**Deutsche Asset Management – U.S. Code of            Ethics**

             

 

 

 

 

 

 

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**Deutsche Asset Management – U.S. Code of Ethics**

 

 

 

| **Original Issue                            Date:**      | January 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                            U.S.                             |
| **Last Revision                            Date:**       | N/A                                                                       |
| **Last Reviewed                            Date:**       | January 1,                            2008                                |
| **Next Review                            Date:**         | January 1,                            2009                                |
| **Version                            Number:**           | 3.0                                                                       |
| **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 – U.S. Code of Ethics**

 

 

**Table of Contents**

 

| I.                            OVERVIEW | 1 |
|----------------------------------------|---|

| II. GENERAL                            RULE | 2 |
|---------------------------------------------|---|

| III.                            DEFINTIONS | 3 |
|--------------------------------------------|---|

| IV.                            RESTRICTIONS | 4 |
|---------------------------------------------|---|

|   | A.                            General | 5 |
|--------|---------------------------------------|---|

|   | B. Specific                            Blackout Period Restrictions | 5 |
|--------|---------------------------------------------------------------------|---|

|   | SAME-DAY                            RULE | 5 |
|--------|------------------------------------------|---|

|   | 7-DAY                            RULE | 5 |
|--------|---------------------------------------|---|

|   | G-CUBE                            RULE | 6 |
|--------|----------------------------------------|---|

|   | EXCEPTIONS                            TO BLACKOUT PERIODS | 6 |
|--------|-----------------------------------------------------------|---|

|   | C. New                            Issues (IPOs) | 7 |
|--------|-------------------------------------------------|---|

|   | D. Short                            -Term Trading | 7 |
|--------|---------------------------------------------------|---|

|   | 30-DAY                            RULE | 7 |
|--------|----------------------------------------|---|

|   | E.                            Restricted List | 8 |
|--------|-----------------------------------------------|---|

|   | F. Private                            Placements | 8 |
|--------|--------------------------------------------------|---|

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

|   | A.                            Designated Brokerage Accounts | 9 |
|--------|-------------------------------------------------------------|---|

|   | B.                            Pre-Clearance | 9 |
|--------|---------------------------------------------|---|

|   | C. Scudder                            Proprietary Mutual Fund Holdings | 10 |
|--------|------------------------------------------------------------------------|----|

|   | D.                            Reporting Requirements | 10 |
|--------|------------------------------------------------------|----|

|   | (i)                            Disclosure of Employee Related Accounts/Provision of                            Statements | 10 |
|--------|---------------------------------------------------------------------------------------------------------------------------|----|

|   | (ii)                            Quarterly Personal Securities Trading Reports                            (“PSTs”) | 10 |
|--------|-------------------------------------------------------------------------------------------------------------------------------|----|

|   | (iii)                            Annual Acknowledgement of Personal Securities                            Holdings | 11 |
|--------|--------------------------------------------------------------------------------------------------------------------|----|

|   | (iv) Annual                            Acknowledgement of Accounts | 12 |
|--------|--------------------------------------------------------------------|----|

|   | E.                            Confirmation of Compliance with Policies | 12 |
|--------|------------------------------------------------------------------------|----|

| VI. OTHER                            PROCEDURES/RESTRICTIONS | 12 |
|--------------------------------------------------------------|----|

|   | A. Service                            on Boards of Directors | 12 |
|--------|--------------------------------------------------------------|----|

|   | B. Outside                            Business Affiliations | 13 |
|--------|-------------------------------------------------------------|----|

|   | C.                            Executorships | 13 |
|--------|---------------------------------------------|----|

|   | D.                            Trusteeships | 13 |
|--------|--------------------------------------------|----|

|   | E.                            Custodianships and Powers of Attorney | 14 |
|--------|---------------------------------------------------------------------|----|

|   | F. Gifts                            and Entertainment | 14 |
|--------|-------------------------------------------------------|----|

|   | G. Rules                            for Dealing with Governmental Officials and Political                            Candidates | 15 |
|--------|---------------------------------------------------------------------------------------------------------------------------------|----|

|   | H.                            Confidentiality | 16 |
|--------|-----------------------------------------------|----|

| VII.                            SANCTIONS | 16 |
|-------------------------------------------|----|

| VIII.                            INTERPRETATIONS AND EXCEPTIONS | 17 |
|-----------------------------------------------------------------|----|

| IX.                            APPENDIX | 18 |
|-----------------------------------------|----|

|   | SCHEDULE                            A | 18 |
|--------|---------------------------------------|----|

|   | SCHEDULE B:                            Supplement to the DeAM Code of Ethics | 19 |
|--------|------------------------------------------------------------------------------|----|

|   | SCHEDULE C:                            DeAM – U.S. Code of Ethics Sanctions | 21 |
|--------|-----------------------------------------------------------------------------------|----|

 

 

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 – U.S. 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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**Deutsche Asset Management – U.S. Code of Ethics**

 

**THIS PAGE LEFT INTENTIONALLY BLANK**

 

 

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**

**U.S. CODE OF ETHICS**

 

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

 

The            Deutsche Asset Management – U.S. Code of Ethics (“the Code”) sets            forth the specialized rules for business conduct and guidelines for the personal            investing activities that generally are required of employees involved in the United            States investment management areas of the Deutsche Bank Group and its affiliates            (collectively “Deutsche Asset Management” or “DeAM”, or the            “Firm”).1

 

The            provisions of the Code shall apply to all DeAM Employees in the U.S., as categorized in            the Definition Section (Section III) and such other employees as the Compliance            Department (“Compliance”)2 may determine from time to time. The            Code supplements the Deutsche Bank*Code of Professional            Conduct*and the Deutsche Asset Management*Compliance Policies and Procedures*available at the following links:

 

*Code            of Professional Conduct*

http://docbase.backoff.nyc.dbna.com/Policy:/DBA%20Compliance/General%20Compliance/DB%20Docs/C.%20Effective/Compliance_Policy_Code%20of%20Professional%20Conduct

 

*Compliance Policies and Procedures*

http://policies.intranet.db.com/ 

 

Each            Employee must observe these policies, as well as abide by the additional principles and            rules set forth in the Code, and any other applicable legal vehicle or division            specific policies and obligations.

