<DOCUMENT>
<TYPE>EX-99.2R 2
<SEQUENCE>15
<FILENAME>advisorcodeofethics.txt
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                                 CODE OF ETHICS


EVERGREEN INVESTMENT MANAGEMENT COMPANY
TATTERSALL ADVISORY GROUP, INC.

                           Effective December 2, 2002

As an Employee of any of the CMG Covered Companies, you are required to read,
understand and abide by this Code of Ethics. The Code contains affirmative
requirements as well as prohibitions that you are required to adhere to in
connection with securities transactions effected on your behalf and on behalf of
clients (including the Evergreen Funds). Such requirements include, among other
things, (i.) notifying the Compliance Department upon establishing a personal
securities account with a broker/dealer, (ii.) in certain cases, obtaining
permission prior to engaging in a personal securities transaction, and (iii.)
reporting personal securities transactions to the Compliance Department. Failure
to adhere to the Code could result in sanctions, including dismissal from
employment, and could also in certain cases expose you to civil or criminal
penalties such as fines and/or imprisonment.

No written code can explicitly cover every situation that possibly may arise.
Even in situations not expressly described, the Code and your fiduciary
obligations generally require you to put the interests of your clients ahead of
your own. In the interests of the company and Evergreen clients, the Compliance
Officer has the obligation and duty to review and deny any instances of conduct
that may not necessarily violate the letter of the code, but give the appearance
of impropriety. If you have any questions regarding the appropriateness of any
action under this Code or under your fiduciary duties generally, you should
contact your Compliance Officer or Assistant General Counsel to discuss the
matter before taking the action in question. Similarly, you should consult with
your Compliance or Legal officer if you have any questions concerning the
meaning or interpretation of any provision of the Code.

Finally, as an Employee of Wachovia Corporation or one of its divisions or
subsidiaries, you should consult Wachovia's Code of Conduct contained in your
Employee Handbook. This Code uses many defined terms that are defined in Section
V.

I. PROHIBITED ACTIVITIES

A. No Employee shall engage in any Security transactions, activity or
relationship that creates or has the appearance of creating a conflict of
interest (financial or other) between the Employee and a Covered Company or a
Client Account. Each Employee shall always place the financial and business
interests of the Covered Companies and Client Accounts before his or her own
personal financial and business interests.

B. No Employee shall:

1) employ any device, scheme or artifice to defraud a Client Account;
2) engage in any act, practice, or course of business which operates or would
operate as a fraud or deceit upon a Client Account ; or
3) engage in any
fraudulent, deceptive or manipulative practice with respect to a Client Account
4) engage in any transactions that may give the appearance of impropriety.

C. No Employee shall purchase or sell, directly or indirectly, any Security for
any Personal Account, any Client Account, the account of a Covered Company, or
any other account, while in possession of Inside Information concerning that
Security or the issuer without the prior written approval of the Compliance
Officer and the Assistant General Counsel and (per Wachovia's Code of Conduct)
Wachovia's Conflict of Interest Committee, which approval shall specifically
determine that such trading would not constitute an improper use of such Inside
Information. Employees possessing Inside Information shall take reasonable
precautions to ensure that such information is not disseminated beyond those
Employees with a need to know such information. Any questions should be directed
to the Compliance Officer or Assistant General Counsel.

D. No Employee shall recommend or cause a Covered Company or Client Account to
take action or refrain from taking action for the Employee's own personal
benefit.

E. (1) No Employee shall purchase or sell any Security for any Personal Account
if he or she knows such Security (i.) is being purchased or sold for any Covered
Company or Client Account or (ii.) is being actively considered for purchase or
sale by any Covered Company or Client account.

      (2) A Covered Company shall not purchase or sell any Security for its own
account if the Employee making such purchase or sale knows such Security (i.) is
being purchased or sold for any Client Account or (ii.) is being actively
considered for purchase or sale by any Client Account.

