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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
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 HUejdS2BwRroe1IbTCF4tg==

<SEC-DOCUMENT>0000088053-09-001411.txt : 20091229
<SEC-HEADER>0000088053-09-001411.hdr.sgml : 20091229
<ACCEPTANCE-DATETIME>20091229152044
ACCESSION NUMBER:		0000088053-09-001411
CONFORMED SUBMISSION TYPE:	40-APP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20091229
DATE AS OF CHANGE:		20091229

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Deutsche Asset Management International GMBH
		CENTRAL INDEX KEY:			0001304143
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738-01
		FILM NUMBER:		091263793

	BUSINESS ADDRESS:	
		STREET 1:		MAINZER LANDSTRASSE 16
		CITY:			FRANKFURT GERMANY D-60325
		STATE:			2M
		ZIP:			D-60325

	MAIL ADDRESS:	
		STREET 1:		MAINZER LANDSTRASSE 16
		CITY:			FRANKFURT GERMANY D-60325
		STATE:			2M
		ZIP:			D-60325

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DWS MONEY FUNDS
		CENTRAL INDEX KEY:			0000055189
		IRS NUMBER:				362809723
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738-33
		FILM NUMBER:		091263826

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER MONEY FUNDS
		DATE OF NAME CHANGE:	20020410

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ZURICH MONEY FUNDS
		DATE OF NAME CHANGE:	19970708

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KEMPER MONEY FUNDS
		DATE OF NAME CHANGE:	19960410

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DWS SECURITIES TRUST
		CENTRAL INDEX KEY:			0000088048
		IRS NUMBER:				132661231
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738-23
		FILM NUMBER:		091263815

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER SECURITIES TRUST
		DATE OF NAME CHANGE:	19950908

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER DEVELOPMENT FUND
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER AM FUND
		DATE OF NAME CHANGE:	19710112

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DWS VALUE EQUITY TRUST
		CENTRAL INDEX KEY:			0000088051
		IRS NUMBER:				132578688
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738-12
		FILM NUMBER:		091263804

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VALUE EQUITY TRUST
		DATE OF NAME CHANGE:	19980605

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER EQUITY TRUST
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER CAPITAL GROWTH FUND INC
		DATE OF NAME CHANGE:	19880411

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DWS INTERNATIONAL FUND, INC.
		CENTRAL INDEX KEY:			0000088053
		IRS NUMBER:				132827803
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738-36
		FILM NUMBER:		091263829

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER INTERNATIONAL FUND INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER INTERNATIONAL INVESTMENTS LTD
		DATE OF NAME CHANGE:	19761203

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DWS PORTFOLIO TRUST
		CENTRAL INDEX KEY:			0000088063
		IRS NUMBER:				046013018
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738-27
		FILM NUMBER:		091263819

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER PORTFOLIO TRUST/
		DATE OF NAME CHANGE:	19930305

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER INCOME FUND
		DATE OF NAME CHANGE:	19921109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER STEVENS & CLARK BALANCED FUND INC
		DATE OF NAME CHANGE:	19770604

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DWS INVESTMENT TRUST
		CENTRAL INDEX KEY:			0000088064
		IRS NUMBER:				042212654
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738-35
		FILM NUMBER:		091263828

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INVESTMENT TRUST
		DATE OF NAME CHANGE:	19980529

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER INVESTMENT TRUST
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER GROWTH & INCOME FUND
		DATE OF NAME CHANGE:	19910402

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DWS BALANCED FUND
		CENTRAL INDEX KEY:			0000095603
		IRS NUMBER:				366103490
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738-49
		FILM NUMBER:		091263842

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER TOTAL RETURN FUND
		DATE OF NAME CHANGE:	20010614

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KEMPER TOTAL RETURN FUND
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KEMPER TOTAL RETURN FUND INC
		DATE OF NAME CHANGE:	19871206

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DWS TECHNOLOGY FUND
		CENTRAL INDEX KEY:			0000096790
		IRS NUMBER:				366051878
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738-13
		FILM NUMBER:		091263805

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER TECHNOLOGY FUND
		DATE OF NAME CHANGE:	20010625

