities of long-term government securities for the Investment Grade Bond Fund during the year ended December 31, 2006, in thousands, were $21,399 and $24,123, respectively.

6. Federal Tax Policies and Information

It is the policy of each Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies as defined in applicable sections of the Internal Revenue Code, and to make distributions from net investment income and from net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Withholding taxes on foreign dividends have been paid or provided for in accordance with each applicable country’s tax rules and rates.

The amounts of dividends from net investment income and of distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ 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), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification.

At December 31, 2006, the total cost of securities and the net realized gains or losses on securities sold for Federal income tax purposes were different from amounts reported for financial reporting purposes 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 December 31, 2006 are presented on each Fund’s Schedule of Portfolio Investments.

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

	Distributions Paid From						Total
	Net Investment		Net Long Term		Return of		Distributions
	Income($)		Capital Gains($)		Capital($)		Paid($)*
Capital Appreciation Fund		645		1,897		—		2,542
International Equity Fund		66		—		—		66
Investment Grade Bond Fund		478		—		51		529
Large Cap Relative Value Fund		157		877		—		1,034
Large Cap Value Equity Fund		534		—		—		534
Mid-Cap Equity Fund		54		1,012		—		1,066
Small Cap Value Equity Fund		766		4,378		—		5,144

* Total distributions paid may differ from the Statements of Changes in Net Assets because for tax purposes, dividends are recognized when paid.

46

NOTES TO FINANCIAL STATEMENTS (continued)

STI CLASSIC VARIABLE TRUST December 31, 2006

The tax character of distributions paid to shareholders during the fiscal year ended December 31, 2005 was as follows (in thousands):

	Distributions Paid From				Total
	Net Investment		Net Long Term		Distributions
	Income($)		Capital Gains($)		Paid($)*
Capital Appreciation Fund		68		—		68
International Equity Fund		133		—		133
Investment Grade Bond Fund		592		—		592
Large Cap Relative Value Fund		110		—		110
Large Cap Value Equity Fund		662		—		662
Mid-Cap Equity Fund		68		—		68
Small Cap Value Equity Fund		591		2,543		3,134

* Total distributions paid may differ from the Statements of Changes in Net Assets because for tax purposes, dividends are recognized when paid.

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

As of December 31, 2006 the components of accumulated earnings (deficit) on a tax basis were as follows (in thousands):

																Total
	Undistributed									Accumulated			Unrealized			Accumulated
	Ordinary		Long Term		Accumulated		Distributions			Capital and			Appreciation/			Earnings/
	Income($)		Capital Gains($)		Earnings($)		Payable($)			Other Losses($)**			(Depreciation)($)***			(Deficit)($)
Capital Appreciation Fund		312		1,740		2,052		—			—			6,301			8,353
International Equity Fund		12		—		12		—			(1,254	)		1,758			516
Investment Grade Bond Fund		—		—		—		(43	)		(315	)		(9	)		(367	)
Large Cap Relative Value Fund		220		668		888		—			(4	)		2,591			3,475
Large Cap Value Equity Fund		—		—		—		—			(2,716	)		5,808			3,092
Mid-Cap Equity Fund		166		1,518		1,684		—			—			1,573			3,257
Small Cap Value Equity Fund		1,017		3,441		4,458		—			—			4,099			8,557

** As of the latest tax year end of December 31, 2006, the following Funds had net capital loss carryovers to offset future net capital gains, if any, to the extent provided by the Treasury regulations (in thousands). To the extent that these carryovers are used to offset future gains, it is probable that the gains so offset will not be distributed to shareholders:

	Expires
	2009($)		2010($)		2011($)		2014($)
International Equity Fund		—		757		497		—
Investment Grade Bond Fund		29		189		—		97
Large Cap Value Equity Fund		—		284		2,432		—

		During the year ended December 31, 2006, the International Equity Fund and Large Cap Value Equity Fund utilized $728 and $4,518 in capital loss carry forwards, respectively, in thousands. Net Capital Losses incurred after October 31, and within the taxable year, are deemed to arise of the first business day of the Funds’ next taxable year. The Large Cap Relative Value Fund has incurred and will elect to defer $4, in thousands, in capital losses.
***		The differences between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to: tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains/losses on investments in passive foreign investment companies and the return of capital adjustments from real estate investment trusts.
	Amounts designated as “—” are either $0 or have been rounded to $0.

7. Subsequent Events

The Board of Trustees has approved, upon recommendation from the Investment Adviser, to liquidate the International Equity Fund and the Investment Grade Bond Fund effective on or about May 1, 2007.

47

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

STI CLASSIC VARIABLE TRUST December 31, 2006

To the Shareholders and Board of Trustees of
STI Classic Variable Trust

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 Capital Appreciation Fund, International Equity Fund, Investment Grade Bond Fund, Large Cap Relative Value Fund, Large Cap Value Equity Fund, Mid-Cap Equity Fund, and Small Cap Value Equity Fund (constituting STI Classic Variable Trust, hereafter referred to as the “Trust”) at December 31, 2006, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, 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 Trust’s 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 December 31, 2006 by correspondence with the custodians and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania
February 21, 2007

48

OTHER FEDERAL TAX INFORMATION

STI CLASSIC VARIABLE TRUST December 31, 2006
(Unaudited)

For corporate shareholders, the following percentages of the total ordinary income distributions paid by the Funds during the fiscal year ended December 31, 2006 qualify for the corporate dividends received deduction:

	Dividend Received
	Deduction (%)
Capital Appreciation Fund		100.00
Large Cap Relative Value Fund		62.64
Large Cap Value Equity Fund		100.00
Mid-Cap Equity Fund		75.84
Small Cap Value Equity Fund		53.46

49

TRUSTEES AND OFFICERS OF THE STI CLASSIC VARIABLE TRUST

STI CLASSIC VARIABLE TRUST December 31, 2006
(Unaudited)

Information pertaining to the trustees of the Trust is set forth below. Trustees who are not deemed to be “interested persons” of the Trust as defined in the 1940 Act are referred to as “Independent Trustees.” Trustees who are deemed to be “interested persons” of the Trust are referred to as “Interested Trustees.” Mr. Ridley is a trustee who may be deemed to be an “interested person” of the Trust.

