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OMB APPROVAL

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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
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STI Classic Variable Trust
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(Exact name of registrant as specified in charter)

101 Federal Street Boston, MA 02110
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(Address of principal executive offices) (Zip code)

BISYS Fund Services, 3435 Stelzer Road Columbus, Ohio 43219
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(Name and address of agent for service)

Registrant's telephone number, including area code: 614-470-8000
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Date of fiscal year end: 12/31/04
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Date of reporting period: 12/31/04
--------------------------

Form N-CSR is to be used by management investment companies to file reports
with the Commission not later than 10 days after the transmission to
stockholders of any report that is required to be transmitted to stockholders
under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).
The Commission may use the information provided on Form N-CSR in its regulatory,
disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form
N-CSR, and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. Section 3507.

ITEM 1. REPORTS TO STOCKHOLDERS.

Include a copy of the report transmitted to stockholders pursuant to
Rule 30e-1 under the Act (17 CFR 270.30e-1).

ANNUAL

FINANCIAL REPORT

STI CLASSIC VARIABLE TRUST

December 31, 2004

[STI STI CLASSIC VARIABLE TRUST LOGO]

TABLE OF CONTENTS
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STI CLASSIC VARIABLE TRUST December 31, 2004

Message From the Chief Investment Officer ................................ 1

PORTFOLIO COMPOSITION AND AVERAGE ANNUAL RETURNS
STI Classic Variable Trust Capital Appreciation Fund...................... 3
STI Classic Variable Trust Growth and Income Fund......................... 5
STI Classic Variable Trust International Equity Fund...................... 7
STI Classic Variable Trust Mid-Cap Equity Fund............................ 9
STI Classic Variable Trust Small Cap Value Equity Fund.................... 11
STI Classic Variable Trust Value Income Stock Fund........................ 13
STI Classic Variable Trust Investment Grade Bond Fund..................... 15

SCHEDULES OF PORTFOLIO INVESTMENTS
STI Classic Variable Trust Capital Appreciation Fund...................... 17
STI Classic Variable Trust Growth and Income Fund......................... 19
STI Classic Variable Trust International Equity Fund...................... 21
STI Classic Variable Trust Mid-Cap Equity Fund............................ 25
STI Classic Variable Trust Small Cap Value Equity Fund.................... 28
STI Classic Variable Trust Value Income Stock Fund........................ 30
STI Classic Variable Trust Investment Grade Bond Fund..................... 32

Notes to Schedule of Portfolio Investments................................ 36
Statements of Assets and Liabilities...................................... 37
Statements of Operations.................................................. 38
Statements of Changes in Net Assets....................................... 39
Financial Highlights...................................................... 41
Notes to Financial Statements............................................. 43
Report of Independent Registered Public Accounting Firm................... 51
Trustees and Officers of the STI Variable Trust........................... 52
Expense Examples.......................................................... 54

MESSAGE FROM THE CHIEF INVESTMENT OFFICER
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STI CLASSIC VARIABLE TRUST December 31, 2004

Dear Valued STI Classic Variable Trust Shareholder:

Stock prices enjoyed a post-election rebound in the fourth quarter helped by
improving job growth and lower oil prices. The S&P 500 Index gained 9.23% on a
total return basis during the quarter and 10.88% for all of 2004. Bond returns
also edged higher in Q4 and finished the year with its fifth consecutive gain.
The Lehman Brothers Aggregate Bond Index rose 0.95% for the quarter and 4.34%
for the 12 months ended December 31, 2004. The trailing price/earnings ratio(1)
for the S&P 500 Index rose to 19.5X, and yields on the 10-year Treasury note and
the 10-year A-rated corporate bond closed the year at 4.2% and 4.9%,
respectively.

Cyclical economic strength was evident during the period despite ebbing fiscal
and monetary support. Job growth accelerated moderately, consumer spending
improved despite higher fuel costs, and the pace of business activity remained
firm. Headline inflation moved higher but was not worrisome, and the Fed raised
short-term rates for a fourth and fifth time.

While Fed tightening pushed short- and intermediate-term Treasury yields higher
in the fourth quarter, longer-term yields held relatively steady causing the
yield curve to flatten further. The High Yield and Credit sectors outperformed
for the quarter and all of 2004.

Signs of economic strength and a lessening of the energy price "headwind" helped
stock prices break out of their ten-month trading range. Consumer Discretionary
and Technology stocks led the Q4 rally closely followed by Utilities and
Industrials. Energy and Utility stocks outperformed for the full year. Small-cap
and International (EAFE) stocks outperformed the S&P 500 Index in the fourth
quarter and for all of 2004. The Value style outperformed Growth for the full
year, but returns were mixed in Q4.

We remain positive on our outlook for the economy and corporate profits, but the
rate of growth in both is likely to slow closer to historical averages due to
lower levels of stimulus and more diffi-

(1) The P/E Ratio, or Price-to-Earnings Ratio, is a valuation ratio of a
company's current share price to its per-share earnings. A high P/E means high
projected earnings in the future.

- --------------------------------------------------------------------------------

cult comparisons, respectively. Core inflation will likely trend moderately
higher, and support the Fed's plan to raise interest rates gradually in the
months ahead. The dollar will likely remain under downward pressure.

We continue to recommend a modest overweight position in stocks within current
asset allocation ranges, due to the relative attractiveness of stocks versus
bonds. However, we recognize that some of the factors that have favored equities
(steep yield curve, accommodative Fed policy, and easy profit comparisons) are
changing and not as favorable. We will continue to be very price sensitive in
entry and exit points and emphasize companies with consistent growth. We will
likely view any market pullback as an opportunity to build equity positions.

In fixed-income portfolios, we anticipate moderately higher yields and a further
flattening of the yield curve. In this environment we will maintain a neutral
duration barbell maturity structure and an overweight in Treasury
inflation-indexed securities (TIPS). However, we have moved to an underweight
position in Corporate bonds (neutral on BBBs) following the sharp narrowing of
credit spreads over the past two years and we will be moving to an underweight
in Mortgages.

Sincerely,

/s/ Douglas S. Phillips, CFA

Douglas S. Phillips, CFA
Chief Investment Officer

Past performance does not guarantee future results.

The foregoing information and opinions are for general information only. STI
Classic Variable Trust and Trusco Capital Management 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 1-800-428-6970, option 1. Please read the prospectus carefully
before investing.

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

STI CLASSIC VARIABLE TRUST CAPITAL APPRECIATION FUND
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STI CLASSIC VARIABLE TRUST December 31, 2004

INVESTMENT CONSIDERATIONS

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

The STI Classic Variable Trust Capital Appreciation Fund (the "Fund") emphasizes
large and mid-cap stocks with superior profitability, strong current
fundamentals, reasonable valuations, and above-average current growth dynamics.
Securities are selected on a "bottoms-up" basis using these primary criteria.
The Adviser avoids market timing and top-down economic forecasting, believing
that remaining invested in growing companies regardless of the stage of business
cycle is conducive to enhancement of long term shareholder capital.

Total return of the Fund was 6.75% for the 12-month period ended December 31,
2004. This result compares unfavorably with the 10.88% return of the S&P 500
Index which is the Fund's primary comparative benchmark. While disappointed in
the outcome for the year, we believe it is consistent with the Fund's investment
mandate. That is, the Fund should do relatively well when larger, higher quality
growth type stocks are leading performance. 2004 was a year in which industries
with slow growth and mediocre long-term fundamentals had unusually high returns
in the market. For example, the S&P 500 Utility sector returned over 24%, while
Telecomm Services, e.g., primarily the traditional phone companies, returned
over 19%. Similarly, the slow growth, commodity-based Energy, up almost 32%, and
Materials, up 13%, sectors did better as raw material prices exceeded forecasts.
On the growth side, sectors where the Fund typically invests significant assets
such as Healthcare, up about 2%, Technology, up about 3%, Consumer Staples, up
8% and Financials, up about 11%, were generally behind or at best inline with
the S&P 500's return.

Overall, the best way to illustrate the extreme dichotomy between Growth stocks,
which lagged in 2004, and Value stocks, is to look at returns for the S&P 500
BARRA sub indices. The S&P 500 BARRA Growth Index(1) was up only 6.1% last year,
while the corresponding Value Index(1) returned 15.7%. In this context, we
believe the Fund return was "in the ballpark" for what investors should have
expected for a growth-oriented portfolio in 2004.

Looking ahead, we believe we have positioned the Fund to benefit in 2005 from
several emerging capital markets trends. First, large cap growth stocks have
been becoming increasingly compelling on valuation. Second, both low quality
stocks (2003) and slow growth/value stocks (2004) have had their day in the sun,
so we believe quality growth to do better now. Third, valuations in general have
become extremely compressed, and that gives an edge to our expertise, which is
identifying companies with above-average growth. Thus, we are excited and
optimistic that the Fund's investment style could enjoy a more favorable market
environment over the coming months.

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.

(1) The S&P BARRA/Growth and Value Indices are capitalization-weighted indices
which contain the stocks in the Standard & Poor's 500 Index which carry the
highest price to book ratios and lowest price to book ratios, respectively. The
indices consists of approximately half of the S&P 500 Index on a market
capitalization basis.

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[GRAPH]

COMPARISON OF CHANGE IN THE VALUE
OF A $10,000 HYPOTHETICAL INVESTMENT

STI CLASSIC VARIABLE TRUST LIPPER LARGE-CAP CORE
CAPITAL APPRECIATION FUND S&P 500 INDEX FUNDS AVERAGE

10/2/95 10000 10000 10000
10695 10640 10531
11359 11211 11103
11910 11713 11526
12430 12075 11896
13235 13081 12716
13645 13432 12852
16130 15775 14901
17302 16957 16160
12/97 18072 17443 16384
20659 19875 18448
21573 20535 18845
19005 18497 16684
23308 22432 20192
23727 23549 21004
25760 25206 22421
23286 23636 21026
12/99 25342 27150 24322
26357 27772 25362
26871 27034 24663
27050 26772 24749
26120 24679 22873
24038 21755 19994
25669 23027 21053
21881 19649 17841
12/01 24724 21748 19795
24555 21808 19734
21584 18888 17141
18601 15627 14376
19313 16943 15341
18898 16410 14823
20560 18935 16905
20827 19436 17303
22876 21801 19240
23366 22170 19465
23603 22551 19657
22609 22129 19131
12/04 24421 24171 20803

[PIE CHART]

PORTFOLIO INVESTMENTS
AS A PERCENTAGE OF TOTAL INVESTMENTS*

CONSUMER DISCRETIONARY (16.0%)
CONSUMER STAPLES (8.3%)
ENERGY (4.1%)
FINANCIALS (21.3%)
HEALTH CARE (10.3%)
INDUSTRIALS (17.4%)
INFORMATION TECHNOLOGY (19.7%)
MATERIALS (1.1%)
MONEY MARKET FUNDS (1.8%)

AVERAGE ANNUAL TOTAL RETURNS(2)
(PERIOD ENDED DECEMBER 31, 2004)

------------------------------------------------------------------------
ONE YEAR THREE YEARS FIVE YEARS ANNUALIZED INCEPTION
TO DATE (10/2/95)
------------------------------------------------------------------------

6.75% -0.41% -0.74% 10.14%
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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.

*Portfolio composition is subject to change.

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.

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.

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.

STI CLASSIC VARIABLE TRUST GROWTH AND INCOME FUND
- --------------------------------------------------------------------------------
STI CLASSIC VARIABLE TRUST December 31, 2004

INVESTMENT CONSIDERATIONS
- --------------------------------------------------------------------------------
Equity securities (stocks) are more volatile and carry more risk than other
forms of investments, including investments in high-grade fixed income
securities. The net asset value per share of this Fund will fluctuate as the
value of the securities in the portfolio changes. Common stocks, and funds
investing in common stocks, generally provide greater return potential when
compared with other types of investments. 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 STI Classic Variable Trust Growth and Income Fund (the "Fund") invests
primarily in equity securities, including common stock and listed ADRs (American
Depositary Receipts) of domestic and foreign companies. The Fund typically
chooses companies that have a market capitalization of at least $1 billion.

The 2004 period ended up being a good year for the equity markets, thanks to a
strong fourth quarter that was fueled by good corporate earnings. For the
12 months ended December 31, 2004, the Fund posted a total return of 14.30%.
Although this performance lagged the S&P 500/BARRA Value Index performance of
15.71%, a Prudential study showed that, only a small percentage of active value
managers were able to generate a return better than the index in 2004 owing to
an unusual confluence of circumstances. The value indices were driven by lower
interest rates, higher energy prices, continued strong consumer spending, and a
continued strong recovery in the manufacturing economy, and the Fund benefited
from these factors, as well. The medium and smaller stocks in the Value Index
tended to outperform large companies for the year. For the year, energy,
utilities, healthcare, industrials, and telecommunications led the performance
of the Value Index, while consumer spending, financials, materials, and
technology lagged. The Fund's ongoing emphasis on larger-capitalization and
higher quality issues was a slight detriment to relative performance. A strong,
broad-based fourth quarter rally lifted returns for the Fund and most major
market indices.

As we look forward, we contemplate a market that has had two strong years after
a three-year bear market. A strong recovery in corporate earnings has been the
main driver of the market's good performance, but we are moving out of that
period, and earnings growth will be harder to come by. We believe the economy
should continue to grow, but at a slower pace than in 2003 and 2004. Corporate
profits have led by strong corporate balance sheets, with a lot of cash building
up. This usually leads to higher capital spending, higher dividend payouts, and
increased merger and acquisition activity, all of which are good for the equity
markets. Balancing all of these positive factors are the threat of higher
interest rates and the possibility of compressed price-earnings multiples. As
always, we intend to let valuation be our guide as we consider the Fund's sector
weights and stock selection. The first year of a presidential term has proven
challenging for the markets in the past, and we are aware of this risk. We
believe that the Fund is well-positioned for the year, but we are constantly
monitoring economic developments for changes. We are grateful for the support of
our investors, and we thank you for your support.

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.

- --------------------------------------------------------------------------------

[GRAPH]

COMPARISON OF CHANGE IN THE VALUE
OF A $10,000 HYPOTHETICAL INVESTMENT

STI CLASSIC VARIABLE TRUST S&P 500/BARRA
GROWTH AND INCOME FUND VALUE INDEX

12/30/99 10000 10000
10000 9682
10724 10023
10682 9593
11152 10438
12/00 10932 10608
10157 9916
10720 10353
9490 8675
12/01 10323 9366
10483 9490
9360 8480
7616 6745
12/02 8197 7413
7786 7005
8933 8324
9093 8536
12/03 10369 9770
10668 10096
10861 10177
10778 10283
12/04 11852 11304

[PIE CHART]

PORTFOLIO INVESTMENTS
AS A PERCENTAGE OF TOTAL INVESTMENTS*

CONSUMER DISCRETIONARY (10.1%)
CONSUMER STAPLES (10.2%)
ENERGY (9.4%)
FINANCIALS (22.9%)
HEALTH CARE (10.7%)
INDUSTRIALS (12.2%)
INFORMATION TECHNOLOGY (11.8%)
MATERIALS (3.9%)
TELECOMMUNICATIONS (3.3%)
UTILITIES (5.0%)
CASH EQUIVALENTS (0.5%)

AVERAGE ANNUAL TOTAL RETURNS(1)
(PERIOD ENDED DECEMBER 31, 2004)

-------------------------------------------------------------------------
ANNUALIZED INCEPTION
ONE YEAR THREE YEARS FIVE YEARS TO DATE (12/30/99)
-------------------------------------------------------------------------

14.30% 4.71% 3.46% 3.45%
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(1) Earnings from a variable annuity investment compound tax-free until
withdrawal, so no adjustments were made for income taxes.

*Portfolio composition is subject to change.

The Fund is measured against the S&P 500/BARRA Value Index an unmanaged market
capitalization-weighted index of the stocks in the Standard & Poor's 500 Index
having the lowest price to book ratios. The index consists of approximately half
of the S&P 500 Index on a market capitalization basis. 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 those value-added services. Investors cannot
invest directly in an index, although they can invest in its underlying
securities. During the period shown, the Investment Adviser waived and/or
reimbursed fees for various expenses. Had these waivers and/or reimbursements
not been in effect, performance quoted would have been lower.

STI CLASSIC VARIABLE TRUST INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------
STI CLASSIC VARIABLE TRUST December 31, 2004

INVESTMENT CONSIDERATIONS

- --------------------------------------------------------------------------------
There are risks associated with investing in foreign companies, such as erratic
market conditions, economic and political instability and fluctuations in
currency and exchange rates. Equity securities (stocks) are more volatile and
carry more risk than other forms of investments, including investments in
high-grade fixed income securities. The net asset value per share of this Fund
will fluctuate as the value of the securities in the portfolio changes. Common
stocks, and funds investing in common stocks, generally provide greater return
potential when compared with other types of investments.
- --------------------------------------------------------------------------------

The STI Classic Variable Trust International Equity Fund (the "Fund") invests
primarily in common stocks and other equity securities of foreign issuers that
the Adviser believes have strong business fundamentals, such as revenue growth,
cash flows and earnings trends. The Adviser uses a "bottom-up" process based on
individual company earnings trends and fundamentals to determine the weighting
of the Fund's investments in various countries and equity market sectors. The
Fund seeks long-term capital appreciation by investing primarily in a
diversified portfolio of equity securities of foreign issuers.

The Fund returned 19.35% for the 12-month period ended December 31, 2004, versus
20.25% for the MSCI EAFE Index. Compared to the Lipper International Funds
Average which returned 18.05%, the Fund outperformed its average peer. During
the year small cap stocks dramatically outperformed large cap stocks. The
average stock in the MSCI EAFE Index with a market cap under $1 billion U.S.
dollar was up over 31% for the year. The average stock with a market cap above
$8.2 billion USD was up only 15%. The Fund has a larger cap bias which did not
help during the year. Lower price/earnings(1) stocks and also stocks with higher
dividend yields performed well during the year. Surprisingly the best performing
sector for the year was the Utilities sector up 28% on average. The worst
performing sector was Information Technology up only 6.4%. From a regional
standpoint, Japan was the laggard up only 14%, lead by the UK up 16%, then
Continental Europe up 18.6%, Hong Kong and Singapore averaged up 19%, with
Australia up 28%. The dollars fall against many foreign currencies was a big
component of the total return for the year.

Our outlook would be for three recent trends to reverse during 2005; first,
small cap leadership may be over as small cap issues are looking more expensive
than larger cap stocks. Second, valuation differentials between stocks,
countries, and sectors have narrowed, so valuation may no longer work as well in
selecting outperforming stocks. Instead, investors may begin to look more at
earnings and cash flow growth. Third, the dollars long slide may reverse course
for some time, but by year end should be around where it was trading at the end
of 2004.

We continue to invest in portfolio stocks that characteristically have lower
valuations and higher projected growth rates than our benchmark, the Morgan
Stanley MSCI EAFE Index. We believe successful results for the Fund will
continue to be based on a dedication to in depth fundamental research on
companies brought to light via a disciplined quantitative process. Inherent in
management of the Fund is a process designed to quickly identify sell candidates
where earnings trends are beginning to deteriorate. Our approach could provide
the opportunity to participate in long term growth of the international markets
via a diversified portfolio. We feel confident that disciplined execution of our
process may lead to competitive investment results over time.

