****Exhibit (h)(3)****

**EXPENSE LIMITATION AGREEMENT**

**THIS****EXPENSE LIMITATION            AGREEMENT**(“**Expense Limitation            Agreement**”) is made as of the 1st day of October, 2007            by and between each of the funds listed onExhibit            Ahereto (as may be amended from time to time), each of which            is a Massachusetts business trust, a Maryland corporation or a New York trust (each, a            “**Fund**” and collectively,            the “**Funds**”), and**DEUTSCHE INVESTMENT MANAGEMENT AMERICAS            INC.**, a Delaware corporation (the            “**Advisor**”), with respect            to the following:

**WHEREAS**, each Fund is registered under the            Investment Company Act of 1940, as amended (the “**1940            Act**”), with such series (each a            “**Series**”) and classes            (each a “**Class**”) as            listed onExhibit A; and

**WHEREAS**, the Advisor serves as Investment            Advisor to each Series pursuant to an Investment Advisory Agreement;

**NOW**, in consideration of the mutual            covenants herein contained and other good and valuable consideration, the receipt            whereof is hereby acknowledged, the parties hereto agree as follows:

1.     The Advisor agrees to waive its fees and/or reimburse expenses (or to            cause its affiliates to waive their fees and/or reimburse expenses) to the extent            necessary so that the “total annual fund operating expenses” for each            Series or Class, as applicable, do not exceed the percentage of average daily net            assets set forth on Exhibit A. For the purposes of this Expense Limitation Agreement,            “total annual fund operating expenses” for a Series or Class shall consist            of all expenses and costs of a Fund not specifically borne by the Advisor or a            Series’ principal underwriter, including investment advisory fees, administration            fees, distribution and shareholder service fees, fees for necessary professional            services, and costs associated with regulatory compliance and maintaining legal            existence and shareholder relations, but excluding the following: (a) portfolio            transaction and other investment-related costs (including brokerage commissions, dealer            and underwriter spreads, commitment fees on leverage facilities (but not commitment            fees on credit facilities), prime broker fees and expenses, interest expense, dividend            expenses related to short sales and “Acquired Fund Fees and Expenses” (as            defined in Form N-1A)); (b) taxes; and (c) extraordinary expenses. For purposes of this            agreement, “extraordinary expenses” mean any unusual, unexpected and/or            nonrecurring expenses that are approved as such by the Board(s) of Trustees/Directors            of the applicable Fund(s).

2.         Notwithstanding            the foregoing, organizational expenses and offering costs related to certain Funds,            Series or Classes as indicated on Exhibit A and that commenced operations prior to            October 1, 2007 are excluded from the limit on “total annual fund operating            expenses,” but suchorganizational expenses and offering costs shall be subject to            a separate limit of 10 basis points.

3.         This Expense            Limitation Agreement shall be effective as to each Fund, Series or Class, as            applicable, for the period set forth in Exhibit A. Upon the termination of the            Agreement, this Expense Limitation Agreement shall automatically terminate with respect            to the affected Fund. The obligation of the Advisor under Paragraph 1 hereof shall            survive the

 

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termination of the Investment Advisory Agreement solely as to expenses            and obligations incurred prior to the date of such termination.

4.         Any question of            interpretation of any term or provision of this Expense Limitation Agreement having a            counterpart in or otherwise derived from a term or provision of the 1940 Act shall be            resolved by the parties hereto, taking into consideration and assigning such weight as            they may determine on a case-by-case basis, by reference to such term or provision of            the 1940 Act and to interpretations thereof, if any, by the United States Courts or in            the absence of any controlling decision of any such court, by rules, regulations or            orders of the Securities and Exchange Commission (“SEC”) issued pursuant to            said Act. Otherwise the provisions of this Expense Limitation Agreement shall be            interpreted in accordance with the laws of Delaware.

5.         Amendments. This Expense Limitation            Agreement and the exhibits hereto may be amended by agreement of the affected Fund and            the Advisor. Additional Funds, Series or Classes may be added to this Expense            Limitation Agreement by written agreement of such Fund and the Advisor. The Advisor may            unilaterally amend Exhibit A to extend or lower any expense limitation and any such            amendment shall be subject to the terms of this Agreement. In addition, the Advisor            shall be contractually bound hereunder by the disclosure of expense limitations            contained in the Fund’s prospectus or any supplements thereto as if such            limitations were set forth in Exhibit A.

6.         For each Fund            that is a Massachusetts business trust, a copy of the Fund’s Declaration of            Trust, together with all amendments thereto, is on file in the Office of the Secretary            of the Commonwealth of Massachusetts. For each Fund that is a Massachusetts business            trust, the Advisor is hereby expressly put on notice of the limitation of liability as            set forth in the Fund’s Declaration of Trust and it agrees that the obligations            assumed by the Fund on behalf of each Series pursuant to this Expense Limitation            Agreement will be limited in all cases to the Series and its assets, and it will not            seek satisfaction of any such obligation from the shareholders or any shareholder of            the Series or any other series of the Fund, or from any Trustee, officer, employee or            agent of the Fund. The Advisor understands that the rights and obligations of each            Series under the Declaration of Trust are separate and distinct from those of any and            all other Series.

7.         This Agreement            and all the exhibits attached hereto constitute the entire agreement of the parties            with respect to the subject matter of this Agreement and supersede all prior            negotiations, agreements and understandings with respect thereto.

 

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**IN WITNESS WHEREOF**, the parties hereto have            caused this Expense Limitation Agreement to be executed in duplicate by their            respective officers as of the day and year first above written.

             

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Attest:_____________________________Name: | DWS FUNDS

By: ______________Name:    John MilletteTitle:      Secretary                                                                                                                                                                                                                                                                             |
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| Attest:_____________________________Name:         | DEUTSCHE INVESTMENT MANAGEMENT AMERICAS                            INC.

By:_______________Name:    Michael ColonTitle:      Chief                            Operating Officer

 

 

By: _______________                            Name:    John MilletteTitle:      Director

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**EXHIBIT A**

 

| Fund | Cap on Total Annual Fund Operating Expenses (as a                            percentage of average daily net assets) |
|------|----------------------------------------------------------------------------------------------------------------------|

 

[PLEASE SEE ATTACHED EXHIBIT MATRIX]