The prohibitions contained in E.(1) and E.(2) shall not apply to:

(a) purchases  pursuant to a dividend  reinvestment  program or purchases  based
upon preexisting status as a security holder, policyholder or depositor;

(b)  purchases  of  Securities  through  the  exercise  of rights  issued to the
Employee as part of a pro rata issue to all holders of such Securities,  and the
sale of such rights;

(c) transactions that are non-volitional,  including any sale out of a brokerage
account  resulting  from a bona fide margin call as long as  collateral  was not
withdrawn from such account within 10 days prior to the call; and

(d) transactions  previously  approved in writing by the Compliance Officer that
have been  determined  not to be harmful to any  Client  Account  because of the
volume of trading in the Security.

F. No Employee shall purchase a Security for any Personal Account in an initial
public offering, except for initial public offerings where the individual has a
right to purchase the Security based on a preexisting status as a security
holder, policy holder or depositor.

G. No Employee shall maintain or open a brokerage account constituting a
Personal Account unless duplicate confirmations and statements of all account
activity are forwarded to the Compliance Officer.

H. No Employee shall use any Derivative to evade the restrictions of this Code
of Ethics.

I. No Investment Person shall be a director of a publicly traded company other
than Wachovia Corporation without prior written approval of the Compliance
Officer. Approval generally will not be granted.

J. No Access Person shall make investments for any Personal Account in any
investment club without prior written approval from the Compliance Officer.

K. No Access Person may purchase a Security for any Personal Account in a
private offering without prior written approval of the person's Chief Investment
Officer or the Compliance Officer. In considering whether to grant such
approval, the Compliance Officer or Chief Investment Officer will consider
several factors, including but not limited to:

(1) whether the investment opportunity should be reserved for a Client Account;
and
(2) whether the opportunity is being offered to the Access Person by virtue of
his or her position with respect to a Client Account or a Covered Company.

If approval is granted, the Access Person must disclose the investment to the
appropriate Chief Investment Officer before participating in any way in any
decision as to whether a Client Account should invest in such Security or in
another Security issued by the same issuer. In such circumstances, the Chief
Investment Officer will conduct a review by investment personnel with no
interest in the issuer prior to a purchase on behalf of a Client Account. The
Compliance Officer shall retain a record of this approval and the rationale
supporting it.

L. No Access Person may offer investment advice or manage any person's portfolio
in which he or she does not have Beneficial Ownership other than a Client
Account without prior written approval from the Compliance Officer.

M. No Investment Person may profit from the purchase and sale or sale and
purchase of the same (or equivalent) Securities (other than securities issued by
Wachovia Corporation) in a Personal Account within 60 calendar days. Any
resulting profits will be disgorged as instructed by the Compliance Officer.

N. No Investment Person may buy or sell a Security for any Personal Account
within seven calendar days before or after a Client Account that he or she
manages, or provides information or advice to, or executes investment decisions
for, trades in that Security, except:

(1) purchases  pursuant to a dividend  reinvestment  program or purchases  based
upon preexisting status as a security holder, policyholder or depositor;

(2)  purchases  of  Securities  through  the  exercise  of rights  issued to the
Employee as part of a pro rata issue to all holders of such Securities,  and the
sale of such rights;

(3) transactions that are non-volitional, including any sale out of a
brokerage account resulting from a bona fide margin call as long as collateral
was not withdrawn from such account within ten days prior to the call; and

(4) transactions  previously  approved in writing by the Compliance Officer that
have been  determined  not to be harmful to any  Client  Account  because of the
volume of trading in the Security.

Any related profits from such transaction will be disgorged as instructed by the
Compliance Officer.

O. No Employee shall, directly or indirectly, in connection with any purchase or
sale of any Security by a Client Account or a Covered Company or in connection
with the business of a Client Account or a Covered Company, accept or receive
from a third party any gift or other thing of more than de minimis value, other
than (i.) business entertainment such as meals and sporting events involving no
more than ordinary amenities and (ii.) unsolicited advertising or promotional
materials that are generally available. An Employee also should consult Wachovia
Corporation's Code of Conduct relating to acceptance of gifts from customers and
suppliers. An Employee shall refer questions regarding the permissibility of
accepting items of more than de minimis value to the Compliance Officer.