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.

(1) The measure of systematic risk of a security. Beta is a means of measuring
the volatility of a security or portfolio of securities in comparison with the
market as a whole.

[GRAPH]

COMPARISON OF CHANGE IN THE VALUE
OF A $10,000 HYPOTHETICAL INVESTMENT

STI CLASSIC VARIABLE TRUST MORGAN STANLEY
INTERNATIONAL EQUITY FUND MSCI EAFE INDEX

11/7/96 10000 10000
10170 9871
10680 9717
11911 10978
12633 10900
12/97 11882 10047
13604 11525
13714 11647
11289 9992
13166 12056
13156 12224
13509 12534
13523 13084
12/99 14325 15307
14099 15291
14819 14685
13661 13500
13834 13138
12178 11337
12325 11219
10959 9648
12/01 11427 10321
11560 10421
11200 10154
8860 8150
9303 8676
8564 7963
10177 9498
10837 10269
12775 12023
13262 12545
13208 12572
13330 12537
12/04 15246 14458

[PIE CHART]

PORTFOLIO INVESTMENTS
AS A PERCENTAGE OF TOTAL INVESTMENTS*

Consumer Discretionary (14.2%)
Consumer Staples (5.5%)
Energy (8.6%)
Financials (26.1%)
Health Care (8.1%)
Industrials (9.3%)
Information Technology (5.2%)
Materials (7.5%)
Telecommunications (8.4%)
Utilities (4.3%)
Short-Term Investments (2.8%)

AVERAGE ANNUAL TOTAL RETURNS(2)
(PERIOD ENDED DECEMBER 31, 2004)

-------------------------------------------------------------------------
ANNUALIZED INCEPTION
ONE YEAR THREE YEARS FIVE YEARS TO DATE (11/7/96)
-------------------------------------------------------------------------

19.35% 10.09% 1.25% 5.31%
-------------------------------------------------------------------------

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

*Portfolio composition is subject to change.

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.

STI CLASSIC VARIABLE TRUST MID-CAP EQUITY FUND
- --------------------------------------------------------------------------------
STI CLASSIC VARIABLE TRUST December 31, 2004

INVESTMENT CONSIDERATIONS

- --------------------------------------------------------------------------------
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. Common stocks, and funds investing in common stocks, generally provide
greater return potential when compared with other types of investments.
- --------------------------------------------------------------------------------

The STI Classic Variable Trust Mid-Cap Equity Fund (the "Fund") seeks to provide
capital appreciation by investing primarily in a diversified portfolio of small-
to mid-sized companies (i.e. companies with market capitalizations of $500
million to $10 billion, or companies in the Russell MidCap Index). In selecting
investments for the Fund, companies are chosen that offer above average stock
appreciation relative to other companies in the same economic sector.
Proprietary, sector based models are utilized to rank stocks in each economic
sector. These models utilize fundamental stock characteristics such as growth
rates and cash flows. Fundamental research is utilized in the creation,
maintenance, and enhancement of the sector based models. Risk management is a
critical component of the overall investment process. The strategy is
diversified with 100 to 140 stocks in the portfolio. Each stock is generally
limited to no more than two percent of the portfolio. The portfolio's holdings
are managed to reduce tracking error and overall volatility to the Russell
MidCap Index.

For the 12-month period ended December 31, 2004, the Fund returned 16.82%. The
Funds primary benchmark the Russell MidCap Index was up 20.22% for the year. The
Lipper Mid-Cap Core Funds Average(1) was up 15.52%. From a style standpoint
Value outperformed Growth in the Mid Cap segment with the Russell MidCap
Growth(1) up 15.48% and Russell MidCap Value(1) up 23.71% for the year. Energy
stocks were the best performing sector for 2004 up 33.6% and Information
Technology was the worst performing sector up only 6%. With the Mid Cap market
cap range there was no major advantage to larger versus smaller cap issues.
Stocks that yield less than 0.6% were up only 14% with higher yielding stocks
returning more on average. Stocks with the highest expected earnings growth (17%
or more) were up only 9.7%. Valuation was more important than growth for 2004.
One of the most interesting anomalies of 2004 was that in a strong up market low
beta stocks (less than .5) were up 26.5% versus high beta2 stocks (1.4 and
greater) up only 8%.

The Fund's strategy involves segmenting stocks into different groups/sector and
modeling the drivers of performance in each group/sector. Stocks have more
recently been grouped into S&P Industry Groups, and in some cases, Industries
for Sectors where there is only one Industry Group, such as Utilities. This new
strategy allows for even deeper fundamentally based information to be
incorporated into the investment process. In total, 30 different Industry Groups
or Industry Models have been constructed based on back tested results. We
continue with this modeling effort, supplemented by fundamental due-diligence
before any stock is purchased. This approach blends growth dynamics with
valuation to select favorable reward versus risk securities.

1The Russell MidCap Growth Index measures the performance of those Russell
MidCap companies with higher price-to-book ratios and higher forecasted growth
values. The Russell MidCap Value measures the performance of those Russell
MidCap companies with lower price-to-book ratios and lower forecasted growth
values. The stocks found in the Russell Growth and Value indices are also
members of the Russell 1000(R) Value index. 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.

2The measure of systematic risk of a security. Beta is a means of measuring the
volatility of a security or portfolio of securities in comparison with the
market as a whole.

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.

- --------------------------------------------------------------------------------

[GRAPH]

COMPARISON OF CHANGE IN THE VALUE
OF A $10,000 HYPOTHETICAL INVESTMENT

STI CLASSIC VARIABLE TRUST RUSSELL S&P MIDCAP
MID-CAP EQUITY FUND MIDCAP INDEX 400 INDEX

10/2/95 10000 10000 10000
10319 10559 10411
10762 11194 11052
10968 11509 11370
11307 11870 11701
12/96 11975 12564 12410
11619 12462 12225
12954 14152 14022
14836 16031 16277
12/97 14637 16209 16412
15999 17961 18220
15674 17690 17829
12608 15067 15250
12/98 15685 17845 19549
15165 17762 18302
16657 19690 20893
14928 17998 19138
12/99 17881 21099 22427
19892 23227 25273
19704 22179 24440
20005 23689 27409
12/00 17356 22840 26353
15190 20443 23514
17943 22392 26608
14388 18392 22201
12/01 17828 21555 26194
16687 22470 27955
14613 20325 25353
12611 16740 21158
12/02 12756 18066 22393
12241 17639 21400
14010 20860 25172
14608 22202 26831
12/03 16547 25304 30369
17136 26605 31907
17135 26990 32217
17134 26764 31540
12/04 19330 30419 35375

PORTFOLIO INVESTMENTS
AS A PERCENTAGE OF TOTAL INVESTMENTS*

Consumer Discretionary (16.5%)
Consumer Staples (3.4%)
Energy (5.9%)
Financials (22.6%)
Health Care (11.4%)
Industrials (15.0%)
Information Technology (12.9%)
Materials (3.4%)
Telecommunications (0.7%)
Utilities (6.2%)
Short Term Investments (1.4%)
Money Market Funds (0.6%)

AVERAGE ANNUAL TOTAL RETURNS(3)
(PERIOD ENDED DECEMBER 31, 2004)

- --------------------------------------------------------------------------
ANNUALIZED INCEPTION
ONE YEAR THREE YEARS FIVE YEARS TO DATE (10/2/95)
- --------------------------------------------------------------------------

16.82% 2.73% 1.57% 7.39%
- --------------------------------------------------------------------------

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

*Portfolio composition is subject to change.

The Fund is measured against the Russell MidCap Index and the S&P MidCap 400
Index. The Russell Index is 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 S&P Index is
comprised of 400 domestic stocks chosen for market size (median market
capitalization of $676 million), liquidity and industry group representation.
The performance of the indices 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.

STI CLASSIC VARIABLE TRUST SMALL CAP VALUE EQUITY FUND
- --------------------------------------------------------------------------------
STI CLASSIC VARIABLE TRUST December 31, 2004

INVESTMENT CONSIDERATIONS

- --------------------------------------------------------------------------------
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. Common stocks, and funds investing in common stocks, generally provide
greater return potential when compared with other types of investments.
- --------------------------------------------------------------------------------

The STI Classic Variable Trust Small Cap Value Equity Fund's ("the Fund")
primary goal is income generation and capital appreciation. The Fund seeks to
achieve these goals by investing in small-capitalization ($50 million to $2
billion) securities that are undervalued and pay a dividend. The Fund's
investment philosophy is based on our belief that dividends are not only an
important element of total return but are a very solid indicator of a company's
future earnings potential. The Fund utilizes a very strict process for
constructing the portfolio. The bottom-up approach seeks dividend paying stocks
that are trading at the lower end of their historical valuations and companies
that display characteristics of financial strength. The next step in the process
is to identify a catalyst or fundamental change that will assist the stock in
realizing its true value. This purchase process allows, the Fund to maintain a
strict and active sell discipline. The Fund manager is very disciplined and
dedicated to managing risk by continuously monitoring equity positions to
swiftly address issues that arise.

2004 was another stellar year for small cap stocks. The Fund returned 24.19% for
the 12-month period ended December 31, 2004, which outperformed the 22.25%
return for the Russell 2000 Value Index, this is on the heels of the best
performing year the index posted in 25 years. Small Caps historically perform
best coming out of a recession. Conditions in 2004 were still ripe to allow
small caps to outperform. Stable bond prices, high productivity and an
accommodative Federal Reserve paved the way for positive returns in the market.
Uncertainty was becoming prevalent in the market's psychology due to increasing
geopolitical tensions, the potential of rising interest rates and high commodity
prices. This prompted investors to search for quality and dividends as a means
of enriching investment performance. The Fund benefited in this environment due
to our bottom up, dividend paying investment process.

Stock selection in the year contributed greatly to Fund outperformance in 2004.
The Fund's superior stock selection was most evident in Information Technology
and Health Care sectors. The Fund's investment in Autodesk (ASDK), an innovative
design software and digital content company and Cooper Cos. (COO), a specialty
manufacturer of contact lenses, are examples of superior selection that aided in
generating excess returns versus the benchmark. The Fund continues to be
overweighted in economically sensitive sectors such as Industrials and
Materials. Financials and Utilities are underweighted as we believe these
sectors could underperform if the economy continues to expand. Stock valuations
are not as attractive as they were a few years ago; as such the Fund continues
to search for those securities that should fit the process.

Instability in the world, rising interest rates and energy prices are at the
forefront of investor's minds as we enter 2005. The Fund will continue to focus
on the aspects that have served us well over the years. The Fund's focus on
selecting dividend paying securities that exhibit strong balance sheets, stable
management and trade at low valuations will always be a tenet that will be
maintained in any market environment.

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.

- --------------------------------------------------------------------------------

[GRAPH]

COMPARISON OF CHANGE IN THE VALUE
OF A $10,000 HYPOTHETICAL INVESTMENT

STI CLASSIC VARIABLE TRUST
SMALL CAP VALUE EQUITY FUND RUSSELL 2000 VALUE INDEX

10/21/97 10000 10000
9795 10452
10683 11325
9791 10916
7738 8965
12/98 8602 9778
7447 8830
8888 10292
8113 9487
12/99 8191 9632
7826 10001
8232 10196
8758 10944
12/00 9531 11831
10059 11946
11071 13336
10081 11558
12/01 11578 13490
12774 14782
12571 14469
11004 11389
12/02 11440 11949
10748 11342
12580 13919
13606 14995
12/03 15837 17449
16740 18656
17324 18814
17332 18842
12/04 19667 21330

[PIE CHART]

PORTFOLIO INVESTMENTS
AS A PERCENTAGE OF TOTAL INVESTMENTS*

CONSUMER DISCRETIONARY (19.7%)
CONSUMER STAPLES (3.4%)
ENERGY (2.6%)
FINANCIALS (14.2%)
HEALTH CARE (7.6%)
INDUSTRIALS (26.2%)
INFORMATION TECHNOLOGY (11.8%)
MATERIALS (5.3%)
UTILITIES (1.2%)
SHORT-TERM INVESTMENTS (2.9%)
MONEY MARKET FUNDS (5.1%)

AVERAGE ANNUAL TOTAL RETURNS(1)
(PERIOD ENDED DECEMBER 31, 2004)

- --------------------------------------------------------------------------
ANNUALIZED INCEPTION
ONE YEAR THREE YEARS FIVE YEARS TO DATE (10/21/97)
- --------------------------------------------------------------------------

24.19% 19.32% 19.15% 9.86%
- --------------------------------------------------------------------------

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

*Portfolio composition is subject to change.

The Fund is measured against the Russell 2000 Value Index an unmanaged index
which is is comprised of the securities in the Russell 2000 Index with a
less-than-average growth orientation. Companies in this 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.

STI CLASSIC VARIABLE TRUST VALUE INCOME STOCK FUND
- --------------------------------------------------------------------------------
STI CLASSIC VARIABLE TRUST December 31, 2004

INVESTMENT CONSIDERATIONS

- --------------------------------------------------------------------------------
Value-based investments are subject to the risk that the broad market may not
recognize their intrinsic value. Equity securities (stocks) are more volatile
and carry more risk than other forms of investments, including investments in
high-grade fixed income securities. The net asset value per share of this Fund
will fluctuate as the value of the securities in the portfolio changes. Common
stocks, and funds investing in common stocks, generally provide greater return
potential when compared with other types of investments.
- --------------------------------------------------------------------------------

The STI Classic Variable Trust Value Income Stock Fund ("the Fund") seeks to
provide current income with capital appreciation by investing primarily in
dividend paying equity securities. The Fund's investment philosophy is based on
our belief that dividends are not only an important component of total return
but also a very useful tool that provides information about a company's future
earnings potential. The Fund employs a very disciplined and methodical approach
to portfolio construction. The bottom-up process has three key factors to
consider in all investment decisions: 1) Minimum dividend criteria, 2) Low
historical valuation and 3) A catalyst for improving fundamental business
momentum which can cause an upward revaluation in the individual security. Our
process seeks dividend-paying stocks that are trading at the lower end of
historical valuation ranges. The companies identified for focused attention are
in the midst of fundamental change that we expect will reignite investor
interest. They tend to exhibit "Value" characteristics such as low
price-to-earnings ratios, low price-to-sales ratios and generally have higher
dividend yields.

For the 12 months ended December 31, 2004 the overall market rallied nicely
fueled in part by increasing corporate profits and very accommodative fiscal and
monetary policies. The Fund returned 15.29% for the period ended December 31,
2004. In comparison the Fund's primary benchmark the S&P 500/BARRA Value Index
returned 15.71%. As an additional comparison the Russell 1000(R) Value Index2,
advanced 16.49% during the 12-month period with strong showings in all sectors
except Healthcare which posted more nominal returns and was held back by
concerns over earnings growth and the contentious political climate. The biggest
contributing sector by far was Financials because of its very heavy 30% plus
weighting in the index as well as it's approximately 15% return for the period.

The Fund showed strong performance in all sectors as well with Financials making
the largest contribution. Industrials were also helpful because we were not only
overweight versus the benchmark but experienced better stock selection as well.
Our affinity for stocks in this sector is derived from our bottom up process
which has identified companies that have done remarkable jobs at cost cutting
and are thus ripe to experience tremendous operating leverage now that business
activity has picked up over the past 12 months.

The Fund was hurt on a relative basis by stock selection in Staples. We didn't
own any tobacco stocks such as Altria Group, which posted a stellar return,
because of our sense that the unremitting legal proceedings have become
"un-analyzable". The Fund was also hurt by our holdings in the Energy sector
where the Fund suffered due to its underweight in Exxon Mobil and our lack of
exposure in the more commodity leveraged names in the E&P and Oil
Service/Drillers sub-sectors where valuations looked stretched to us.

The Fund is maintaining its overweight in Industrials and is underweighted in
Energy. Energy stocks have corrected with the price of oil coming down and are
beginning to look more attractive to us. We will be looking for an opportunity
to get more involved in these names when we feel that a more normalized price of
oil is being discounted by the stocks. The Fund is under weighted in Financials.
The interest rate sensitivity of these stocks has risen dramatically since the
early nineties led by mortgage related issues. Currently within the financial
domain we are emphasizing capital markets, processing and asset management and
avoiding the more retail or mortgage related companies.

Capital expenditures plummeted after the technology boom of the late nineties
and remain fairly depressed. Profits and margins are up significantly and thus
free cash flow has expanded rather dramatically. The capex recovery began
approximately 18 months ago but companies are still spending below depreciation
levels. The consumer continues to spend supported by improved job growth while
their debt continues to grow. Energy prices, the dollar, "twin deficits", rising
interest rates and geopolitical tensions are important issues that corporations
and consumers will have to deal with in 2005. While we remain cognizant

- --------------------------------------------------------------------------------
of the items stated on the previous page, the portfolio is managed from a
"bottoms-up" basis focusing our attention on company and industry fundamentals
first. As we have done since inception, our portfolio selections continue to
emphasize dividend policy, valuation and fundamentals.

[GRAPH]

COMPARISON OF CHANGE IN THE VALUE
OF A $10,000 HYPOTHETICAL INVESTMENT

STI CLASSIC VARIABLE TRUST S&P 500/BARRA LIPPER EQUITY INCOME
VALUE INCOME STOCK FUND VALUE INDEX FUNDS AVERAGE

10/2/95 10000 10000 10000
10731 10816 10753
11265 11507 11175
11664 11743 11498
12029 12053 11745
12/96 12730 13195 12598
13112 13427 12803
14743 15370 14371
16062 16779 15417
12/97 16145 17151 15969
18039 19132 17495
17364 19232 17348
15666 16748 15939
12/98 17709 19668 18004
17480 20228 17887
20011 22413 19613
17629 20345 18027
12/99 17179 22170 18771
16512 22222 18829
16069 21268 18561
17112 23142 19920
12/00 18971 23519 20602
18109 21984 19490
19171 22952 20209
17276 19233 18365
12/01 18756 20765 19506
19562 21040 20152
17855 18800 18316
14069 14954 15232
12/02 15570 16435 16411
14435 15529 15591
16572 18455 18046
17022 18924 18382
12/03 19170 21659 20739
19763 22384 21222
20223 22562 21417
20345 22797 21525
12/04 22102 25061 23483

[PIE CHART]

PORTFOLIO INVESTMENTS
AS A PERCENTAGE OF TOTAL INVESTMENTS*

CONSUMER DISCRETIONARY (12.3%)
CONSUMER STAPLES (10.2%)
ENERGY (6.2%)
FINANCIALS (25.5%)
HEALTH CARE (4.5%)
INDUSTRIALS (15.6%)
INFORMATION TECHNOLOGY (5.8%)
MATERIALS (6.2%)
TELECOMMUNICATION SERVICES (4.6%)
Utilities (5.3%)
MONEY MARKET FUNDS (3.8%)

AVERAGE ANNUAL TOTAL RETURNS(1)
(PERIOD ENDED DECEMBER 31, 2004)

15.29% 5.62% 5.17% 8.96%
- --------------------------------------------------------------------------

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

(2) The Russell 1000(R) Value Index is an unmanaged Index comprised of 1000
securities found within 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 dividends yields, and lower forecasted growth
values. Investors cannot invest directly in an index.

*Portfolio composition is subject to change.