					Number of
		Term of	Principal		Portfolios in the
	Position	Office and	Occupation(s)	Primary	STI Fund Complex		Other
Name, Address,	Held With	Length of	During the	State of	Overseen by		Directorships
Date of Birth	the Group	Time Served	Past 5 Years	Residency	Trustee		Held by Trustee
INTERESTED TRUSTEES*:
Clarence H. Ridley 3435 Stelzer Road Columbus, OH 43219 DOB 06/03/42	Trustee	Indefinite; since November 2001	Chairman, Haverty Furniture Companies; Partner, King and Spaulding LLP (law firm) (1977 to 2000)	Georgia		58	Crawford & Co.
INDEPENDENT TRUSTEES:
Jeffrey Biggar 3435 Stelzer Road Columbus, OH 43219 DOB 02/19/50	Trustee	Indefinite; since January 2007	Retired. CEO and Senior Managing Director, Sterling (National City Corp.) (2000-2006)	Ohio		58	None
F. Wendell Gooch 3435 Stelzer Road Columbus, OH 43219 DOB 12/03/32	Trustee	Indefinite; since May 1992	Retired	Indiana		58	SEI Family of Funds
Sidney E. Harris 3435 Stelzer Road Columbus, OH 43219 DOB 07/21/49	Trustee	Indefinite; since November 2004	Professor (since 1997) and Dean (1997-2004), J. Mack Robinson College of Business, Georgia State University	Georgia		58	ServiceMaster Com- pany; Total System Services, Inc.
Warren Y. Jobe 3435 Stelzer Road Columbus, OH 43219 DOB 11/12/40	Trustee	Indefinite; since November 2004	Retired. EVP, Georgia Power Company and SVP, Southern Company (1998-2001)	Georgia		58	WellPoint, Inc.; UniSource Energy Corp.; HomeBanc Corp.
Connie D. McDaniel 3435 Stelzer Road Columbus, OH 43219 DOB 04/10/58	Trustee	Indefinite; since May 2005	Vice President and Controller, The Coca-Cola Company	Georgia		58	None
James O. Robbins 3435 Stelzer Road Columbus, OH 43219 DOB 07/04/42	Trustee	Indefinite; since May 2000	Retired. President, CEO, Cox Communications, Inc. (1985-2005)	Florida		58	Bessemer Securities, Inc.; Cox Communications; Humana, Inc.; Providence Equity Partners, Inc.; St Paul’s School
Charles D. Winslow 3435 Stelzer Road Columbus, OH 43219 DOB 07/13/35	Trustee	Indefinite; since November 2004	Retired. Formerly Partner, Accenture (consulting)	Florida		58	None

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

50

TRUSTEES AND OFFICERS OF THE STI CLASSIC VARIABLE TRUST (continued)

STI CLASSIC VARIABLE TRUST December 31, 2006
(Unaudited)

		Term of
Name, Address,	Position(s) Held	Office and Length	Principal Occupation(s)
Date of Birth	With the Group	of Time Served	During the Past 5 Years
OFFICERS:
R. Jeffrey Young 3435 Stelzer Road Columbus, OH 43219 DOB 08/22/64	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 10/02/52	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); Director of Compliace, INVESCO, Inc. (1995-2000)
Joel B. Engle 3435 Stelzer Road Columbus, OH 43219 DOB 10/31/65	Treasurer, Chief Financial Officer	One-year; since May 2006	Vice President, Fund Administration, BISYS Fund Services (since January 2007); Director, Fund Administration, BISYS Fund Services (2006); Small business owner/operator (retail) (2003-2006); Vice President, Fund Administration, BISYS Fund Services (1998-2003)
Cynthia J. Surprise 3435 Stelzer Road Columbus, OH 43219	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)
DOB 07/08/46
Jennifer A. English 3435 Stelzer Road Columbus, OH 43219	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)
DOB 03/05/72

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, please call 1-888-STI-FUND.

51

ADDITIONAL INFORMATION

STI CLASSIC VARIABLE TRUST December 31, 2006
(Unaudited)

ANNUAL APPROVAL OF INVESTMENT ADVISORY AGGREEMENT

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 Fund and (ii) the vote of a majority of the Trustees who are not parties to the agreements or “interested persons” of any party thereto (the “Independent Trustees”), as defined in the Investment Company Act 1940, cast in person at a meeting called for the purpose of voting on such approval. Each year, the Board of Trustees calls and holds a meeting to decide whether to renew the Trust’s agreements for the upcoming year. In preparation for the meeting, the Board requests and reviews a wide variety of information from the Adviser. The Trustees use this information, as well as other information that the Adviser and other service providers may submit to the Board, to help them decide whether to renew the agreements for another year.

In considering the renewal of the agreements this year, the Board requested and received material from the Adviser in preparation for a special meeting of the Board held on 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 Fund compared with the fees it charges to comparable mutual funds or accounts; (f) the Fund’s 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 Fund’s performance compared with similar mutual funds. The Board also received a memorandum from Fund counsel regarding the responsibilities of the Trustees in connection with their consideration of 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 Fund 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 Fund 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 Fund. The Board also reviewed information pertaining to the Adviser’s organizational structure, senior management, investment operations, and other relevant information. The Board concluded that, within the context of its full deliberations, the nature, extent, and quality of the services to be provided to the Fund by the Adviser supported the approval of the agreement.

52

ADDITIONAL INFORMATION (continued)

STI CLASSIC VARIABLE TRUST December 31, 2006
(Unaudited)

Performance

The Board considered the investment performance of the 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 the 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 Fund 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 the 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 the 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 Fund are reasonable and supported the approval of the agreement.

Profitability

The Board reviewed information about the profitability of the Fund 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 Fund 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 Fund obtains reasonable benefit from economies of scale.

53

ADDITIONAL INFORMATION (continued)

STI CLASSIC VARIABLE TRUST December 31, 2006
(Unaudited)

Expense Examples

As a Fund shareholder, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that separate account and contract expenses, fees and charges are not reflected.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2006 through December 31, 2006.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

	Beginning		Ending		Expenses Paid		Expense Ratio
	Account Value		Account Value		During Period*		During Period**
	07/01/06		12/31/06		07/01/06 - 12/31/06		07/01/06 - 12/31/06
Capital Appreciation Fund	$	1,000.00	$	1,103.10		$5.94		1.12%
International Equity Fund		1,000.00		1,131.60		6.98		1.30
Investment Grade Bond Fund		1,000.00		1,048.00		3.36		0.65
Large Cap Relative Value Fund		1,000.00		1,124.50		5.35		1.00
Large Cap Value Equity Fund		1,000.00		1,132.50		5.11		0.95
Mid-Cap Equity Fund		1,000.00		1,069.70		6.00		1.15
Small Cap Value Equity Fund		1,000.00		1,052.90		6.21		1.20

*	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 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**
	07/01/06		12/31/06		07/01/06 - 12/31/06		07/01/06 - 12/31/06
Capital Appreciation Fund	$	1,000.00	$	1,019.56		$5.70		1.12%
International Equity Fund		1,000.00		1,018.65		6.61		1.30
Investment Grade Bond Fund		1,000.00		1,021.93		3.31		0.65
Large Cap Relative Value Fund		1,000.00		1,020.16		5.09		1.00
Large Cap Value Equity Fund		1,000.00		1,020.42		4.84		0.95
Mid-Cap Equity Fund		1,000.00		1,019.41		5.85		1.15
Small Cap Value Equity Fund		1,000.00		1,019.16		6.11		1.20

*	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.

