<PAGE>
STI CLASSIC FUNDS
SUPPLEMENT DATED MARCH 7, 2000 TO THE
EQUITY FUNDS TRUST SHARES PROSPECTUS, SUNTRUST SPONSORED RETIREMENT PLAN
PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION DATED OCTOBER 1, 1999
AND ANY SUPPLEMENTS THERETO
This supplement provides new and additional information beyond that contained in
the Prospectuses and Statement of Additional Information and should be read in
conjunction with the Prospectuses and Statement of Additional Information.
Effective March 7, 2000, the Small Cap Equity Fund will be renamed the Small Cap
Value Equity Fund.
Under the "Performance Information" section continued on the page 19 of the
Equity Trust Shares prospectus and on page 27 of the SunTrust Sponsored
Retirement Plan Prospectus, the performance table is deleted and replaced with
the following information:
THIS TABLE COMPARES THE FUND'S AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS
ENDED DECEMBER 31, 1999, TO THOSE OF THE FRANK RUSSELL 2000 VALUE INDEX.
PREVIOUSLY THE FUND'S RETURNS HAD BEEN COMPARED TO THE FRANK RUSSELL 2000 INDEX,
BUT THE ADVISER BELIEVES THAT THE FRANK RUSSELL 2000 VALUE INDEX, BECAUSE OF ITS
GREATER EMPHASIS ON COMPANIES WITH LOWER GROWTH RATES AND PRICE-TO-BOOK RATIOS,
MORE ACCURATELY REFLECTS THE TYPES OF SECURITIES IN WHICH THE FUND INVESTS.
<TABLE>
<CAPTION>
- --------------------------------------- ----------------------- ----------------------- ----------------------------
TRUST SHARES 1 YEAR 5 YEAR SINCE INCEPTION
- --------------------------------------- ----------------------- ----------------------- ----------------------------
<S> <C>
Small Cap Value Equity Fund -2.72% 14.44% 13.63%*
- --------------------------------------- ----------------------- ----------------------- ----------------------------
Frank Russell 2000 Value Index -1.49% 13.13% 11.41%*
- --------------------------------------- ----------------------- ----------------------- ----------------------------
Frank Russell 2000 Index 21.26% 16.69% 15.09%*
- --------------------------------------- ----------------------- ----------------------- ----------------------------
</TABLE>
* SINCE 8/31/94
Under the "What is an Index?" heading in each prospectus, the index description
is deleted and replaced with the following:
WHAT IS AN INDEX?
An index measures the market prices of a specific group of securities in a
particular market or securities in a market sector. You cannot invest directly
in an index. Unlike a mutual fund, an index does not have an investment adviser
and does not pay any commissions or expenses. If an index had expenses, its
performance would be lower. The previous index, the Frank Russell 2000 Index, is
a widely-recognized, capitalization-weighted (companies with larger market
capitalizations have more influence than those with smaller market
capitalizations) index of the 2,000 smallest U.S. companies out of the
3,000 largest companies. The Frank Russell 2000 Value Index is a
widely-recognized, capitalization-weighted (companies with larger market
capitalizations have more influence than those with smaller market
capitalizations) index of the 2,000 smallest U.S. companies out of the 3,000
largest companies with lower growth rates and price-to-book ratios.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
1
<PAGE>
STI CLASSIC FUNDS
SUPPLEMENT DATED MARCH 7, 2000 TO THE
EQUITY FLEX AND INVESTOR SHARES PROSPECTUS
AND STATEMENT OF ADDITIONAL
INFORMATION DATED OCTOBER 1, 1999
AND ANY SUPPLEMENTS THERETO
THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED IN
THE PROSPECTUS, AND STATEMENT OF ADDITIONAL INFORMATION AND SHOULD BE READ IN
CONJUNCTION WITH THE PROSPECTUS, AND STATEMENT OF ADDITIONAL INFORMATION.
Effective March 7, 2000, the Small Cap Equity Fund will be renamed the Small Cap
Value Equity Fund.
Under the "Performance Information" section continued on page 15 of the Equity
Funds Flex and Investor Shares Prospectus, the performance table is deleted and
replaced with the following information:
THIS TABLE COMPARES THE FUND'S AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS
ENDED DECEMBER 31, 1999, TO THOSE OF THE FRANK RUSSELL 2000 VALUE INDEX.
PREVIOUSLY THE FUND'S RETURNS HAD BEEN COMPARED TO THE FRANK RUSSELL 2000 INDEX,
BUT THE ADVISER BELIEVES THAT THE FRANK RUSSELL 2000 VALUE INDEX, BECAUSE OF ITS
GREATER EMPHASIS ON COMPANIES WITH LOWER GROWTH RATES AND PRICE-TO-BOOK RATIOS,
MORE ACCURATELY REFLECTS THE TYPES OF SECURITIES IN WHICH THE FUND INVESTS.
<TABLE>
<CAPTION>
- -------------------------------------- ---------------------- ------------------------- ----------------------------
FLEX SHARES 1 YEAR 5 YEAR SINCE INCEPTION
- -------------------------------------- ---------------------- ------------------------- ----------------------------
<S> <C>
Small Cap Value Equity Fund -5.59% 13.85% 13.07%*
- -------------------------------------- ---------------------- ------------------------- ----------------------------
Frank Russell 2000 Value Index -1.49% 13.13% 11.41%*
- -------------------------------------- ---------------------- ------------------------- ----------------------------
Frank Russell 2000 Index 21.26% 16.69% 15.09%*
- -------------------------------------- ---------------------- ------------------------- ----------------------------
</TABLE>
* SINCE 8/31/94
Under the "What is an Index?" heading, the index description is deleted and
replaced with the following:
WHAT IS AN INDEX?
An index measures the market prices of a specific group of securities in a
particular market or securities in a market sector. You cannot invest directly
in an index. Unlike a mutual fund, an index does not have an investment adviser
and does not pay any commissions or expenses. If an index had expenses, its
performance would be lower. The previous index, the Frank Russell 2000 Index, is
a widely-recognized, capitalization-weighted (companies with larger market
capitalizations have more influence than those with smaller market
capitalizations) index of the 2,000 smallest U.S. companies out of the
3,000 largest companies. The Frank Russell 2000 Value Index is a
widely-recognized, capitalization-weighted (companies with larger market
capitalizations have more influence than those with smaller market
capitalizations) index of the 2,000 smallest U.S. companies out of the 3,000
largest companies with lower growth rates and price-to-book ratios.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
2