The Fund is measured against the S&P 500/BARRA Value Index an unmanaged market
capitalization-weighted index of the stocks in the Standard & Poor's 500 Index
having the lowest price to book ratios. The index consists of approximately half
of the S&P 500 Index on a market capitalization basis. 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.

STI CLASSIC VARIABLE TRUST INVESTMENT GRADE BOND FUND
- --------------------------------------------------------------------------------
STI CLASSIC VARIABLE TRUST December 31, 2004

INVESTMENT CONSIDERATIONS

- --------------------------------------------------------------------------------
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.
- --------------------------------------------------------------------------------

The STI Classic Variable Trust Investment Grade Bond Fund ("the Fund") seeks to
provide a high level of total return through current income and capital
appreciation as is consistent with the preservation of capital primarily through
investment in investment grade fixed income securities. Total return includes
not only current income but also the changes in the value of the assets held by
the Fund. For the year ended December 31, 2004, the Fund had a total return of
of 4.16%, in line with the 4.19% return of the Lehman Brothers U.S.
Government/Credit Index.

The year 2004 began in the midst of a slow, but visible economic expansion.
Interest rates were artificially low led primarily by a moribund employment
environment. As the economy gained steam and non-farm payroll releases relayed
the first of twelve consecutive months of job increases, the Fed became
pro-active and the yield curve flattened considerable. The Fed raised short term
rates four times beginning on June 30, bringing the Fed Funds rate up from 1.00%
to 2.00%. The spread between two and thirty year Treasury securities fell
precipitously from 4.15% to 2.61%. While short rate rose, longer-term rates
actually ended the year lower. Inflation remained benign despite a nominal rise.
This shift in the yield curve, along with the continuing strength of the credit
markets, was critical to the Fund's investment strategy.

The Fund's success was driven by three principal investment strategies: an
overweight in credit securities, yield curve flattening bias and the use of U.S.
Treasury Inflation Protected Securities. The Fund's consistent overweight in
credit, particularly BBB-rated securities was an essential contributor to
performance.*

We continue to manage the Fund with only moderate shifts in average maturity and
duration. The total return is enhanced with yield curve analysis, sector
rotation, and other low risk strategies. By actively pursuing these strategies,
the Fund strives to add total return while reducing risk.

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.

*Portfolio composition is subject to change.

- --------------------------------------------------------------------------------

[GRAPH]

COMPARISON OF CHANGE IN THE VALUE
OF A $10,000 HYPOTHETICAL INVESTMENT

LIPPER INTERMEDIATE
STI CLASSIC VARIABLE TRUST LEHMAN BROTHERS U.S. INVESTMENT-GRADE
INVESTMENT GRADE BOND FUND GOVERNMENT/CREDIT INDEX DEBT FUNDS AVERAGE

10/2/95 10000 10000 10000
10368 10314 10289
10159 10073 10092
10192 10120 10128
10330 10299 10319
12/96 10605 10614 10631
10520 10522 10573
10885 10905 10942
11224 11287 11298
12/97 11543 11649 11571
11746 11826 11753
12042 12135 12004
12682 12736 12429
12/98 12626 12753 12450
12546 12601 12382
12393 12463 12233
12494 12530 12291
12/99 12415 12479 12270
12687 12815 12493
12463 13001 12629
12780 13374 12980
12/00 13200 13958 13473
13888 14405 13890
13921 14448 13932
14548 15136 14520
12/01 14413 15145 14489
14263 15073 14454
14494 15639 14853
15225 16530 15415
12/02 15480 16816 15676
15726 17093 15917
16155 17695 16358
16065 17606 16327
12/03 16024 17601 16397
16530 18143 16806
15952 17568 16383
16493 18193 16871
12/04 16691 18339 17039

[PIE CHART]

PORTFOLIO INVESTMENTS
AS A PERCENTAGE OF TOTAL INVESTMENTS*

U.S. TREASURY OBLIGATIONS (67.9%)
CORPORATE BONDS (25.5%)
REPURCHASE AGREEMENTS (3.6%)
U.S. GOVERNMENT AGENCIES (1.8%)
FOREIGN GOVERNMENT BONDS (1.2%)

AVERAGE ANNUAL TOTAL RETURNS(1)
(PERIOD ENDED DECEMBER 31, 2004)
- --------------------------------------------------------------------------
ANNUALIZED INCEPTION
ONE YEAR THREE YEARS FIVE YEARS TO DATE (10/2/95)
- --------------------------------------------------------------------------
4.16% 5.01% 6.10% 5.70%
- --------------------------------------------------------------------------

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

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.

SCHEDULE OF PORTFOLIO INVESTMENTS
STI CLASSIC VARIABLE TRUST December 31, 2004 (Amounts in thousands, except
shares)

CAPITAL APPRECIATION FUND

<Table>
<Caption>
- ------------------------------------------------------
Shares Value
- ------------------------------------------------------

COMMON STOCKS (98.3%)
CONSUMER DISCRETIONARY (16.0%)
Harley-Davidson, Inc. 18,200 $ 1,106
Home Depot, Inc. (The) 23,800 1,017
J. C. Penney Co., Inc. 22,400 927
Kohl's Corp. * 15,200 747
Lowe's Cos., Inc. 9,400 541
Marriott International, Inc.,
Class A 14,200 894
Staples, Inc. 22,300 752
Target Corp. 19,500 1,013
Time Warner, Inc. * 63,400 1,233
Walt Disney Co. (The) 19,700 548
-------
8,778
-------
CONSUMER STAPLES (8.4%)
Avon Products, Inc. 19,600 759
Clorox Co. (The) 14,100 831
Gillette Co. (The) 20,500 918
Sara Lee Corp. 36,700 886
Walgreen Co. 31,000 1,189
-------
4,583
-------
ENERGY (4.1%)
Anadarko Petroleum Corp. 6,800 441
Exxon Mobil Corp. 35,400 1,814
-------
2,255
-------
FINANCIALS (21.3%)
American Express Co. 28,600 1,611
American International Group,
Inc. 8,800 578
Bank of New York Co., Inc.
(The) 14,700 491
Chubb Corp. (The) 15,000 1,154
Citigroup, Inc. 19,400 935
Comerica, Inc. 10,200 622
Freddie Mac 15,000 1,106
Goldman Sachs Group, Inc.
(The) 10,000 1,040
</Table>

<Table>
<Caption>
- ------------------------------------------------------
Shares Value
- ------------------------------------------------------

FINANCIALS--CONTINUED
MGIC Investment Corp. 14,700 $ 1,013
SLM Corp. 17,600 940
U.S. Bancorp 37,100 1,162
Wells Fargo & Co. 17,300 1,075
-------
11,727
-------
HEALTH CARE (10.3%)
Biomet, Inc. 19,500 846
Boston Scientific Corp. * 24,800 882
Johnson & Johnson 8,700 552
Medtronic, Inc. 21,400 1,063
St. Jude Medical, Inc. * 26,000 1,090
Stryker Corp. 24,900 1,201
-------
5,634
-------
INDUSTRIALS (17.4%)
Boeing Co. (The) 17,500 906
Danaher Corp. 11,800 677
Deere & Co. 11,600 863
Dover Corp. 12,900 541
Emerson Electric Co. 15,100 1,059
General Electric Co. 29,000 1,058
Honeywell International, Inc. 14,400 510
Illinois Tool Works, Inc. 4,800 445
L-3 Communications Holdings,
Inc. 8,000 586
Northrop Grumman Corp. 17,200 935
Parker Hannifin Corp. 10,500 795
Raytheon Co. 21,500 835
Southwest Airlines Co. 20,000 326
-------
9,536
-------
INFORMATION TECHNOLOGY (19.7%)
Amdocs Ltd. * 23,500 617
Automatic Data Processing,
Inc. 17,700 785
Avaya, Inc. * 53,200 915
CDW Corp. 7,200 478
Cisco Systems, Inc. * 56,200 1,085
</Table>

<Table>
<Caption>
- ------------------------------------------------------
Shares Value
- ------------------------------------------------------

INFORMATION TECHNOLOGY--CONTINUED
Computer Sciences Corp. * 8,500 $ 479
Dell, Inc. * 14,800 624
EMC Corp. * 50,000 744
Lexmark International, Inc.,
Class A * 11,800 1,003
Microsoft Corp. 44,000 1,174
NCR Corp. * 14,600 1,011
Oracle Corp. * 52,000 713
Tellabs, Inc. * 85,800 737
VeriSign, Inc. * 13,800 463
-------
10,828
-------
MATERIALS (1.1%)
Air Products and Chemicals,
Inc. 10,000 580
-------
Total Common Stocks (Cost
$46,437) 53,921
-------
</Table>

<Table>
<Caption>
- ------------------------------------------------------
Shares Value
- ------------------------------------------------------

MONEY MARKET FUNDS (1.8%)
Federated Prime Value
Obligations Fund, Class I 989,761 $ 990
-------
Total Money Market Funds (Cost
$990) 990
-------
Total Investments (Cost $47,427)
(a) -- 100.1% 54,911
Liabilities in excess of other
assets -- (0.1)% (49)
-------
Net Assets -- 100.0% $54,862
=======
</Table>

See notes to schedules of portfolio investments and notes to financial
statements.
18

SCHEDULE OF PORTFOLIO INVESTMENTS
STI CLASSIC VARIABLE TRUST December 31, 2004 (Amounts in thousands, except
shares)

GROWTH AND INCOME FUND

<Table>
<Caption>
- -------------------------------------------------------
Shares Value
- -------------------------------------------------------

COMMON STOCKS (99.6%)
CONSUMER DISCRETIONARY (10.1%)
Advance Auto Parts, Inc. * 5,000 $ 218
Gannett Co., Inc. 1,500 123
Jones Apparel Group, Inc. 1,500 55
Kohl's Corp. * 3,000 148
May Department Stores Co. (The) 3,125 92
Target Corp. 3,000 156
Viacom, Inc., Class B 7,000 254
Walt Disney Co. (The) 4,000 111
-------
1,157
-------
CONSUMER STAPLES (10.2%)
Archer Daniels Midland Co. 10,000 223
Clorox Co. (The) 3,000 177
Kimberly-Clark Corp. 2,000 132
PepsiCo, Inc. 2,250 117
Sara Lee Corp. 7,000 169
SYSCO Corp. 1,000 38
Wal-Mart Stores, Inc. 3,500 185
Wm. Wrigley Jr. Co. 1,800 125
-------
1,166
-------
ENERGY (9.4%)
Anadarko Petroleum Corp. 1,700 110
Burlington Resources, Inc. 2,500 109
ChevronTexaco Corp. 3,000 158
ConocoPhillips 1,700 148
Exxon Mobil Corp. 4,000 205
Kerr-McGee Corp. 3,000 173
Royal Dutch Petroleum Co. ADR 3,000 172
-------
1,075
-------
FINANCIALS (22.9%)
American International Group,
Inc. 1,600 105
Bank of America Corp. 5,000 235
Berkshire Hathaway, Inc., Class
B * 60 176
</Table>

<Table>
<Caption>
- -------------------------------------------------------
Shares Value
- -------------------------------------------------------

FINANCIALS--CONTINUED
Cincinnati Financial Corp. 4,000 $ 177
Citigroup, Inc. 6,000 288
Fannie Mae 500 36
Fifth Third Bancorp 3,000 142
Genworth Financial, Inc., Class
A 7,500 203
Goldman Sachs Group, Inc. (The) 1,300 135
MBNA Corp. 4,000 113
MGIC Investment Corp. 1,500 103
Morgan Stanley 2,000 111
Principal Financial Group,
Inc. 6,000 246
Prudential Financial, Inc. 3,500 192
U.S. Bancorp 7,000 219
Wells Fargo & Co. 2,500 155
-------
2,636
-------
HEALTH CARE (10.7%)
Abbott Laboratories 2,000 93
Bristol-Myers Squibb Co. 10,000 256
Express Scripts, Inc. * 1,200 92
Johnson & Johnson 1,500 95
Medtronic, Inc. 1,500 75
Merck & Co., Inc. 2,000 64
Pfizer, Inc. 12,000 323
WellPoint, Inc. * 2,000 230
-------
1,228
-------
INDUSTRIALS (12.2%)
Cendant Corp. 7,000 163
Cooper Industries Ltd., Class A 2,200 149
Emerson Electric Co. 2,000 140
General Electric Co. 6,000 218
Honeywell International, Inc. 4,000 142
Illinois Tool Works, Inc. 1,000 93
Norfolk Southern Corp. 3,500 127
Rockwell Automation, Inc. 3,000 149
</Table>

<Table>
<Caption>
- -------------------------------------------------------
Shares Value
- -------------------------------------------------------

INDUSTRIALS--CONTINUED
Textron, Inc. 1,800 $ 133
United Technologies Corp. 750 78
-------
1,392
-------
INFORMATION TECHNOLOGY (11.8%)
Agilent Technologies, Inc. * 6,000 145
Cisco Systems, Inc. * 5,000 97
First Data Corp. 4,000 169
Intel Corp. 4,000 94
International Business Machines
Corp. 1,200 118
Microsoft Corp. 5,000 134
Nokia Corp. ADR 12,000 187
Storage Technology Corp. * 3,500 111
SunGard Data Systems, Inc. * 5,000 142
Texas Instruments, Inc. 6,000 148
-------
1,345
-------
MATERIALS (3.9%)
E.I. du Pont de Nemours & Co. 2,000 98
International Paper Co. 2,000 84
Neenah Paper, Inc. * 60 2
Praxair, Inc. 3,000 132
Sigma-Aldrich Corp. 2,200 134
-------
450
-------
TELECOMMUNICATION SERVICES (3.3%)
ALLTEL Corp. 700 41
Verizon Communications, Inc. 5,000 203
Vodafone Group PLC ADR 5,000 137
-------
381
-------
</Table>

<Table>
<Caption>
- -------------------------------------------------------
Shares Value
- -------------------------------------------------------

UTILITIES (5.1%)
American Electric Power Co.,
Inc. 4,500 $ 155
Edison International 4,000 128
Exelon Corp. 3,500 154
Questar Corp. 2,000 102
SCANA Corp. 1,000 39
-------
578
-------
Total Common Stocks (Cost $9,471) 11,408
-------
MONEY MARKET FUNDS (0.5%)
Federated Prime Value
Obligations Fund, Class I 52,235 52
-------
Total Money Market Funds (Cost
$52) 52
-------
Total Investments (Cost $9,523)
(a) -- 100.1% 11,460
Liabilities in excess of other
assets -- (0.1)% (16)
-------
Net Assets -- 100.0% $11,444
=======
</Table>

See notes to schedules of portfolio investments and notes to financial
statements.
20

SCHEDULE OF PORTFOLIO INVESTMENTS
STI CLASSIC VARIABLE TRUST December 31, 2004 (Amounts in thousands, except
shares)

INTERNATIONAL EQUITY FUND

<Table>
<Caption>
- ------------------------------------------------------
Shares Value
- ------------------------------------------------------

FOREIGN COMMON STOCKS (98.0%)
AUSTRALIA (4.9%)
Australia & New Zealand Banking
Group Ltd. 1,936 $ 31
BlueScope Steel Ltd. 4,770 31
Boral Ltd. 5,048 27
News Corp. Ltd. (The), Class B
(c) 400 8
Orica Ltd. 1,910 30
Origin Energy Ltd. 1,644 9
Pacific Brands Ltd. 8,378 21
Publishing & Broadcasting Ltd. 2,500 34
Qantas Airways Ltd. 11,874 35
QBE Insurance Group Ltd. 2,600 31
West Australian Newspapers
Holdings Ltd. (c) 2,259 16
Westpac Banking Corp. 2,169 33
------
306
------
BELGIUM (0.8%)
Delhaize Group 361 28
Fortis 876 24
------
52
------
DENMARK (1.2%)
Danske Bank A/S 1,200 37
TDC A/S 900 38
------
75
------
FINLAND (1.3%)
Fortum Corp. 1,800 33
Nokia Corp. 2,225 35
Tietoenator Oyj 500 16
------
84
------
FRANCE (9.6%)
Alcatel * 1,483 23
AXA 1,754 43
BNP Paribas 933 67
Bouygues SA 435 20
Compagnie de Saint-Gobain 389 23
</Table>

<Table>
<Caption>
- ------------------------------------------------------
Shares Value
- ------------------------------------------------------

FRANCE--CONTINUED
France Telecom SA 1,164 $ 38
Lafarge SA 419 40
Metropole Television SA 435 12
Pernod Ricard 151 23
PSA Peugeot Citroen SA 297 19
Sanofi-Aventis 579 46
Schneider Electric SA 284 20
Societe Generale 512 52
SUEZ SA 876 23
TOTAL SA 375 83
VINCI (c) 288 39
Vivendi Universal SA * 904 29
------
600
------
GERMANY (8.0%)
adidas-Salomon AG 255 41
Allianz Group 342 45
BASF AG 590 42
Bayer AG 344 12
Bayerische Motoren Werke AG 236 11
Continental AG 395 25
DaimlerChrysler AG 520 25
Deutsche Bank AG 160 14
Deutsche Telekom AG * 2,647 60
E.ON AG 697 64
METRO AG 623 34
SAP AG 160 28
Schering AG 633 47
Siemens AG 637 54
------
502
------
HONG KONG (2.1%)
Bank of East Asia Ltd. 4,674 15
BOC Hong Kong (Holdings) Ltd. 6,000 11
Cheung Kong (Holdings) Ltd. 3,000 30
CNOOC Ltd. 31,000 17
Esprit Holdings Ltd. 2,300 14
</Table>

<Table>
<Caption>
- ------------------------------------------------------
Shares Value
- ------------------------------------------------------

HONG KONG--CONTINUED
Hutchison Whampoa Ltd. 3,447 $ 32
Orient Overseas (International)
Ltd. 4,000 15
------
134
------
IRELAND (0.7%)
CRH PLC 1,051 28
Irish Life & Permanent PLC 750 14
------
42
------
ITALY (3.2%)
Banca Intesa SpA 7,587 36
Eni SpA 2,599 65
Mediaset SpA 3,061 39
Saipem SpA 570 7
Telecom Italia SpA 7,924 32
UniCredito Italiano SpA 3,052 18
------
197
------
JAPAN (21.7%)
Aiful Corp. 200 22
Aisin Seiki Co. Ltd. 800 20
Asahi Breweries Ltd. 1,800 22
Bank of Fukuoka Ltd. (The) 3,000 20
Bridgestone Corp. 1,000 20
Canon, Inc. 800 44
Citizen Watch Co. Ltd. 1,500 14
Daiichi Pharmaceutical Co.
Ltd. 1,500 33
Daiwa Securities Group, Inc. 2,000 14
DENSO Corp. 900 24
East Japan Railway Co. 5 28
Fuji Photo Film Co. Ltd. 500 18
Hitachi Chemical Co. Ltd. 600 11
Hitachi Ltd. 4,100 28
Honda Motor Co. Ltd. 502 26
Ibiden Co. Ltd. 700 14
Japan Tobacco, Inc. 2 23
JFE Holdings, Inc. 600 17
Joyo Bank Ltd. (The) 4,000 20
</Table>

<Table>
<Caption>
- ------------------------------------------------------
Shares Value
- ------------------------------------------------------