 

It is            essential that all Deutsche Bank employees understand and adhere to Deutsche            Bank´s commitment to act with fairness, decency and integrity in all of its            business dealings. As part of this commitment, Deutsche Bank has introduced the*Deutsche Bank Global Compliance Core Principles            ("GCCP")*. The GCCP set forth core principles regarding a wide            range of regulatory and conduct related issues, and provide guidance to promote the            highest standards of ethical conduct. This document is available at the following            link:

 

http://docbase.backoff.nyc.dbna.com/Policy:/Global/Group/DB%20Docs/C.%20Effective/Global_Compliance_DB%20Group:%20Global%20Compliance%20Core%20Principles

 

All            Deutsche Bank employees are expected to review and act in compliance with the            GCCP.

 

The            Code and any amendments thereof will be provided to all employees of DeAM. All            employees must acknowledge receipt of the Code within ten (10) days of hire and on an            annual basis at a time set forth by DeAM Compliance, within the Code of Ethics            Annual

_________________________

1  Deutsche Asset Management is the marketing name in            the U.S. for the asset management activities of Deutsche Bank AG, Deutsche Bank Trust            Company Americas, Deutsche Asset Management Inc., Deutsche Investment Management            Americas Inc. and DWS Trust Company

2  “Compliance” refers to the DB Americas            centralized Compliance Unit (generally referred to herein as “Central            Compliance,” and/or its unit specifically designated to the DeAM business unit:            “DeAM Compliance”).

 

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**Deutsche Asset Management – U.S. Code of Ethics**

 

 

Acknowledgement. All employees must also acknowledge receipt of any            amendments made to the Code if such determination is made by DeAM Compliance that such            acknowledgement should occur prior to the next Code of Ethics Annual Acknowledgement            period.

 

You may            find the latest version of the Code at the following link:

 

http://docbase.backoff.nyc.dbna.com/Policy:/DBA%20Compliance/Asset%20Management/DB%20Docs/C.%20Effective/Americas_Compliance_Asset%20Management_Code%20of%20Ethics

 

 

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

 

DeAM            Employees will, in varying degrees, participate in or be aware of fiduciary and            investment services provided to registered investment companies, institutional            investment clients, employee benefit trusts and other types of investment advisory            accounts. The fiduciary relationship mandates adherence to the highest standards of            conduct and integrity. We will at all times conduct ourselves with integrity and            distinction, putting first the interests of our clients.

 

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

 

| **•** | There must be no conflict, or appearance of conflict,                            between the self-interest of any Employee and the responsibility of                            that Employee to Deutsche Bank, its shareholders or its                            clients.3 |
|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

| **•** | Employees must never improperly use their position with                            Deutsche Bank for personal or private gain to themselves, their family                            or any other person. |
|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

DeAM            Employees are required to comply with applicable U.S. federal securities laws            and

may            also be required to comply with other policies imposing separate requirements.            Specifically, they 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 client account:

 

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

_________________________

3  The rules herein cannot anticipate all situations            which may involve a possible conflict of interest. If an Employee becomes aware of a            personal interest that is, or might be, in conflict with the interest of a client, that            person should disclose the potential conflict to DeAM Compliance or Legal prior to            executing any such transaction.

             

2

| 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 – U.S. Code of Ethics**

 

 

|   | § | 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. |
|--------|--------|-----------------------------------------|

 

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

 

 

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

 

|   | **A.** | “**Investment                            Personnel**” shall mean and                            include: |
|--------|--------|----------------------------------------------------------------------------------------------------------------------|

 

Portfolio Managers, traders, analysts (and other Employees who work            directly with Portfolio Managers in an assistant capacity) and others as may be            determined by DeAM Compliance. As those responsible for making investment decisions (or            participating in such decisions) in client accounts or providing information or advice            to Portfolio Managers or otherwise helping to execute or implement the Portfolio            Managers' recommendations, Investment Personnel occupy a comparatively sensitive            position, and thus, additional rules outlined herein apply to such            individuals.

             

|   | **B.** | “**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). |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

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

 

3

| 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 – U.S. Code of Ethics**

 

 

DeAM personnel who are not defined in Section III A. or B. above, who            have access to neither client trading activity nor recommendations made in relation to            any client account or as further determined by DeAM Compliance.

             

|   | **D.** | “**Employees**” is a general term which shall include all DeAM                            employees, including Investment Personnel, Access Persons and                            Non-Access Persons as well as those non-DeAM employees who are subject                            to this Code of Ethics (see III.B.(ii) above). |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|   | **E.** | “**Accounts**” shall meanall securities accounts, whether                            brokerage or otherwise, securities held directly outside of                            accounts**and**shall                            include open-end and closed-end Mutual Fund accounts. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

             

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

 

|   | (i) | The Employee’s own Accounts; |
|--------|-----|------------------------------------|

|   | (ii) | The Employee’s spouse’s/domestic                            partner’s Accounts and the Accounts of minor children and other                            relatives living in the Employee’s home; |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | 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 |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | 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. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

**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***: |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

             

|   | (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 DeAM Compliance). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------|

 

 

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

 

 

4

| 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 – U.S. Code of Ethics**

 

 

For            purposes of the Code, a prohibition or requirement applicable to any Employee applies            also to transactions in Securities and Mutual Funds for any of that Employee’s            Employee Related Accounts, including transactions executed by that Employee's spouse or            relatives living in that Employee's household (see definition under III.F.).