II.      PRE-CLEARING PERSONAL TRADES

Pre-Clearance Procedures and Standards

A.   No Access  Person  may engage in a  Securities  transaction  (other  than a
     transaction  described  in Section B. below)  involving a Personal  Account
     unless  he/she  has first  pre-cleared  the  transaction  by  completing  a
     Personal  Investment  Pre-Clearance  Form  and had the form  signed  and/or
     initialed as set forth  therein.  Approval shall be indicated by the Access
     Person's Chief Investment  Officer or other designated  supervisor  signing
     and  dating the Form  where  indicated  at the  bottom.  Employees  who are
     required to report trades through the StarCompliance  Intranet system shall
     complete a Personalized Trade Authorization Form (PTAF).  Approval shall be
     indicated by an approval  from the  Compliance  Officer.  A trade cannot be
     completed unless an approval has been received or the security is exempt or
     below the de minimis.  Any such approval  shall only be valid until the end
     of the next  trading . The time  allotment is limited to the actual time of
     purchase or sale of the  Security.  If execution of the trade does not take
     place  by the end of the  next  trading  day,  then  another  pre-clearance
     request (or PTAF) must be processed and approved.  "Good till canceled" and
     "no limit" orders are forbidden.


B.       The following transactions are excluded from the pre-clearance
         requirement:

(1)      any transactions in Securities traded on a national securities exchange
         or NASDAQ NMS with an aggregate amount of (i.) 500 shares or less or
         (ii.) $25,000 or less (whichever is a lessor amount) of a particular
         security within a seven-day window. The de minimis is not valid for an
         Investment Person who has knowledge of recent purchases and sales of
         the same security within Client accounts.
(2)      purchases pursuant to a dividend reinvestment program (DRIP) or
         purchases based upon preexisting status as a security holder, policy
         holder or depositor;
(3)      purchases of Securities through the exercise
         of rights issued to the Employee as part of a pro rata issue to all
         holders of such Securities, and the sale of such rights;
(4)      transactions that are non-volitional, including any sale out of a
         brokerage account resulting from a bona fide margin call as long as
         collateral was not withdrawn from such account within ten days prior to
         the call;
(5)      transactions in Securities issued by Wachovia
         Corporation;
(6)      transactions by an Investment Person in a Security
         that all Client Accounts for which the person makes or executes
         investment decisions or recommendations are prohibited under their
         investment guidelines from purchasing; and
(7)      transactions previously
         approved in writing by the Compliance Officer that have been determined
         not to be harmful to any Client Account because of the volume of
         trading in the Security.

C.       Failure to receive pre-approval on applicable trades will result in the
         following actions:

(1)      First Failure: Letter of Reprimand;
(2)      Second Failure: $100.00 fine, payable to a charity agreeable to the
         Compliance Officer and the Access Person;
(3)      Third Failure: $250.00 fine, payable to a charity agreeable to the
         Compliance Officer and the Access Person;
(4)      Fourth Failure: Referral to appropriate management for action.

D. All employees should consult the Wachovia Code of Conduct regarding the
permissibility of investing in other financial institutions.


III. REPORTING REQUIREMENTS

A. Each year every Employee must sign an acknowledgment stating that he/she has
received and reviewed and will comply with this Code of Ethics. New Employees
should read and sign the policy within 30 days of employment.

B. Each Employee shall give written instructions to every broker with whom he or
she transacts for any Personal Account to provide duplicate confirmation for all
purchases and sales of Securities to:

For Evergreen Investment Management Company - Boston, Richmond, New York,
Winston- Salem and Charlotte Employees:

         Evergreen Investments
         Compliance Department
         200 Berkeley Street, 23rd Floor
         Boston, MA  02116

For Tattersall Advisory Group, Inc. Employees:

         Tattersall Advisory Group, Inc.
         6802 Paragon Place, Suite 200
         Richmond, VA  23230
         ATTN:  Compliance Department

C. Employees who are not Investment Persons or Access Persons must report all
transactions for their Personal Account annually for each year ending December
31 by the following January 31. Employees reporting using the StarCompliance
system must file the required annual reports using that system.

D. Each Access Person must report all Securities holdings in all Personal
Accounts upon commencement of employment (or within ten days of becoming an
Access Person) and thereafter annually, for each year ending December 31 by the
following January 31. A separate holdings list need not be provided if all
personal security holdings are otherwise listed on copies of brokerage
statements received by Compliance. If the employee's trades are tracked using
the StarCompliance system, initial holdings must be reported through that
system.

