**Deutsche Asset Management – Global Code            of Ethics**

 

 

The information contained herein is the property of Deutsche Bank Group            and may not be copied, used or disclosed in whole or in part, stored in a retrieval            system or transmitted in any form or by any means (electronic, mechanical,            reprographic, recording or otherwise) without the prior written permission of Deutsche            Bank Group.

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| **Original Issue                            Date:**      | October 1,                            2004                                |
|----------------------------------------------------------|---------------------------------------------------------------------------|
| **Approver(s):**                                         | John                            Robbins                                   |
| **Owner(s):**                                            | Asset Management                            (“AM“) Compliance |
| **Contact                            Person:**           | Joseph                            Yuen                                    |
| **Classification:**                                      | **Policy /                            Guideline**                         |
| **Functional                            Applicability:** | AM Americas                            Compliance – Code of Ethics  |
| **Geographic                            Applicability:** | AM Compliance                            Global                           |
| **Last Revision                            Date:**       | December 3,                            2007                               |
| **Last Reviewed                            Date:**       | October 1,                            2004                                |
| **Next Review                            Date:**         | July 1,                            2008                                   |
| **Version                            Number:**           | Final                            v2.0a                                    |
| **Other                            Languages:**          | N/A                                                                       |

 

 

The information contained herein is the property of Deutsche Bank Group            and may not be copied, used or disclosed in whole or in part, stored in a retrieval            system or transmitted in any form or by any means (electronic, mechanical,            reprographic, recording or otherwise) without the prior written permission of Deutsche            Bank Group.

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**Deutsche Asset Management – Global Code of            Ethics**

 

             

             

**DEUTSCHE ASSET MANAGEMENT GLOBAL CODE OF ETHICS**

 

**Table of Contents**

**Page Number**

             

| I.                            OVERVIEW | 4 |
|----------------------------------------|---|

| II. GENERAL                            RULE | 4 |
|---------------------------------------------|---|

| III.                            DEFINTIONS | 5 |
|--------------------------------------------|---|

| IV.                            RESTRICTIONS | 6 |
|---------------------------------------------|---|

| V. COMPLIANCE                            PROCEDURES | 9 |
|-----------------------------------------------------|---|

| VI. OTHER                            PROCEDURES/RESTRICTIONS | 10 |
|--------------------------------------------------------------|----|

| VII.                            SANCTIONS | 12 |
|-------------------------------------------|----|

| VIII.                            INTERPRETATIONS AND EXCEPTIONS | 12 |
|-----------------------------------------------------------------|----|

| IX.                            APPENDIX | 13 |
|-----------------------------------------|----|

|   | SCHEDULE                            A | 13 |
|--------|---------------------------------------|----|

|   | SCHEDULE B:                            Supplement to the DeAM Code of Ethics | 14 |
|--------|------------------------------------------------------------------------------|----|

|   | SCHEDULE C:                            Supplement to the DeAM Code of Ethics | 17 |
|--------|------------------------------------------------------------------------------|----|

|   | SCHEDULE D:                            Supplement to the DeAM Code of Ethics –                            DITMC | 19 |
|--------|-----------------------------------------------------------------------------------------------------------------------|----|

|   | SCHEDULE E:                            Supplement to the DeAM Code of Ethics – Covered Entities                            (DBOI/DKS) | 20 |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------|----|

| X. APPENDIX                            II | 21 |
|-------------------------------------------|----|

 

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The information contained herein is the property of                            Deutsche Bank Group and may not be copied, used or disclosed in whole                            or in part, stored in a retrieval system or transmitted in any form or                            by any means (electronic, mechanical, reprographic, recording or                            otherwise) without the prior written permission of Deutsche Bank                            Group.

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**DEUTSCHE ASSET MANAGEMENT**

**GLOBAL CODE OF ETHICS**

 

| **I.****OVERVIEW** |
|--------------------|

 

This            Code of Ethics (“Code”) sets forth the specialized rules for business            conduct and guidelines for the personal investing activities of employees connected            with the investment management of US registered investment companies or other US            clients, as categorized in the Definition Section and such other employees that the            Compliance Department may determine from time to time, in accordance with Rule 17j-1            under the Investment Company Act of 1940 (the “Investment Company Act”) and            Section 275.204A-1 of the Investment Advisers Act of 1940 (the “Investment            Advisers Act”).

 

This            Code supplements the Deutsche Asset Management Personal Account Dealing Rules for each            of the affected entities. Each region managing US registered Investment Companies or            other US clients, whose Employees have access to a DeAM global research database or            whose Employees provide operational support to such regions, must implement and abide            by this Code. Regional differences may be noted within this code to conform to local            regulation. Each affected Employee must observe local Personal Account Dealing Rules,            as well as abide by the additional principles and rules set forth in this Code, and any            other applicable legal vehicle or division specific policies and            obligations.

 

 

| **II. GENERAL RULE** |
|----------------------|

 

Personnel acting in a fiduciary capacity must carry out their duties for            the exclusive benefit of client accounts. Consistent with this fiduciary duty, the            interests of DeAM clients take priority over the investment desires of DeAM and DeAM            personnel. All Employees subject to this Code must conduct themselves in a manner            consistent with the requirements and procedures set forth herein.

 

Employees may be subject to laws or regulations that impose restrictions            with respect to personal securities transactions, including, but not limited to,            Section 17(j) and Rule 17j-1 under the Investment Company Act of 1940 (the            “Act”). The purpose of this Code of Ethics is to ensure that, in connection            with his or her personal trading, no Employee (as defined below) shall conduct any of            the following acts upon a US client account:

 

|   | § | To employ any device, scheme or artifice to                            defraud; |
|--------|--------|---------------------------------------------------------------------------------|

|   | § | To make any untrue statement of a material fact, or omit                            to state a material fact necessary in order to make the statement not                            misleading; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | § | To engage in any act, practice or course of business                            that operates or would operate as a fraud or deceit; or |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | § | To engage in any manipulative practice. |
|--------|--------|-----------------------------------------|

 

The information contained herein is the property of Deutsche Bank Group            and may not be copied, used or disclosed in whole or in part, stored in a retrieval            system or transmitted in any form or by any means (electronic, mechanical,            reprographic, recording or otherwise) without the prior written permission of Deutsche            Bank Group.