             

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

             

|   | (i) | *The Basic Policy*: Employees                            have a personal obligation to conduct their investing activities and                            related Securities and Mutual Fund transactions lawfully and in a                            manner that avoids actual or potential conflicts between their own                            interests and the interests of Deutsche Asset Management 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 and Mutual Fund                            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. See                            also*Confidential and Inside Information                            Policy.* |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

*Confidential and Inside Information Policy*

http://docbase.backoff.nyc.dbna.com/Policy:/DBA%20Compliance/Control%20Group/DB%20Docs/C.%20Effective/Compliance_Control%20Group_Policy_Confidential%20Material%20NonPublic%20Info

 

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

 

|   | (iv) | *“Front Running:”*Employees are prohibited from buying or selling                            Securities, Mutual Funds or other instruments in their Employee Related                            Accounts so as to benefit from the Employee’s knowledge of the                            Firm’s or a client's trading positions, plans or strategies, or                            forthcoming research recommendations. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

             

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

 

|   | (i) | **SAME-DAY RULE:**Investment                            Personnel and Access Persons shall not knowingly effect the purchase or                            sale of a Security for an Employee Related Account on a day during                            which any client account has a “buy” or “sell”                            order for the same Security, until that order is executed or                            withdrawn. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

             

|   | (ii) | **7-DAY RULE:**Investment                            Personnel shall not effect the purchase or sale of a Security for an                            Employee Related Account within**seven calendar                            days before or** |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

             

5

| 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 – U.S. Code of Ethics**

 

 

**seven calendar days after**the same Security            is traded (or contemplated to be traded) for by a client account with which the            individual is associated.

             

|   | (iii) | **G-CUBE RULE:**Investment                            Personnel and other persons with*real                            time*access to a global research sharing                            system platform 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 their                            Managing Officer4 and DeAM 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 of Ethics. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|   | (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. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|   | (vi) | **EXCEPTIONS TO BLACKOUT PERIODS                            (****above items i, ii, and iii                            only****)** |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------|

             

The following are exempt from the specified blackout periods:

             

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

|   | **•** | ETFs (Exchange-Traded Funds – e.g., SPDRs or                            “Spiders” (S&P 500 Index), DIAs or                            “Diamonds” (Dow Jones Industrial Average),                            etc.); |
|--------|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | **•** | Currency and Interest Rate Futures; |
|--------|------------|-------------------------------------|

_________________________

4  For purposes of this policy,**"Managing Officer"**is defined as an officer            of at least the Managing Director level to whom the Employee directly or indirectly            reports, who is in charge of the Employee’s unit (e.g., a Department Head,            Division Head, Function Head, Group Head, General Manager, etc).

             

6

| 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 – U.S. Code of Ethics**

 

 

|   | **•** | Securities indices; |
|--------|------------|---------------------|

|   | **•** | 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; and |
|--------|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **•** | Securities purchased under an employer sponsored stock                            purchase plan or upon the exercise of employee stock                            options. |
|--------|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

**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)** |
|--------|--------|-----------------------|

             

Investment Personnel, Access Persons and Non-Access Persons are            prohibited from purchasing or subscribing for Securities pursuant to an initial public            offering. This prohibition 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.

             

**30-DAY 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 30 calendar days. The 30-day 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.

             

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

             

**The following are exempted from this            restriction****:**

             

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

 

7

| 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 – U.S. Code of Ethics**

 

 

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

|   | **•** | Securities pre-cleared and purchased with a specific                            stop-limit provision attached; 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://cct-grl-prd.svc.btco.com/corp/cct/grl/grl_init.htm

             

(It is also available through the “Americas Portal” at            http://americasportal.cc.db.com/ listed under “Employee            Trading”.)

             

Please see*Restricted List            Policy*.

             

*Restricted List Policy*

http://docbase.backoff.nyc.dbna.com/Policy:/DBA%20Compliance/Asset%20Management/DB%20Docs/C.%20Effective/DBA%20Compliance_Asset%20Management_Policy_Restricted%20List

 

|   | **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 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 Central            Compliance Department, including completing the questionnaire in Employee Trade Request            System (“ETR”). 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 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.

 

8

| 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 – U.S. Code of Ethics**

 

 

 

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

 

|   | **A.** | **Designated Brokerage Accounts** |
|--------|--------|-----------------------------------|

             

All Employees must obtain the explicit permission of the Central            Compliance Department prior to opening a new Employee Related Account. Upon joining            Deutsche Bank, new Employees are required to disclose all of their Employee Related            Accounts (as previously defined) to Central Compliance and must carry out the            instructions provided to conform such accounts, if necessary, to the Firm's            policies.

 

*Under no circumstance is an Employee permitted to open or maintain            any Employee Related Account that is undisclosed to Compliance. Also, the policies,            procedures and rules described throughout this Code of Ethics apply to all Employee            Related Accounts.*

             

Accordingly, all Employees are required to open and maintain their            Employee Related Accounts in accordance with the Deutsche Bank*Employee and Employee-Related Accounts Trading            Policy*, including directing their brokers to supply duplicate            copies of transaction confirmations and periodic account statements, as well as            additional division-specific requirements, if any.

             

*Employee and Employee-Related Accounts Trading Policy*

http://docbase.backoff.nyc.dbna.com/Policy:/DBA%20Compliance/Personal%20Account%20Dealing/DB%20Docs/C.%20Effective/Compliance_Personal%20Account_Policy_Employee%20Trading

             

|   | **B.** | **Pre-Clearance** |
|--------|--------|-------------------|

             

Proposed Securities and closed-end Mutual Fund transactions must be            pre-cleared by all Employees with the Central Compliance Department (and approved by a            Supervisor) in accordance with the Deutsche            Bank*Employee/Employee-Related Trading Policy*via the intranet based Employee Trade Request (“ETR”) system            prior to their being placed with the broker. Such approvals are good only for the day            on which they are issued. Employees are personally responsible for ensuring that the            proposed transaction does not violate the Firm's policies or applicable securities laws            and regulations by virtue of the Employee’s Deutsche Bank responsibilities or            information he or she may possess about the Securities or their issuer.

             

**The following are exempted from the pre-clearance            requirement:**

             

|   | **•** | Open-end Mutual Funds; |
|--------|------------|------------------------|

|   | **•** | Direct obligations of the Government of the United                            States; |
|--------|------------|---------------------------------------------------------------------------------------|

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

 

9

| 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 – U.S. Code of Ethics**

 

 

|   | **•** | Accounts expressly exempted by Central Compliance which                            are managed under the exclusive direction of an outside money                            manager; |
|--------|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **•** | Securities pre-cleared and purchased with a specific                            stop-limit provision attached do not require additional pre-clearance                            prior to execution; |
|--------|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

             

|   | **C.** | **Scudder Proprietary Mutual Fund                            Holdings** |
|--------|--------|-------------------------------------------------------------------------|

             

All Employees are required to maintain their holdings of Scudder            proprietary mutual funds in the Deutsche Bank 401(k) Plan, in E*Trade or Deutsche Bank            Alex Brown brokerage accounts, or directly with Scudder Investments.