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KEMPER TECHNOLOGY FUND
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TECHNOLOGY FUND INC
		DATE OF NAME CHANGE:	19870120

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DWS STRATEGIC GOVERNMENT SECURITIES FUND
		CENTRAL INDEX KEY:			0000202163
		IRS NUMBER:				163060398
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738-20
		FILM NUMBER:		091263812

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DWS U.S. GOVERNMENT SECURITIES FUND
		DATE OF NAME CHANGE:	20060207

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER U S GOVERNMENT SECURITIES FUND
		DATE OF NAME CHANGE:	20010625

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KEMPER U S GOVERNMENT SECURITIES FUND
		DATE OF NAME CHANGE:	19930707

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DWS MUNICIPAL TRUST
		CENTRAL INDEX KEY:			0000203142
		IRS NUMBER:				046396607
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738-29
		FILM NUMBER:		091263821

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER MUNICIPAL TRUST
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER MANAGED MUNICIPAL BONDS
		DATE OF NAME CHANGE:	19880302

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DWS STRATEGIC INCOME FUND
		CENTRAL INDEX KEY:			0000216314
		IRS NUMBER:				362921989
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738-19
		FILM NUMBER:		091263811

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER STRATEGIC INCOME FUND
		DATE OF NAME CHANGE:	20010625

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KEMPER DIVERSIFIED INCOME FUND
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KEMPER OPTION INCOME FUND
		DATE OF NAME CHANGE:	19890622

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DWS HIGH INCOME SERIES
		CENTRAL INDEX KEY:			0000225528
		IRS NUMBER:				362955386
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738-40
		FILM NUMBER:		091263833

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER HIGH INCOME SERIES
		DATE OF NAME CHANGE:	20030404

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER HIGH YIELD SERIES
		DATE OF NAME CHANGE:	20010625

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KEMPER HIGH YIELD SERIES
		DATE OF NAME CHANGE:	19971020

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CASH RESERVE FUND INC
		CENTRAL INDEX KEY:			0000353447
		IRS NUMBER:				621223991
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738-51
		FILM NUMBER:		091263844

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DEUTSCHE BANC ALEX BROWN CASH RESERVE FUND INC
		DATE OF NAME CHANGE:	19990806

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BT ALEX BROWN CASH RESERVE FUND INC
		DATE OF NAME CHANGE:	19970827

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BROWN ALEX CASH RESERVE FUND INC
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DWS MONEY MARKET TRUST
		CENTRAL INDEX KEY:			0000703642
		IRS NUMBER:				133120601
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738-32
		FILM NUMBER:		091263825

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER MONEY MARKET TRUST
		DATE OF NAME CHANGE:	20000531

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER FUND INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LAZARD FRERES FUNDS INC
		DATE OF NAME CHANGE:	19890904

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DWS TAX FREE TRUST
		CENTRAL INDEX KEY:			0000711600
		IRS NUMBER:				042782118
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738-14
		FILM NUMBER:		091263806

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW  YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW  YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER TAX FREE TRUST
		DATE OF NAME CHANGE:	19930909

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER TAX FREE TARGET FUND
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DWS STATE TAX-FREE INCOME SERIES
		CENTRAL INDEX KEY:			0000714287
		IRS NUMBER:				363221104
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738-22
		FILM NUMBER:		091263814

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER STATE TAX-FREE INCOME SERIES
		DATE OF NAME CHANGE:	20010625

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KEMPER STATE TAX FREE INCOME SERIES
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KEMPER CALIFORNIA TAX FREE INCOME FUND INC
		DATE OF NAME CHANGE:	19900815

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DWS STATE TAX FREE TRUST
		CENTRAL INDEX KEY:			0000720245
		IRS NUMBER:				042794035
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738-21
		FILM NUMBER:		091263813

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		617-295-2578

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DWS STATE TAX-FREE TRUST
		DATE OF NAME CHANGE:	20060406

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DWS STATE TAX FREE TRUST
		DATE OF NAME CHANGE:	20060207

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER STATE TAX FREE TRUST
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DWS COMMUNICATIONS FUND, INC.
		CENTRAL INDEX KEY:			0000731129
		IRS NUMBER:				521319644
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738-47
		FILM NUMBER:		091263840