54

ADDITIONAL INFORMATION (continued)

STI CLASSIC VARIABLE TRUST December 31, 2006
(Unaudited)

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 is also included in the Funds’ Statement of Additional of Additional Information, which is available on the Funds’ website at www.sticlassicfunds. com, and on the Securities and Exchange Commission’s website at www.sec.gov.

Information relating to how each Fund voted proxies relating to portfolio securities held during the most recent twelve months ended June 30 is available on the Funds’ website at www.sticlassicfunds.com and on the Securities and Exchange Commission’s website at www.sec.gov.

Portfolio Holdings Information

The Funds file a complete list of their portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available free of charge on the Securities and Exchange Commission’s website at www.sec.gov. You may also review or, for a fee, copy those documents by visiting the Securities and Exchange Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling the Securities and Exchange Commission at 1-800-SEC-0330.

55

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 Variable
Trust 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-AR-VT-1206
2/07

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	$	106,300		$	100,200
(b)Audit-Related Fees	$	11,700	(1)	$	11,100	(1)

(1) Services related to security count examinations under Rule 17f-2 of the Investment Company Act.

(c)Tax Fees	$	0	$	0
(d)All Other Fees	$	0	$	0

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
$4,450,959 (1)	$	3,790,463	(1)

(1) Non-audit services relate principally to certain technical accounting advice on financial products of the Bank; 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 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 changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that have 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 Variable Trust  

By (Signature and Title)*	/s/ Joel B. Engle Treasurer
	Joel B. Engle	Treasurer

Date      March 1, 2007                                           

     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      March 1, 2007                                           

By (Signature and Title)*	/s/ Joel B. Engle	Treasurer
	Joel B. Engle	Treasurer

Date      March 1, 2007                                           

* Print the name and title of each signing officer under his or her signature.

EX-99.CODE

INVESTMENT COMPANY ACT OF 1940

CODE OF ETHICS

Investment Company Act of 1940

Code of Ethics

While affirming its confidence in the integrity and good faith of all of its officers and trustees, STI Classic Funds and STI Classic Variable Trusts (collectively the “Trusts”), recognize that the knowledge of present or future portfolio transactions and, in certain instances, the power to influence portfolio transactions which may be possessed by certain of their officers, employees and trustees could place such individuals, if they engage in personal transactions in securities which are eligible for investment by a Trust, in a position where their personal interest may conflict with that of the Trusts.

In view of the foregoing and in compliance with the provisions of the Investment Company Act of 1940 (the “1940 Act”) Rule 17j-1(b)(1) as amended, the Trusts hereby adopt this Code of Ethics to specify and prohibit certain types of transactions deemed to create conflicts of interest (or at least the potential for or the appearance of such a conflict), and to establish reporting requirements and enforcement procedures.

Please note: Section II references the definitions as related to Access Persons and Section III references the definitions as related to Interested Persons.

I. Statement of Principles

The Trusts’ primary responsibility has always been and will continue to be the protection of shareholder assets.

The primary responsibility of each of the Trusts’ trustees, officers, investment personnel, and designated “access persons” (as defined under Section II(a)(1)) is to carry out his or her duties in an ethical and diligent manner that is designed to comply with all regulations and protect and enhance shareholder assets and relationships. Furthermore, each individual is expected to apply the same principles and moral codes in all personal and social pursuits. Individuals are expected to uphold the highest standards of business and personal integrity at all times and without exception.

Violations of any regulations, policies and procedures, will not be taken lightly and ignorance of the requirements or poor memory retention are insufficient excuses. All violations will be addressed and resolved by senior compliance and business management (as deemed appropriate) as quickly and effectively as possible.

The Chief Compliance Officer is now held responsible and liable for implementing and supervising policies and procedures. In addition, the SEC and other regulators require proof that any policy or

1

procedure violations carry the appropriate penalty actions. Such actions may include but are not limited to: personal trading restrictions, loss of salary/bonus/general compensation, fines, suspension, termination, criminal and/or civil legal actions.

In recognition of the trust and confidence placed in the Trusts by their shareholders, and to give effect to the Trusts’ belief that its operations should be directed to the benefit of its shareholders, the Trusts hereby adopt the following general principles to guide the actions of their trustees, officers, investment personnel, employees and access persons.

1.	The interests of the Trusts’ shareholders are paramount, and all Trusts’ trustees, officers, investment personnel, access persons and others who are in any way entrusted with the interests of shareholders must conduct themselves and their operations in such a manner that will give maximum effect to these principles by assiduously placing the interests of shareholders before their own.
2.	All Trusts’ trustees, officers, investment personnel, access persons and others who are in any way entrusted with the interests of shareholders are required to immediately report any violations of this code to the Chief Compliance Officer.
3.	All Trusts’ trustees, officers, investment personnel, access persons and others who are in any way entrusted with the interests of shareholders are required to comply with applicable Federal Securities Laws.
4.	All personal transactions in securities by access persons (as defined under Section II (1)) must be accomplished so as to avoid even the appearance of a conflict of interest with the general interests of the Trusts and their shareholders.
5.	All Trusts’ access persons must avoid actions or activities that allow (or appear to allow) a person to profit or benefit from his or her position with respect to the Trusts, or that otherwise bring into question the person’s independence or judgment.
6.	Market timing abuse in any/all mutual funds regardless of whether the funds are managed by the Adviser, an Adviser affiliate, or a non-affiliated entity is strictly prohibited.

II. Personal Trading Related Definitions for Access Persons

(a) Definitions. For purposes of this section:

(1) Access Person means:

2

(i) Any Advisory Person of a Fund or of a Fund’s investment adviser. If an investment adviser’s primary business is advising Funds or other advisory clients, all of the investment adviser’s directors, officers, and general partners are presumed to be Access Persons of any Fund advised by the investment adviser.

(ii) Any director, officer or general partner of a principal underwriter who, in the ordinary course of business, makes, participates in or obtains information regarding, the purchase or sale of Covered Securities by the Fund for which the principal underwriter acts, or whose functions or duties in the ordinary course of business relate to the making of any recommendation to the Fund regarding the purchase or sale of Covered Securities.

(2) Beneficial Ownership of a security is generally determined in the same manner as it is for purposes of Section 16 of the Securities Exchange Act of 1934. Any director, officer, general partner or employee of the Fund is considered to have beneficial ownership of securities in which they have any direct or indirect pecuniary interest; which is the opportunity to profit directly or indirectly from a transaction in securities. Thus, you may be deemed to have Beneficial Ownership of securities held by members of your immediate household (i.e., spouse and children), or by certain partnerships, trusts or other arrangements.