JAPAN--CONTINUED
Kaneka Corp. 1,000 $ 11
Kansai Electric Power Co., Inc.
(The) 900 18
Komatsu Ltd. 4,000 28
Kubota Corp. 4,000 20
Kuraray Co. Ltd. 3,000 27
Kyocera Corp. 200 15
Kyushu Electric Power Co.,
Inc. 500 10
Marubeni Corp. 4,000 11
Matsushita Electric Industrial
Co. Ltd. 1,000 16
Matsushita Electric Works Ltd. 2,000 17
Mitsubishi Corp. 1,600 21
Mitsubishi Electric Corp. 3,000 15
Mitsubishi Estate Co. Ltd. 1,000 12
Mitsubishi Tokyo Financial
Group, Inc. 3 30
Mitsui & Co. Ltd. 2,000 18
Mitsui Fudosan Co. Ltd. 2,000 24
Mitsui O.S.K. Lines Ltd. 4,000 24
Mizuho Financial Group, Inc. 3 15
Nintendo Co. Ltd. 100 13
Nippon Oil Corp. 3,000 19
Nippon Steel Corp. 5,000 12
Nippon Telegraph & Telephone
Corp. 4 18
Nippon Yusen KK 4,000 22
NTT DoCoMo, Inc. 10 18
OMRON Corp. 800 19
ORIX Corp. 200 27
Osaka Gas Co. Ltd. 4,000 12
Resona Holdings, Inc. * 6,000 12
Sankyo Co. Ltd. 600 31
Sankyo Co. Ltd. (Gunma) 1,200 27
Seiko Epson Corp. 500 22
Sekisui Chemical Co. Ltd. 3,000 22
Sompo Japan Insurance, Inc. 1,000 10
Sony Corp. 600 23
</Table>

SCHEDULE OF PORTFOLIO INVESTMENTS
STI CLASSIC VARIABLE TRUST December 31, 2004 (Amounts in thousands, except
shares)

INTERNATIONAL EQUITY FUND -- CONCLUDED

<Table>
<Caption>
- ------------------------------------------------------
Shares Value
- ------------------------------------------------------

JAPAN--CONTINUED
Sumitomo Chemical Co. Ltd. 3,000 $ 15
Sumitomo Metal Industries Ltd. 9,000 12
Sumitomo Metal Mining Co. Ltd. 2,000 14
Sumitomo Mitsui Financial
Group, Inc. 3 22
Sumitomo Trust & Banking Co.
Ltd. (The) 4,000 29
Takeda Pharmaceutical Co. Ltd. 700 36
Terumo Corp. 700 19
Tokyo Electric Power Co., Inc.
(The) 900 22
Toray Industries, Inc. 4,000 19
Toyota Motor Corp. 2,013 83
West Japan Railway Co. 4 16
Yamada Denki Co. 100 4
------
1,348
------
NETHERLANDS (4.3%)
ABN AMRO Holding NV 1,980 52
Akzo Nobel NV 783 33
ING Groep NV 1,948 59
Royal Dutch Petroleum Co. 621 36
Royal KPN NV 3,937 37
Royal Philips Electronics NV 1,959 52
------
269
------
NEW ZEALAND (0.6%)
Fletcher Building Ltd. 8,109 39
------
NORWAY (1.3%)
Orkla ASA 1,050 35
Statoil ASA 1,400 22
Telenor ASA 2,700 24
------
81
------
</Table>

<Table>
<Caption>
- ------------------------------------------------------
Shares Value
- ------------------------------------------------------

SINGAPORE (0.4%)
DBS Group Holdings Ltd. 2,000 $ 20
Singapore Telecommunications
Ltd. 5,360 8
------
28
------
SPAIN (3.9%)
Altadis SA 299 14
Banco Santander Central Hispano
SA 3,757 47
Endesa SA 1,543 36
Gestevision Telecinco SA * 127 3
Repsol YPF SA 2,173 56
Sociedad General de Aguas de
Barcelona SA, Class A 748 16
Telefonica SA 3,357 62
Union Fenosa SA 426 11
------
245
------
SWEDEN (3.3%)
Autoliv, Inc. 291 14
Nordea Bank AB 5,700 57
Sandvik AB 533 22
Svenska Handelsbanken AB, Class
A 1,300 34
Telefonaktiebolaget LM Ericsson
* 17,800 56
Volvo AB, Class B 600 24
------
207
------
SWITZERLAND (5.9%)
Credit Suisse Group 1,278 54
Nestle SA 215 56
Novartis AG 2,115 107
Roche Holding Ltd. 325 37
UBS AG 893 75
Zurich Financial Services 249 41
------
370
------
</Table>

<Table>
<Caption>
- ------------------------------------------------------
Shares Value
- ------------------------------------------------------

UNITED KINGDOM (24.8%)
"Shell" Transport & Trading Co.
PLC (The) 7,737 $ 66
Alliance UniChem PLC 2,357 34
Anglo Irish Bank Corp. PLC 1,505 36
AstraZeneca PLC 774 28
Aviva PLC 4,841 58
Balfour Beatty PLC 4,767 29
Barclays PLC 7,181 81
BHP Billiton PLC 4,879 57
BP PLC 16,168 158
BPB PLC 4,066 37
British American Tobacco PLC 1,729 30
BT Group PLC 10,184 40
Burberry Group PLC 2,642 20
Centrica PLC 4,818 22
CRH PLC (e) 18 --
Dixons Group PLC 6,506 19
George Wimpey PLC 5,828 45
GlaxoSmithKline PLC 4,317 101
HBOS PLC 4,901 80
HMV Group PLC 3,954 20
HSBC Holdings PLC 8,307 140
Kesa Electricals PLC 4,650 25
mmO2 PLC * 13,169 31
Next PLC 1,270 40
Northern Rock PLC 1,099 16
Pennon Group PLC 189 4
Pilkington PLC 16,202 34
Royal Bank of Scotland Group
PLC (The) 805 27
SABMiller PLC 2,297 38
Tesco PLC 8,545 53
Vodafone Group PLC 38,826 105
Whitbread Group PLC 1,974 32
William Hill Organization Ltd. 3,448 37
------
1,543
------
Total Foreign Common Stocks (Cost
$4,369) 6,122
------
</Table>

<Table>
<Caption>
- ------------------------------------------------------
Shares Value
- ------------------------------------------------------

SHORT-TERM INVESTMENTS (2.8%)
Boston Global Investment
Trust -- Enhanced Portfolio
(d) 43,366 $ 43
Brown Brothers Harriman & Co.,
Cayman Islands Cash Sweep 128,714 129
------
Total Short-Term Investments
(Cost $172) 172
------
Total Investments (Cost $4,541)
(a) -- 100.8% 6,294
Liabilities in excess of other
assets -- (0.8)% (51)
------
Net Assets -- 100.0% $6,243
======
</Table>

The investment concentrations for the International Equity Fund as a percentage
of net assets, by industry, as of December 31, 2004, were as follows
(unaudited):

<Table>

Short-Term Investments........................ 2.8%
Consumer Discretionary........................ 14.3
Consumer Staples.............................. 5.5
Energy........................................ 8.7
Financials.................................... 26.3
Health Care................................... 8.2
Industrials................................... 9.4
Information Technology........................ 5.2
Materials..................................... 7.6
Telecommunication Services.................... 8.5
Utilities..................................... 4.3
</Table>

See notes to schedules of portfolio investments and notes to financial
statements.
24

SCHEDULE OF PORTFOLIO INVESTMENTS
STI CLASSIC VARIABLE TRUST December 31, 2004 (Amounts in thousands, except
shares)

MID-CAP EQUITY FUND

<Table>
<Caption>
- ------------------------------------------------------
Shares Value
- ------------------------------------------------------

COMMON STOCKS (99.5%)
CONSUMER DISCRETIONARY (16.8%)
Abercrombie & Fitch Co., Class
A 4,161 $ 195
American Axle & Manufacturing
Holdings, Inc. 4,185 128
American Eagle Outfitters,
Inc. 1,877 88
Bed Bath & Beyond, Inc. * 2,882 115
Choice Hotels International,
Inc. 3,100 180
Coach, Inc. * 1,908 108
Corning, Inc. * 10,142 119
Dollar General Corp. 5,170 107
Hilton Hotels Corp. 3,011 68
International Game Technology 2,411 83
J. C. Penney Co., Inc. 1,560 65
Knight-Ridder, Inc. 1,674 112
Lennar Corp., Class A 3,785 215
Limited Brands, Inc. 2,434 56
Marvel Enterprises, Inc. * 1,461 30
McGraw-Hill Cos., Inc. (The) 2,176 199
PACCAR, Inc. 855 69
Pacific Sunwear of California,
Inc. * 2,700 60
Scholastic Corp. * 3,327 123
Staples, Inc. 3,489 118
TJX Cos., Inc. (The) 4,685 118
Univision Communications,
Inc., Class A * 2,394 70
YUM! Brands, Inc. 6,837 323
-------
2,749
-------
CONSUMER STAPLES (3.5%)
7-Eleven, Inc. * 5,653 135
Archer Daniels Midland Co. 4,697 105
Reynolds American, Inc. 4,176 328
-------
568
-------
</Table>

<Table>
<Caption>
- ------------------------------------------------------
Shares Value
- ------------------------------------------------------

ENERGY (5.9%)
Amerada Hess Corp. 3,370 $ 278
Ashland, Inc. 4,156 243
Marathon Oil Corp. 7,215 271
Unocal Corp. 1,431 62
Valero Energy Corp. 2,654 120
-------
974
-------
FINANCIALS (22.9%)
American Capital Strategies
Ltd. (c) 3,257 109
Annaly Mortgage Management,
Inc. (c) 6,670 131
Arch Capital Group Ltd. * 787 30
Bear Stearns Cos., Inc. 534 55
Brandywine Realty Trust 2,421 71
Comerica, Inc. 1,532 93
E*TRADE Financial Corp. * 6,426 96
General Growth Properties,
Inc. 4,735 171
H & R Block, Inc. 2,821 138
Hospitality Properties Trust 2,841 131
Huntington Bancshares, Inc. 3,969 98
IndyMac Bancorp, Inc. 4,598 158
Jefferies Group, Inc. 2,660 107
Legg Mason, Inc. 929 68
Lexington Corp. Properties
Trust 4,913 111
Lincoln National Corp. 4,670 218
MBIA, Inc. 1,057 67
MGIC Investment Corp. 1,623 112
National City Corp. 2,334 88
New York Community Bancorp 3,941 81
North Fork Bancorporation,
Inc. 2,217 64
PartnerRe Ltd. 2,660 165
PMI Group, Inc. (The) 3,105 130
Principal Financial Group,
Inc. 3,312 136
Radian Group, Inc. 1,565 83
Regions Financial Corp. 2,732 97
</Table>

<Table>
<Caption>
- ------------------------------------------------------
Shares Value
- ------------------------------------------------------

FINANCIALS--CONTINUED
Senior Housing Properties
Trust 3,953 $ 75
SL Green Realty Corp. 2,261 137
Sovereign BanCorp, Inc. 5,651 127
St. Paul Travelers Cos., Inc.
(The) 4,005 148
Student Loan Corp. (The) 1,568 289
Westcorp 3,675 169
-------
3,753
-------
HEALTH CARE (11.6%)
Biomet, Inc. 2,050 89
CIGNA Corp. 2,388 195
Coventry Health Care, Inc. * 2,705 144
Genzyme Corp. * 1,730 100
Hospira, Inc. * 1,971 66
Humana, Inc. * 5,383 160
ImClone Systems, Inc. * 1,624 75
Laboratory Corp. of America
Holdings * 2,579 128
Medco Health Solutions, Inc. * 2,674 111
Monsanto Co. 5,975 332
Onyx Pharmaceuticals, Inc. * 1,054 34
PacifiCare Health Systems,
Inc. * 2,056 116
Sepracor, Inc. * 2,334 139
Thermo Electron Corp. * 1,578 48
WellPoint, Inc. * 1,434 165
-------
1,902
-------
INDUSTRIALS (15.2%)
Arrow Electronics, Inc. * 5,588 136
Avnet, Inc. * 5,249 96
Black & Decker Corp. (The) 1,379 122
Deluxe Corp. 2,773 104
Eaton Corp. 2,634 191
M. D. C. Holdings, Inc. 1,936 167
National Semiconductor Corp. 6,927 124
NVR, Inc. * 233 179
</Table>

<Table>
<Caption>
- ------------------------------------------------------
Shares Value
- ------------------------------------------------------

INDUSTRIALS--CONTINUED
Old Dominion Freight Line,
Inc. * 1,316 $ 46
Pitney Bowes, Inc. 5,781 268
Rockwell Collins, Inc. 7,230 284
Ryder System, Inc. 3,412 163
Ryland Group, Inc. (The) 3,788 218
Southwest Airlines Co. 7,013 114
Textron, Inc. 3,184 235
Universal Technical Institute,
Inc. * 1,115 43
-------
2,490
-------
INFORMATION TECHNOLOGY (13.1%)
Adobe Systems, Inc. 2,133 134
Advanced Micro Devices, Inc. * 2,737 60
Alliance Data Systems Corp. * 735 35
Apple Computer, Inc. * 2,806 181
Autodesk, Inc. 3,370 128
Avaya, Inc. * 8,425 145
BMC Software, Inc. * 2,966 55
Check Point Software
Technologies Ltd. * 1,967 48
Citrix Systems, Inc. * 3,189 78
Computer Associates
International, Inc. 1,737 54
Cree, Inc. * 1,202 48
Electronic Arts, Inc. * 2,743 169
Iron Mountain, Inc. * 1,447 44
Juniper Networks, Inc. * 4,107 112
LSI Logic Corp. * 7,353 40
McAfee, Inc. * 3,616 105
MEMC Electronic Materials,
Inc. * 4,272 57
Molex, Inc. 2,971 89
Novellus Systems, Inc. * 3,892 109
SunGard Data Systems, Inc. * 1,951 55
Symantec Corp. * 1,755 45
Thomas & Betts Corp. * 1,020 31
</Table>

SCHEDULE OF PORTFOLIO INVESTMENTS
STI CLASSIC VARIABLE TRUST December 31, 2004 (Amounts in thousands, except
shares)

MID-CAP EQUITY FUND -- CONCLUDED

<Table>
<Caption>
- ------------------------------------------------------
Shares Value
- ------------------------------------------------------

INFORMATION TECHNOLOGY--CONTINUED
VERITAS Software Corp. * 3,892 $ 111
Xerox Corp. * 12,126 207
-------
2,140
-------
MATERIALS (3.4%)
Arch Coal, Inc. 1,561 55
Ball Corp. 7,194 317
Freeport-McMoRan Copper &
Gold, Inc., Class B 1,492 57
Lubrizol Corp. (The) 3,628 134
-------
563
-------
TELECOMMUNICATION SERVICES (0.8%)
Citizens Communications Co. 6,477 89
Western Wireless Corp., Class
A * 1,185 35
-------
124
-------
UTILITIES (6.3%)
Equitable Resources, Inc. 5,133 311
Northeast Utilities 11,766 222
PG&E Corp. * 2,768 92
UGI Corp. 7,425 304
Xcel Energy, Inc. 5,736 104
-------
1,033
-------
Total Common Stocks (Cost
$12,820) 16,296
-------
</Table>

<Table>
<Caption>
- ------------------------------------------------------
Shares Value
- ------------------------------------------------------

SHORT-TERM INVESTMENTS (1.4%)
Boston Global Investment
Trust -- Enhanced Portfolio
(d) 232,350 $ 232
-------
Total Short-Term Investments
(Cost $232) 232
-------
MONEY MARKET FUNDS (0.6%)
Federated Prime Value
Obligations Fund, Class I 93,088 93
-------
Total Money Market Funds (Cost
$93) 93
-------
Total Investments (Cost $13,145)
(a) -- 101.5% 16,621
Liabilities in excess of other
assets -- (1.5)% (239)
-------
Net Assets -- 100.0% $16,382
=======
</Table>

See notes to schedules of portfolio investments and notes to financial
statements.
27

SMALL CAP VALUE EQUITY FUND

<Table>
<Caption>
- -----------------------------------------------------
Shares Value
- -----------------------------------------------------

COMMON STOCKS (94.8%)
CONSUMER DISCRETIONARY (20.3%)
ArvinMeritor, Inc. (c) 8,900 $ 199
Bassett Furniture
Industries, Inc. 6,400 126
Benetton Group SpA ADR 7,500 201
Books-A-Million, Inc. 12,500 120
CBRL Group, Inc. 12,700 531
Fairmont Hotels & Resorts,
Inc. 12,200 422
Grupo Elektra, SA de CV ADR 8,000 298
Intrawest Corp. 14,900 343
K-Swiss, Inc., Class A 13,500 393
Lan Airlines SA ADR 9,400 303
Lithia Motors, Inc. 12,300 330
Makita Corp. ADR 17,852 317
Marine Products Corp. 1,814 47
Movado Group, Inc. 19,700 367
Natuzzi SpA ADR 8,400 91
Nautilus Group, Inc. (The)
(c) 11,500 278
Pep Boys-Manny, Moe & Jack
(The) 3,800 65
Ritchie Bros. Auctioneers,
Inc. 4,000 132
Sturm, Ruger & Co., Inc. 5,500 50
United Auto Group, Inc. 10,600 314
Winnebago Industries, Inc. 8,800 344
-------
5,271
-------
CONSUMER STAPLES (3.5%)
Adolph Coors Co., Class B 3,000 227
Church & Dwight Co., Inc. 11,250 378
J.M. Smucker Co. (The) 6,375 300
-------
905
-------
ENERGY (2.7%)
Arch Coal, Inc. 7,000 249
Peabody Energy Corp. 5,600 454
-------
703
-------
</Table>

<Table>
<Caption>
- -----------------------------------------------------
Shares Value
- -----------------------------------------------------

FINANCIALS (14.6%)
American Financial Group,
Inc. 6,600 $ 207
BankAtlantic Bancorp, Inc. 12,900 257
Banner Corp. 3,500 109
City National Corp. 3,400 240
Cohen & Steers, Inc. 11,400 185
Colonial BancGroup, Inc.
(The) 11,100 236
Glacier Bancorp, Inc. 5,738 195
HCC Insurance Holdings,
Inc. 9,200 305
Horizon Financial Corp. 7,256 149
Hub International Ltd. 19,400 357
International Bancshares
Corp. 3,000 118
Jefferies Group, Inc. 5,600 226
PXRE Group Ltd. 5,300 134
Scottish Annuity & Life (c) 5,400 140
Seacoast Banking Corp. of
Florida 6,710 149
StanCorp Financial Group,
Inc. 5,400 445
Washington Federal, Inc. (c) 5,787 154
West Coast Bancorp 7,076 180
-------
3,786
-------
HEALTH CARE (7.8%)
Cambrex Corp. 13,100 355
Cooper Cos., Inc. (The) 10,000 706
Invacare Corp. 5,100 236
Mentor Corp. 13,100 442
Perrigo Co. (c) 16,100 278
-------
2,017
-------
INDUSTRIALS (27.0%)
ABM Industries, Inc. 11,000 217
ADESA, Inc. 9,246 196
Airgas, Inc. 18,600 493
Apogee Enterprises, Inc. 12,300 165
Baldor Electric Co. 9,900 273
BorgWarner Transmission
Systems, Inc. 7,600 412
</Table>

