Centura Equity Growth Fund Receives Five Star Rating From Morningstar

ROCKY MOUNT, N.C. -- Centura Funds and Centura Bank today announced that the Centura Equity Growth Fund Class C, Institutional Shares received Morningstar's top rating of five stars. The rating is based on the Fund's s overall investment performance for the three year period ended August 31, 1997. The Fund ranked 374th for its three year performance among 2,092 domestic equity funds rated by Morningstar.

Morningstar, an independent mutual fund research leader, appraises both investment return and risk in rating more than 7,300 mutual funds. Its proprietary rating system reflects risk-adjusted performance. The ratings are subject to change every month. Morningstar ratings are calculated from a fund's three, five and ten year returns in excess of 90-day Treasury Bill returns and a risk factor that reflects fund performance below 90-day Treasury Bill returns. Ten percent of the funds in an investment category receive 5 stars, 22.5% receive four stars.

"We are pleased that our investment performance has been recognized by Morningstar in this manner," said Frank Jolley, Centura Equity Growth Fund's portfolio manager. "Maintaining our disciplined value approach to equity investing has provided our clients with solid performance without excessive risk, relative to the market."

Centura Equity Growth Fund's objective is to provide investors long-term capital appreciation by investing primarily in a diversified portfolio of publicly traded common and preferred stocks and securities convertible into or exchanged for common stock.

Centura Funds is a family of five mutual funds with more than $420 million in assets. The Centura Equity Income Fund and the Centura Southeast Equity Fund were recently added to the Fund family, allowing shareholders to further allocate assets and diversify risk utilizing Centura's value approach to investing.

In addition to Class C shares, available to Centura Bank's trust clients, Centura Funds are offered by prospectus in two retail share classes. Class A shares are sold with a front-end sales charge or load. Class B shares are sold without a front-end load, but are subject to back-end charges if redeemed within five years of purchase. The Equity Growth Fund Class A Shares and Class B Shares received four star rankings for their three year performance among the 2,092 domestic equity funds rated by Morningstar as of August 31, 1997. Shares of Centura Funds are not FDIC insured, are not bank guaranteed and may lose value. It is also important to understand that past performance is not an indication of future results. A prospectus detailing Fund expenses as well as investment performance is available by calling 1-800-44-CENTURA. Potential investors are advised to read the prospectus carefully prior to investing.

Centura Bank serves as investment advisor to the Funds and is paid a fee for its services, and is not affiliated with Centura Funds Distributor, Inc., the Fund's distributor.

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