(3) Blackout Period is a period during which Access Persons may not execute personal transactions because Adviser is or may be trading in the same or similar securities. Adviser’s Blackout Period is three (3) days and applies to Covered Security Transactions. This means no Access Person shall purchase or sell any Covered Security within at least three (3) business days before and after the same security is being purchased or sold on behalf of Clients.

(4) Advisory Person of a Fund or of a Fund’s investment adviser means:

(i) Any director, officer, general partner or employee of the Fund or investment adviser (or of any company in a control relationship to the Fund or investment adviser) who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding, the purchase or sale of Covered Securities by a Fund, or whose functions relate to the making of any recommendations with respect to such purchases or sales; and

(ii) Any natural person in a control relationship to the Fund or investment adviser who obtains information concerning recommendations made to the Fund with regard to the purchase or sale of Covered Securities by the Fund.

(5) Control has the same meaning as in section 2(a)(9) of the Act [15 U.S.C. 80a—2(a)(9)].

(6) Covered Security means a security as defined in section 2(a)(36) of the Act [15 U.S.C. 80a—2(a)(36)], The term “Covered Security” is very broad and includes instruments which you may not think of as “securities,” such as:

• Options on securities, indexes and currencies

• Investments on limited partnerships

• Exchange Traded Funds (ETFs), closed end funds, foreign mutual funds and foreign unit trusts

3

• Private investment funds, hedge funds, and investment clubs

• Proprietary mutual funds which are funds managed by the Adviser or any other SunTrust Banks Inc. (STI) affiliates. The STI Classic Mutual Funds are an example of a proprietary fund.

• Non-proprietary mutual funds that are advised or sub-advised by the Adviser

The definition for Covered Security does not include:

• Direct obligations of the U.S. government (e.g., treasury securities)

• Bankers’ acceptances, bank certificates of deposit, commercial paper, and high quality short-term debt obligations, including repurchase agreements

• Money market funds

• Shares of open-end mutual funds other than those that are advised or sub-advised by the Adviser

NOTE: Investments not considered Covered Securities do not need to be reported to the Adviser. However, personal securities accounts which hold or could hold Covered Securities do need to be reported.

(7) Holding Period means that short term trading in all Covered Securities is prohibited for Access Persons. In general, all transactions must be held for a period of sixty (60) days or more. This includes options and futures transactions.

(8) Fund means an investment company registered under the Investment Company Act.

(9) An Initial Public Offering means an offering of securities registered under the Securities Act of 1933 [15 U.S.C. 77a], the issuer of which, immediately before the registration, was not subject to the reporting requirements of sections 13 or 15(d) of the Securities Exchange Act of 1934 [15 U.S.C. 78m or 78o(d)].

(10) Market Timing is excessive short term trading in mutual funds. Such activities can be detrimental to long-term fund shareholders, and consequently, fund companies must maintain policies and procedures to detect and prevent market timing abuses and other short-term trading.

(11) Private Placement is an offering of stock or bond that is exempt from registration under the Securities Act of 1933 pursuant to section 4(2) or Section 4(6) in the Securities Act of 1933. This definition relates to the purchase and/or sale of securities by an Access Person.

(12) Review Officer is an individual selected by the Adviser to administer this code.

(13) Investment Personnel of a Fund or of a Fund’s investment adviser means:

4

(i) Any employee of the Fund or investment adviser (or of any company in a control relationship to the Fund or investment adviser) who, in connection with his or her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities by the Fund.

(ii) Any natural person who controls the Fund or investment adviser and who obtains information concerning recommendations made to the Fund regarding the purchase or sale of securities by the Fund.

(14) A Limited Offering means an offering that is exempt from registration under the Securities Act of 1933 pursuant to section 4(2) or section 4(6) [15 U.S.C. 77d(2) or 77d(6)] or pursuant to rule 504, rule 505, or rule 506 [17 CFR 230.504, 230.505, or 230.506] under the Securities Act of 1933.

(15) Purchase or sale of a Covered Security includes, among other things, the writing of an option to purchase or sell a Covered Security.

(16) Security Held or to be Acquired by a Fund means:

(i) Any Covered Security which, within the most recent 15 days:

(A) Is or has been held by the Fund; or

(B) Is being or has been considered by the Fund or its investment adviser for purchase by the Fund; and

(ii) Any option to purchase or sell, and any security convertible into or exchangeable for, a Covered Security described in paragraph (a)(10)(i) of this section.

(17) Automatic Investment Plan means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

(b) Unlawful Actions. It is unlawful for any affiliated person of or principal underwriter for a Fund, or any affiliated person of an investment adviser of or principal underwriter for a Fund, in connection with the purchase or sale, directly or indirectly, by the person of a Security Held or to be Acquired by the Fund:

(1) To employ any device, scheme or artifice to defraud the Fund;

(2) To make any untrue statement of a material fact to the Fund or omit to state a material fact necessary in order to make the statements made to the Fund, in light of the circumstances under which they are made, not misleading;

(3) To engage in any act, practice or course of business that operates or would operate as a fraud or deceit on the Fund; or

(4) To engage in any manipulative practice with respect to the Fund.

(c) Code of Ethics—(1) Adoption and Approval of Code of Ethics. (i) Every Fund (other than a money market fund or a Fund that does not invest in Covered Securities) and each investment adviser of and principal underwriter for the Fund, must adopt a written code of ethics containing provisions reasonably

5

necessary to prevent its Access Persons from engaging in any conduct prohibited by paragraph (b) of this section.

(ii) The board of directors of a Fund, including a majority of directors who are not interested persons, must approve the code of ethics of the Fund, the code of ethics of each investment adviser and principal underwriter of the Fund, and any material changes to these codes. The board must base its approval of a code and any material changes to the code on a determination that the code contains provisions reasonably necessary to prevent Access Persons from engaging in any conduct prohibited by paragraph (b) of this section. Before approving a code of a Fund, investment adviser or principal underwriter or any amendment to the code, the board of directors must receive a certification from the Fund, investment adviser or principal underwriter that it has adopted procedures reasonably necessary to prevent Access Persons from violating the Fund’s, investment adviser’s, or principal underwriter’s code of ethics. The Fund’s board must approve the code of an investment adviser or principal underwriter before initially retaining the services of the investment adviser or principal underwriter. The Fund’s board must approve a material change to a code no later than six months after adoption of the material change.

(iii) If a Fund is a unit investment trust, the Fund’s principal underwriter or depositor must approve the Fund’s code of ethics, as required by paragraph (c)(1)(ii) of this section. If the Fund has more than one principal underwriter or depositor, the principal underwriters and depositors may designate, in writing, which principal underwriter or depositor must conduct the approval required by paragraph (c)(1)(ii) of this section, if they obtain written consent from the designated principal underwriter or depositor.