SCHEDULE OF PORTFOLIO INVESTMENTS
STI CLASSIC VARIABLE TRUST December 31, 2004 (Amounts in thousands, except
shares)

SMALL CAP VALUE EQUITY FUND -- CONCLUDED

<Table>
<Caption>
- -----------------------------------------------------
Shares Value
- -----------------------------------------------------

INDUSTRIALS--CONTINUED
Briggs & Stratton Corp. 7,800 $ 324
Brink's Co. (The) 18,000 711
CHC Helicopter Corp. 12,300 524
Chemed Corp. 4,200 282
CP Ships Ltd. 27,300 392
Cummins, Inc. 5,600 468
ElkCorp 3,997 137
Embraer-Empresa Brasileira
de Aeronautica SA ADR 7,613 255
Engineered Support Systems,
Inc. 3,500 207
Harsco Corp. 5,300 295
Lennox International, Inc. 11,314 230
LSI Industries, Inc. 16,262 186
Oshkosh Truck Corp. 4,300 294
Quixote Corp. 12,500 254
Snap-on, Inc. 8,700 299
Tecumseh Products Co., Class
A 2,500 120
Valmont Industries, Inc. 11,000 276
-------
7,010
-------
INFORMATION TECHNOLOGY (12.2%)
Factset Research Systems,
Inc. 8,400 491
Fair Isaac Corp. 15,300 561
Harris Corp. 11,377 704
Helix Technology Corp. 9,100 158
Keithley Instruments, Inc. 7,700 152
Lowrance Electronics, Inc. 6,100 192
Nam Tai Electronics, Inc. 12,800 246
Reynolds & Reynolds Co.
(The), Class A 25,100 666
-------
3,170
-------
MATERIALS (5.5%)
Agnico-Eagle Mines Ltd. 14,700 202
Companhia Siderurgica
Nacional ADR 7,600 145
</Table>

<Table>
<Caption>
- -----------------------------------------------------
Shares Value
- -----------------------------------------------------

MATERIALS--CONTINUED
Sappi Ltd. ADR 13,200 $ 191
Sociedad Quimica y Minera de
Chile SA ADR 2,200 136
Tenaris SA ADR 2,952 144
United States Steel Corp. 4,400 226
Valspar Corp. (The) 7,500 375
-------
1,419
-------
UTILITIES (1.2%)
Companhia de Saneamento
Basico ADR 20,200 302
-------
Total Common Stocks (Cost
$17,112) 24,583
-------
SHORT-TERM INVESTMENTS (3.0%)
Boston Global Investment
Trust -- Enhanced
Portfolio (d) 791,000 791
-------
Total Short-Term Investments
(Cost $791) 791
-------
MONEY MARKET FUNDS (5.3%)
Federated Government
Obligations, Class I 257,150 257
Federated Prime Value
Obligations Fund, Class I 1,131,192 1,131
-------
Total Money Market Funds
(Cost $1,388) 1,388
-------
Total Investments (Cost
$19,291) (a) -- 103.1% 26,762
Liabilities in excess of
other assets -- (3.1)% (802)
-------
Net Assets -- 100.0% $25,960
=======
</Table>

See notes to schedules of portfolio investments and notes to financial
statements.
29

VALUE INCOME STOCK FUND

<Table>
<Caption>
- -----------------------------------------------------
Shares Value
- -----------------------------------------------------

COMMON STOCKS (96.9%)
CONSUMER DISCRETIONARY (12.4%)
Dollar General Corp. 24,250 $ 504
Dow Jones & Co., Inc. 16,300 702
Gannett Co., Inc. 9,650 788
Lear Corp. 8,750 534
Masco Corp. 6,300 230
Mattel, Inc. 26,500 516
May Department Stores Co.
(The) 24,650 725
McGraw-Hill Cos., Inc. (The) 2,600 238
Newell Rubbermaid, Inc. 24,142 584
Pier 1 Imports, Inc. 19,500 384
Viacom, Inc., Class B 17,400 633
-------
5,838
-------
CONSUMER STAPLES (10.3%)
Anheuser-Busch Cos., Inc. 8,900 451
Clorox Co. (The) 4,106 242
Colgate-Palmolive Co. 15,100 773
General Mills, Inc. 10,750 534
H.J. Heinz Co. 13,300 519
Kimberly-Clark Corp. 10,800 711
Kraft Foods, Inc., Class A 9,950 354
PepsiCo, Inc. 15,400 804
Wal-Mart Stores, Inc. 8,450 446
-------
4,834
-------
ENERGY (6.3%)
BP PLC ADR 7,850 458
Exxon Mobil Corp. 18,650 957
Kerr-McGee Corp. 8,150 471
Marathon Oil Corp. 13,850 521
Unocal Corp. 12,750 551
-------
2,958
-------
FINANCIALS (25.8%)
A.G. Edwards, Inc. 12,300 531
Alliance Capital Management
Holding LP 8,753 368
</Table>

<Table>
<Caption>
- -----------------------------------------------------
Shares Value
- -----------------------------------------------------

FINANCIALS--CONTINUED
Allstate Corp. (The) 9,350 $ 484
American Express Co. 6,600 372
AmSouth Bancorporation 13,496 350
Astoria Financial Corp. 6,100 244
Bank of America Corp. 17,800 836
Bank of New York Co., Inc.
(The) 16,450 550
Citigroup, Inc. 20,750 999
Comerica, Inc. 11,870 724
Commerce Bancshares, Inc. 5,195 261
FirstMerit Corp. 8,944 255
Goldman Sachs Group, Inc.
(The) 5,000 520
Huntington Bancshares, Inc. 14,950 370
Lehman Brothers Holdings,
Inc. 9,550 835
MBIA, Inc. 7,900 500
Mellon Financial Corp. 23,650 736
Merrill Lynch & Co., Inc. 12,600 753
Provident Financial
Services, Inc. 13,000 252
Regions Financial Corp. 6,631 236
Safeco Corp. 9,790 511
South Financial Group, Inc.
(The) 8,101 264
UnionBanCal Corp. 7,055 455
Wachovia Corp. 14,950 786
-------
12,192
-------
HEALTH CARE (4.5%)
Abbott Laboratories 16,550 772
Health Management
Associates, Inc., Class A 15,550 353
Johnson & Johnson 7,550 479
Wyeth 11,950 509
-------
2,113
-------
</Table>

SCHEDULE OF PORTFOLIO INVESTMENTS
STI CLASSIC VARIABLE TRUST December 31, 2004 (Amounts in thousands, except
shares)

VALUE INCOME STOCK FUND -- CONCLUDED

<Table>
<Caption>
- -----------------------------------------------------
Shares Value
- -----------------------------------------------------

INDUSTRIALS (15.7%)
3M Co. 12,250 $ 1,006
Cintas Corp. 9,500 417
Dover Corp. 12,800 537
Emerson Electric Co. 10,850 761
General Electric Co. 28,000 1,021
Honeywell International,
Inc. 25,800 914
Lockheed Martin Corp. 11,800 655
Pall Corp. 13,734 398
Parker Hannifin Corp. 4,700 356
Pitney Bowes, Inc. 7,283 337
Rockwell Automation, Inc. 10,491 520
Teleflex, Inc. 8,050 418
-------
7,340
-------
INFORMATION TECHNOLOGY (5.8%)
Automatic Data Processing,
Inc. 7,900 350
Diebold, Inc. 10,300 575
Harris Corp. 3,950 244
Hewlett-Packard Co. 17,900 375
Intersil Corp., Class A 22,900 383
Microsoft Corp. 11,200 299
Nokia Corp. ADR 31,250 490
-------
2,716
-------
MATERIALS (6.2%)
Air Products and Chemicals,
Inc. 7,950 461
Alcoa, Inc. 13,500 424
E.I. du Pont de Nemours &
Co. 15,900 779
International Paper Co. 18,400 773
Rohm & Haas Co. 11,000 487
-------
2,924
-------
</Table>

<Table>
<Caption>
- -----------------------------------------------------
Shares Value
- -----------------------------------------------------

TELECOMMUNICATION SERVICES (4.6%)
ALLTEL Corp. 5,900 $ 347
SBC Communications, Inc. 27,300 703
Sprint Corp. 18,300 455
Verizon Communications,
Inc. 16,690 676
-------
2,181
-------
UTILITIES (5.3%)
Dominion Resources, Inc. 5,450 370
FPL Group, Inc. 4,700 351
NiSource, Inc. 15,600 355
Pepco Holdings, Inc. 16,002 341
Public Service Enterprise
Group, Inc. 7,036 364
Southern Co. 10,500 352
Xcel Energy, Inc. 18,825 343
-------
2,476
-------
Total Common Stocks (Cost
$38,568) 45,572
-------
MONEY MARKET FUNDS (3.8%)
Federated Prime Value
Obligations Fund, Class I 1,777,675 1,778
-------
Total Money Market Funds (Cost
$1,778) 1,778
-------
Total Investments (Cost
$40,346) (a) -- 100.7% 47,350
Liabilities in excess of other
assets -- (0.7)% (337)
-------
Net Assets -- 100.0% $47,013
=======
</Table>

See notes to schedules of portfolio investments and notes to financial
statements.
31

INVESTMENT GRADE BOND FUND

<Table>
<Caption>
- --------------------------------------------------------
Principal
Amount Value
- --------------------------------------------------------

CORPORATE BONDS (25.3%)
AUTO MANUFACTURERS (2.0%)
American Honda Finance, 3.850%,
11/06/08 (b) $ 45 $ 45
DaimlerChrysler AG, 8.500%,
01/18/31 25 31
Ford Motor Co., 7.450%, 07/16/31 185 186
General Motors Corp., 8.375%,
07/15/33 75 78
-------
340
-------
BANKS (1.3%)
Bank of America Corp., 7.400%,
01/15/11 100 116
Bank One Corp., 7.625%, 08/01/05 40 41
Wachovia Corp., 7.550%, 08/18/05 55 57
Wells Fargo & Co., 4.800%,
07/29/05 15 15
-------
229
-------
BEVERAGES (0.3%)
Miller Brewing Co., 4.250%,
08/15/08 (b) 45 45
-------
BUILDING MATERIALS (0.3%)
American Standard, Inc., 7.625%,
02/15/10 45 51
-------
COMMERCIAL SERVICES (0.3%)
Donnelley (R.R.) & Sons Co.,
3.750%, 04/01/09 55 54
-------
COMPUTERS (0.1%)
NCR Corp., 7.125%, 06/15/09 20 22
-------
</Table>

<Table>
<Caption>
- --------------------------------------------------------
Principal
Amount Value
- --------------------------------------------------------

DIVERSIFIED FINANCIAL SERVICES (5.2%)
Capital One Bank, 6.500%,
06/13/13 $ 65 $ 71
CIT Group, Inc., 5.750%,
09/25/07 25 26
CIT Group, Inc., 5.500%,
11/30/07 25 26
CIT Group, Inc., 5.125%,
09/30/14 25 25
Citigroup, Inc., 5.125%,
05/05/14 40 41
Citigroup, Inc., 5.875%,
02/22/33 55 56
Fund American Cos., Inc.,
5.875%, 05/15/13 60 61
Goldman Sachs Group, Inc.,
3.875%, 01/15/09 40 40
Goldman Sachs Group, Inc.,
4.750%, 07/15/13 35 35
HSBC Holdings PLC, 7.625%,
05/17/32 (b) 45 56
International Lease Finance
Corp., 4.750%, 07/01/09 90 92
J.P. Morgan Chase & Co., 6.625%,
03/15/12 130 145
John Deere Capital Corp.,
3.900%, 01/15/08 25 25
MBNA Corp., 7.500%, 03/15/12 30 35
Merrill Lynch & Co., Inc.,
3.700%, 04/21/08 20 20
Merrill Lynch & Co., Inc.,
5.000%, 01/15/15 55 55
Morgan Stanley, 5.300%, 03/01/13 95 98
-------
907
-------
ELECTRIC (2.2%)
CalEnergy Co., Inc., 7.520%,
09/15/08 30 33
Carolina Power & Light, 6.500%,
07/15/12 20 22
</Table>

SCHEDULE OF PORTFOLIO INVESTMENTS
STI CLASSIC FUNDS December 31, 2004 (Amounts in thousands, except shares)

INVESTMENT GRADE BOND FUND -- CONTINUED

<Table>
<Caption>
- --------------------------------------------------------
Principal
Amount Value
- --------------------------------------------------------

ELECTRIC--CONTINUED
Cincinnati Gas & Electric Co.,
5.700%, 09/15/12 $ 20 $ 21
Dominion Resources, Inc., Ser B,
7.625%, 07/15/05 30 31
Dominion Resources, Inc., Ser E,
6.750%, 12/15/32 30 33
Entergy Gulf States, Inc.,
4.875%, 11/01/11, Callable
11/01/06 @ 100.00 40 40
Florida Power & Light, Co.,
6.875%, 12/01/05 10 10
Oncor Electric Delivery, 7.000%,
05/01/32 25 29
Pacific Gas & Electric Co.,
6.050%, 03/01/34 85 88
Westar Energy, Inc., 7.875%,
05/01/07 55 60
-------
367
-------
FOREST PRODUCTS & PAPER (0.6%)
International Paper Co., 5.500%,
01/15/14 40 41
Weyerhaeuser Co., 6.750%,
03/15/12 30 34
Weyerhaeuser Co., 7.375%,
03/15/32 20 24
-------
99
-------
GAS (0.2%)
Sempra Energy, 4.750%, 05/15/09 30 31
-------
HEALTHCARE -- SERVICES (0.2%)
WellPoint Health Networks, Inc.,
6.375%, 06/15/06 30 31
-------
</Table>

<Table>
<Caption>
- --------------------------------------------------------
Principal
Amount Value
- --------------------------------------------------------

HOME BUILDERS (0.4%)
Lennar Corp., 5.950%, 03/01/13 $ 25 $ 26
Pulte Homes, Inc., 4.875%,
07/15/09 40 41
-------
67
-------
HOUSEHOLD PRODUCTS/WARES (0.3%)
Dial Corp., 7.000%, 08/15/06 50 53
-------
INSURANCE (1.1%)
Berkshire Hathaway Financial,
Inc., 3.375%, 10/15/08 90 89
MetLife, Inc., 5.250%, 12/01/06 30 31
Prudential Financial, Inc.,
3.750%, 05/01/08 25 25
Prudential Financial, Inc.,
5.100%, 09/20/14 40 40
-------
185
-------
INVESTMENT COMPANIES (0.3%)
Credit Suisse First Boston USA,
Inc., 6.500%, 01/15/12 45 50
-------
LEISURE TIME (0.4%)
GTECH Holdings Corp., 4.750%,
10/15/10 30 30
Harley Davidson Funding, 3.625%,
12/15/08 (b) 30 30
-------
60
-------
LODGING (0.1%)
Marriott International, Inc.,
Ser C, 7.875%, 09/15/09 10 11
-------
MEDIA (2.2%)
British Sky Broadcasting Group
PLC, 6.875%, 02/23/09 55 61
Comcast Corp., 7.125%, 06/15/13 90 105
Cox Communications, Inc.,
4.625%, 06/01/13 50 48
News America Holdings, Inc.,
9.250%, 02/01/13 45 58
</Table>

<Table>
<Caption>
- --------------------------------------------------------
Principal
Amount Value
- --------------------------------------------------------

MEDIA--CONTINUED
Time Warner, Inc., 6.750%,
04/15/11 $ 30 $ 34
Time Warner, Inc., 7.625%,
04/15/31 40 48
Univision Communications, Inc.,
7.850%, 07/15/11 30 35
-------
389
-------
MINING (1.1%)
Barrick Gold Finance, Inc.,
7.500%, 05/01/07 20 22
Codelco, Inc., 5.500%,
10/15/13 (b) 60 62
Inco Ltd., 7.750%, 05/15/12 85 101
-------
185
-------
MISCELLANEOUS MANUFACTURER (1.3%)
General Electric Co., 5.000%,
02/01/13 210 215
-------
OIL & GAS (1.7%)
BP Capital Markets PLC, 4.000%,
04/29/05 55 55
ConocoPhillips, 6.375%, 03/30/09 20 22
ConocoPhillips, 8.750%, 05/25/10 35 43
Devon Financing Corp., 7.875%,
09/30/31 30 38
Enterprise Products Operating
LP, Ser B, 6.875%, 03/01/33 40 43
Motiva Enterprises LLC, 5.200%,
09/15/12 (b) 25 26
PennzEnergy Co., 10.250%,
11/01/05 5 5
XTO Energy, Inc., 6.250%,
04/15/13 55 59
-------
291
-------
</Table>

<Table>
<Caption>
- --------------------------------------------------------
Principal
Amount Value
- --------------------------------------------------------

PACKAGING & CONTAINERS (0.2%)
Packaging Corp. of America,
5.750%, 08/01/13 $ 30 $ 31
-------
PIPELINES (0.9%)
Centerpoint Energy Resources,
7.875%, 04/01/13 65 77
K N Capital Trust III, 7.630%,
04/15/28 50 56
Kinder Morgan, Inc., 7.250%,
03/01/28 20 23
-------
156
-------
REITS (0.1%)
Simon Property Group LP, 6.375%,
11/15/07 20 21
-------
SAVINGS & LOANS (0.3%)
Golden West Financial Corp.,
4.125%, 08/15/07 45 46
-------
TELECOMMUNICATIONS (1.8%)
Deutsche Telekom International
Finance, 9.250%, 06/01/32 (b) 30 43
SBC Communications, Inc.,
5.625%, 06/15/16 5 5
SBC Communications, Inc.,
6.450%, 06/15/34 50 54
Sprint Capital Corp., 8.750%,
03/15/32 85 113
Telus Corp., 8.000%, 06/01/11 40 47
Verizon Global Funding Corp.,
7.750%, 12/01/30 35 44
-------
306
-------
TRANSPORTATION (0.4%)
FedEx Corp., 3.500%, 04/01/09 75 73
-------
Total Corporate Bonds (Cost
$4,202) 4,315
-------
</Table>

SCHEDULE OF PORTFOLIO INVESTMENTS
STI CLASSIC FUNDS December 31, 2004 (Amounts in thousands, except shares)

INVESTMENT GRADE BOND FUND -- CONCLUDED

<Table>
<Caption>
- --------------------------------------------------------
Principal
Amount Value
- --------------------------------------------------------

FOREIGN GOVERNMENT BONDS (1.2%)
MEXICO (1.2%)
United Mexican States, 8.300%,
08/15/31 $ 175 $ 205
-------
Total Foreign Government Bonds
(Cost $192) 205
-------
U.S. GOVERNMENT AGENCIES (1.8%)
GINNIE MAE (1.8%)
8.500%, 04/15/31 77 84
8.000%, 08/15/31 103 112
8.000%, 09/15/31 103 112
-------
Total U.S. Government Agencies
(Cost $297) 308
-------
U.S. TREASURY OBLIGATIONS (67.6%)
U.S. TREASURY BONDS (8.4%)
5.375%, 02/15/31 1,330 1,438
-------
U.S. TREASURY INFLATION PROTECTED BONDS (10.1%)
1.875%, 07/15/13 1,100 1,176
3.875%, 04/15/29 340 542
-------
1,718
-------
U.S. TREASURY NOTES (49.1%)
1.625%, 01/31/05 265 265
1.500%, 02/28/05 585 585
1.625%, 04/30/05 1,175 1,172
3.500%, 11/15/06 1,630 1,644
2.875%, 11/30/06 810 807
</Table>

<Table>
<Caption>
- --------------------------------------------------------
Principal
Amount Value
- --------------------------------------------------------

U.S. TREASURY NOTES--CONTINUED
3.125%, 05/15/07 $1,955 $ 1,954
3.125%, 04/15/09 190 187
6.000%, 08/15/09 350 386
3.500%, 11/15/09 240 239
3.875%, 02/15/13 1,105 1,090
4.250%, 11/15/14 30 30
-------
8,359
-------
Total U.S. Treasury Obligations
(Cost $11,407) 11,515
-------
REPURCHASE AGREEMENTS (3.6%)
Merrill Lynch, 2.155%, dated
12/31/04, to be repurchased on
01/03/05, repurchase price
$611,147 (collateralized by
U.S. Government obligations,
5.000% due 08/01/33; total
market value $623,370) 611 611
-------
Total Repurchase Agreements
(Cost $611) 611
-------
Total Investments (Cost $16,709)
(a) -- 99.5% 16,954
Other assets in excess of
liabilities -- 0.5% 93
-------
Net Assets -- 100.0% $17,047
=======
</Table>

See notes to schedules of portfolio investments and notes to financial
statements.
35

STI CLASSIC VARIABLE TRUST
NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

<Table>

* Non-income producing security.

(a) See notes to financial statements for
unrealized appreciation/(depreciation) of
securities on a tax basis.

(b) Rule 144A, Section 4(2) or other security which
is restricted as to resale to institutional
investors. The Fund's advisor has deemed this
security to be liquid based upon procedures
approved by the Board of Trustees.

(c) This security or a partial position of the
security was on loan at December 31,2004. The
total value of securities on loan at December
31,2004 in thousands was $41, $227, and $770
for International Equity, Mid-Cap Equity and
Small Cap Value Equity, respectively.

(d) This security was purchased with cash
collateral held from securities lending.

(e) Market value is less than five hundred dollars.

The following abbreviations are used in these
Schedules of Portfolio Investments:

ADR -- American Depository Receipt

REIT -- Real Estate Investment Trust

Ser -- Series
</Table>

STATEMENTS OF ASSETS AND LIABILITIES (000)
STI CLASSIC VARIABLE TRUST December 31, 2004

<Table>
<Caption>
Small Cap Value Investment
Capital Growth Mid-Cap Value Income Grade
Appreciation and Income International Equity Equity Stock Bond
Fund Fund Equity Fund Fund Fund Fund Fund
------------ ---------- ------------- ------- --------- -------- ----------

Assets:
Investments, at Value (Cost
$47,427, $9,523, $4,541,
$13,145, $19,291, $40,346, and
$16,709, respectively)......... $54,911 $11,460 $ 6,294 $16,621 $26,762 $ 47,350 $16,954
Accrued Income................... 59 19 7 26 35 59 172
Receivable for Investment
Securities Sold................ -- 105 -- -- -- -- --
Receivable from Advisor.......... -- -- 28 -- -- -- --
Reclaims Receivable.............. -- -- 5 -- -- -- --
------- ------- ------- ------- ------- -------- -------
Total Assets..................... 54,970 11,584 6,334 16,647 26,797 47,409 17,126
------- ------- ------- ------- ------- -------- -------
Liabilities:
Payable for Foreign Currency
Overdraft (Cost $3)............ -- -- 1 -- -- -- --
Income Distributions Payable..... -- -- -- -- -- -- 52
Payable for Investment Securities
Purchased...................... -- 119 5 -- -- 312 1
Payable for Foreign Currency
Contracts...................... -- -- 1 -- -- -- --
Payable Upon Return of Securities
Loaned......................... -- -- 43 232 791 -- --
Investment Advisory Fees
Payable........................ 41 5 -- 9 13 27 1
Administration Fees Payable...... 1 -- -- -- 1 1 --
Custodian Fees Payable........... 3 3 30 4 3 4 4
Accrued Expenses................. 63 13 11 20 29 52 21
------- ------- ------- ------- ------- -------- -------
Total Liabilities................ 108 140 91 265 837 396 79
------- ------- ------- ------- ------- -------- -------
Total Net Assets................. $54,862 $11,444 $ 6,243 $16,382 $25,960 $ 47,013 $17,047
======= ======= ======= ======= ======= ======== =======
Net Assets:
Capital.......................... $47,452 $ 9,780 $ 7,368 $15,414 $15,471 $ 51,819 $17,090
Accumulated Undistributed Net
Investment Income (Loss)....... 6 1 53 6 13 -- 23
Accumulated Net Realized Gains
(Losses) on Investment
Transactions and Foreign
Currency Transactions.......... (80) (274) (2,932) (2,514) 3,005 (11,810) (311)
Net Unrealized Appreciation
(Depreciation) on Investments
and Foreign Currency
Transactions................... 7,484 1,937 1,754 3,476 7,471 7,004 245
------- ------- ------- ------- ------- -------- -------
Total Net Assets:................ $54,862 $11,444 $ 6,243 $16,382 $25,960 $ 47,013 $17,047
======= ======= ======= ======= ======= ======== =======
Shares Outstanding:.............. 3,342 1,000 564 1,380 1,416 3,284 1,649
Net Asset Value and Redemption
Price Per Share: Trust
Shares......................... $ 16.42 $ 11.45 $ 11.06 $11.87 $ 18.33 $ 14.32 $ 10.34
</Table>

Amounts designated as "--" are $0 or have been rounded to $0.

See notes to financial statements.

STATEMENTS OF OPERATIONS (000)
STI CLASSIC VARIABLE TRUST For the Year Ended December 31, 2004

Investment Income:
Dividend Income.................... $ 753 $ 215 $ 171 $ 295 $ 332 1,063 $ 3
Interest Income.................... -- -- 2 -- -- -- 778
Income from Securities Lending..... 2 -- 1 2 5 1 4
Less: Foreign Taxes Withheld....... -- -- (23) -- -- -- --
------- ------ ------ ------ ------ ----- ----
Total Investment Income............ 755 215 151 297 337 1,064 785
------- ------ ------ ------ ------ ----- ----
Expenses:
Investment Advisory Fees........... 647 95 80 183 253 358 136
Administration Fees................ 42 37 43 37 38 41 37
Custodian Fees..................... 17 7 88 10 9 14 10
Professional Fees.................. 54 11 6 16 25 46 17
Insurance Fees..................... 1 -- -- -- -- 1 --
Transfer Agent Fees................ 24 5 3 8 10 20 8
Printing Fees...................... 11 3 2 4 5 9 4
Trustee Fees....................... 4 1 -- 1 1 3 1
Other Expenses..................... 7 2 28 5 5 5 5
------- ------ ------ ------ ------ ----- ----
Total Expenses..................... 807 161 250 264 346 497 218
Less: Investment Advisory Fees
Waived or Fees Reimbursed........ (159) (37) (148) (80) (82) (71) (81)
Expense Offset -- Insurance
Premiums......................... (1) -- -- -- -- (1) --
------- ------ ------ ------ ------ ----- ----
Net Expenses....................... 647 124 102 184 264 425 137
------- ------ ------ ------ ------ ----- ----
Net Investment Income (Loss)....... 108 91 49 113 73 639 648
------- ------ ------ ------ ------ ----- ----
Net Realized and Unrealized Gain
(Loss) on Investments and Foreign
Currency Transactions:
Net Realized Gain (Loss) on
Investments Sold and Foreign
Currency Transactions............ 6,819 606 776 1,584 3,468 5,423 236
Net Change in Unrealized
Appreciation (Depreciation) on
Investments and Foreign Currency
Transactions..................... (3,419) 705 287 733 1,457 279 (156)
------- ------ ------ ------ ------ ----- ----
Total Net Realized and Unrealized
Gain (Loss) on Investments and
Foreign Currency................. 3,400 1,311 1,063 2,317 4,925 5,702 80
------- ------ ------ ------ ------ ----- ----
Net Increase in Net Assets from
Operations......................... $ 3,508 $1,402 $1,112 $2,430 $4,998 6,341 $728
======= ====== ====== ====== ====== ===== ====
</Table>

Amounts designated as "--" are $0 or have been rounded to $0.

See notes to financial statements.

STATEMENTS OF CHANGES IN NET ASSETS (000)
STI CLASSIC VARIABLE TRUST For the Years Ended December 31,

<Table>
<Caption>
Capital Appreciation Growth and International
Fund Income Fund Equity Fund
-------------------- ----------------- ------------------
2004 2003 2004 2003 2004 2003
-------- -------- ------- ------ ------- -------

Operations:
Net Investment Income (Loss)............................... $ 108 $ (114) $ 91 $ 55 $ 49 $ 57
Net Realized Gain (Loss) on Investments Sold and Foreign
Currency Transactions.................................... 6,819 1,824 606 (122) 776 (184)
Net Change in Unrealized Appreciation (Depreciation) on
Investments and Foreign Currency Transactions............ (3,419) 7,612 705 1,681 287 2,057
-------- -------- ------- ------ ------- -------
Net Increase (Decrease) in Net Assets from Operations...... 3,508 9,322 1,402 1,614 1,112 1,930
-------- -------- ------- ------ ------- -------
Dividends and Distributions to Shareholders:
Net Investment Income...................................... (102) -- (90) (55) (105) (47)
-------- -------- ------- ------ ------- -------
Capital Transactions:
Proceeds from Shares Issued................................ 5,856 6,106 2,801 3,881 347 202
Reinvestment of Cash Distributions......................... 102 -- 90 55 105 47
Cost of Shares Redeemed.................................... (13,869) (12,779) (1,957) (651) (2,136) (1,442)
-------- -------- ------- ------ ------- -------
Increase (Decrease) in Net Assets from Capital
Transactions............................................. (7,911) (6,673) 934 3,285 (1,684) (1,193)
-------- -------- ------- ------ ------- -------
Total Increase (Decrease) in Net Assets.................... (4,505) 2,649 2,246 4,844 (677) 690
-------- -------- ------- ------ ------- -------
Net Assets:
Beginning of Period........................................ 59,367 56,718 9,198 4,354 6,920 6,230
-------- -------- ------- ------ ------- -------
End of Period.............................................. $ 54,862 $ 59,367 $11,444 $9,198 $ 6,243 $ 6,920
======== ======== ======= ====== ======= =======
Accumulated Undistributed Net Investment Income (Loss), End
of Period.................................................. $ 6 $ -- $ 1 $ -- $ 53 $ 95
======== ======== ======= ====== ======= =======
Share Transactions:
Shares Issued.............................................. 376 436 269 441 37 28
Shares Reinvested.......................................... 6 -- 8 6 11 6
Shares Redeemed............................................ (893) (943) (188) (77) (218) (201)
-------- -------- ------- ------ ------- -------
Total Increase (Decrease) in Net Share Transactions........ (511) (507) 89 370 (170) (167)
======== ======== ======= ====== ======= =======
</Table>

Amounts designated as "--" are either $0 or have been rounded to $0.

See notes to financial statements.

<Table>
<Caption>
Mid-Cap Equity Small Cap Value Value Income Stock Investment Grade
Fund Equity Fund Fund Bond Fund
------------------ ------------------ -------------------- ------------------
2004 2003 2004 2003 2004 2003 2004 2003
------- ------- ------- ------- -------- -------- ------- -------

Operations:
Net Investment Income (Loss)............ $ 113 $ 84 $ 73 $ 92 $ 639 $ 637 $ 648 $ 730
Net Realized Gain (Loss) on Investments
Sold and Foreign Currency
Transactions.......................... 1,584 1,350 3,468 633 5,423 (1,482) 236 614
Net Change in Unrealized Appreciation
(Depreciation) on Investments and
Foreign Currency Transactions......... 733 2,274 1,457 4,885 279 9,588 (156) (572)
------- ------- ------- ------- -------- -------- ------- -------
Net Increase (Decrease) in Net Assets
from Operations....................... 2,430 3,708 4,998 5,610 6,341 8,743 728 772
------- ------- ------- ------- -------- -------- ------- -------
Dividends and Distributions to
Shareholders:
Net Investment Income................... (107) (86) (60) (93) (646) (637) (629) (821)
------- ------- ------- ------- -------- -------- ------- -------
Capital Transactions:
Proceeds from Shares Issued............. 1,914 1,755 3,370 1,064 7,126 2,923 1,401 2,662
Reinvestment of Cash Distributions...... 107 86 60 93 646 637 640 821
Cost of Shares Redeemed................. (4,144) (3,243) (2,789) (1,579) (11,938) (10,081) (5,409) (6,244)
------- ------- ------- ------- -------- -------- ------- -------
Increase (Decrease) in Net Assets from
Capital Transactions.................. (2,123) (1,402) 641 (422) (4,166) (6,521) (3,368) (2,761)
------- ------- ------- ------- -------- -------- ------- -------
Total Increase (Decrease) in Net
Assets................................ 200 2,220 5,579 5,095 1,529 1,585 (3,269) (2,810)
------- ------- ------- ------- -------- -------- ------- -------
Net Assets:
Beginning of Period..................... 16,182 13,962 20,381 15,286 45,484 43,899 20,316 23,126
------- ------- ------- ------- -------- -------- ------- -------
End of Period........................... $16,382 $16,182 $25,960 $20,381 $ 47,013 $ 45,484 $17,047 $20,316
======= ======= ======= ======= ======== ======== ======= =======
Accumulated Undistributed Net Investment
Income (Loss), End of Period............ $ 6 $ -- $ 13 $ -- $ -- $ -- $ 23 $ 1
======= ======= ======= ======= ======== ======== ======= =======
Share Transactions:
Shares Issued........................... 182 194 210 85 533 266 137 258
Shares Reinvested....................... 10 9 4 8 48 57 62 80
Shares Redeemed......................... (393) (383) (175) (137) (908) (937) (527) (608)
------- ------- ------- ------- -------- -------- ------- -------
Total Increase (Decrease) in Net Share
Transactions.......................... (201) (180) 39 (44) (327) (614) (328) (270)
======= ======= ======= ======= ======== ======== ======= =======
</Table>

Amounts designated as "--" are either $0 or have been rounded to $0.

See notes to financial statements.

FINANCIAL HIGHLIGHTS
STI CLASSIC VARIABLE TRUST For the Years Ended December 31,
For a Share Outstanding Throughout Each Year
<Table>
<Caption>
Net Realized
Net and Unrealized
Net Asset Value, Investment Gains (Losses) Total From
Beginning of Year Income (Loss) on Investments Operations
----------------- ------------- -------------- ----------

CAPITAL APPRECIATION FUND
2004 $15.41 $ 0.03 $ 1.01 $ 1.04
2003 13.01 (0.03)(a) 2.43(a) 2.40
2002 17.48 (0.07) (3.74) (3.81)
2001 20.02 (0.05) (1.27) (1.32)
2000 20.27 0.03 0.65 0.68
GROWTH AND INCOME FUND
2004 $10.10 $ 0.09(a) $ 1.35(a) $ 1.44
2003 8.05 0.08(a) 2.04(a) 2.12
2002 10.21 0.06 (2.16) (2.10)
2001 10.86 0.04 (0.65) (0.61)
2000 10.00 0.07 0.86 0.93
INTERNATIONAL EQUITY FUND
2004 $ 9.43 $ 0.11 $ 1.69 $ 1.80
2003 6.92 0.07(a) 2.50(a) 2.57
2002 8.55 0.02 (1.61) (1.59)
2001 10.36 -- (1.80) (1.80)
2000 13.93 0.08 (0.58) (0.50)
MID-CAP EQUITY FUND
2004 $10.23 $ 0.08 $ 1.63 $ 1.71
2003 7.93 0.05(a) 2.30(a) 2.35
2002 11.09 (0.04) (3.11) (3.15)
2001 13.30 -- (0.19) (0.19)
2000 15.20 (0.04) (0.13) (0.17)
SMALL CAP VALUE EQUITY FUND
2004 $14.80 $ 0.05(a) $ 3.52(a) $ 3.57
2003 10.75 0.07(a) 4.05(a) 4.12
2002 10.94 0.06 (0.19) (0.13)
2001 9.12 0.12 1.82 1.94
2000 7.97 0.14 1.15 1.29
VALUE INCOME STOCK FUND
2004 $12.60 $ 0.19 $ 1.72 $ 1.91
2003 10.39 0.17(a) 2.21(a) 2.38
2002 12.70 0.16 (2.31) (2.15)
2001 13.06 0.16 (0.32) (0.16)
2000 13.23 0.26 0.98 1.24
INVESTMENT GRADE BOND FUND
2004(b) $10.27 $ 0.36 $ 0.06 $ 0.42
2003 10.29 0.34(a) 0.02(a) 0.36
2002 10.05 0.44 0.28 0.72
2001 9.69 0.52 0.36 0.88
2000 9.73 0.62 (0.04) 0.58

Dividends from Distributions Total
Net Investment from Realized Dividends and
Income Capital Gains Distributions
-------------- ------------- -------------

CAPITAL APPRECIATION FUND
$(0.03) $ -- $(0.03)
-- -- --
-- (0.66) (0.66)
-- (1.22) (1.22)
(0.03) (0.90) (0.93)
GROWTH AND INCOME FUND
$(0.09) $ -- $(0.09)
(0.07) -- (0.07)
(0.06) -- (0.06)
(0.04) -- (0.04)
(0.07) -- (0.07)
INTERNATIONAL EQUITY FUND
$(0.17) $ -- $(0.17)
(0.06) -- (0.06)
-- (0.04) (0.04)
-- (0.01) (0.01)
-- (3.07) (3.07)
MID-CAP EQUITY FUND
$(0.07) $ -- $(0.07)
(0.05) -- (0.05)
-- (0.01) (0.01)
-- (2.02) (2.02)
-- (1.73) (1.73)
SMALL CAP VALUE EQUITY FUND
$(0.04) $ -- $(0.04)
(0.07) -- (0.07)
(0.06) -- (0.06)
(0.12) -- 0.12
(0.14) -- (0.14)
VALUE INCOME STOCK FUND
$(0.19) $ -- $(0.19)
(0.17) -- (0.17)
(0.16)** -- (0.16)**
(0.20) -- (0.20)
(0.26) (1.15) (1.41)
INVESTMENT GRADE BOND FUND
$(0.35) $ -- $(0.35)
(0.38) -- (0.38)
(0.48) -- (0.48)
(0.52) -- (0.52)
(0.62) -- (0.62)
</Table>

<Table>

* Total return would have been (18.70)% without the payment by
affiliate. During the fiscal year ended December 31, 2002,
the International Equity Fund was reimbursed by the 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 age shares method.

(b) Effective January 1, 2004, the Investment Grade Bond Fund
adopted a change in the amortization and accretion
methodology on fixed income securities. (See Note 2.) 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.

</Table>

Amounts designated as "--" are either $0 or have been rounded to $0.