E. Each Access Person shall file with the Compliance Officer within ten calendar
days after the end of each calendar quarter (March 31, June 30, September 30,
December 31) a report listing each Security transaction (including those exempt
from the pre-clearance requirements) effected during the quarter for any
Personal Account; provided, however, a Security transaction need not be
separately reported under this paragraph if a copy of a broker confirmation for
the transaction was forwarded to the appropriate Compliance Officer as required
under Section 1.G. Employees using the StarCompliance system must file quarterly
reports using that system.

F. Any Employee who becomes aware of any person trading on or communicating
Inside Information (or contemplating such actions) must report such event to the
Compliance Officer or the Assistant General Counsel.

G. Any Employee who becomes aware of any person violating this Code of Ethics
must report such event to the Compliance Officer or the Assistant General
Counsel.

IV. ENFORCEMENT

A. Review: - The Compliance Officer shall review reports filed under the Code of
Ethics to determine whether any violation of this Code of Ethics may have
occurred. This includes not only instances of violations against the letter of
the code, but also any instances that may give the appearance of impropriety.

B. Investigation: - The Assistant General Counsel shall investigate any
substantive alleged violation of the Code of Ethics. An Employee allegedly
involved in a violation of the Code of Ethics may be required to deliver to the
Assistant General Counsel or his/her designee all tax returns involving any
Personal Account or any Securities for which the Employee has Beneficial
Ownership for all years requested. Failure to comply may result in termination.

C. Sanctions: - In determining the sanctions to be imposed for a violation of
this Code of Ethics, the following factors, among others, may be considered:

(1) the degree of willfulness of the violation;
(2) the severity of the violation;
(3) the extent, if any, to which an Employee profited or benefited from the
violation;
(4) the adverse effect, if any, of the violation on a Covered Company
or a Client Account; and
(5) any history of prior violation of the Code.

    The following sanctions, among others, may be considered:

(1) disgorgement of profits;
(2) fines;
(3) letter of reprimand;
(4) suspension or termination of employment; and
(5) such other actions as the Compliance Officer in concert with appropriate
legal counsel, or the Boards of Trustees of the Evergreen Funds, shall
determine.

D. All violations of the Code of Ethics involving Employees with
responsibilities relating to the Evergreen Funds or otherwise involving the
Evergreen Funds, and any sanctions imposed shall be reported to the Boards of
Trustees of the Evergreen Funds. All violations of the Code and any sanctions
also shall be reported to the Employee's supervisor, and any regulatory agency
requiring such reporting, and shall be filed in the Employee's personnel record.

E. Potential Legal Penalties for Misuse of Inside Information

(1) civil penalties up to three times the profit gained or loss avoided;
(2) disgorgement of profits;
(3) injunctions, including being banned from the
securities industry;
(4) criminal penalties up to $1 million; and/or
(5) jail sentences.

V. DEFINITIONS

Access Person: Access Person includes: (i.) any director of a Covered Company or
any officer of a Covered Company with the title of Vice President or above, but
excluding any such director or officer excluded in writing by the Covered
Company's Compliance Officer with the approval of the Assistant General Counsel;
(ii.) any Investment Person, but excluding any such person excluded in writing
by the appropriate person's Compliance Officer with the approval of the
Assistant General Counsel; and (iii.) any Employee of a Covered Company who, in
connection with his or her regular duties, makes, participates in, or obtains
information regarding the purchase or sale of a Security by a Client Account or
a Covered Company. Upon the hiring of a new Employee or of a change in an
Employee's job title or responsibilities, the Chief Operating Officer, with the
approval of the appropriate Compliance Officer, will determine whether the
employee or has become an Access Person under the Code. The Compliance Officer
will notify the employee.