(2) Administration of Code of Ethics. (i) The Fund, investment adviser and principal underwriter must use reasonable diligence and institute procedures reasonably necessary to prevent violations of its code of ethics.

(ii) No less frequently than annually, every Fund (other than a unit investment trust) and its investment advisers and principal underwriters must furnish to the Fund’s board of directors, and the board of directors must consider, a written report that:

(A) Describes any issues arising under the code of ethics or procedures since the last report to the board of directors, including, but not limited to, information about material violations of the code or procedures and sanctions imposed in response to the material violations; and

(B) Certifies that the Fund, investment adviser or principal underwriter, as applicable, has adopted procedures reasonably necessary to prevent Access Persons from violating the code.

(3) Exception for Principal Underwriters. The requirements of paragraphs (c)(1) and (c)(2) of this section do not apply to any principal underwriter unless:

(i) The principal underwriter is an affiliated person of the Fund or of the Fund’s investment adviser; or

(ii) An officer, director or general partner of the principal underwriter serves as an officer, director or general partner of the Fund or of the Fund’s investment adviser.

6

(d) Reporting Requirements of Access Persons—1) Reports Required. Unless excepted by paragraph (d)(2) of this section, every Access Person of a Fund (other than a money market fund or a Fund that does not invest in Covered Securities) and every Access Person of an investment adviser of or principal underwriter for the Fund, must report to that Fund, investment adviser or principal underwriter:

(i) Initial Holdings Reports. No later than 10 days after the person becomes an Access Person (which information must be current as of a date no more than 45 days prior to the date the person becomes an Access Person):

(A) The title, number of shares and principal amount of each Covered Security in which the Access Person had any direct or indirect beneficial ownership when the person became an Access Person;

(B) The name of any broker, dealer or bank with whom the Access Person maintained an account in which any securities were held for the direct or indirect benefit of the Access Person as of the date the person became an Access Person; and

(C) The date that the report is submitted by the Access Person.

(ii) Quarterly Transaction Reports. No later than 20 days after the end of a calendar quarter, the following information:

(A) With respect to any transaction during the quarter in a Covered Security in which the Access Person had any direct or indirect beneficial ownership:

(1) The date of the transaction, the title, the interest rate and maturity date (if applicable), the number of shares or the principal amount of each Covered Security involved;

(2) The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

(3) The price of the Covered Security at which the transaction was effected;

(4) The name of the broker, dealer or bank with or through which the transaction was effected; and

(5) The date that the report is submitted by the Access Person.

(B) With respect to any account established by the Access Person in which any securities were held during the quarter for the direct or indirect benefit of the Access Person:

(1) The name of the broker, dealer or bank with which the Access Person established the account;

(2) The date the account was established; and

(3) The date that the report is submitted by the Access Person.

(iii) Annual Holdings Reports. Annually, the following information (which information must be current as of a date no more than 45 days before the report is submitted):

7

(A) The title, number of shares or principal amount of each Covered Security in which the Access Person had any direct or indirect beneficial ownership;

(B) The name of any broker, dealer or bank with whom the Access Person maintains an account in which any securities are held for the direct or indirect benefit of the Access Person; and

(C) The date that the report is submitted by the Access Person.

(2) Exceptions from Reporting Requirements. (i) A person need not make a report under paragraph (d)(1) of this section with respect to transactions effected for, and Covered Securities held in, any account over which the person has no direct or indirect influence or control.

(ii) A director of a Fund who is not an “interested person” of the Fund within the meaning of section 2(a)(19) of the Act [15 U.S.C. 80a—2(a)(19)], and who would be required to make a report solely by reason of being a Fund director, need not make:

(A) An initial holdings report under paragraph (d)(1)(i) of this section and an annual holdings report under paragraph (d)(1)(iii) of this section; and

(B) A quarterly transaction report under paragraph (d)(1)(ii) of this section, unless the director knew or, in the ordinary course of fulfilling his or her official duties as a Fund director, should have known that during the 15-day period immediately before or after the director’s transaction in a Covered Security, the Fund purchased or sold the Covered Security, or the Fund or its investment adviser considered purchasing or selling the Covered Security.

(iii) An Access Person to a Fund’s principal underwriter need not make a report to the principal underwriter under paragraph (d)(1) of this section if:

(A) The principal underwriter is not an affiliated person of the Fund (unless the Fund is a unit investment trust) or any investment adviser of the Fund; and

(B) The principal underwriter has no officer, director or general partner who serves as an officer, director or general partner of the Fund or of any investment adviser of the Fund.

(iv) An Access Person to an investment adviser need not make a separate report to the investment adviser under paragraph (d)(1) of this section to the extent the information in the report would duplicate information required to be recorded under §275.204—2(a)(13) of this chapter.

(v) An Access Person need not make a quarterly transaction report under paragraph (d)(1)(ii) of this section if the report would duplicate information contained in broker trade confirmations or account statements received by the Fund, investment adviser or principal underwriter with respect to the Access Person in the time period required by paragraph (d)(1)(ii), if all of the information required by that paragraph is contained in the broker trade confirmations or account statements, or in the records of the Fund, investment adviser or principal underwriter.

(vi) An Access Person need not make a quarterly transaction report under paragraph (d)(1)(ii) of this section with respect to transactions effected pursuant to an Automatic Investment Plan.

8

(3) Review of Reports. Each Fund, investment adviser and principal underwriter to which reports are required to be made by paragraph (d)(1) of this section must institute procedures by which appropriate management or compliance personnel review these reports.

(4) Notification of Reporting Obligation. Each Fund, investment adviser and principal underwriter to which reports are required to be made by paragraph (d)(1) of this section must identify all Access Persons who are required to make these reports and must inform those Access Persons of their reporting obligation.

(5) Beneficial Ownership. For purposes of this section, beneficial ownership is interpreted in the same manner as it would be under §240.16a—1(a)(2) of this chapter in determining whether a person is the beneficial owner of a security for purposes of section 16 of the Securities Exchange Act of 1934 [15 U.S.C. 78p] and the rules and regulations thereunder. Any report required by paragraph (d) of this section may contain a statement that the report will not be construed as an admission that the person making the report has any direct or indirect beneficial ownership in the Covered Security to which the report relates.

(e) Pre-approval of Investments in IPOs and Limited Offerings. Investment Personnel of a Fund or its investment adviser must obtain approval from the Fund or the Fund’s investment adviser before directly or indirectly acquiring beneficial ownership in any securities in an Initial Public Offering or in a Limited Offering.