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**Deutsche Asset Management – Global Code of            Ethics**

 

| **III. DEFINTIONS** |
|---------------------|

 

|   | **A.** | **“Adviser”**shall                            mean any asset management legal entity that has (1) individuals who                            manage or deal on behalf of an Investment Company registered under the                            Investment Company Act or other US client (2) employees who create and                            post research to a global research platform. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|   | **B.** | **“Investment Company”**shall mean a company registered under the Investment                            Company Act or any series thereof for which the Adviser is the                            investment adviser. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|   | **C.** | **“Advisory Person”**shall mean: |
|--------|--------|----------------------------------------------|

 

any Employee of the Adviser, or of any company in a control relationship            with the Investment Company or the Adviser who in connection with his or her regular            functions or duties, makes any recommendation, participates in the determination of            which recommendation will be made, or obtains information regarding purchases, sales,            holdings, or recommendations for the purchase or sale of a security, or

             

any natural person in a control relationship with the Investment Company            or the Adviser who obtains information concerning the recommendations made to an            investment company with regard to the purchase or sale of a security.

 

|   | **D.** | **“Access Person”**shall mean any officer, director, general partner or                            Advisory Person of a US Investment Company or US Registered Investment                            Adviser with respect to the management of US clients, and other                            Employees who have access to timely information relating to investment                            management activities, research and/or client portfolio holdings for US                            funds and US clients. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|   | **E.** | **“Employees”**is                            a general term, which shall include all of the Adviser’s                            employees, including Access Persons as well as anyone within the DB                            organization that provides operational support to an                            Adviser. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|   | **F.** | **“Employee Related Account”**of any person subject to this Code shall                            mean: |
|--------|--------|---------------------------------------------------------------------------------------------------------------------|

 

|   | A. | The employee’s own Accounts, |
|--------|----|------------------------------------|

|   | B. | The employee’s spouse’s/domestic                            partner’s accounts and the accounts of minor children and other                            relatives living in the Employee’s home |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | C. | Accounts in which the employee, his/her spouse/domestic                            partner, minor children or other relatives living in their home have a                            beneficial interest (i.e. share in the profits even if there is no                            influence on voting or disposition of the shares); and |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | D. | Accounts (including corporate accounts and trust                            accounts) over which the employee or his/her spouse/domestic partner                            exercises investment discretion or direct or indirect influence or                            control ** |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

*** Applicable unless specifically prohibited by local            regulations*

             

|   | **NOTE:** | **ANY PERSON SUBJECT TO THE CODE IS RESPONSIBLE FOR                            COMPLIANCE WITH THESE RULES WITH RESPECT TO ANY EMPLOYEE RELATED                            ACCOUNT, AS APPLICABLE** |
|--------|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

             

|   | **G.** | **“Securities”**shall includeequity or debt                            securities, derivatives of securities (such as options, warrants, and                            ADRs), futures, commodities, securities indices, exchange traded funds,                            government and municipal bonds and similar instruments, but***do not                            include***: |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

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The information contained herein is the property of                            Deutsche Bank Group and may not be copied, used or disclosed in whole                            or in part, stored in a retrieval system or transmitted in any form or                            by any means (electronic, mechanical, reprographic, recording or                            otherwise) without the prior written permission of Deutsche Bank                            Group.

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**Deutsche Asset Management – Global Code of            Ethics**

 

|   | (i) | Bankers’ acceptances, bank certificates of                            deposit, commercial paper and high quality short-term debt instruments                            including repurchase agreements, |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

             

|   | H. | **“Mutual Funds”**shall includeall mutual funds                            (open-end and closed-end mutual funds), but***will                            exclude***: |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|   | (i) | Shares of open-end money market mutual funds (unless                            otherwise directed by Compliance). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------|

 

 

| **IV.****RESTRICTIONS** |
|-------------------------|

 

For            purposes of this Code, a prohibition or requirement applicable to any Employee applies            also to transactions in securities for any of that Employee's personal accounts,            including transactions executed by that Employee or Employee Related Account (see            definition under III.F).

 

|   | **A.** | **General** |
|--------|--------|-------------|

             

|   | (i) | *The Basic Policy*: Employees                            have a personal obligation to conduct their investing activities and                            related securities transactions lawfully and in a manner that avoids                            actual or potential conflicts between their own interests and the                            interests of Deutsche Asset Management (“DeAM”) and its                            clients. Employees must carefully consider the nature of their DeAM                            responsibilities - and the type of information that he or she might be                            deemed to possess in light of any particular securities transaction                            -beforeengaging in                            that transaction. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|   | (ii) | *Material Nonpublic                            Information*: Employees in possession of                            material nonpublic information about or affecting securities, or their                            issuer, are prohibited from buying or selling such securities, or                            advising any other person to buy or sell such securities. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|   | (iii) | *Corporate and Departmental Restricted                            Lists*: Employees are not permitted to buy or                            sell any securities that are included on the Corporate Restricted List                            and/or other applicable restricted lists for the adviser. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|   | (iv) | *“Frontrunning:”*Employees are prohibited from buying or selling                            securities or other instruments in their Employee Related Accounts so                            as to benefit from the employee’s knowledge of the Firm’s                            or an investment companies or other US client’s trading                            positions, plans or strategies, or forthcoming research                            recommendations. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

             

|   | **B.** | **Specific Blackout Period Restrictions** |
|--------|--------|-------------------------------------------|

 

|   | (i) | Access Persons who have access to Investment Company or                            other US clienttrading information shall not                            knowingly effect the purchase or sale of a Security for an Employee                            Related Account on a day during which any investment company or US                            clienthas a “buy” or                            “sell” order for the same Security, until that order is                            executed or withdrawn; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|   | (ii) | Access Persons shall not effect the purchase or sale of                            a Security for an Employee Related Account within**seven calendar days before or seven calendar days                            after**the same Security is traded (or                            contemplated to be traded) by an investment company or other US client                            with which the individual is associated. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

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The information contained herein is the property of                            Deutsche Bank Group and may not be copied, used or disclosed in whole                            or in part, stored in a retrieval system or transmitted in any form or                            by any means (electronic, mechanical, reprographic, recording or                            otherwise) without the prior written permission of Deutsche Bank                            Group.

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**Deutsche Asset Management – Global Code of            Ethics**

 

|   | (iii) | Access Persons with*real                            time*access to a global research sharing                            system platform (e.g., “GERP”, “GFIRP” or                            “G-Cube”1) shall not effect the purchase or sale                            of a Security for an Employee Related Account within**seven calendar days before or seven calendar days                            after**the same Security (a) is added                            to/deleted from or has its weighting changed in the “Model”                            Portfolio; or (b) has its internal rating upgraded or downgraded; or                            (c) has research coverage initiated. |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|   | (iv) | Employees must always act to avoid any actual or                            potential conflict of interest between their DeAM duties and                            responsibilities, and their personal investment activities. To avoid                            potential conflicts, absent specific written approval from Compliance,                            Employees should not personally invest in securities issued by                            companies with which they have significant dealings on behalf of DeAM,                            or in investment vehicles sponsored by the companies. Additional rules                            that apply to securities transactions by Employees, including the                            requirement for Employees to pre-clear personal securities transactions                            and rules regarding how Employee Related Accounts must be maintained,                            are described in more detail later in this Code. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

             

|   | (v) | *Deutsche Bank Securities:*During certain times of the year, all Deutsche Bank                            Employees are prohibited from conducting transactions in the equity and                            debt Securities of Deutsche Bank, which affect their beneficial                            interest in the Firm. Central Compliance generally imposes these                            “blackout” periods around the fiscal reporting of corporate                            earnings. Blackouts typically begin two days prior to the expected                            quarterly or annual earnings announcement and end after earnings are                            released publicly. Additional restricted periods may be required for                            certain individuals and events, and Compliance will announce when such                            additional restricted periods are in effect. (Transactions in DB                            securities are subject to local requirements.) |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|   | (vi) | Exceptions to Blackout Periods (above items i, ii, and                            iii only) |
|--------|------|---------------------------------------------------------------------------------------------|

The following Securities and transactions are exempt from the specified            blackout periods:

             

|   | **•** | Purchases or sales of securities which are not eligible                            for purchase or sale by an investment company or other US                            client. |
|--------|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **•** | Where the security is a large cap liquid stock it would                            be within the remit of the relevant regional team head (or alternate)                            to grant an exemption from this rule, if the regional head is satisfied                            that there are no open orders or prejudice to DeAM’s clients, and                            Compliance agrees with the rationale for the type of security                            exempted. |
|--------|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **•** | Securities Indices |
|--------|------------|--------------------|

|   | **•** | ETFs (exchange-traded funds – e.g., SPDRs or                            “Spiders” (S&P 500 Index), DIAs or                            “Diamonds” (Dow Jones Industrial Average), etc.), and                            certain similar securities/products native to the applicable region as                            determined by Compliance; |
|--------|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **•** | Government and municipal bonds; |
|--------|------------|---------------------------------|

|   | **•** | Shares purchased under an issuer sponsored Dividend                            Reinvestment Plan (“DRIPs”), other than optional                            purchases |
|--------|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **•** | Purchases or sales which are non-volitional on the part                            of either the Access Person, an investment company, or another US                            client. |
|--------|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **•** | To the extent acquired from the issuer, purchases                            effected upon the exercise of rights issued pro rata to holders of a                            class of securities. |
|--------|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**_________________________**

**1** GERP (Global Equity Research Portal) is a web-based application (Active            Equity businesses) allowing for the publishing and dissemination of research and model            portfolios in real-time by the Global Sector Teams, Portfolio Selection Teams, Local            Research Teams, designated PIC/PB users and Small Cap Teams to Portfolio Managers, who            will use GERP for investment recommendations and portfolio construction for clients.            GFIRP (Global Fixed Income Research Portal) is a web based application that allows for            the posting and dissemination of fixed income research. G-Cube is a web-based            application that combines the securities from GERP and GFIRP. Employees with full            access to G-Cube can view equity and fixed income securities.

             

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The information contained herein is the property of                            Deutsche Bank Group and may not be copied, used or disclosed in whole                            or in part, stored in a retrieval system or transmitted in any form or                            by any means (electronic, mechanical, reprographic, recording or                            otherwise) without the prior written permission of Deutsche Bank                            Group.

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**Deutsche Asset Management – Global Code of            Ethics**

 

**Note:**Transactions in derivative            instruments, including warrants, convertible Securities, futures and options, etc.            shall be restricted in the same manner as the underlying Security.

             

|   | **C.** | **New Issues (IPOs)** |
|--------|--------|-----------------------|

             

Access Persons are prohibited from purchasing or subscribing for            Securities pursuant to an initial public offering (unless the purchase/subscription            would not prejudice an investment company’s or other US            client’sorder) prohibition and this applies even if            Deutsche Bank (or any affiliate of Deutsche Bank) has no underwriting role and/or is            not involved with the distribution.

             

|   | **D.** | **Short -Term Trading** |
|--------|--------|-------------------------|

             

Employees must always conduct their personal trading activities            lawfully, properly and responsibly, and are encouraged to adopt long-term investment            strategies that are consistent with their financial resources and objectives. Deutsche            Bank generally discourages short-term trading strategies, and employees are cautioned            that such strategies may inherently carry a higher risk of regulatory and other            scrutiny. In any event, excessive or inappropriate trading that interferes with job            performance, or compromises the duty that Deutsche Bank owes to its clients and            shareholders, will not be tolerated.

             

Employees covered by this Code are prohibited from transacting in the            purchase and sale, or sale and purchase, of the same (or equivalent) Securities and            Mutual Funds within 30 calendar days. The following are exempted from this            restriction:

             

|   | **•** | Shares purchased under an issuer sponsored Dividend                            Reinvestment Plan (“DRIPs”), other than optional                            purchases; |
|--------|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **•** | To the extent acquired from the issuer, purchases                            effected upon the exercise of rights issued pro rata to holders of a                            class of securities; |
|--------|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **•** | Securities pre-cleared and purchased with a specific                            stop-limit provision attached. |
|--------|------------|----------------------------------------------------------------------------------------------------------------|

|   | **•** | Securities purchased under an employer sponsored stock                            purchase plan; |
|--------|------------|--------------------------------------------------------------------------------------------------|

|   | **•** | Mutual Funds subject to periodic purchase plans (i.e.,                            can be sold once within 30 days after a periodic purchase); |
|--------|------------|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | **•** | Subject to additional restrictions imposed by local plan                            administrators. e.g United States plan                            administrators***,***Mutual Funds in the DeAM retirement plans (i.e., will be                            subject to the funds’ prospectus requirements regarding holding                            periods); and |
|--------|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **•** | Fixed Income Mutual Funds investing in government bonds                            with “short-term” in their name. |
|--------|------------|---------------------------------------------------------------------------------------------------------------------------------|

             

|   | **E.** | **Restricted List** |
|--------|--------|---------------------|

 

All Deutsche Bank Employees are prohibited from buying or selling any            Securities that are included on the Corporate Restricted List and/or other applicable            departmental restricted lists. The Corporate Restricted List is available on the            intranet at:

             

**http://rl.compliance.cc.intranet.db.com/**

             

(It is also available through the “Compliance Global Home”            at**https://compliance.cc.intranet.db.com/**listed under “Applications”.)

             

Employees may be subject to other Restricted Lists. Please contact your            local compliance department for further information and any other questions regarding            the Restricted List.

 

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The information contained herein is the property of                            Deutsche Bank Group and may not be copied, used or disclosed in whole                            or in part, stored in a retrieval system or transmitted in any form or                            by any means (electronic, mechanical, reprographic, recording or                            otherwise) without the prior written permission of Deutsche Bank                            Group.

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**Deutsche Asset Management – Global Code of            Ethics**

 

|   | **F.** | **Private Placements, Private Investment Partnerships,                            and other Private Interests** |
|--------|--------|-----------------------------------------------------------------------------------------------------------------|

             

Prior to effecting a transaction in private Securities (i.e., Securities            not requiring registration with the Securities and Exchange Commission or other            regulatory body and sold directly to the investor), or purchasing or subscribing for            interests of any kind in a privately held company, private investment partnership, or            industrial/commercial property, all Employees must first, in accordance with Deutsche            Bank policy, obtain the approval of his/her supervisor and then pre-clear the            transaction with the Compliance Department. Any new Employee who holds an interest in            any of the above, must disclose such holdings to the Compliance Department within 10            days of employment.

             

Interests in private Securities, privately held companies, investment            partnerships, and industrial/commercial property, other than family partnerships, will            typically be expected to involve passive holdings of less than 5% of the entity, where            the Employee does not participate in any way in the solicitation of investors or            capital raising and does not serve in the management or on the board of directors of            such entity.

             

Any questions regarding this or any other section of this Code should be            referred to your regional Compliance Department.

 

 

| **V. COMPLIANCE PROCEDURES** |
|------------------------------|

 

All            members of staff are subject to their local Deutsche Asset Management Personal Account            Dealing Rules. The following procedures are either additional requirements necessary            because of U.S. regulations or reminders of points pertinent to the Adviser.

 

|   | **A.** | **Pre-Clearance** |
|--------|--------|-------------------|

             

All personal securities and closed-end Mutual Fund transactions must be            undertaken only with the approval of an officer duly authorized to give such approval            by the Adviser. Closed-end Mutual Fund Transactions must be reported to U.S. Legal for            review for potential regulatory filings. Direct obligations of the federal government            are exempt from the pre-clearance requirement.

             

|   | **B.** | **Reporting Requirements Pursuant to Rule 17j-1 of the                            Investment Company Act and Rule 204A-1 of the Investment Advisers                            Act** |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

(i)*Disclosure of Personal Securities            Holdings*

No later than ten days after an individual becomes an Access Person, he            or she must also complete and return a “Personal Securities Holdings            Report” to Compliance that identifies all personal and Employee Related Account            holdings in both Securities and Mutual Funds to Compliance. The information submitted            must be current within 45 days prior to the hire date.

 

(ii)*Quarterly Personal Securities Trading            Reports (“PSTs”)*

Within 30 days of the end of each calendar quarter, all Access Persons            must submit to Compliance a PST report, and shall contain the following information for            Securities and Mutual Funds transactions:

             

|   | **•** | The date of the transaction, the title and the number of                            shares, and the principal amount of each security involved; |
|--------|------------|-------------------------------------------------------------------------------------------------------------------------------------------------|

             

|   | **•** | The nature of the transaction (i.e., purchase, sale or                            any other type of acquisition or disposition); |
|--------|------------|----------------------------------------------------------------------------------------------------------------------------------|

             

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The information contained herein is the property of                            Deutsche Bank Group and may not be copied, used or disclosed in whole                            or in part, stored in a retrieval system or transmitted in any form or                            by any means (electronic, mechanical, reprographic, recording or                            otherwise) without the prior written permission of Deutsche Bank                            Group.

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|   | **•** | The price at which the transaction was effected                            and, |
|--------|------------|---------------------------------------------------------------------------------|

             

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**Deutsche Asset Management – Global Code of            Ethics**

 

|   | **•** | The name of the broker, dealer or bank with or through                            whom the transaction was effected. |
|--------|------------|----------------------------------------------------------------------------------------------------------------------|

 

Employees that do not have any reportable transactions in a particular            quarter should indicate as such by checking/initialing the appropriate box in the            reporting system or form for the respective quarter.

 

Mutual Funds transactions subject to periodic purchase plans are not            required to be reported quarterly, but its holdings are required to be reported            annually.

             

Transactions in direct obligations of the federal government and            transactions effected pursuant to an automatic investment plan do not have to be            reported.

             

All PSTs that have reportable personal Securities transactions for the            quarter will be reviewed by the appropriate supervisory and/or Compliance            person.

             

(iii)*Annual Holdings Report*

Once each year, at a date to be specified by DeAM Compliance, each            Access Person must provide to Compliance an Annual Holdings Report that identifies both            Brokerage and Mutual Fund accounts current as of a date not more than 45 days prior to            the date of the report. ***

             

(iv) Any violations of the Code of Ethics must be reported to the            designated Compliance person. The Chief Compliance Officer will receive periodic            reports of all violations of the Code of Ethics.

             

|   | **C.** | **Confirmation of Compliance with                            Policies** |
|--------|--------|-------------------------------------------------------------------------|

             

Annually, each Access Person is required to acknowledge either            electronically or in writing that he or she has received this Code, as amended or            updated, and confirm his or her adherence to it. All employees must also acknowledge            receipt of any amendments made to the Code if a determination is made by DeAM            Compliance that such acknowledgement should occur prior to the next annual            acknowledgement. Understanding and complying with this Code, and truthfully completing            the Acknowledgment are the obligation of each Employee.

             

**In addition, a senior Compliance Officer in each region must confirm            to the****U.S. Code of Ethics Group on at least an annual            basis or as notified by the U.S. Code of Ethics Group****that this Global Code has been complied with by all Access Persons            and that the required records are on file. (Appendix II)**

             

             

| **VI. OTHER PROCEDURES/RESTRICTIONS** |
|---------------------------------------|

 

|   | **A.** | **Service on Boards of Directors** |
|--------|--------|------------------------------------|

             

Service on Boards of publicly traded companies should be limited to a            small number of instances. However, such service may be undertaken after approval from            the regional head of Asset Management and Compliance, based upon a determination that            these activities are consistent with the interests of the Adviser and its clients.            Employees serving as directors will not be permitted to participate in the process of            making investment decisions on behalf of clients which involve the subject            company.

             

 

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The information contained herein is the property of                            Deutsche Bank Group and may not be copied, used or disclosed in whole                            or in part, stored in a retrieval system or transmitted in any form or                            by any means (electronic, mechanical, reprographic, recording or                            otherwise) without the prior written permission of Deutsche Bank                            Group.

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**Deutsche Asset Management – Global Code of            Ethics**

 

|   | **B.** | **Outside Business Affiliations** |
|--------|--------|-----------------------------------|

             

Employees may not maintain outside business affiliations (e.g., officer,            director, governor, trustee, part-time employment, etc.) without the prior written            approval of the appropriate senior officer of their respective business units after            consultation with Compliance. Employees may not engage in any activities on behalf of            an approved outside business affiliation during company time or while using DeAM            property (e.g., e-mail and internet), other than on a purely de minimis basis.**[See Section IV.F. Private Placements, Private Investment            Partnerships, and other Private Interests]**

             

|   | **C.** | **Gifts** |
|--------|--------|-----------|

             

Giving and receiving gifts and entertainment, as well as making            charitable donations, can create a conflict of interest or the appearance of a conflict            of interest and may, in some instances, violate the law. Employees of may not accept            gifts, entertainment, or other things of material value that would create the            appearance that the gift or entertainment is intended to influence or reward the            receipt of business, or otherwise affect an Employee’s decision-making.            Similarly, Employees may not make charitable donations in the name of the Company or on            the Company’s behalf or offer gifts, entertainment, or other things of material            value that could be viewed as attempting to unduly influence the decision-making or            objectivity of a client, consultant, broker, vendor, or other service            provider.

             

As a fiduciary, DeAM must adhere to the highest standards of conduct and            integrity. In their fiduciary capacity DeAM employees must always act with honesty and            integrity and must always carry out their duties for the exclusive benefit of the            client accounts. Consistent with this fiduciary duty, the interests of clients take            priority over the investment desires of DeAM and DeAM personnel.

             

In analyzing whether a gift or entertainment is permissible, it is            necessary to determine (1) the identity and nature of the particular DeAM employee            involved and (2) the type of gift and/or entertainment activity that is contemplated.            ERISA and Taft Hartley Plans (and Fiduciaries for such Plans) and State and Government            Plans (and Fiduciaries for such Plans), are subject to much more stringent            requirements.

             

Advisory Persons managing U.S. client accounts are subject to the U.S.            DeAM Policy and Gifts and Entertainment requirements. As these individuals are managing            U.S. based accounts, or dual-hatted into U.S. registered advisers, they must abide by            U.S. requirements for disclosure, limits, and restrictions related to U.S. clients and            prospective clients unless provided an exception from U.S. Compliance

             

Please see your local policy that is applicable to your region for            additional guidance.

 

|   | **D.** | **Rules for Dealing with Governmental Officials and                            Political Candidates** |
|--------|--------|-------------------------------------------------------------------------------------------------------|

             

|   | (i) | *Corporate Payments or Political                            Contributions* |
|--------|-----|----------------------------------------------------------------------------|

No corporate or individual Employee payments or gifts of value may be            made to any outside party, including any government official or political candidate or            official, to create the appearance for the purpose of securing or retaining business            for Deutsche Bank, or influencing any decision on its behalf.

             

*Under the Foreign Corrupt Practices Act, Bank Bribery Law, Elections            Law and other applicable regulations, severe penalties may be imposed on Deutsche Bank            and on*

             

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The information contained herein is the property of                            Deutsche Bank Group and may not be copied, used or disclosed in whole                            or in part, stored in a retrieval system or transmitted in any form or                            by any means (electronic, mechanical, reprographic, recording or                            otherwise) without the prior written permission of Deutsche Bank                            Group.

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**Deutsche Asset Management – Global Code of            Ethics**

 

*individuals who violate these laws and regulations. Similar laws and            regulations may also apply in various countries and legal jurisdictions where Deutsche            Bank does business.*

             

|   | **E.** | **Confidentiality** |
|--------|--------|---------------------|

             

Employees must not divulge contemplated or completed securities            transactions or trading strategies of DeAM clients to any person, except as required by            the performance of such person’s duties, and only on a need-to-know            basis.

 

 

| **VII. SANCTIONS** |
|--------------------|

 

Any            Employee who violates this Code may be subject to disciplinary actions, including            possible dismissal as well as sanctions, ranging from warnings and trading privilege            suspensions, to financial penalties, including but not limited to, unwinding trades            and/or disgorging profits. All material violations of this Code and sanctions imposed            with respect thereto shall be reported to the board of directors of the investment            company which respect to which the violation occurred. Finally, violations and            suspected violations of criminal laws will be reported to the appropriate authorities            as required by applicable laws and regulations.

 

 

| **VIII. INTERPRETATIONS AND EXCEPTIONS** |
|------------------------------------------|

 

Compliance shall have the right to make final and binding            interpretations of this Code, and may grant an exception to certain of the above            restrictions, as long as no abuse or potential abuse is involved. Each Employee must            obtain approval from Compliance before taking action regarding such an exception. Any            questions regarding the applicability, meaning or administration of this Code shall be            referred in advance of any contemplated transaction, to Compliance.

 

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The information contained herein is the property of                            Deutsche Bank Group and may not be copied, used or disclosed in whole                            or in part, stored in a retrieval system or transmitted in any form or                            by any means (electronic, mechanical, reprographic, recording or                            otherwise) without the prior written permission of Deutsche Bank                            Group.

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**Deutsche Asset Management – Global Code of            Ethics**

 

| **APPENDIX I** |
|----------------|

 

**SCHEDULE A**

 

The            following entities2 have adopted the Deutsche Asset Management Global Code            of Ethics:

 

**Australia**

Deutsche Investments Australia Limited

 

**Germany**

Deutsche Asset Management International GmbH

Deutsche Asset Management Investmentgesellschaft mbH

DWS            Holding & Service GmbH

DWS            Investment GmbH

 

**India**

DB            Operations International Pvt Ltd (DBOI) - PCAM

 

**Japan**

Deutsche Asset Management (Japan) Limited

 

**Philippines / Manila**

Deutsche Knowledge Services Pte. Ltd., Manila Branch

 

**Singapore / Hong Kong**

Deutsche Asset Management (Asia) Limited

Deutsche Asset Management (Hong Kong) Limited

 

**South****Korea**

Deutsche Investment Trust Management Company

 

**United Kingdom / London**

Deutsche Bank Absolute Return Strategies Limited

RREEF            Global Advisers Limited

**_________________________**

**2** The references in the document to DeAM Employees include employees of            the entities that have adopted the Deutsche Asset Management Code of Ethics.

 

 

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The information contained herein is the property of                            Deutsche Bank Group and may not be copied, used or disclosed in whole                            or in part, stored in a retrieval system or transmitted in any form or                            by any means (electronic, mechanical, reprographic, recording or                            otherwise) without the prior written permission of Deutsche Bank                            Group.

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**Deutsche Asset Management – Global Code of            Ethics**

 

**SCHEDULE B**

 

**SUPPLEMENT**

**TO            THE**

**DEUTSCHE ASSET MANAGEMENT – GLOBAL CODE OF            ETHICS**

 

**Deutsche Asset Management International GmbH**

**Deutsche Asset Management Investmentgesellschaft mbH**

**DWS Holding & Service GmbH**

**DWS Investment GmbH**

 

**(hereafter "DWS/DeAMGermany")**

 

| **B-1.** | **Effective Date**This                            Supplement to the Deutsche Asset Management – Global Code of                            Ethics (the “Code”) shall be effective December 17,                            2007. |
|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

| **B-2.** | **Applicability**The                            provisions outlined in this supplement shall apply to any individual                            employed by DWS/DeAM Germany that is considered an “Access                            Person” as defined in Section III.D. of the Code. |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

| **B-3.** | **Expansion of Definition of “money                            market mutual                            funds”**“Money market                            mutual funds” as stated in Section III.H.(i) is defined                            exclusively as the following: |
|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **•** | *DWS Geldmarktfonds* |
|--------|------------|----------------------|

|   | **•** | *DWS Geldmarktfonds Plus* |
|--------|------------|---------------------------|

|   | **•** | *DWS Euro-Geldmarktfonds* |
|--------|------------|---------------------------|

|   | **•** | *DWS Vario-Rent* |
|--------|------------|------------------|

 

| **B-4.** | **Modification of Specific Blackout Period                            Restrictions Requirement**“Access Persons” in Section IV.B.(ii)                            includes only those Fund Managers that manage U.S. registered funds or                            other U.S. client accounts. |
|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

| **B-5.** | **Modification of Exceptions to Blackout Periods                            Requirement**“Exceptions to Blackout                            Periods” as detailed in Section IV.B.(vi) shall not include item                            (iii). The revised subsection title shall read “Exceptions to                            Blackout Periods (above items i and ii only)” |
|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

             

“Exceptions to Blackout Periods” as detailed in Section            IV.B.(vi) shall include the following:

             

|   | **•** | *The purchase or sale of the equivalent of EURO 10.000                            or less in shares in companies listed in one of the following indices:                            Stoxx 50, Eurostoxx 50, Dax, MIB 30, CAC 40, Ibex 35, AEX, ATX, SMI,                            FTSE 100, S&P 500.* |
|--------|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

             

| **B-6.** | **Expansion of Definition of                            “Employees”**“Employees”                            as used in Section IV.D. includes only those Fund Managers that manage                            U.S. registered funds or other U.S. client accounts. |
|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

| **B-7.** | **Modification of Pre-Clearance                            Requirement**Due to all Access                            Persons in DWS/DeAM Germany being monitored by back-end surveillance                            along with designated brokerage requirements, the pre-clearance                            requirements as described under Section V.A. of the Code will not apply                            to Access Persons of DWS/DeAM Germany, EXCEPT that Closed-End Mutual                            Fund transactions must be reported to U.S. Legal for review for                            potential regulatory filings. |
|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

             

| **B-8.** | **Modification of Quarterly Reporting                            Requirement**Employees of DWS/DeAM Germany                            designated as “Access Persons” as defined in Section III.D.                            of the Code are not required to manually submit a Quarterly Personal                            Securities Transaction Report as described in Section |
|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

             

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The information contained herein is the property of                            Deutsche Bank Group and may not be copied, used or disclosed in whole                            or in part, stored in a retrieval system or transmitted in any form or                            by any means (electronic, mechanical, reprographic, recording or                            otherwise) without the prior written permission of Deutsche Bank                            Group.

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**Deutsche Asset Management – Global Code of            Ethics**

 

V.B.(ii) if such information required is already received via back-end            monitoring/surveillance systems.

             

| **B-9.** | **Modification of Definition of “Employee                            Related Account”**Due to local                            regulations and restrictions, the definition of “Employee Related                            Account” shall be modified to include only the                            following: |
|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **•** | *The employee’s own Securities Accounts, and                            securities held directly outside of accounts, but shall not include                            accounts in which securities transactions cannot be                            effected;* |
|--------|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **•** | *Personal accounts over which the employee exercises                            investment discretion or direct or indirect influence or                            control* |
|--------|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

| **B-10.** | **Modification of Other                            Procedures/Restrictions** |
|-----------|------------------------------------------------------------------------------|

             

**Section VI**

 

|   | ***A.*** | ***Service on Boards of Directors*** |
|--------|----------|--------------------------------------|

The second sentence is modified as follows:*“However, such service may be undertaken after approval from            the Human Resources Department and the employee’s supervisor/manager with            consultation of the Compliance Department, based upon a determination that these            activities are consistent with the interests of the Adviser and its            clients.”*

             

|   | ***B.*** | ***Outside Business Affiliations*** |
|--------|----------|-------------------------------------|

The paragraph is modified as follows:*“Employees may not maintain outside business affiliations            (e.g., officer or director, governor, trustee, part-time employment, etc.) without the            prior written approval from the Human Resources Department and the employee’s            supervisor/manager with consultation of the Compliance            Department.”*

 

| **B-11.** | **Conflict**In the                            event of any conflict or discrepancy between the terms of the Code and                            this Supplement with respect to any DWS/DeAM Germany Employee, the                            terms of this Supplement shall govern. |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

| **B-12.** | **Temporary Modification of Definition of                            “Advisory Person”**“Advisory Person” as defined in Section                            III.C. of the Code is hereby modified to exclude the term                            “holdings” and will thus not apply to subject persons who                            solely obtain information regarding holdings. “The definition of                            Advisory Person” shall be modified to the following: |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

***Important Note: This temporary modification is being made pending            technological and industry practice review currently being conducted by DeAM U.S. and            Germany Compliance. Permanent modification or removal of such will be established upon            completion of the review.***

 

***Section III***

             

|   | ***C.*** | ***“Advisory Person” shall                            mean:*** |
|--------|----------|----------------------------------------------------------------------------|

             

*any Employee of the Adviser, or of any company in a control            relationship with the Investment Company or the Adviser who in connection with his or            her regular functions or duties, makes any recommendation, participates in the            determination of which recommendation will be made, or obtains information regarding            purchases, sales, or recommendations for the purchase or sale of a security,            or*

             

*any natural person in a control relationship with the Investment            Company or the Adviser who obtains information concerning the recommendations made to            an investment company with regard to the purchase or sale of a security.*

 

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The information contained herein is the property of                            Deutsche Bank Group and may not be copied, used or disclosed in whole                            or in part, stored in a retrieval system or transmitted in any form or                            by any means (electronic, mechanical, reprographic, recording or                            otherwise) without the prior written permission of Deutsche Bank                            Group.

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**Deutsche Asset Management – Global Code of            Ethics**

 

**SCHEDULE C**

 

**SUPPLEMENT**

**TO            THE**

**DEUTSCHE ASSET MANAGEMENT – GLOBAL CODE OF            ETHICS**

 

**Deutsche Asset Management (Japan) Limited**

 

**(hereafter "DAMJ")**

 

| **C-1.** | **Effective Date**This                            Supplement to the Deutsche Asset Management – Global Code of                            Ethics (the “Code”) shall be effective December 17,                            2007. |
|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

| **C-2.** | **Applicability**The                            provisions outlined in this supplement shall apply to any individual                            employed by DAMJ that is considered an “Access Person” as                            defined in Section III.D. of the Code (see below). |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

| **C-3.** | **Modification of Definition of “Access                            Person”**“Access Person” as                            defined in Section III.D is hereby replaced with the                            following: |
|----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|   | **D.** | **“Access Person”**shall mean and include: |
|--------|--------|--------------------------------------------------------|

             

|   | (i) | Officers and directors of DeAM entities and officers and                            directors of DeAM-sponsored investment companies who are affiliated                            persons of DeAM entities. Also included are Employees of these entities                            who have access to timely information relating to investment management                            activities, research and/or client portfolio holdings as well as those                            who in the course of their job regularly receive access to client                            trading activity (this would generally include members of the                            Investment Operations and Treasurer’s Offices). Also included                            here are persons in a control relationship (as defined in Section                            2(a)(9) of the Act) to DeAM who obtain information concerning                            investment recommendations made to any client account. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | Any other personnel with responsibilities related to the                            asset management business or frequent interaction with Access Persons                            or Investment Personnel as determined by DeAM Compliance (e.g., Legal,                            Compliance, Risk, Operations, Sales & Marketing, as well as certain                            long-term temporary Employees and consultants with contracts longer                            than 3 months). |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

| **C-4.** | **Modification of G-Cube Blackout Period                            Restriction**“Specific Blackout Period                            Restrictions” for G-Cube as detailed in Section IV.B.(iii) is                            hereby replaced with the following: |
|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|   | (iii) | **G-CUBE RULE:**Investment                            Personnel and other persons with*real                            time*access to a global research sharing                            system platform (e.g., “GERP”, “GFIRP” or                            “G-Cube”) shall not effect the purchase or sale of a                            Security for an Employee Related Account within within 1 month before                            or 1 month after the same Security |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

(a) is added to/deleted from or has its weighting changed in the            “Model” Portfolio; or

(b) has its internal rating upgraded or downgraded; or,

(c) has research coverage initiated.

 

**If researched information is not on a global research sharing system            platform but any information of the issuer equivalent to (a) or (c) above is received,            a person in charge of the issuer (and any other person sharing the same information)            shall not effect the purchase or sale of a Security of the issuer for an Employee            Related Account within 1 month before or 1 month after such information is received as            the Blackout Period Restriction mentioned above will apply as soon as such information            is received.**

 

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The information contained herein is the property of                            Deutsche Bank Group and may not be copied, used or disclosed in whole                            or in part, stored in a retrieval system or transmitted in any form or                            by any means (electronic, mechanical, reprographic, recording or                            otherwise) without the prior written permission of Deutsche Bank                            Group.

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**Deutsche Asset Management – Global Code of            Ethics**

 

| **C-5.** | **Modification of Short-Term Trading                            Restriction**“Short-Term Trading”                            restrictions as detailed in Section IV.D is hereby modified as                            follows: |
|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|   | **D.** | **Short -Term Trading** |
|--------|--------|-------------------------|

             

*{first paragraph – no change}*

             

*{second paragraph – replace with the following}*

**6-MONTHS RULE:**Employees are prohibited            from transacting in the**purchase and            sale**,**or****sale and purchase**, of the same (or            equivalent) Securities and Mutual Funds within 6 calendar months. The 6-month holding            period also applies to each short vs. the box sale, which is the only short sale            permitted activity. Therefore, for purposes of this section, the assumption is a**last in, first out****(LIFO)**order of transaction in a particular Security and Mutual Fund. In case            the same Securities are purchased several times, the holding period shall be calculated            from the last purchased date.

             

Mutual Funds subject to periodic purchase plans can be sold once within            30 calendar days after a periodic purchase.

             

*{remainder of sub-section – no change}*

 

| **C-6.** | **Conflict**In the                            event of any conflict or discrepancy between the terms of the Code and                            this Supplement with respect to any DAMJ Employee, the terms of this                            Supplement shall govern. |
|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

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The information contained herein is the property of                            Deutsche Bank Group and may not be copied, used or disclosed in whole                            or in part, stored in a retrieval system or transmitted in any form or                            by any means (electronic, mechanical, reprographic, recording or                            otherwise) without the prior written permission of Deutsche Bank                            Group.

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**Deutsche Asset Management – Global Code of            Ethics**

 

**SCHEDULE D**

 

**SUPPLEMENT**

**TO            THE**

**DEUTSCHE ASSET MANAGEMENT – GLOBAL CODE OF            ETHICS**

 

**Deutsche Investment Trust Management Company**

 

**(hereafter "DITMC")**

 

| **D-1.** | **Effective Date**This                            Supplement to the Deutsche Asset Management – Global Code of                            Ethics (the “Code”) shall be effective December 17,                            2007. |
|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

| **D-2.** | **Applicability**The                            provisions outlined in this supplement shall apply to any individual                            employed by DITMC that is considered an “Access Person” as                            defined in Section III.D. of the Code. |
|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

| **D-3.** | **Modification of Rule 17j-1 Reporting                            Requirements**Due to local regulation and                            policy, employees of DITMC designated as “Access” persons                            as defined in Section III.D. of the Code are required to submit their                            Quarterly Personal Securities Transaction Report and Annual Holdings                            Report no later than 10 days after the end of the period. |
|----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

| **D-4.** | **Conflict**In the                            event of any conflict or discrepancy between the terms of the Code and                            this Supplement with respect to any DITMC Employee, the terms of this                            Supplement shall govern. |
|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

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The information contained herein is the property of                            Deutsche Bank Group and may not be copied, used or disclosed in whole                            or in part, stored in a retrieval system or transmitted in any form or                            by any means (electronic, mechanical, reprographic, recording or                            otherwise) without the prior written permission of Deutsche Bank                            Group.

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**Deutsche Asset Management – Global Code of            Ethics**

 

**SCHEDULE E**

 

**SUPPLEMENT**

**TO            THE**

**DEUTSCHE ASSET MANAGEMENT – GLOBAL CODE OF            ETHICS**

 

**DB            Operations International Pvt. Ltd. (DBOI) – PCAM**

**Deutsche Knowledge Services Pte. Ltd., Manila Branch**

 

**(hereafter "the Covered Entities")**

 

| **E-1.** | **Effective Date**This                            Supplement to the Deutsche Asset Management – Global Code of                            Ethics (the “Code”) shall be effective December 17,                            2007. |
|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

| **E-2.** | **Applicability**The                            provisions outlined in this supplement shall apply to any individual                            employed by the Covered Entities that is considered an “Access                            Person” as defined in Section III.D. of the Code. |
|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

| **E-3.** | **Modification of Exceptions to Blackout Periods                            Requirement**“Exceptions to Blackout                            Periods” as detailed in Section IV.B.(vi) shall include the                            following: |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

*{for DB Operations International Pvt. Ltd. (DBOI) –            PCAM}*

|   | **•** | *The purchase or sale of 500 shares or less in                            companies comprising the BES-500 Index;* |
|--------|------------|--------------------------------------------------------------------------------------------------------------------|

 

| **E-4.** | **Conflict**In the                            event of any conflict or discrepancy between the terms of the Code and                            this Supplement with respect to any Employee of the Covered Entities,                            the terms of this Supplement shall govern. |
|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

| **APPENDIX                            II** |
|--------------------------------------------|

 

 

**Annual Acknowledgement of Obligations**

**Deutsche Asset Management Global Code of Ethics**

 

 

Print Name

             

___________________________________________________

Legal Entity

             

___________________________________________________

Location

             

___________________________________________________

Telephone

             

             

| 1. | I acknowledge and certify that I am the Compliance                            Officer of the above legal entity(ies), as well as an Access person                            covered under the Deutsche Asset Management Global Code of Ethics, and                            therefore subject to all requirements and provisions. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | I understand that by signing this acknowledgement form,                            I am confirming that all Access persons within the legal entity(ies)                            above fully comply with the requirements and provisions of the Global                            Code and proper acknowledgement forms reside in the Compliance office                            of the above legal entity(ies). |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | I have read and understand the requirements and                            provisions set forth in the Deutsche Asset Management Global Code of                            Ethics. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | I will adhere to the guiding principles of the Deutsche                            Asset Management Global Code of Ethics, requiring honest and ethical                            behavior, as well as adherence to all restrictions set forth in the                            Global Code of Ethics. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | I will complete all of the reporting requirements on a                            timely basis. |
|----|-------------------------------------------------------------------------------------------------|

             

             

             

| Signature | Date |
|-----------|------|

 

 

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The information contained herein is the property of                            Deutsche Bank Group and may not be copied, used or disclosed in whole                            or in part, stored in a retrieval system or transmitted in any form or                            by any means (electronic, mechanical, reprographic, recording or                            otherwise) without the prior written permission of Deutsche Bank                            Group.

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