0FFITBANK

Dear OFFITBANK Client,

I want to share  some  important  information  with you about the  merger of the
OFFIT Funds with Evergreen Investments. (Evergreen is a family of funds owned by
our parent company, the Wachovia  Corporation).  The purpose of the merger is to
provide you, the OFFIT Fund shareholder, an enhanced product offering as well as
extraordinary service.

A proxy will be needed to approve  these changes and will require your vote as a
shareholder at the meeting scheduled for November 1, 2002.  Pending  shareholder
approval, the OFFIT Funds will become Evergreen-OFFIT Funds, joining an enhanced
fund line up and benefiting from a team-based approach to portfolio management.

The Value of Team-Based Investment Management

From an investment management  perspective,  we are particularly focused on this
transition and are working to ensure a seamless transition.

Similar to OFFIT, Evergreen's highly talented investment professionals work on a
team basis. Unlike consensus-driven team structures,  Evergreen's team structure
promotes an environment of creative competition to leverage individual ideas for
the benefit of investors.

Each team  generates  its own  research  and  analysis  in an  environment  that
encourages  independent  thinking  and  decision-making.  But each team also has
access to the best thinking of the other teams,  leveraging our research  across
the  entire  organization.  The  result:  all  ideas are open to  challenge  and
collaboration  and sound  ideas are shared  across  teams to the  benefit of all
clients.

Specialized teams, shared disciplines

At  OFFITBANK,  we are  excited  that our  investment  managers  will  become an
integral  part  of  this  team-based  management  process.  Evergreen  portfolio
managers  and  analysts  as well as the  newly  integrated  OFFIT  managers  and
analysts will work together in teams that focus on delivering  superior  results
within carefully defined investment styles and within their areas of expertise.

World-Class Service

I also want to tell you that the current  directors of the OFFIT Funds have each
agreed to serve as  advisors  to the new  Evergreen-OFFIT  Funds for a period of
three years  enhancing  our ability to see that you  continue to be well served.
Additionally,  Evergreen has earned  Dalbar's  Mutual Fund Service award for the
last three years.

The Fund has filed a preliminary proxy statement with the SEC.  Shareholders are
urged to read the proxy  statement  once it  becomes  available  as it  contains
important  information.  You  should  expect  to  receive  a copy  of the  proxy
statement in the mail the week of September  30, 2002.  The proxy  statement and
other relevant documents are also available at no charge from the SEC's web site
at www.sec.gov.

I appreciate your support of this  integration and welcome any questions you may
have. If you should have any questions,  please  contact a Shareholder  Services
Representative at 800.343.2898, Monday through Friday 8:00am to 6:00pm, EST.

As always we look forward to providing you the world-class service you have come
to expect.

Sincerely,