(f) Recordkeeping Requirements. (1) Each Fund, investment adviser and principal underwriter that is required to adopt a code of ethics or to which reports are required to be made by Access Persons must, at its principal place of business, maintain records in the manner and to the extent set out in this paragraph (f), and must make these records available to the Commission or any representative of the Commission at any time and from time to time for reasonable periodic, special or other examination:

(A) A copy of each code of ethics for the organization that is in effect, or at any time within the past five years was in effect, must be maintained in an easily accessible place;

(B) A record of any violation of the code of ethics, and of any action taken as a result of the violation, must be maintained in an easily accessible place for at least five years after the end of the fiscal year in which the violation occurs;

(C) A copy of each report made by an Access Person as required by this section, including any information provided in lieu of the reports under paragraph (d)(2)(v) of this section, must be maintained for at least five years after the end of the fiscal year in which the report is made or the information is provided, the first two years in an easily accessible place;

(D) A record of all persons, currently or within the past five years, who are or were required to make reports under paragraph (d) of this section, or who are or were responsible for reviewing these reports, must be maintained in an easily accessible place; and

(E) A copy of each report required by paragraph (c)(2)(ii) of this section must be maintained for at least five years after the end of the fiscal year in which it is made, the first two years in an easily accessible place.

9

(2) A Fund or investment adviser must maintain a record of any decision, and the reasons supporting the decision, to approve the acquisition by investment personnel of securities under paragraph (e), for at least five years after the end of the fiscal year in which the approval is granted.

III. Personal Trading Definitions for Interested Parties and Trustees

(1 ) Director means any director of a corporation or any person forming similar functions with respect to any organization, whether incorporated or unincorporated, including any natural person who is a member of a board of trustees of a management company created as a common law trust.

(2) Interested person of another person means—

(A) when used with respect to an investment company —

(i) any affiliated person of such company,

(ii) any member of the immediate family of any natural person who is an affiliated person of such company,

(iii) any person or partner or employee of a person (other than a registered investment company) that, at the any time during the 6-month period preceding the date of the determination of whether that person or affiliated person is an interested person, has executed any portfolio transactions with, or distributed shares for —

(a) the investment company;

(b) any other investment company having the same adviser as such investment company or holding itself out to investors as a related company for purposes of investment or investment services; or

(c) any account which the investment company’s investment adviser has brokerage placement discretion,

(vi) any person or any affiliated person of a person (other than a registered investment company) that, at any time during the 6-month period preceding the date of the determination of whether that person or affiliated person is an interested person, has loaned money or other property to;

(a) the investment company;

10

(b) any other investment company having the same investment adviser as such investment company or holding itself out to investors as a related company for purposes of investment or investor services; or

(c) any account for which the investment company’s investment adviser has borrowing authority,

(vii) any natural person whom the Commission by order shall have determined to be an interested person by reason of having had, at any time since the beginning of the last two years completed fiscal years of such company, a material business or professional relationship with such company or with any other investment company having the same investment adviser or principal underwriter or with the principal executive officer of such investment company:

Provided, that no person shall be deemed to be an interested person of an investment company solely by reason of (aa) their being a member of its board of directors or advisory board or an owner of its securities, or (bb) their membership in the immediate family of any person specified in clause (aa) of this proviso.

(3) Access Person means:

(i) Any Advisory Person of a Fund or of a Fund’s investment adviser. If an investment adviser’s primary business is advising Funds or other advisory clients, all of the investment adviser’s directors, officers, and general partners are presumed to be Access Persons of any Fund advised by the investment adviser. All of a Fund’s directors, officers, and general partners are presumed to be Access Persons of the Fund.

a. If an investment adviser is primarily engaged in a business or businesses other than advising Funds or other advisory clients, the term Access Persons means any director, officer, general partner or Advisory Person of the investment adviser who, with respect to any Fund, makes any recommendation, participates in the determination of which recommendation will be made, or whose principal function or duties relate to the determination of which recommendation will be made, or who, in connection with his or her duties, obtains any information concerning recommendations on Covered Securities being made by the investment adviser to any Fund.

b. An investment adviser is “primarily engaged in a business or businesses other than advising Funds or other advisory clients” if, for each of its most recent three fiscal years or for the period of time since its organization, whichever is less, the investment adviser derived, on an unconsolidated basis, more than 50 percent of its total sales and revenues and more than 50 percent of its income (or loss), before income taxes and extraordinary items, from other business or businesses.

(ii) Any director, officer or general partner of a principal underwriter who, in the ordinary course of business, makes, participates in or obtains information regarding, the purchase or sale of Covered Securities by the Fund for which the principal underwriter acts, or whose functions or duties in the ordinary course of business relate to the making of any recommendation to the Fund regarding the purchase or sale of Covered Securities.

(4) Advisory Person of a Fund or of a Fund’s investment adviser means:

11

(i) Any director, officer, general partner or employee of the Fund or investment adviser (or of any company in a control relationship to the Fund or investment adviser) who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding, the purchase or sale of Covered Securities by a Fund, or whose functions relate to the making of any recommendations with respect to such purchases or sales; and

(ii) Any natural person in a control relationship to the Fund or investment adviser who obtains information concerning recommendations made to the Fund with regard to the purchase or sale of Covered Securities by the Fund.

(5) Control has the same meaning as in section 2(a)(9) of the Act [15 U.S.C. 80a—2(a)(9)].

(6) Covered Security means a security as defined in section 2(a)(36) of the Act [15 U.S.C. 80a—2(a)(36)], The term covered security is very broad and includes instruments which you may not think of as “securities,” such as:

• Options on securities indexes and currencies

• Investments on limited partnerships

• Exchange Traded Funds (ETFs), closed end funds, foreign mutual funds and foreign unit trusts

• Private investment funds, hedge funds, and investment clubs

• Proprietary mutual funds which are funds managed by the Adviser or any other Sun Trust Banks Inc. (STI) affiliate. The STI Classic Mutual Funds are an example of a proprietary fund.

The definition for Covered Security does not include:

• Direct obligations of the U.S. government (e.g., treasury securities)

• Bankers’ acceptances, bank certificates of deposit, commercial paper, and high quality short-term debt obligations, including repurchase agreements

• Money market funds

• Shares of open-end mutual funds other than those that are advised or sub-advised by the Adviser

NOTE: Investments not considered Covered Securities do not need to be reported to the Adviser. However, personal securities accounts which hold or could hold Covered Securities do need to be reported.

(7) Fund means an investment company registered under the Investment Company Act.

(8) An Initial Public Offering means an offering of securities registered under the Securities Act of 1933 [15 U.S.C. 77a], the issuer of which, immediately before the registration, was not subject to the

12

reporting requirements of sections 13 or 15(d) of the Securities Exchange Act of 1934 [15 U.S.C. 78m or 78o(d)].

(9) Investment Personnel of a Fund or of a Fund’s investment adviser means:

(i) Any employee of the Fund or investment adviser (or of any company in a control relationship to the Fund or investment adviser) who, in connection with his or her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities by the Fund.