             

|   | **D.** | **Reporting Requirements** |
|--------|--------|----------------------------|

             

|   | **(i)** | ***Disclosure of Employee Related                            Accounts/Provision of Statements*** |
|--------|---------|--------------------------------------------------------------------------------------------------|

             

As stated in*Section V. COMPLIANCE PROCEDURES            (A. Designated Brokerage Accounts)*above, upon joining            Deutsche Bank, new Employees are required to disclose all of their Employee Related            Accounts to Central Compliance, and must carry out the instructions provided to conform            such Accounts, if necessary, to Deutsche Bank policies.

             

In addition, pursuant to Rule 17j-1 of the Act, no later than ten (10)            days after an individual becomes an Employee (i.e., joining/transferring into DeAM,            etc.), he or she must also complete and return a “Personal Securities Holdings            Report” (filed during the “new hire” Code of Ethics Annual            Acknowledgement) for Securities and Mutual Fund holdings to DeAM Compliance (see            iii.*Annual Acknowledgement of Personal Securities            Holdings*below).

             

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

             

10

| 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 – U.S. Code of Ethics**

 

 

Pursuant to Rule 17j-1 of the Act, within thirty (30) days of the end of            each calendar quarter, all Employees must submit to DeAM Compliance a PST report for            Securities and Mutual Fund transactions, unless exempted by a division-specific            requirement, if any.

             

All PSTs that have reportable personal Securities and Mutual Fund            transactions for the quarter will be reviewed by the appropriate designated supervisory            and/or Compliance person.**Employees that do not have any            reportable transactions in a particular quarter must indicate as such in the reporting            system for the respective quarter.**

             

***The following types of transactions do not have to be            reported******:***

             

|   | **•** | *Transactions effected in an account in which the                            employee has**no direct or indirect                            influence or control**(i.e.                            discretionary/managed accounts) do not have to be                            reported.* |
|--------|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

             

|   | **•** | *Transactions in**mutual funds subject to periodic purchase                            plans**are not required to be reported                            quarterly,**but holdings in such are                            still required to be reported                            annually**(see iii.                            below).* |
|--------|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

             

|   | **•** | *Transactions effected pursuant to an**automatic investment                            plan**or as a result of a**dividend reinvestment                            plan**do not have to be                            reported.* |
|--------|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|   | **•** | *Transactions in the following:* |
|--------|------------|----------------------------------|

|   | o | *Bankers’ Acceptances;* |
|--------|---|-------------------------------|

|   | o | *Bank Certificates of Deposits (CDs);* |
|--------|---|----------------------------------------|

|   | o | *Commercial Paper;* |
|--------|---|---------------------|

|   | o | *Money Markets;* |
|--------|---|------------------|

|   | o | *Direct Obligations of the U.S.                            Government;* |
|--------|---|-------------------------------------------------------------------------|

|   | o | *High Quality, Short-Term Debt Instruments (including                            repurchase agreements); and,* |
|--------|---|----------------------------------------------------------------------------------------------------------------|

|   | o | *Open-End MONEY MARKET Mutual Funds (unless                            specifically directed by DeAM Compliance)* |
|--------|---|-------------------------------------------------------------------------------------------------------------------|

 

|   | **(iii)** | ***Annual Acknowledgement of Personal Securities                            Holdings*** |
|--------|-----------|-----------------------------------------------------------------------------------------|

 

All Employees must submit to DeAM Compliance on an annual basis at a            date specified by DeAM Compliance, a Personal Securities Holdings Report for all            Securities and Mutual Fund holdings, unless exempted by a division-specific            requirement, if any.

             

A new employee must submit this report within ten (10) days of hire or            rehire. This report must be submitted once within each twelve (12) month period and the            information submitted must be current within forty-five (45) calendar days of the            report or forty-five (45) days prior to the hire date, in the case of a new            employee.

             

11

| 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 – U.S. Code of Ethics**

 

 

All Personal Securities Holdings will be reviewed by the appropriate            designated supervisory and/or DeAM Compliance person.**Employees that do not have any reportable securities holdings must            indicate as such in the reporting system.**

             

***The following types of holdings do not have to be            reported******:***

             

|   | **•** | *Securities held in accounts over which the employee                            had no direct or indirect influence or control (i.e.                            discretionary/managed accounts) do not require                            reporting.* |
|--------|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

             

|   | **•** | *Bankers’ Acceptances;* |
|--------|------------|-------------------------------|

|   | **•** | *Bank Certificates of Deposits (CDs);* |
|--------|------------|----------------------------------------|

|   | **•** | *Commercial Paper;* |
|--------|------------|---------------------|

|   | **•** | *Money Markets;* |
|--------|------------|------------------|

|   | **•** | *Direct Obligations of the U.S.                            Government;* |
|--------|------------|-------------------------------------------------------------------------|

|   | **•** | *High Quality, Short-Term Debt Instruments (including                            repurchase agreements); and,* |
|--------|------------|----------------------------------------------------------------------------------------------------------------|

|   | **•** | *Open-End MONEY MARKET Mutual Funds (unless                            specifically directed by DeAM Compliance)* |
|--------|------------|-------------------------------------------------------------------------------------------------------------------|

             

|   | **(iv)** | ***Annual Acknowledgement of                            Accounts*** |
|--------|----------|---------------------------------------------------------------------|

             

Once each year, at a date to be specified by Central Compliance, each            Employee must acknowledge that they do or do not have brokerage and Mutual Fund            Accounts. Employees with brokerage and Mutual Fund Accounts must acknowledge each            Account.

