Exhibit (d)(4)
EXPENSE LIMITATION AGREEMENT
AGREEMENT made this 1st day of May, 2006 by and between STI Classic Variable
Trust (the "Trust"), a Massachusetts business trust, and Trusco Capital
Management Inc. (the "Adviser") (together, the "Parties").
The Adviser hereby agrees to waive its fee and/or reimburse expenses to the
extent necessary to limit total operating expenses for the Funds set forth on
Schedule A to the levels set forth on Schedule A until May 1, 2007.
If at any point before May 1, 2009 it becomes unnecessary for the Adviser to
make reimbursements, the Adviser may retain the difference between the Total
Annual Fund Operating Expenses of the Fund and its expense cap to recapture any
of its prior reimbursements.
The Trust acknowledges that the Adviser may engage in brokerage transactions
using Fund assets with brokers who agree to pay a portion of the Fund's
expenses, and that the Adviser's guarantee of Fund expense ratios takes into
account these expenses-limiting arrangements.
IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed
as of the day and year first written above.
STI CLASSIC VARIABLE TRUST TRUSCO CAPITAL MANAGEMENT INC.
By: /s/ R. Xxxxxxx Xxxxx By: /s/ Xxxxxxx X. Xxxxxxxxx
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Title: President Title:
SCHEDULE A
TOTAL OPERATING EXPENSE
FUND LIMITATIONS
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Capital Appreciation Fund 1.12%
International Equity Fund 1.30%
Investment Grade Bond Fund 0.65%
Large Cap Relative Value Fund 1.00%
Large Cap Value Equity Fund 0.95%
Mid-Cap Equity Fund 1.15%
Small Cap Value Equity Fund 1.20%
