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We analyze the photometric variability of 4,611 active galactic nuclei (AGNs)from the Sloan Digital Sky Survey Stripe 82. We recover the spectral energydistribution (SED) of the variable flux as a function of wavelength. For restwavelengths longer than $\sim \lambda2200$ we find that the SED of the variablecomponent of the bluest AGNs is consistent with the $F_{\nu} \propto\nu^{+1/3}$ spectrum predicted for an externally-illuminated accretion disc. Weconfirm there is some residual variable emission corresponding to the "smallblue bump" and other broad-line region variability. We interpret steeperoptical spectra of the variable component as being due to intrinsic reddening.This is supported by the correlation of the Balmer decrement with the colourexcess of the variable component. We find the median internal reddening of SDSSAGNs in Stripe 82 with $z < 0.4$ to be $E(B-V) \thickapprox 0.10$ in agreementwith the reddening derived from the Balmer decrement. Individual AGNs in thesample can have $E(B-V) > 0.4$

Reddening and the Shape of the Variable Component of the Continua of Active Galactic Nuclei From the Optical to the Far Ultraviolet. I