(ii) Any natural person who controls the Fund or investment adviser and who obtains information concerning recommendations made to the Fund regarding the purchase or sale of securities by the Fund.

(10) A Limited Offering means an offering that is exempt from registration under the Securities Act of 1933 pursuant to section 4(2) or section 4(6) [15 U.S.C. 77d(2) or 77d(6)] or pursuant to rule 504, rule 505, or rule 506 [17 CFR 230.504, 230.505, or 230.506] under the Securities Act of 1933.

(11) Purchase or sale of a Covered Security includes, among other things, the writing of an option to purchase or sell a Covered Security.

(10) Security Held or to be Acquired by a Fund means:

(i) Any Covered Security which, within the most recent 15 days:

(A) Is or has been held by the Fund; or

(B) Is being or has been considered by the Fund or its investment adviser for purchase by the Fund; and

(ii) Any option to purchase or sell, and any security convertible into or exchangeable for, a Covered Security described in paragraph (a)(10)(i) of this section.

(12) Automatic Investment Plan means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

(b) Unlawful Actions. It is unlawful for any affiliated person of or principal underwriter for a Fund, or any affiliated person of an investment adviser of or principal underwriter for a Fund, in connection with the purchase or sale, directly or indirectly, by the person of a Security Held or to be Acquired by the Fund:

(1) To employ any device, scheme or artifice to defraud the Fund;

(2) To make any untrue statement of a material fact to the Fund or omit to state a material fact necessary in order to make the statements made to the Fund, in light of the circumstances under which they are made, not misleading;

(3) To engage in any act, practice or course of business that operates or would operate as a fraud or deceit on the Fund; or

13

(4) To engage in any manipulative practice with respect to the Fund.

(c) Code of Ethics—(1) Adoption and Approval of Code of Ethics. (i) Every Fund (other than a money market fund or a Fund that does not invest in Covered Securities) and each investment adviser of and principal underwriter for the Fund, must adopt a written code of ethics containing provisions reasonably necessary to prevent its Access Persons from engaging in any conduct prohibited by paragraph (b) of this section.

(ii) The board of directors of a Fund, including a majority of directors who are not interested persons, must approve the code of ethics of the Fund, the code of ethics of each investment adviser and principal underwriter of the Fund, and any material changes to these codes. The board must base its approval of a code and any material changes to the code on a determination that the code contains provisions reasonably necessary to prevent Access Persons from engaging in any conduct prohibited by paragraph (b) of this section. Before approving a code of a Fund, investment adviser or principal underwriter or any amendment to the code, the board of directors must receive a certification from the Fund, investment adviser or principal underwriter that it has adopted procedures reasonably necessary to prevent Access Persons from violating the Fund’s, investment adviser’s, or principal underwriter’s code of ethics. The Fund’s board must approve the code of an investment adviser or principal underwriter before initially retaining the services of the investment adviser or principal underwriter. The Fund’s board must approve a material change to a code no later than six months after adoption of the material change.

(iii) If a Fund is a unit investment trust, the Fund’s principal underwriter or depositor must approve the Fund’s code of ethics, as required by paragraph (c)(1)(ii) of this section. If the Fund has more than one principal underwriter or depositor, the principal underwriters and depositors may designate, in writing, which principal underwriter or depositor must conduct the approval required by paragraph (c)(1)(ii) of this section, if they obtain written consent from the designated principal underwriter or depositor.

(2) Administration of Code of Ethics. (i) The Fund, investment adviser and principal underwriter must use reasonable diligence and institute procedures reasonably necessary to prevent violations of its code of ethics.

(ii) No less frequently than annually, every Fund (other than a unit investment trust) and its investment advisers and principal underwriters must furnish to the Fund’s board of directors, and the board of directors must consider, a written report that:

(A) Describes any issues arising under the code of ethics or procedures since the last report to the board of directors, including, but not limited to, information about material violations of the code or procedures and sanctions imposed in response to the material violations; and

(B) Certifies that the Fund, investment adviser or principal underwriter, as applicable, has adopted procedures reasonably necessary to prevent Access Persons from violating the code.

(3) Exception for Principal Underwriters. The requirements of paragraphs (c)(1) and (c)(2) of this section do not apply to any principal underwriter unless:

(i) The principal underwriter is an affiliated person of the Fund or of the Fund’s investment adviser; or

14

(ii) An officer, director or general partner of the principal underwriter serves as an officer, director or general partner of the Fund or of the Fund’s investment adviser.

(d) Reporting Requirements of Access Persons—1) Reports Required. Unless excepted by paragraph (d)(2) of this section, every Access Person of a Fund (other than a money market fund or a Fund that does not invest in Covered Securities) and every Access Person of an investment adviser of or principal underwriter for the Fund, must report to that Fund, investment adviser or principal underwriter:

(i) Initial Holdings Reports. No later than 10 days after the person becomes an Access Person (which information must be current as of a date no more than 45 days prior to the date the person becomes an Access Person):

(A) The title, number of shares and principal amount of each Covered Security in which the Access Person had any direct or indirect beneficial ownership when the person became an Access Person;

(B) The name of any broker, dealer or bank with whom the Access Person maintained an account in which any securities were held for the direct or indirect benefit of the Access Person as of the date the person became an Access Person; and

(C) The date that the report is submitted by the Access Person.

(ii) Quarterly Transaction Reports. No later than 30 days after the end of a calendar quarter, the following information:

(A) With respect to any transaction during the quarter in a Covered Security in which the Access Person had any direct or indirect beneficial ownership:

(1) The date of the transaction, the title, the interest rate and maturity date (if applicable), the number of shares and the principal amount of each Covered Security involved;

(2) The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

(3) The price of the Covered Security at which the transaction was effected;

(4) The name of the broker, dealer or bank with or through which the transaction was effected; and

(5) The date that the report is submitted by the Access Person.

(B) With respect to any account established by the Access Person in which any securities were held during the quarter for the direct or indirect benefit of the Access Person:

(1) The name of the broker, dealer or bank with which the Access Person established the account;

(2) The date the account was established; and

(3) The date that the report is submitted by the Access Person.

15

(iii) Annual Holdings Reports. Annually, the following information (which information must be current as of a date no more than 45 days before the report is submitted):

(A) The title, number of shares and principal amount of each Covered Security in which the Access Person had any direct or indirect beneficial ownership;

(B) The name of any broker, dealer or bank with whom the Access Person maintains an account in which any securities are held for the direct or indirect benefit of the Access Person; and

(C) The date that the report is submitted by the Access Person.

(2) Exceptions from Reporting Requirements. (i) A person need not make a report under paragraph (d)(1) of this section with respect to transactions effected for, and Covered Securities held in, any account over which the person has no direct or indirect influence or control.