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DWS COMMUNICATIONS FUND
		DATE OF NAME CHANGE:	20060207

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER FLAG INVESTORS COMMUNICATIONS FUND INC
		DATE OF NAME CHANGE:	20030519

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FLAG INVESTORS COMMUNICATIONS FUND INC
		DATE OF NAME CHANGE:	19980430

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DWS INCOME TRUST
		CENTRAL INDEX KEY:			0000747677
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738-38
		FILM NUMBER:		091263831

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER INCOME TRUST
		DATE OF NAME CHANGE:	20000616

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DWS VARIABLE SERIES I
		CENTRAL INDEX KEY:			0000764797
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738-10
		FILM NUMBER:		091263802

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER VARIABLE SERIES I
		DATE OF NAME CHANGE:	20010501

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER VARIABLE LIFE INVESTMENT FUND/MA/
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EUROPEAN EQUITY FUND, INC / MD
		CENTRAL INDEX KEY:			0000791718
		IRS NUMBER:				133354384
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738-05
		FILM NUMBER:		091263797

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GERMANY FUND INC
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DWS GLOBAL/INTERNATIONAL FUND, INC.
		CENTRAL INDEX KEY:			0000793597
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738-42
		FILM NUMBER:		091263835

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GLOBAL/INTERNATIONAL FUND INC
		DATE OF NAME CHANGE:	19980605

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER GLOBAL FUND INC
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DWS ADVISOR FUNDS
		CENTRAL INDEX KEY:			0000797657
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738-50
		FILM NUMBER:		091263843

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER ADVISOR FUNDS
		DATE OF NAME CHANGE:	20030519

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BT INVESTMENT FUNDS
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BT TAX FREE INVESTMENT TRUST
		DATE OF NAME CHANGE:	19880530

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DWS VARIABLE SERIES II
		CENTRAL INDEX KEY:			0000810573
		IRS NUMBER:				810105002
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738-09
		FILM NUMBER:		091263801

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER VARIABLE SERIES II
		DATE OF NAME CHANGE:	20010501

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KEMPER VARIABLE SERIES /MA/
		DATE OF NAME CHANGE:	20000225

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INVESTORS FUND SERIES
		DATE OF NAME CHANGE:	19970708

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TAX-EXEMPT CALIFORNIA MONEY MARKET FUND
		CENTRAL INDEX KEY:			0000811911
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738-07
		FILM NUMBER:		091263799

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TAX EXEMPT CALIFORNIA MONEY MARKET FUND
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DWS BLUE CHIP FUND
		CENTRAL INDEX KEY:			0000823342
		IRS NUMBER:				363542349
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738-48
		FILM NUMBER:		091263841

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER BLUE CHIP FUND
		DATE OF NAME CHANGE:	20010614

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KEMPER BLUE CHIP FUND
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DWS VALUE SERIES, INC
		CENTRAL INDEX KEY:			0000825062
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738-11
		FILM NUMBER:		091263803

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER VALUE SERIES INC
		DATE OF NAME CHANGE:	20010625

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KEMPER VALUE SERIES INC
		DATE OF NAME CHANGE:	19990119

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KEMPER VALUE FUND INC
		DATE OF NAME CHANGE:	19970722

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DWS HIGH INCOME TRUST
		CENTRAL INDEX KEY:			0000830160
		IRS NUMBER:				363591630
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738-39
		FILM NUMBER:		091263832

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER HIGH INCOME TRUST
		DATE OF NAME CHANGE:	20010123

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KEMPER HIGH INCOME TRUST
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DWS MUTUAL FUNDS, INC.
		CENTRAL INDEX KEY:			0000832946
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738-28
		FILM NUMBER:		091263820

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER MUTUAL FUNDS INC
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DWS MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0000839533
		IRS NUMBER:				363605060
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738-30
		FILM NUMBER:		091263822

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	20010123

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KEMPER MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DWS MULTI-MARKET INCOME TRUST
		CENTRAL INDEX KEY:			0000842905
		IRS NUMBER:				366894335
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738-31
		FILM NUMBER:		091263823