             

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

             

Annually, each Employee is required to acknowledging that he or she has            received the Code, as amended or updated, and confirm his or her adherence to it.            Understanding and complying with the Code and truthfully completing the Acknowledgment            is the obligation of each Employee. Failure to perform this obligation may result in            disciplinary action, including dismissal, as well as possible civil and criminal            penalties.*(See Section I. OVERVIEW)*

 

 

| **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 appropriate DeAM product head and DeAM Compliance, based upon a determination that            these activities are consistent with the interests of DeAM 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.

 

12

| 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 – U.S. Code of Ethics**

 

 

DeAM Compliance will periodically present updates on such information to            the DeAM Investment Committee for review and approval.

             

|   | **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 and DeAM 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, internet) other than on a            purely deminimus basis.

             

*Outside Business Activities and Affiliations Policy*

http://docbase.backoff.nyc.dbna.com/Policy:/DBA%20Compliance/General%20Compliance/DB%20Docs/C.%20Effective/Compliance_DBA_Policy_Outside%20Business%20Affiliations

 

|   | **C.** | **Executorships** |
|--------|--------|-------------------|

             

As a general rule, DeAM discourages acceptance of executorships by            members of the organization. However, family relationships may make it desirable to            accept executorships under certain wills. In all cases (other than when acting as            Executor for one's own spouse, domestic partner, parent or spouse's or domestic            partner’s parent), it is necessary for the individual to have the written            authorization of the appropriate senior officer of the respective business unitand DeAM            Compliance.

             

Authorization to serve as an executor may be given in situations            assuming that arrangements for the anticipated workload can be made without undue            interference with the individual's responsibilities to DeAM. For example, this may            require the employment of an agent to handle the large amount of detail which is            usually involved. In such a case, the Firm would expect the individual to retain the            commission. There may be other exceptions which will be determined based upon the facts            of each case.

 

|   | **D.** | **Trusteeships** |
|--------|--------|------------------|

             

All trusteeships must have the written approval of the Firm and must be            reported in writing to Compliance.

             

The Firm will normally authorize Employees to act as trustees for trusts            of their immediate family. Other non-client trusteeships can conflict with our clients'            interests so that acceptance of such trusteeships will be authorized only in unusual            circumstances.

 

|   | **E.** | **Custodianships and Powers of Attorney** |
|--------|--------|-------------------------------------------|

 

13

| 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 – U.S. Code of Ethics**

 

 

It is expected that most custodianships will be for minors of an            individual's immediate family. These will be considered as automatically authorized and            do not require written approval of the Firm. However, the written approval of DeAM is            required for all other custodianships. All such existing or prospective relationships            must be reported in writing to Compliance.

             

Entrustment with a Power of Attorney to execute Securities transactions            on behalf of another requires written approval of Compliance.  Authorization will            only be granted if DeAM believes such a role will not be unduly time consuming or            create conflicts of interest.

 

|   | **F.** | **Gifts and Entertainment** |
|--------|--------|-----------------------------|

Giving and receiving gifts and entertainment can create a conflict of            interest or the appearance of a conflict of interest and may, in some instances,            violate the law5. Employees may not accept or give 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.

             

Gifts offered or received which have no undue influence on providing            financial services may be permitted in accordance with the Gifts, Entertainment, and            Charitable Donations Policy. In addition, special circumstances may apply to Employees            acting in certain capacities within the organization.6

             

*Gifts, Entertainment, and Charitable Donations Policy*

http://docbase.backoff.nyc.dbna.com/Policy:/DBA%20Compliance/Asset%20Management/DB%20Docs/C.%20Effective/Compliance_DeAM_Guidelines%20Gifts%20&%20Entertainment%20Policy

             

***Gifts and Entertainment to Public/Government Officials, Taft            Hartely Union Officials and ERISA Plans and their Fiduciaries***

             

The Department of Labor and other governmental agencies, legislative            bodies and jurisdictions may have rules and regulations regarding the receipt of gifts            by their employees or officials. In many cases, the giving of gifts or entertainment to            these entities or individuals will be prohibited. Please see the Gifts, Entertainment,            and Charitable Donations Policy for further details.

_________________________

5 Under the Bank Bribery Act and            other applicable laws and regulations, severe penalties may be imposed on anyone who            offers or accepts such improper payments or gifts. If you receive or are offered an            improper payment or gift, or if you have any questions as to the application or            interpretation of Deutsche Bank’s rules regarding the acceptance of gifts, you            must bring the matter to the attention of the Compliance Department.

6 In accordance with regulations            and practices in various jurisdictions, as well as the rules of the New York Stock            Exchange and the National Association of Securities Dealers, Inc. certain Employees may            be subject to more stringent gift-giving and receiving guidelines. In general, these            rules apply to the receipt of gifts by and from “associated persons” or            where such gratuity is in relation to the business of the employer. If you have any            questions regarding your role relative to these rules contact the Compliance            Group.

             

14

| 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 – U.S. Code of Ethics**

 

 

***Non-Cash Compensation***

             

Employees, Registered Representatives and Associated Persons of Deutsche            Asset Management broker-dealer affiliates must also comply with National Association of            Securities Dealers, Inc. (NASD®) Rules governing the payment of Non-Cash            Compensation. Non-Cash Compensation encompasses any form of compensation received in            connection with the sale and distribution of variable contracts and investment company            securities that is not cash compensation, including, but not limited to, merchandise,            gifts and prizes, travel expenses, meals and lodging.

             

For more information on the policy refer to the DeAM Investor Services,            Inc. Written Supervisory Procedures Manual.

 

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

             

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

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

             

|   | **•** | The Federal Election Campaign Act prohibits corporations                            and labor organizations from using their general treasury funds to make                            contributions or expenditures in connection with federal elections, and                            therefore**Deutsche Bank departments may not                            make contributions to U.S. Federal political parties or                            candidates**. |
|--------|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

             

|   | **•** | Corporate contributions to political parties or                            candidates in jurisdictions not involving U.S. Federal elections are                            permitted only when such contributions are made in accordance with                            applicable local laws and regulations, the prior approval of a member                            of the DeAM Executive Committee has been obtained and the Deutsche Bank                            Americas Regional Cost Committee has been notified. |
|--------|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

             

*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 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.*

             

*Foreign Corrupt Practices Act Policy*

*http://docbase.backoff.nyc.dbna.com/Policy:/DBA%20Compliance/Anti-Money%20Laundering/DB%20Docs/C.%20Effective/Compliance_DBA_Policy_007%20Foreign%20Corrupt%20Practices%20Act*

             

15

| 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 – U.S. Code of Ethics**

 

 

|   | (ii) | *Personal Political Contributions* |
|--------|------|------------------------------------|

             

Employees must pre-clearALLpolitical contributions before making or soliciting such contributions            using the Political Contributions, Gift and Entertainment Management System ("PGEMS").            This includes contributions that are paid from accounts held in the name of the            employee and those jointly held with others regardless of who made the contribution. A            political contribution made on behalf of an employee's spouse, dependent children            and/or unemancipated minors may all also need to pre-cleared depending on State or            Municipal reporting requirements.

             

No personal payments or gifts of value may be made to any outside party,            including any government official or political candidate or official, for the purpose            of securing business for Deutsche Bank or influencing any decision on its behalf.            Employees should always exercise care and good judgment to avoid making any political            contribution that may give rise to a conflict of interest or the appearance of            conflict. If a DeAM business unit engages in business with a particular governmental            entity or official, Employees should avoid making personal political contributions to            officials or candidates who may appear to be in a position to influence the award of            business to Deutsche Bank. All political contributions should be made in accordance            with DeAM policies and procedures.

 

For more information, please see the Political Activities            Policy.

 

|   | **H.** | **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. In            addition, the Deutsche Bank standards contained in the*Confidential and Inside Information Policy*,            as well as those within the*Code of Professional            Conduct*must be observed.

 

 

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

 

Any            Employee who violates the Code may be subject to disciplinary actions, including            possible dismissal. In addition, violations of the Code, including any Securities            transactions executed in violation of the Code, such as short-term trading or trading            during blackout periods, may subject the Employee to sanctions, ranging from warnings            and trading privilege suspensions to financial penalties, including but not limited to,            unwinding the trade and/or disgorging of the profits or other financial penalties.            Finally, violations and suspected violations of criminal laws will be reported to the            appropriate authorities as required by applicable laws and regulations.

 

 

16

| 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 – U.S. Code of Ethics**

 

 

 

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

 

DeAM            Compliance shall have the right to make final and binding interpretations of the 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 DeAM Compliance            before taking action regarding such an exception. Any questions regarding the            applicability, meaning or administration of the Code shall be referred in advance of            any contemplated transaction to DeAM Compliance.

 

In            addition, DeAM has a Code of Ethics Sub-Committee that is empowered to administer,            apply, interpret and enforce the Code.  

 

17

| 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 – U.S. Code of Ethics**

 

 

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

 

**SCHEDULE A**

 

The            following entities7 have adopted the Deutsche Asset Management Code of            Ethics:

 

DB            Absolute Return Strategies

 

DB            Capital Advisers, Inc.

 

DB            Investment Managers, Inc.

 

Deutsche Asset Management, Inc.

 

DeAM            Investor Services, Inc.

 

Deutsche Investment Management Americas, Inc.

 

DWS            Scudder Distributors, Inc.

 

DWS            Trust Company

 

Investment Company Capital Corp.

 

RREEF            America L.L.C.

 

_________________________

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

 

 

18

| 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 – U.S. Code of Ethics**

 

 

**SCHEDULE B**

 

SUPPLEMENT

TO            THE

DEUTSCHE ASSET MANAGEMENT – U.S CODE OF ETHICS

 

RREEF            America L.L.C. (“RREEF”)

 

A-1.   Effective            Date. This Supplement to the Deutsche Asset Management            – U.S. Code of Ethics (the “Code”) shall be effective February 1,            2005. The Code and this Supplement shall replace and supersede the Supplement            previously effective February 1, 2004.

 

|   | A-2. | Applicability. |
|--------|------|----------------|

             

(1)       The restrictions of the            Code applying to Investment Personnel shall apply only to those Employees of RREEF who            are Investment Personnel employed on the RREEF Securities Investment Team. The            restrictions of the Code applying to Access Persons shall apply only to (i) those RREEF            Employees, officers or directors who, with respect to any registered investment company            or other securities investment advisory client, make any recommendation, participate in            the determination of which recommendation will be made, or whose principal functions or            duties relate to the determination or which recommendations will be made, or who, in            connection with their duties, have access to any timely information concerning            recommendations on Securities being made by RREEF, or (ii) those RREEF Employees who            are designated as covered under this Supplement to the Code by DeAM Compliance or its            designee.

             

|   | (2) | The following restrictions of the Code shall not apply                            to RREEF employees designated as Non-Access Persons: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------|

             

|   | (i). | Section IV. A (iii) – Corporate and Departmental                            Restricted Lists |
|--------|------|----------------------------------------------------------------------------------------------------|

|   | (ii). | Section IV. E - Restricted List |
|--------|-------|---------------------------------|

|   | (iii). | Section V.D. (i) - Securities holdings disclosure                            requirements |
|--------|--------|-------------------------------------------------------------------------------------------|

|   | (iv). | Section V. D. (ii) – Quarterly Personal Securities                            Trading Reports (“PSTs”) |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------|

|   | (v). | Section V D (iii) – Annual Acknowledgement of                            Personal Securities Holdings |
|--------|------|-------------------------------------------------------------------------------------------------------------|

             

|   | (3) | The provisions of the Code will not apply to RREEF                            Management Company or to any employees of RREEF Management Company,                            except as otherwise determined by DeAM Compliance or its                            designee. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

             

|   | (4) | The Employee/Employee Related Trading Policy referenced                            in Section V. A. will have limited application to RREEF employees                            designated as Non-Access Persons, as set out in Schedule A to that                            policy. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

             

19

| 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 – U.S. Code of Ethics**

 

 

A-3.   Additional Trading            Restrictions. In addition to the restrictions set forth in            the Code, no Employee providing services to RREEF who is covered under the Code shall,            without the prior written approval of DeAM Compliance, acquire or sell any Real Estate            Securities in any Employee or Employee Related Account. Approvals of acquisitions will            be granted only in extraordinary circumstances. Real Estate Securities shall include            all publicly-traded Securities issued by any Real Estate Investment Trust            (“REIT”), as well as publicly-traded Securities issued by companies            primarily engaged in the ownership, construction, management or sale of residential,            commercial or industrial real estate that are included within the RREEF Securities            Investment Team investment universe. These companies may include real estate master            limited partnerships and real estate brokers and developers.

 

A-4.    Adoption of the            Deutsche Bank Americas Code of Professional Conduct. The            terms of the Deutsche Bank Americas Code of Professional Conduct are hereby            incorporated into this Supplement and Employees of the RREEF Securities Investment Team            shall be subject to and covered by such terms.

 

A-5.    Conflict. In the event of any conflict or            discrepancy between the terms of the Code and this Supplement with respect to any RREEF            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 – U.S. Code of Ethics**

 

 

 

| **DeAM – U.S. Code of Ethics                            Sanctions**                                                                                                         |                                                                                                                  |        |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------|--------|
| **Violation**                                                                                                                                                                     | **Sanction**                                                                                                     |        |  |
| ***Failure to Obtain                            Pre-Clearance1***                                                                                                                 |                                                                                                                  |        |
| ***Managing Director, Director and Vice President                            (also Portfolio Managers and Investment Personnel regardless of                            level)*** |                                                                                                                  |        |
| 1st Violation                                                                                                                                                                     | Written Warning                                                                                                  |        |  |
| 2nd Violation                                                                                                                                                                     | $200.00 Fine                                                                                                     |        |  |
| 3rd Violation +                                                                                                                                                                   | Trading Prohibited for 30 Days2 and $500.00                            Fine                                      |        |  |
| ***Below Vice President***                                                                                                                                                        |                                                                                                                  |        |
| 1st Violation                                                                                                                                                                     | Written Warning                                                                                                  |        |  |
| 2nd Violation                                                                                                                                                                     | $100.00 Fine                                                                                                     |        |  |
| 3rd Violation +                                                                                                                                                                   | Trading Prohibited for 30 days                                                                                   |   |
| ***Failure to Comply with the with Same Day                            Rule3***                                                                                                   |                                                                                                                  |
| ***Portfolio Manager***                                                                                                                                                           |                                                                                                                  |        |
| 1st Violation                                                                                                                                                                     | Unwind the Trade/Disgorgement of Profit and Written                            Warning                           |        |  |
| 2nd Violation                                                                                                                                                                     | Unwind the Trade/Disgorgement of Profit and $200.00                            Fine                              |        |  |
| 3rd Violation +                                                                                                                                                                   | Unwind the Trade/Disgorgement of Profit and $500.00                            Fine                              |        |  |
| ***Investment Personnel (Non-Portfolio                            Manager)***                                                                                                     |                                                                                                                  |        |
| 1st Violation                                                                                                                                                                     | Potentially Unwind the Trade/Disgorgement of Profit and                            Written Warning               |        |  |
| 2nd Violation                                                                                                                                                                     | Potentially Unwind the Trade/Disgorgement of Profit and                            $150.00 Fine                  |        |  |
| 3rd Violation +                                                                                                                                                                   | Potentially Unwind the Trade/Disgorgement of Profit and                            $400.00 Fine                  |        |  |
| ***Access Person***                                                                                                                                                               |                                                                                                                  |        |
| 1st Violation                                                                                                                                                                     | Potentially Unwind the Trade/Disgorgement of Profit and                            Written Warning               |        |  |
| 2nd Violation                                                                                                                                                                     | Potentially Unwind the Trade/Disgorgement of Profit and                            $100.00 Fine                  |        |  |
| 3rd Violation +                                                                                                                                                                   | Potentially Unwind the Trade/Disgorgement of Profit and                            $300.00 Fine                  |        |  |
| ***Failure to Comply with the 7-Day                            Rule3***                                                                                                           |                                                                                                                  |        |
| ***Portfolio Manager***                                                                                                                                                           |                                                                                                                  |        |
| 1st Violation                                                                                                                                                                     | Unwind the Trade/Disgorgement of Profit and Written                            Warning                           |        |  |
| 2nd Violation                                                                                                                                                                     | Unwind the Trade/Disgorgement of Profit and $200.00                            Fine                              |        |  |
| 3rd Violation +                                                                                                                                                                   | Unwind the Trade/Disgorgement of Profit and                            $500.00                                   |        |  |
| ***Investment Personnel (Non-Portfolio                            Manager)***                                                                                                     |                                                                                                                  |        |
| 1st Violation                                                                                                                                                                     | Potentially Unwind the Trade/Disgorgement of Profit and                            Written Warning               |        |  |
| 2nd Violation                                                                                                                                                                     | Potentially Unwind the Trade/Disgorgement of Profit and                            $100.00 Fine                  |        |  |
| 3rd Violation +                                                                                                                                                                   | Potentially Unwind the Trade/Disgorgement of Profit and                            $250.00 Fine                  |        |  |
| ***Failure to Comply with the with 30 Day Hold                            Rule***                                                                                                 |                                                                                                                  |        |
| ***Managing Director, Director and Vice                            President***                                                                                                   |                                                                                                                  |        |
| 1st Violation                                                                                                                                                                     | Written Warning                                                                                                  |        |  |
| 2nd Violation                                                                                                                                                                     | $200.00 Fine                                                                                                     |        |  |
| 3rd Violation +                                                                                                                                                                   | Trading Prohibited for 30 Days                                                                                   |   |
| 1st Violation                                                                                                                                                                     | Written Warning                                                                                                  |        |  |
| 2nd Violation                                                                                                                                                                     | $100.00 Fine                                                                                                     |        |  |
| 3rd Violation +                                                                                                                                                                   | Trading Prohibited for 30 days                                                                                   |        |
| ***Below Vice President***                                                                                                                                                        |                                                                                                                  |
| ***Other Material Violations***                                                                                                                                                   |                                                                                                                  |
| ***Gifts & Entertainment / Political                            Contribution***                                                                                               |                                                                                                                  |        |
| 1st Violation                                                                                                                                                                     | Fine in the amount of the unauthorized contribution,                            payment, or gift value plus $500 |        |  |
| 2nd Violation +                                                                                                                                                                   | Severe Disciplinary Action as determined by DeAM                            Compliance (Possible Termination)    |        |  |

 

1Portfolio Managers and other            Investment Personnel, regardless of position held, are subject to the pre-clearance            sanctions for Managing Directors, Directors and Vice Presidents.