(ii) A director of a Fund who is not an “interested person” of the Fund within the meaning of section 2(a)(19) of the Act [15 U.S.C. 80a—2(a)(19)], and who would be required to make a report solely by reason of being a Fund director, need not make:

(A) An initial holdings report under paragraph (d)(1)(i) of this section and an annual holdings report under paragraph (d)(1)(iii) of this section; and

(B) A quarterly transaction report under paragraph (d)(1)(ii) of this section, unless the director knew or, in the ordinary course of fulfilling his or her official duties as a Fund director, should have known that during the 15-day period immediately before or after the director’s transaction in a Covered Security, the Fund purchased or sold the Covered Security, or the Fund or its investment adviser considered purchasing or selling the Covered Security.

(iii) An Access Person to a Fund’s principal underwriter need not make a report to the principal underwriter under paragraph (d)(1) of this section if:

(A) The principal underwriter is not an affiliated person of the Fund (unless the Fund is a unit investment trust) or any investment adviser of the Fund; and

(B) The principal underwriter has no officer, director or general partner who serves as an officer, director or general partner of the Fund or of any investment adviser of the Fund.

(iv) An Access Person to an investment adviser need not make a separate report to the investment adviser under paragraph (d)(1) of this section to the extent the information in the report would duplicate information required to be recorded under §275.204—2(a)(13) of this chapter.

(v) An Access Person need not make a quarterly transaction report under paragraph (d)(1)(ii) of this section if the report would duplicate information contained in broker trade confirmations or account statements received by the Fund, investment adviser or principal underwriter with respect to the Access Person in the time period required by paragraph (d)(1)(ii), if all of the information required by that paragraph is contained in the broker trade confirmations or account statements, or in the records of the Fund, investment adviser or principal underwriter.

16

(vi) An Access Person need not make a quarterly transaction report under paragraph (d)(1)(ii) of this section with respect to transactions effected pursuant to an Automatic Investment Plan.

(3) Review of Reports. Each Fund, investment adviser and principal underwriter to which reports are required to be made by paragraph (d)(1) of this section must institute procedures by which appropriate management or compliance personnel review these reports.

(4) Notification of Reporting Obligation. Each Fund, investment adviser and principal underwriter to which reports are required to be made by paragraph (d)(1) of this section must identify all Access Persons who are required to make these reports and must inform those Access Persons of their reporting obligation.

(5) Beneficial Ownership. For purposes of this section, beneficial ownership is interpreted in the same manner as it would be under §240.16a—1(a)(2) of this chapter in determining whether a person is the beneficial owner of a security for purposes of section 16 of the Securities Exchange Act of 1934 [15 U.S.C. 78p] and the rules and regulations thereunder. Any report required by paragraph (d) of this section may contain a statement that the report will not be construed as an admission that the person making the report has any direct or indirect beneficial ownership in the Covered Security to which the report relates.

(e) Pre-approval of Investments in IPOs and Limited Offerings. Investment Personnel of a Fund or its investment adviser must obtain approval from the Fund or the Fund’s investment adviser before directly or indirectly acquiring beneficial ownership in any securities in an Initial Public Offering or in a Limited Offering.

(f) Recordkeeping Requirements. (1) Each Fund, investment adviser and principal underwriter that is required to adopt a code of ethics or to which reports are required to be made by Access Persons must, at its principal place of business, maintain records in the manner and to the extent set out in this paragraph (f), and must make these records available to the Commission or any representative of the Commission at any time and from time to time for reasonable periodic, special or other examination:

(A) A copy of each code of ethics for the organization that is in effect, or at any time within the past five years was in effect, must be maintained in an easily accessible place;

(B) A record of any violation of the code of ethics, and of any action taken as a result of the violation, must be maintained in an easily accessible place for at least five years after the end of the fiscal year in which the violation occurs;

(C) A copy of each report made by an Access Person as required by this section, including any information provided in lieu of the reports under paragraph (d)(2)(v) of this section, must be maintained for at least five years after the end of the fiscal year in which the report is made or the information is provided, the first two years in an easily accessible place;

(D) A record of all persons, currently or within the past five years, who are or were required to make reports under paragraph (d) of this section, or who are or were responsible for reviewing these reports, must be maintained in an easily accessible place; and

17

(E) A copy of each report required by paragraph (c)(2)(ii) of this section must be maintained for at least five years after the end of the fiscal year in which it is made, the first two years in an easily accessible place.

(2) A Fund or investment adviser must maintain a record of any decision, and the reasons supporting the decision, to approve the acquisition by investment personnel of securities under paragraph (e), for at least five years after the end of the fiscal year in which the approval is granted.

IV. Application of Rule 17j-1(b)(1) Requirements

It is understood by the Trusts that shareholder assets many be managed and/or serviced by a number of service providers and more than one investment adviser, all of whom may implement different Code of Ethics Standards, Policies and Procedures. Therefore, the Trusts hereby appoint each service provider including all investment advisers and subadvisers with the responsibility of ensuring adequate compliance with the Trusts’ Code of Ethics and Rule 17j-1(b)(1), as amended.

Wherever the investment adviser’s, (and subadviser’s or designated service provider’s if/as requested) ethical codes and personal trading policies and procedures exceed the standards required under this Code of Ethics and/or Rule 17j-1(b)(1), applicable individuals will be expected to at all times adhere to the higher standards.

The Trusts require that each investment adviser (and subadviser or designated service provider if/as requested) provide the Trusts’ Chief Compliance Officer with Code of Ethics reports no less than quarterly.

All code violations along with violation action assessments and any code or procedure change initiated to deter such activities in the future must be included.

The investment adviser (and subadviser or designated service provider if/as requested) must, as soon as reasonably possible, submit to the Trusts a copy of the entity’s Code of Ethics and all material changes as applicable.

No less than annually, the investment adviser (and subadviser or designated service provider if/as requested) must provide a complete current copy of the entity’s Code of Ethics.

Revised 01.28.06

18

EX-99.CERT

CERTIFICATIONS

I, Joel B. Engle, certify that:

1. I have reviewed this report on Form N-CSR of the STI Classic Variable Trust (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.

Date 03/01/2007	/s/ Joel B. Engle
	Joel B. Engle
	Treasurer

CERTIFICATIONS

I, R. Jeffrey Young, certify that:

1. I have reviewed this report on Form N-CSR of the STI Classic Variable Trust (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.

Date 03/01/2007	/s/ R. Jeffrey Young
	R. Jeffrey Young
	President

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 period ended December 31, 2006 of STI Classic Variable Trust (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.

Date 03/01/2007
	/s/ R. Jeffery Young R. Jeffrey Young
	President
	/s/ Joel B. Engle Joel B. Engle
	Treasurer

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon req