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The STI Classic Funds Announce the Closing of the Small Cap Value Equity Funds to New Investors

Apr 2, 2004

The STI Classic Funds and Trusco Capital Management Inc., adviser to the STI Classic Funds, announce that the Small Cap Value Equity Fund and Variable Trust Fund ("the Funds") will close to new investors effective 4:00 PM EDT on April 30, 2004. Fund shareholders and clients as of the effective date will be permitted to make future investments in the Funds. Existing clients include individual investors, pension plans, defined benefit plans, defined contribution plans, non-qualified plans, and insurance company-sponsored variable annuities.

"We believe strongly in protecting the interests of our shareholders and clients. Given recent cash flows into the small cap value product, we believe that closing the Funds to new investors is in the best interest of our existing clients and will ensure the integrity of the investment process," states Douglas S. Phillips, CFA, president of Trusco Capital Management, Inc.

The Funds invest in segments of the broader equity market, specifically equity securities of small-sized U.S. companies (typically with a market capitalization under $2 billion) which are believed to be undervalued by the market. The investment strategy includes a dividend requirement which further limits the small cap stock universe and potential investment candidates. The closure will stabilize cash flows and ensure the investment process and performance are not compromised by the Funds' size.

As a result of the shift from active marketing and sales to client servicing and account maintenance by investment consultants following the Fund closings, the STI Classic Funds will voluntarily waive all but the shareholder servicing portion of the 12b-1 fee included in the Funds' total operating expense ratio. The Funds will charge a maximum of 25 basis points on A and L shares resulting in shareholders being charged only the portion of the 12b-1 fee related to servicing accounts.

For information regarding any changes in the Funds' status, please visit .

About the STI Classic Funds and Trusco Capital Management, Inc.

The STI Classic Funds were introduced in 1992. They have grown to $25.9 billion in assets under management as of February 29, 2004. The STI Classic Funds offer 52 funds covering a broad array of investment styles including money market, fixed income and equity funds. For more information about the STI Classic Funds visit or call 800.874.4770 option 5.

Trusco Capital Management, Inc. is one of the largest institutional investment management firms in the U.S., with $50.2 billion in assets under management as of December 31, 2003. The firm provides customized investment management to a growing client base that includes endowments, foundations, corporations, healthcare organizations, municipalities, public funds, associations, insurance companies, labor unions and high net worth individuals. Trusco employs specialists in a wide variety of investment disciplines including liquidity management, fixed income and equity management. In addition, the firm serves as the investment adviser to the STI Classic Mutual Fund family. Trusco Capital Management is an SEC Registered Investment Adviser headquartered in Atlanta, GA. For more information about Trusco, visit us at .

Mutual fund investing involves risk including possible loss of principal. In addition to the normal risks associated with investing, investments in smaller companies typically exhibit higher volatility. To determine if the STI Classic Funds are an appropriate investment, carefully consider the Funds' investment objective, risk factors and charges and expenses before investing. This and other information can be found in the Funds' prospectus, which may be obtained by calling 800.874.4770 option 5, or visiting our website at Read it carefully before investing. The distributor of the STI Classic Funds is SEI Investments Distribution Co., Oaks, PA 19456, which is not affiliated with SunTrust Banks, Inc. or its affiliates.

SOURCE: Trusco Capital Management, Inc.

CONTACT: Elizabeth Wilson of Trusco Capital Management Inc.,