Assistant General Counsel:  Michael H. Koonce - 617/210-3663

Beneficial Ownership: A direct or indirect financial interest in an investment
giving a person the opportunity directly or indirectly to participate in the
risks and rewards of the investment, regardless of the actual owner of record.
Securities of which a person may have Beneficial Ownership include, but are not
limited to:

(1) securities owned by a spouse, by or for minor children, or by relatives of
the person or his/her spouse who live in his/her home, including Securities in
trusts of which such persons are beneficiaries;
(2) a proportionate interest in
Securities held by a partnership of which the person is a general partner;
(3) securities for which a person has a right to dividends that are separated or
separable from the underlying securities; and
(4) securities that a person has a
right to acquire through the exercise or conversion of another Security.

Client Account: Any account of any person or entity (including an investment
company) for which a Covered Company provides investment advisory or investment
management services. Client Account does not include brokerage or other accounts
not involving investment advisory or management services.

Compliance  Officer:  The Compliance  Officers for each Covered  Company are set
     forth below:

     Evergreen  Investment  Management  Company - Charlotte,  Boston,  New York,
     Winston-Salem and Richmond

         Cathy White                        617/210-3606
         Jim Angelos                        617/210-3690
         Lisa Styles                        336/747-8830

         Tattersall Advisory Group

         Margaret Corwin                    804/289-2663


Covered Company: Includes Evergreen Investment Management Company and Tattersall
Advisory  Group,  Inc.  Covered  Company also includes any other  registered CMG
investment advisors that are acquired during the time this Code is in effect.

Derivative: Every financial arrangement whose value is linked to, or derived
from, fluctuations in the prices of stock, bonds, currencies or other assets.
Derivatives include but are not limited to futures, forward contracts, options
and swaps on interest rates, currencies, and stocks.

Direct or Indirect Influence or Control: The power on the part of an Employee,
his/her spouse or a relative living in his/her home to directly or indirectly
influence the selection or disposition of investments.

Employee: Any director, officer, or employee of a Covered Company, including
temporary or part-time employees and employees on short-term disability or leave
of absence. Independent contractors and their employees providing services to a
Covered Company, if designated by the Compliance Officer, shall be treated as
Employees under this Code.

Evergreen Funds: The open and closed-end investment companies advised or
administered by the Covered Companies.

Inside Information:  Information regarding a Security or its issuer that has not
yet been effectively  communicated to the public through an SEC filing or widely
distributed  news  release,  and  which a  reasonable  investor  would  consider
important  in making an  investment  decision or which is  reasonably  likely to
impact the trading price of the Security.  Inside Information  includes,  but is
not  limited  to,  information  about  (i.)  dividend  changes,  (ii.)  earnings
estimates and changes to previously released estimates,  (iii.) other changes in
financial  status,  (iv.) proposed  mergers or  acquisitions,  (v.) purchases or
sales of material amounts of assets, (vi.) significant new business, products or
discoveries or losses of business, (vii.) litigation or investigations,  (viii.)
liquidity difficulties or (ix.) management changes.

Investment Person: An Employee who is a portfolio manager, securities analyst,
or trader, or who otherwise makes recommendations regarding or effects the
purchase or sale of securities by a Client Account.

Personal Account: Any holding of Securities constituting Beneficial Ownership,
other than a holding of Securities previously approved by the Compliance Officer
over which the Employee has no Direct Influence or Control. A Personal Account
is not limited to securities accounts maintained at brokerage firms, but also
includes holdings of Securities owned directly by an Employee.

Security: Any type of equity or debt instrument and any rights relating thereto,
such as derivatives, warrants and convertible securities.

Unless otherwise noted, Security does not include:

(1) US Government Securities (see definition below);
(2) commercial paper, certificates of deposit, repurchase agreements, bankers'
acceptances, or any other money market instruments;
(3) shares of registered
open-end investment companies (i.e., mutual funds);
(4) commodities (except the
Security that does include options on individual equity or debt securities);
(5)
real estate investment trusts;
(6) guaranteed insurance contracts/ bank
investment contracts; or
(7) index based securities;
(8) derivatives based on
any instruments listed above.

Shares issued by all closed end funds (excluding index-based derivatives) are
included in the definition of Security.

U.S. Government Securities: All direct obligations of the U.S. Government and
its agencies and instrumentalities (for instance, obligations of GNMA, FHLCC, or
FHLBs).



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