Ex-99. D.5.
EXPENSE LIMITATION AGREEMENT
AGREEMENT made this ____ day of April, 2005, 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 to the following level for a
period of one year from the Effective Date (as defined herein) of this Agreement
for the following fund:
FUND TOTAL OPERATING EXPENSES
---- ------------------------
International Equity Fund 1.60%
If at any point, before May 1, 2008, 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.
This agreement shall be renewable at the end of each one-year period for an
additional one-year period upon the written agreement of the Parties hereto.
IN WITNESS WHEREOF, the Parties hereto have cause this Agreement to be executed
as of the day and year first written above and to become effective as of May 1,
2005 ("Effective Date").
STI CLASSIC VARIABLE TRUST TRUSCO CAPITAL MANAGEMENT INC.
By: By:
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Title: Title:
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