<Table>
<Caption>
Net Assets Ratio of Net Ratio of Expenses to
Value, Net Assets, Ratio of Net Investment Income Average Net Assets Portfolio
End of Total End of Expenses to (Loss) to Average (Excluding Waivers Turnover
Year Return Year (000) Average Net Assets Net Assets and Reimbursements) Rate
- ---------- ------------ ----------- ------------------ ------------------ -------------------- ---------

$16.42 6.75% $54,862 1.15% 0.19% 1.43% 79%
15.41 18.45 59,367 1.15 (0.21) 1.50 91
13.01 (21.89) 56,718 1.15 (0.41) 1.46 67
17.48 (5.34) 86,499 1.15 (0.30) 1.44 88
20.02 3.07 101,964 1.15 0.17 1.38 105
$11.45 14.30% $11,444 1.18% 0.87% 1.53% 44%
10.10 26.49 9,198 1.20 0.92 2.20 22
8.05 (20.59) 4,354 1.20 0.68 2.56 51
10.21 (5.57) 4,278 1.20 0.47 3.22 27
10.86 9.32 1,784 1.20 0.69 8.04 34
$11.06 19.35% $ 6,243 1.60% 0.74% 3.89% 65%
9.43 37.31 6,920 1.60 0.99 3.91 75
6.92 (18.58)* 6,230 1.60 0.27 2.59 115
8.55 (17.40) 9,544 1.60 0.25 2.32 92
10.36 (3.43) 11,972 1.60 0.64 2.08 126
$11.87 16.82% $16,382 1.15% 0.71% 1.65% 79%
10.23 29.72 16,182 1.15 0.60 1.84 182
7.93 (28.45) 13,962 1.15 (0.32) 1.72 90
11.09 2.72 21,938 1.15 0.04 1.66 93
13.30 (2.93) 23,714 1.15 (0.18) 1.56 106
$18.33 24.19% $25,960 1.20% 0.33% 1.57% 52%
14.80 38.44 20,381 1.20 0.56 1.79 27
10.75 (1.20) 15,286 1.20 0.55 1.79 17
10.94 21.48 13,775 1.20 1.05 1.91 55
9.12 16.37 10,513 1.20 1.69 1.96 72
$14.32 15.29% $47,013 0.95% 1.43% 1.11% 85%
12.60 23.12 45,484 0.95 1.52 1.19 54
10.39 (16.98) 43,899 0.95 1.37 1.13 50
12.70 (1.14) 63,102 0.95 1.20 1.12 73
13.06 10.43 67,594 0.95 2.01 1.06 72
$10.34 4.16% $17,047 0.75% 3.52% 1.19% 197%
10.27 3.51 20,316 0.75 3.66 1.25 147
10.29 7.40 23,126 0.75 4.33 1.28 144
10.05 9.20 19,559 0.75 5.15 1.32 139
9.69 6.32 16,890 0.75 6.54 1.26 123
</Table>

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS
STI CLASSIC VARIABLE TRUST December 31, 2004

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, as amended, as an open-end
management investment company offering seven funds as of December 31, 2004. The
financial statements presented herein are those of the Capital Appreciation
Fund, the Growth and Income Fund, the International Equity Fund, the Mid-Cap
Equity Fund, the Small Cap Value Equity Fund, the Value Income Stock Fund and
the Investment Grade Bond Fund (each a "Fund" and collectively the "Funds"). 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 the Funds'
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 their 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
generally accepted accounting principles requires management to make estimates
and assumptions that effect the reported amount 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 equity securities
traded over the counter, are valued at the last quoted sale price on the
primary exchange or market (foreign or domestic) on which they are traded
on valuation date (or at approximately 4:00 pm 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 pm Eastern
Time), as provided by an independent pricing service approved by the Funds'
Board of Trustees (the "Board"). If a security price cannot be obtained
from an independent, third-party pricing agent, the Funds' administrator
shall seek to obtain a bid price from at least one independent broker.

Securities for which market prices are not "readily available" are valued
in accordance with Fair Value Procedures established by the Board. The
Funds' Fair Value Procedures will be performed and monitored by a Fair
Value Committee (the "Committee") designated by the Board. Some of the more
common reasons that may necessitate that a security be valued using Fair
Value 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 Fair Value
Procedures, the Committee will determine the value after taking into
consideration relevant information reasonably available to the Committee.

For securities that principally trade on a foreign market or exchange, a
significant gap in time can exist between the time of a particular
security's last trade and the time at which a Fund calculates its net asset
value. The closing prices of such securities may no longer reflect their
market value at the time the Fund calculates net asset value if an event
that could materially affect the value of those securities (a "Significant
Event") has occurred between the time of the security's last close and the
time that the Fund calculates net asset value. A Significant Event may
relate to a single issuer or to an entire market sector. If the adviser of
a Fund becomes aware of a Significant Event that has occurred with respect
to a security or group of securities after the closing of the exchange or
market on which the security or securities principally trade, but before
the time at which the Fund calculates net asset value, it shall immediately
notify the Funds' administrator and may preauthorize the Funds'
administrator 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 Pricing Committee need not meet. If the adviser does
not preauthorize the Fund's administrator to utilize a Fair Value Pricing
Service, the adviser will request that a Fair Value Committee Meeting be
called. In addition, the Funds' administrator monitors price movements
among certain selected indices, securities and/or baskets 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.

NOTES TO FINANCIAL STATEMENTS (continued)
STI CLASSIC VARIABLE TRUST December 31, 2004

Security Transactions and Investment Income -- Security transactions are
accounted for no later than one business day after trade date. However, for
financial reporting purposes, securities transactions are reported on trade
date. Interest income is recognized on an accrual basis. Cost used in
determining net realized gains and losses on the sales of investment
securities are those of the specific securities sold, adjusted for the
accretion or amortization of purchase discounts or premiums during the
respective holding period. Dividend income is recorded on the ex-dividend
date.

Repurchase Agreements -- In connection with transactions involving
repurchase agreements, a third party custodian bank takes possession of the
underlying securities ("collateral"), the value of which exceeds the
principal amount of the repurchase transaction, including accrued interest.
In the event of default on the obligation to repurchase, each Fund has the
right to liquidate the collateral and apply the proceeds in satisfaction of
the obligation. In the event of default or bankruptcy by the counterparty
to the agreement, realization and/or retention of the collateral or
proceeds may be subject to legal proceedings.

Foreign Currency Transactions -- The books and records of the International
Equity Fund are maintained in U.S. dollars on the following basis:

(i) market value of investment securities, assets and liabilities at
the current rate of exchange; and

(ii) purchases and sales of investment securities, income and expenses
at the relevant rates of exchange prevailing on the respective dates
of such transactions.

The International Equity Fund does 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.

Effective January 1, 2004, the Investment Grade Bond Fund changed its
amortization and accretion methodology on premiums and discounts on fixed
income securities in order to conform more closely to Internal Revenue Code
requirements. The cumulative effect of this accounting change had no impact
on total net assets, but resulted in an increase in interest income of
$21,220 and a decrease in unrealized appreciation/(depreciation) of
$21,220.

The statement of changes in net assets and financial highlights for prior
periods have not been restated to reflect this change in accounting
methodology.

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.

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. paydown gain/(loss) and 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.

Compensating Balances -- If a Fund has a cash overdraft in excess of
$100,000 it is required to leave 110% in compensating balance with SunTrust
Bank (the "Custodian"), a wholly owned subsidiary of SunTrust Banks, Inc.,
on the following day. If a Fund has a positive cash balance in excess of
$100,000 it is allowed to overdraw 90% of the balance with the Custodian on
the following business day.

3. Agreements and Other Transactions with Affiliates

Investment Advisory Agreements -- The Trust and Trusco Capital Management,
Inc. (the "Investment Adviser"), a wholly owned subsidiary of SunTrust
Banks, Inc., have entered into advisory agreements (the "Advisory
Agreements").

Under terms of the Advisory Agreements, the Funds are charged the following
annual fees based upon average daily net assets which are computed daily
and paid monthly:

<Table>
<Caption>
Maximum
Annual
Advisory Net Fees
Fee Paid
-------- --------

Capital Appreciation Fund....... 1.15% 0.87%
Growth and Income Fund.......... 0.90 0.55
International Equity Fund....... 1.25 --
Mid-Cap Equity Fund............. 1.15 0.65
Small Cap Value Equity Fund..... 1.15 0.78
Value Income Stock Fund......... 0.80 0.64
Investment Grade Bond Fund...... 0.74 0.30
</Table>

The Investment Adviser has voluntarily agreed to waive all or a portion of
its fees (and to reimburse Fund expenses). Fee waivers and expense
reimbursements are voluntary (except for the Growth and Income Fund, for
which the expense limit is contractual until 05/01/05) and may be
terminated at any time.

Effective October 5, 2004, Trusco Capital Management, Inc. began providing
an employee to serve as Chief Compliance Officer for the Trust and provide
certain related services, and will receive an annual fee for this service
of $120,000 allocated across the assets of the Trust and STI Classic Funds.

Administration, Fund Accounting and Transfer Agency Agreement -- The Trust
and BISYS Fund Services Ohio, Inc. (the "Administrator") are parties to a
Master Services Agreement dated July 24, 2004, under which the
Administrator provides administrative, fund accounting, and transfer agent
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.

Prior to July 24, 2004, SEI Investments Distribution Co. ("SEI") served as
the Administrator

NOTES TO FINANCIAL STATEMENTS (continued)
STI CLASSIC VARIABLE TRUST December 31, 2004

and provided administrative services for an annual fee (expressed as a
percentage of the combined average daily net assets of the Trust and STI
Classic Funds) of: 0.12% up to $1 billion, 0.09% on the next $4 billion,
0.07% on the next $3 billion, 0.065% on the next $2 billion and 0.06% for
over $10 billion. SEI had voluntarily agreed to waive all or a portion of
their fees and to reimburse Fund expenses. For the period January 1, 2004
to July 23, 2004, SEI received fees totalling $456,723 from the Trust for
its services.

BISYS Fund Services Ohio, Inc. has agreed to pay a total of $325,000 per
annum towards the insurance premiums payable annually by the Trust and the
STI Classic Funds. $300,000 will be paid towards the premium for the
Directors and Officers Liability/Errors and Omissions Insurance Policy, and
$25,000 will be paid towards the premium for the Fidelity Bond Policy.

Distribution Services 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 services under
this agreement.

Transfer Agency Agreement -- Prior to July 24, 2004, Federated Services
Company provided transfer agency services to the Trust.

Custodian Agreements -- SunTrust Bank acts as custodian for all the Funds
except the International Equity Fund, which utilizes Brown Brothers
Harriman & Co. as custodian. Custodians are paid on the basis of the net
assets and transaction costs of the Funds. The custodians play no role in
determining the investment policies of the Trust or which securities are to
be purchased or sold in the Funds.

Other -- Certain Officers of the Trust are also officers of the Adviser,
Administrator, and/or the Distributor. Such officers are paid no fees by
the Trust for serving as officers of the Trust.

The Trust has entered into an agreement with SunTrust Robinson Humphrey, a
division of SunTrust Capital Markets, Inc. which is a direct non-bank
subsidiary of SunTrust Banks, Inc., to act as an agent in placing
repurchase agreements for the Trust. During the year ended December 31,
2004, the following Funds paid SunTrust Robinson Humphrey, through a
reduction in the yield earned by the Funds on those repurchase agreements:

<Table>
<Caption>
Fees
----

Investment Grade Bond Fund..................... $112
</Table>

4. Investment Transactions

The cost of purchases and the proceeds from the sales and maturities of
securities, excluding short-term investments and U.S. Government securities, for
the year ended December 31, 2004, were as follows:

<Table>
<Caption>
Sales and
Purchases Maturities
(000) (000)
--------- ----------

Capital Appreciation Fund.......... $43,767 $51,300
Growth and Income Fund............. 5,738 4,538
International Equity Fund.......... 4,085 5,769
Mid-Cap Equity Fund................ 12,421 14,217
Small Cap Value Equity Fund........ 11,029 11,369
Value Income Stock Fund............ 36,931 39,996
Investment Grade Bond Fund......... 10,194 18,104
</Table>

The cost of U.S. Government security purchases and the proceeds from the sale of
U.S. Government securities from the Investment Grade Bond Fund during the year
ended December 31, 2004 in thousands were $21,187 and $18,982, respectively.

5. Federal Tax Policies and Information

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

At December 31, 2004, 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 due to 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 aggregate gross unrealized appreciation
and depreciation for securities held by the Funds at December 31, 2004, were as
follows:

<Table>
<Caption>
Aggregate Aggregate Net
Gross Gross Unrealized
Federal Tax Unrealized Unrealized Appreciation/
Cost Appreciation Depreciation Depreciation
(000) (000) (000) (000)
----------- ------------ ------------ -------------

Capital Appreciation Fund................................... $47,440 $7,633 $163 $7,470
Growth and Income Fund...................................... 9,547 2,055 142 1,913
International Equity Fund................................... 4,679 1,629 15 1,614
Mid-Cap Equity Fund......................................... 13,145 3,619 143 3,476
Small Cap Value Equity Fund................................. 19,293 7,769 300 7,469
Value Income Stock Fund..................................... 40,370 7,243 263 6,980
Investment Grade Bond Fund.................................. 16,736 233 15 218
</Table>

The tax character of distributions paid to shareholders during the fiscal year
ended December 31, 2004 was as follows (000):

<Table>
<Caption>
Distributions Paid From
------------------------------
Net Investment Net Long Term Total Distributions
Fund Income Capital Gains Paid*
- ---- -------------- ------------- -------------------

Capital Appreciation Fund................................... $102 $-- $102
Growth and Income Fund...................................... 90 -- 90
International Equity Fund................................... 105 -- 105
Mid-Cap Equity Fund......................................... 107 -- 107
Small Cap Value Equity Fund................................. 60 -- 60
Value Income Stock Fund..................................... 646 -- 646
Investment Grade Bond Fund.................................. 640 -- 640
</Table>

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

NOTES TO FINANCIAL STATEMENTS (continued)
STI CLASSIC VARIABLE TRUST December 31, 2004

As of December 31, 2004 the components of accumulated earnings (deficit) on a
tax basis were as follows (000):
<Table>
<Caption>
Undistributed Undistributed Accumulated Unrealized
Ordinary Long Term Accumulated Distributions Capital and Other Appreciation
Fund Income Capital Gains Earnings Payable Losses** (Depreciation)***
- ---- ------------- ------------- ----------- ------------- ----------------- -----------------

Capital Appreciation
Fund............... $ 6 $ -- $ 6 $ -- $ (66) $7,470
Growth and Income
Fund............... 1 -- 1 -- (250) 1,913
International Equity
Fund............... 70 -- 70 -- (2,811) 1,616
Mid-Cap Equity Fund.. 7 -- 7 -- (2,515) 3,476
Small Cap Value
Equity Fund........ 478 2,543 3,021 -- -- 7,469
Value Income Stock
Fund............... -- -- -- -- (11,788) 6,981
Investment Grade Bond
Fund............... 74 -- 74 (52) (283) 218

<Caption>
Total
Accumulated
Fund Earnings (Deficit)
- ---- ------------------

Capital Appreciation
Fund............... $ 7,410
Growth and Income
Fund............... 1,664
International Equity
Fund............... (1,125)
Mid-Cap Equity Fund.. 968
Small Cap Value
Equity Fund........ 10,490
Value Income Stock
Fund............... (4,807)
Investment Grade Bond
Fund............... (43)
</Table>

** As of the latest tax year end of December 31, 2004, the following Funds had
net capital loss carryovers to offset future net capital gains, if any, to
the extent provided by the Treasury regulations. To the extent that these
carryovers are used to offset future gains, it is probable that the gains so
offset will not be distributed to shareholders (000).

*** The differences between book-basis and tax-basis unrealized appreciation
(depreciation) is attributable primarily to: tax deferral of losses on wash
sales, the difference between book and tax amortization methods for premium
and market discount, the realization for tax purposes of unrealized
gains/losses on investments in passive foreign investment companies, and the
return of capital adjustments from real estate investment trusts.

<Table>
<Caption>
Expires
-------------------------------
Fund 2008 2009 2010 2011
- ---- ------ ---- ------ ------

Capital Appreciation Fund................................... $ -- $ -- $ -- $ 66
Growth and Income Fund...................................... -- -- -- 250
International Equity Fund................................... -- 843 1,471 497
Mid-Cap Equity Fund......................................... -- -- 2,515 --
Value Income Stock Fund..................................... 6,309 -- 3,046 2,432
Investment Grade Bond Fund.................................. -- 95 189 --
</Table>

Amounts designated as "--" are either $0 or have been rounded to $0.

During the year ended December 31, 2004, the Capital Appreciation Fund, Growth
and Income Fund, International Equity Fund, Mid-Cap Equity Fund, Small Cap Value
Equity Fund, Value Income Stock Fund, and Investment Grade Bond Fund utilized
$6,713, $624, $680, $1,532, $454, $5,336, and $162 in capital loss
carryforwards, respectively, in thousands.

6. Concentrations/Risks

The Investment Grade Bond Fund invests primarily in investment grade obligations
rated at least BBB or better by S&P or Baa or better by Moody's. 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.

The International Equity Fund invests in securities of foreign issuers in
various countries. These investments may involve certain considerations and
risks not typically associated with investments in the United States as a result
of, among other factors, the possibility of future political and economic
developments and the level of governmental supervision and regulation of
securities markets in the respective countries.
7. Securities Lending

Each Fund may lend portfolio securities to brokers, dealers and other financial
organizations that meet capital and other credit requirements or other criteria
established by the Trust's Board of Trustees. These loans may not exceed 33 1/3%
of the total asset value of the Fund (including the loan collateral). No Fund
will lend portfolio securities to its investment adviser or its affiliates
unless it has applied for and received specific authority to do so from the SEC.
Loans of portfolio securities will be fully collateralized by cash. The value of
the collateral is at least equal to the market value of the securities loaned.
However, due to market fluctuations, the value of securities loaned on a
particular day may, during the course of the day, exceed the value of
collateral. On each business day, the amount of collateral is adjusted based on
the prior day's market fluctuations and the current day's lending activity.
Income from lending activity is determined by the amount of interest earned on
collateral, less any amounts payable to the borrowers of the securities and the
lending agent. Lending securities involves certain risks, including the risk
that the Fund may be delayed or prevented from recovering the collateral if the
borrower fails to return the securities.

Cash collateral received in connection with securities lending is invested in
the Boston Global Investment Trust-Enhanced Portfolio (the "Portfolio"). This
investment consists of money market instruments including money market mutual
funds registered under the Investment Company Act of 1940, commercial paper,
repurchase agreements, U.S. Treasury Bills and U.S. agency obligations. At
December 31, 2004, the Portfolio was invested in money market mutual funds,
commercial paper, certificates of deposit, repurchase agreements, U.S. Agency
Obligations and corporate bonds (with interest rates ranging from 1.30% to 2.63%
and maturity dates ranging from 01/03/05 to 06/15/07).

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
STI CLASSIC VARIABLE TRUST December 31, 2004

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, Growth
and Income Fund, International Equity Fund, Mid-Cap Equity Fund, Small Cap Value
Equity Fund, Value Income Stock Fund and Investment Grade Bond Fund
(constituting STI Classic Variable Trust, hereafter referred to as the "Trust")
at December 31, 2004, 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 three 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, 2004 by correspondence with the
custodians and brokers, provide a reasonable basis for our opinion. The
financial highlights for each of the two years ended December 31, 2001 were
audited by other independent accountants who have ceased operations. Those
independent accountants expressed an unqualified opinion on those financial
statements in their report dated February 7, 2002.

PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 11, 2005

TRUSTEES AND OFFICERS OF THE STI VARIABLE TRUST (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 Board Members." Trustees who are deemed
to be "interested persons" of the Trust are referred to as "Interested Board
Members." Messrs. Courts and Ridley are Trustees who may be deemed to be
"interested persons" of the Trust.
- --------------------------------------------------------------------------------

<Table>
<Caption>
TERM OF PRINCIPAL NUMBER OF OTHER
POSITION(S) OFFICE AND OCCUPATION(S) PORTFOLIOS DIRECTORSHIPS
NAME, ADDRESS, AND HELD WITH LENGTH OF DURING THE OVERSEEN FOR HELD BY BOARD
DATE OF BIRTH THE GROUP TIME SERVED PAST 5 YEARS THE TRUST MEMBER
- --------------------------------------------------------------------------------------------------------------------------------

INTERESTED
BOARD MEMBERS*
Richard W. Courts, II Trustee November, 2001 Chairman of the Board, 7 Director, Cousins
3435 Stelzer Road Atlantic Investment Properties, Inc.; Director,
Columbus, OH 43219 Company, 1970 to present. Genuine Parts Co.; Director,
01/18/36 Piedmont Hospital; Director,
SunTrust Bank, Atlanta;
Chairman, Courts Foundation;
Chairman, J. Bulow Campbell
Foundation. Current Trustee
of STI Classic Funds.
- --------------------------------------------------------------------------------------------------------------------------------
Clarence H. Ridley Trustee November, 2001 Chairman of the Board, 7 Director, Crawford & Co.
3435 Stelzer Road Haverty Furniture Current Trustee of STI
Columbus, OH 43219 Companies, 2001 to Classic Funds.
06/03/42 present; Partner, King
and Spaulding LLP (law
firm), 1977 to 2000.
- --------------------------------------------------------------------------------------------------------------------------------
INDEPENDENT
BOARD MEMBERS
Thomas Gallagher Trustee May, 2000 President and CEO, 7 Director, Shepard Center;
3435 Stelzer Road Genuine Parts Company Director, NAPA; Director,
Columbus, OH 43219 Wholesale Distribution, Genuine Parts Co.; Director,
11/25/47 1970 to present. Stone Mountain Industrial
Park; Trustee, The Lovett
School; Director, Oxford
Industries. Current Trustee
of STI Classic Funds.
- --------------------------------------------------------------------------------------------------------------------------------
F. Wendell Gooch Trustee May, 1992 Retired. 7 Current Trustee of STI
3435 Stelzer Road Classic Funds, the Capitol
Columbus, OH 43219 Mutual Funds and SEI Family
12/03/32 of Funds.
- --------------------------------------------------------------------------------------------------------------------------------
James O. Robbins Trustee May, 2000 President and Chief 7 Director, National Cable and
3435 Stelzer Road Executive Officer, Cox Telecommunications
Columbus, OH 43219 Communications, Inc., Association; Director, Cable
07/04/42 1985 to present. Labs; Director, C-SPAN;
Director, Discovery Channel;
Trustee, St. Paul's Schools;
Director, Cox
Communications. Current
Trustee of STI Classic
Funds.
- --------------------------------------------------------------------------------------------------------------------------------
Jonathan T. Walton Trustee February, 1998 Retired. 7 Director, Detroit Riverfront
3435 Stelzer Road Conservancy. Current Trustee
Columbus, OH 43219 of STI Classic Funds.
03/28/30
- --------------------------------------------------------------------------------------------------------------------------------
</Table>

TRUSTEES AND OFFICERS OF THE STI VARIABLE TRUST (UNAUDITED)
- --------------------------------------------------------------------------------

Sidney E. Harris Trustee November, 2004 Professor and former Dean 7 Director, ServiceMaster;
3435 Stelzer Road of J. Mack Robinson Director, Total System
Columbus, OH 43219 College of Business, Services, Inc.; Director,
07/21/49 Georgia State University. Transamerica Investors, Inc.
Current Trustee of STI
Classic Funds.
- --------------------------------------------------------------------------------------------------------------------------------
Warren Y. Jobe Trustee November, 2004 Retired. 7 Director, WellPoint Health
3435 Stelzer Road Networks; Director,
Columbus, OH 43219 UniSource Energy Corp.;
11/12/40 Director, Tucson Electric
Power. Current Trustee of
STI Classic Funds.
- --------------------------------------------------------------------------------------------------------------------------------
Charles D. Winslow Trustee November, 2004 Retired. 7 Current Trustee of STI
3435 Stelzer Road Classic Funds.
Columbus, OH 43219
07/13/35
</Table>

* Mr. Courts may be deemed an interested Trustee because of his directorships
with affiliates of the Adviser. Mr. Ridley may be deemed an interested Trustee
because of a material business relationship with the parent of the Adviser.

<Table>
<Caption>
TERM OF PRINCIPAL
POSITION(S) OFFICE AND OCCUPATION(S)
NAME, ADDRESS, AND HELD WITH LENGTH OF DURING THE
DATE OF BIRTH THE GROUP TIME SERVED PAST 5 YEARS
- ---------------------------------------------------------------------------------------------------------------------------

OFFICERS
R. Jeffrey Young President Since 2004 Senior Vice President, Relationship Management,
3435 Stelzer Road BISYS Fund Services since April 2002. Vice
Columbus, OH 43219 President, Client Services, BISYS Fund Services
08/22/64 from May 1997 to April 2002.
- ---------------------------------------------------------------------------------------------------------------------------
Bryan C. Haft Treasurer and CFO Since 2004 Vice President, Financial Administration, BISYS
3435 Stelzer Road Fund Services since July 2000. Director,
Columbus, OH 43219 Administration Services, BISYS Fund Services
01/23/65 from May 1998 to July 2000.
- ---------------------------------------------------------------------------------------------------------------------------
Deborah A. Lamb Executive Vice President, Since 2003 Chief Compliance Officer and Managing Director
3435 Stelzer Road Assistant Secretary and CCO of Trusco Capital Management, Inc. since March
Columbus, OH 43219 2003 and President of Investment Industry
10/02/52 Consultants, LLC since June 2000. Director of
Compliance at INVESCO, Inc. from March 1995 to
June 2000.
- ---------------------------------------------------------------------------------------------------------------------------
Alaina V. Metz Assistant Secretary Since 2004 Vice President, Blue Sky Compliance, BISYS Fund
3435 Stelzer Road Services since January 2002. Chief
Columbus, OH 43219 Administrative Officer, Blue Sky Compliance,
04/07/67 BISYS Fund Services from June 1995 to January
2002.
- ---------------------------------------------------------------------------------------------------------------------------
Julie M. Powers Assistant Secretary Since 2004 Senior Paralegal, Legal Services, BISYS Fund
3435 Stelzer Road Services since June 2000. Paralegal of
Columbus, OH 43219 Phillips, Lytle, Hitchcock, Blaine & Huber LLP
10/08/69 from March 1998 to June 2000.
</Table>

EXPENSE EXAMPLES (UNAUDITED)

As a shareholder of the STI Classic Variable Trust, you incur two types of
costs: (1) transaction costs, (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 the STI Classic Variable Trust and to
compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the
period and held for the entire period from July 1, 2004 through December 31,
2004.

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.

<Table>
<Caption>
Beginning Ending Expense Paid Expense Ratio
Account Value Account Value During Period* During Period**
07/01/04 12/31/04 07/01/04 - 12/31/04 07/01/04 - 12/31/04
------------- ------------- ------------------- -------------------

Capital Appreciation Fund..................... $1,000.00 $1,034.60 $5.88 1.15%
Growth and Income Fund........................ 1,000.00 1,091.20 6.10 1.16%
International Equity Fund..................... 1,000.00 1,154.30 8.66 1.60%
Mid-Cap Equity Fund........................... 1,000.00 1,128.10 6.15 1.15%
Small Cap Value Equity Fund................... 1,000.00 1,135.20 6.44 1.20%
Value Income Stock Fund....................... 1,000.00 1,092.90 5.00 0.95%
Investment Grade Bond Fund.................... 1,000.00 1,046.30 3.86 0.75%
</Table>

- ---------------

* 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 each STI Classic Variable Trust 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.

EXPENSE EXAMPLES (UNAUDITED)

Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs. 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.

Capital Appreciation Fund..................... $1,000.00 $1,019.36 $5.84 1.15%
Growth and Income Fund........................ 1,000.00 1,019.30 5.89 1.16%
International Equity Fund..................... 1,000.00 1,017.09 8.11 1.60%
Mid-Cap Equity Fund........................... 1,000.00 1,019.36 5.84 1.15%
Small Cap Value Equity Fund................... 1,000.00 1,019.10 6.09 1.20%
Value Income Stock Fund....................... 1,000.00 1,020.36 4.82 0.95%
Investment Grade Bond Fund.................... 1,000.00 1,021.37 3.81 0.75%
</Table>

- ---------------

** Annualized.

PROXY VOTING

Information regarding the policies and procedures that the Funds use to
determine how to vote proxies relating to portfolio securities and how the Funds
voted proxies relating to portfolio securities during the year ended December
31, 2004 is available (1) without charge, upon request, by calling
1-800-428-6970, or on the Funds' website at www.sticlassicfunds.com, and (2) on
the Securities and Exchange Commission's website at www.sec.gov.

OTHER INFORMATION

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

[THIS PAGE INTENTIONALLY LEFT BLANK]

INVESTMENT ADVISER:

Trusco Capital Management, Inc.

STI Classic Variable Trust Funds are not deposits, are not
insured or guaranteed by the FDIC or any other government
agency, and are not endorsed by and do not constitute
obligations of SunTrust Banks, Inc. or any other of its
affiliates. Investment in the Funds involves risk, including
the possible loss of principal. There is no guarantee that
any STI Classic Variable Trust Fund will achieve its
investment objective. The STI Classic Variable Trust Funds
are advised by Trusco Capital Management, Inc., an affiliate
of SunTrust Banks, Inc.

DISTRIBUTOR:
BISYS Fund Services LP

This information must be preceded or accompanied
by a current prospectus for each Fund described.

STI-AR-VT-1204 02/05

ITEM 2. CODE OF ETHICS.

Disclose whether, as of the end of the period covered by the report, 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,
regardless of whether these individuals are employed by the registrant or a
third party. If the registrant has not adopted such a code of ethics,
explain why it has not done so. 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 EXHIBIT 11
(A)(1).

The registrant must briefly describe the nature of any amendment, during
the period covered by the report, to a provision of its 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, regardless of whether these individuals are
employed by the registrant or a third party, and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of
this Item. The registrant must file a copy of any such amendment as an
exhibit pursuant to Item 12(a)(1), unless the registrant has elected to
satisfy paragraph (f) of this Item by posting its code of ethics on its
website pursuant to paragraph (f)(2) of this Item, or by undertaking to
provide its code of ethics to any person without charge, upon request,
pursuant to paragraph (f)(3) of this Item.

If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the 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, regardless of whether these
individuals are employed by the registrant or a third party, that relates
to one or more items set forth in paragraph (b) of this Item, the
registrant must briefly describe the nature of the waiver, the name of the
person to whom the waiver was granted, and the date of the waiver.

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.

(a) (1) Disclose that the registrant's board of directors has
determined that the registrant either:

(i) Has at least one audit committee financial expert serving
on its audit committee; or

(ii) Does not have an audit committee financial expert serving
on its audit committee.

(2) If the registrant provides the disclosure required by
paragraph (a)(1)(i) of this Item, it must disclose the name of the
audit committee financial expert and whether that person is
"independent." In order to be considered "independent" for
purposes of this Item, a member of an audit committee may not,
other than in his or her capacity as a member of the audit
committee, the board of directors, or any other board committee:

(i) Accept directly or indirectly any consulting, advisory,
or other compensatory fee from the issuer; or

(ii) Be an "interested person" of the investment company as
defined in Section 2(a)(19) of the Act (15 U.S.C.
80a-2(a)(19)).

(3) If the registrant provides the disclosure required by
paragraph (a)(1)(ii) of this Item, it must explain why it does not
have an 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.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the
principal accountant for the audit of the registrant'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.

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 Funds' 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:

2003 $76,485
2004 $94,500

(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed
in each of the last two fiscal years for assurance and related services by
the principal accountant that are reasonably related to the performance of
the audit of the registrant's financial statements and are not reported
under paragraph (a) of this Item. Registrants shall describe the nature of
the services comprising the fees disclosed under this category.

Audit-Related Fees: the aggregate fees billed for each of the last two
fiscal years for assurance and related services by
PricewaterhouseCoopers LLP that are reasonably related to the
performance of the audit of the Funds' financial statements and are not
reported under Item 1 were as follows:

2003 $10,500*
2004 $10,500*

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

(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the
principal accountant for tax compliance, tax advice, and tax planning.
Registrants shall describe the nature of the services comprising the fees
disclosed under this category.

Tax Fees: the aggregate fees billed for each of the last two fiscal
years for professional services rendered by PricewaterhouseCoopers LLP
for tax compliance, tax advice, and tax planning were as follows:

2003 $0
2004 $0

(d) Disclose, under the caption All Other Fees, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a)
through (c) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.

All Other Fees: the aggregate fees billed for each of the last two
fiscal years for products and services provided by
PricewaterhouseCoopers LLP to the Funds, other than the services
reported in Items 1 through 3.

2003 $0
2004 $0

(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 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.

(2) Disclose the percentage of services described in each of
paragraphs (b) through (d) of this Item that were approved by the audit
committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

2003: 0%
2004: 0%

(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountant's engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.

(g) Disclose the aggregate non-audit fees billed by the registrant's accountant
for services rendered to the registrant, and 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
adviser that provides ongoing services to the registrant for each of the
last two fiscal years of the registrant.

The aggregate non-audit fees billed by PricewaterhouseCoopers LLP for
services rendered to the Funds, and rendered to the Funds 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 adviser that provides ongoing services to
the Funds for each of the last two fiscal years of the registrant were
as follows:

2003 $ 841,750*
2004 $3,208,119**

* Non-audit services relate principally to services related to
the audit of the controls around custody operations at
SunTrust Bank (SAS No. 70) and certain technical accounting
advice on financial products of SunTrust Bank; Sarbanes-Oxley
404 implementation; and tax compliance services to other
entities controlled by SunTrust Banks, Inc.

** 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) Disclose whether the registrant's audit committee of the board of
directors has considered whether the provision of nonaudit services that were
rendered to the registrant's investment adviser (not including any subadviser
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.

THE AUDIT COMMITTEE HAS CONSIDERED THAT THE PROVISION OF
NON-AUDIT SERVICES THAT WERE RENDERED TO THE REGISTRANT'S INVESTMENT
ADVISER (NOT INCLUDING ANY SUBADVISER 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.

(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17CFR 240.10A-3), state whether or not
the registrant has a separately-designated standing audit
committee established in accordance with Section 3(a)(58)(A)
of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the
registrant has such a committee, however designated, identify
each committee member. If the entire board of directors is
acting as the registrant's audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C.
78c(a)(58)(B)), so state.

(b) If applicable, provide the disclosure required by Rule
10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding
an exemption from the listing standards for all audit
committees.

NOT APPLICABLE.

ITEM 6. SCHEDULE OF INVESTMENTS.

File Schedule I - Investments in securities of unaffiliated issuers as of the
close of the reporting period as set forth in Section 210.12-12 of Regulation
S-X, unless the schedule is included as part of the report to shareholders filed
under Item 1 of this Form.

NOT APPLICABLE.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.

A closed-end management investment company that is filing an annual
report on this Form N-CSR must, unless it invests exclusively in non-voting
securities, describe the policies and procedures that it uses to determine how
to vote proxies relating to portfolio securities, including the procedures that
the company uses when a vote presents a conflict between the interests of its

shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.

NOT APPLICABLE.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

If the registrant is a closed-end management investment company that is filing
an annual report on this Form N-CSR, provide the information specified in
paragraphs (a) and (b) of this Item with respect to portfolio managers.

NOT APPLICABLE.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.

If the registrant is a closed-end management investment company, provide the
information specified in paragraph (b) of this Item with respect to any purchase
made by or on behalf of the registrant or any "affiliated purchaser," as defined
in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares
or other units of any class of the registrant's equity securities that is
registered by the registrant pursuant to Section 12 of the Exchange Act (15
U.S.C. 781).

NOT APPLICABLE.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may
recommend nominees to the registrant's board of directors, where those changes
were implemented after the registrant last provided disclosure in response to
the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or
this Item.

THE TRUST, EFFECTIVE SEPTEMBER 28, 2004, ADOPTED PROCEDURES BY WHICH
SHAREHOLDERS MAY RECOMMEND NOMINEES TO THE REGISTRANT'S BOARD OF DIRECTORS.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant's principal executive
and principal financial officers, or persons performing similar functions,
regarding the effectiveness of the registrant's disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as
of a date within 90 days of the filing date of the report that includes the
disclosure required by this paragraph, based on the evaluation of these controls
and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and
Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or
240.15d-15(b)).

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 (I) ACCUMULATED AND COMMUNICATED TO
THE INVESTMENT COMPANY'S MANAGEMENT, INCLUDING ITS CERTIFYING OFFICERS, TO ALLOW
TIMELY DECISIONS REGARDING REQUIRED DISCLOSURE; AND (II) RECORDED, PROCESSED,
SUMMARIZED AND REPORTED WITHIN THE TIME PERIODS SPECIFIED IN THE SECURITIES AND
EXCHANGE COMMISSION'S RULES AND FORMS.

(b) Disclose any change 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 has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting.

THERE WERE NO CHANGES IN THE REGISTRANT'S INTERNAL CONTROL OVER FINANCIAL
REPORTING 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) File the exhibits listed below as part of this Form. Letter or
number the exhibits in the sequence indicated.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of
the disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
THE CODE OF ETHICS THAT IS THE SUBJECT OF THE DISCLOSURE REQUIRED BY ITEM 2 IS
ATTACHED HERETO.

(a)(2) A separate certification for each principal executive officer
and principal financial officer of the registrant as required by Rule 30a-2(a)
under the Act (17 CFR 270.30a-2). CERTIFICATIONS PURSUANT TO RULE 30A-2(A) ARE
ATTACHED HERETO.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1
under the Act (17 CFR 270.23c-1) sent or given during the period covered by the
report by or on behalf of the registrant to 10 or more persons. NOT APPLICABLE.

(b) If the report is filed under Section 13(a) or 15(d) of the Exchange
Act, provide the certifications required by rule 30a-2(b) under the Act as an
exhibit. A certification furnished pursuant to this paragraph will not be deemed
"filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to
the liability of that section. Such certification will not be deemed to be
incorporated by reference into any filing under the Securities Act of 1933 or
the Exchange Act, except to the extent that the registrant incorporates it by
reference. 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/ Bryan Haft
-------------------------------------------------------
Bryan Haft, Treasurer, STI Classic Variable Trust

Date February 28, 2005
---------------------------------

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
-------------------------------------------------------
R. Jeffrey Young, President, STI Classic Variable Trust

Date February 28, 2005
---------------------------------

By (Signature and Title)* /s/ Bryan Haft
-------------------------------------------------------
Bryan Haft, Treasurer, STI Classic Variable Trust

Date February 28, 2005
---------------------------------

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