2The Compliance Department will take            financial hardship into consideration in applying a trading prohibition. Please see            important notes below for more information regarding financial            hardship.

3The Compliance            Department will take into consideration the employee's knowledge of portfolio trading            and the severity and frequency of the violation in determining whether the trade should            be broken and profit disgorged and the amount of the fine, if any. Second and third            violations of the 7-day and Same Day rules within the same year will result in the            escalation of fines and disciplinary action similar to other second and third            violations and depending on the circumstances as indicated above. Any violations, along            with attendant sanctions, will be noted in the employee’s personnel            file.

 

| **DeAM – U.S. Code of Ethics Sanctions                            continued**                                                                                                             |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **Violation**                                                                                                                                                                                   | **Sanction** |
| ***Failure to File / Incomplete / Late 17j-1                            Reporting (Quarterly Personal Securities Trading                            Reporting)***                               |
| *1st Violation – Filed                            by:*                                                                                                                                    |
| First Period Level4                                                                                                                                                                             | Written Warning |
| Second Period Level                                                                                                                                                                             | $100.00 Fine |
| Third Period Level                                                                                                                                                                              | $150.00 Fine |
| Forth Period Level +                                                                                                                                                                            | Trading Prohibited for 30 Days2 and $250.00                            Fine |
| *2nd Violation – Filed                            by:*                                                                                                                                    |
| First Period Level                                                                                                                                                                              | $150.00 Fine |
| Second Period Level                                                                                                                                                                             | $200.00 Fine |
| Third Period Level                                                                                                                                                                              | Trading Prohibited for 30 Days2 and $300.00                            Fine |
| Forth Period Level +                                                                                                                                                                            | Severe Disciplinary Action as determined by DeAM                            Compliance (Possible Termination) |
| *3rd Violation – Filed                            by:*                                                                                                                                    |
| First Period Level                                                                                                                                                                              | $200.00 Fine |
| Second Period Level                                                                                                                                                                             | Trading Prohibited for 30 Days2 and $400.00                            Fine |
| Third Period Level +                                                                                                                                                                            | Severe Disciplinary Action as determined by DeAM                            Compliance (Possible Termination) |
| ***Failure to File / Incomplete / Late Code of Ethics                            Annual Acknowledgement (including 17-j1 Annual Personal Holdings                            Report)***         |
| ***Code of Ethics Annual Acknowledgement Period                            during the month of October. Filed by:***                                                                            |
| Failure to file by due date                                                                                                                                                                     | Written Warning |
| Failure to file 15 calendar days after due                            date                                                                                                                      | $100.00 Fine |
| Failure to file 30 calendar days after due                            date                                                                                                                      | $150.00 Fine |
| Failure to file more than 45 calendar day after due                            date                                                                                                             | $200.00 Fine plus additional disciplinary action as                            determined by DeAM Compliance |
| ***Failure to File / Incomplete / Late INITIAL Code                            of Ethics Annual Acknowledgement (including 17-j1 Annual Personal                            Holdings Report)*** |
| After 10 calendar days after date of access                                                                                                                                                     | Written Warning |
| After 20 calendar days after date of access                                                                                                                                                     | $100.00 Fine |
| After 30 calendar days after date of access                                                                                                                                                     | $150.00 Fine |
| After 40 calendar days after date of access                                                                                                                                                     | Severe Disciplinary Action as determined by DeAM                            Compliance (Possible Termination) |

2The Compliance Department will take            financial hardship into consideration in applying a trading prohibition. Please see            important notes below for more information regarding financial            hardship.

4Period Levels are defined by DeAM            Compliance and generally follow approximate 15-day periods that are adjusted for the            calendar month. The First Period Level begins immediately after the due date of the            respective filing. You will be notified of these levels in specific communications from            DeAM Compliance when warranted.

 

Important Notes

 

|   | **•** | If payment for any fine is not received by the due date,                            a report will be made to Senior Management regarding this delinquency,                            and the employee will be subject to further sanctions, including a                            substantial escalation of the fine (including, possibly, the doubling                            of the fine amount). |
|--------|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|   | **•** | Asset Management Compliance will consider certain Code                            of Ethics infractions on a case-by-case basis in determining a final                            decision on the technicality or materiality of the violation itself, as                            well as the (if applicable) ensuing sanctions and/or fines levied on                            the employee. Asset Management Compliance will solely determine the                            factors used in arriving in any decisions made apart from this DeAM                            Sanctions Schedule. |
|--------|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|   | **•** | Final disciplinary sanctions will be determined by the                            Compliance Department and Senior Management, which will take into                            consideration such factors, which include, but are not limited to, the                            period of time between violations, financial hardship, the employee's                            knowledge of portfolio trading and trading system technical                            difficulties. For example, violations occurring within a 24-month                            period will be taken into consideration, but will not be given full                            weight in the determination of disciplinary action. Financial hardship                            may include the inability to pay for tuition and medical expenses and                            the inability to purchase a home. |
|--------|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|   | **•** | All violations will be reviewed on a rolling 1-year                            period and sanctions for second and third violations will be applicable                            if the violations occur within the same year. |
|--------|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|   | **•** | Multiple simultaneous violations will be subject to all                            the applicable sanctions. For example, a portfolio manager who fails to                            obtain pre-clearance (2nd violation) and simultaneously                            violates the Same Day Rule (2nd violation), will be subject                            to a $400.00 fine and disgorgement of profit. |
|--------|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|   | **•** | Continued violation of the DeAM – U.S. Code of                            Ethics may subject you to severe penalties, including possible                            termination. |
|--------|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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