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER MULTI MARKET INCOME TRUST
		DATE OF NAME CHANGE:	20010123

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KEMPER MULTI MARKET INCOME TRUST
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DWS STRATEGIC MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0000846596
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738-17
		FILM NUMBER:		091263809

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER STRATEGIC MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	20010123

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KEMPER STRATEGIC MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DWS TARGET FUND
		CENTRAL INDEX KEY:			0000854905
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738-15
		FILM NUMBER:		091263807

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER TARGET FUND
		DATE OF NAME CHANGE:	20020220

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER TARGET EQUITY FUND
		DATE OF NAME CHANGE:	20010625

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KEMPER TARGET EQUITY FUND
		DATE OF NAME CHANGE:	19940912

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CASH ACCOUNT TRUST
		CENTRAL INDEX KEY:			0000858372
		IRS NUMBER:				371259201
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738
		FILM NUMBER:		091263792

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NEW GERMANY FUND INC
		CENTRAL INDEX KEY:			0000858706
		IRS NUMBER:				133555471
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738-04
		FILM NUMBER:		091263796

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LENOX FUND INC
		DATE OF NAME CHANGE:	19900115

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CENTRAL EUROPE & RUSSIA FUND, INC.
		CENTRAL INDEX KEY:			0000860489
		IRS NUMBER:				133556099
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738-06
		FILM NUMBER:		091263798

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CENTRAL EUROPE & RUSSIA FUND INC
		DATE OF NAME CHANGE:	20030723

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CENTRAL EUROPEAN EQUITY FUND INC /MD/
		DATE OF NAME CHANGE:	19970429

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FUTURE GERMANY FUND INC
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CASH MANAGEMENT PORTFOLIO
		CENTRAL INDEX KEY:			0000862064
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738-52
		FILM NUMBER:		091263845

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER CASH MANAGEMENT PORTFOLIO
		DATE OF NAME CHANGE:	20030519

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CASH MANAGEMENT PORTFOLIO
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DWS INSTITUTIONAL FUNDS
		CENTRAL INDEX KEY:			0000862157
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738-37
		FILM NUMBER:		091263830

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER INSTITUTIONAL FUNDS
		DATE OF NAME CHANGE:	20030519

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BT INSTITUTIONAL FUNDS
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INVESTORS CASH TRUST
		CENTRAL INDEX KEY:			0000863209
		IRS NUMBER:				363708479
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738-08
		FILM NUMBER:		091263800

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK PLACE
		CITY:			NEW  YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK PLACE
		CITY:			NEW  YORK
		STATE:			NY
		ZIP:			10154-0004

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DWS GLOBAL HIGH INCOME FUND
		CENTRAL INDEX KEY:			0000887590
		IRS NUMBER:				133667199
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738-41
		FILM NUMBER:		091263834

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER GLOBAL HIGH INCOME FUND /MA/
		DATE OF NAME CHANGE:	19980618

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DWS EQUITY 500 INDEX PORTFOLIO
		CENTRAL INDEX KEY:			0000888568
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738-45
		FILM NUMBER:		091263838

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER EQUITY 500 INDEX PORTFOLIO
		DATE OF NAME CHANGE:	20030519

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EQUITY 500 INDEX PORTFOLIO
		DATE OF NAME CHANGE:	19930315

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LARGE CAPITALIZATION EQUITY INDEX PORTFOLIO
		DATE OF NAME CHANGE:	19600201

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DWS STRATEGIC INCOME TRUST
		CENTRAL INDEX KEY:			0000919708
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738-18
		FILM NUMBER:		091263810

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER STRATEGIC INCOME TRUST
		DATE OF NAME CHANGE:	20010123

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KEMPER STRATEGIC INCOME TRUST
		DATE OF NAME CHANGE:	20001213

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KEMPER STRATEGIC INCOME FUND
		DATE OF NAME CHANGE:	19940303

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DWS TARGET DATE SERIES
		CENTRAL INDEX KEY:			0000926425
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738-16
		FILM NUMBER:		091263808

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DWS ALLOCATION SERIES
		DATE OF NAME CHANGE:	20060207

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER PATHWAY SERIES /NEW/
		DATE OF NAME CHANGE:	19970819

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER PRIME FUND
		DATE OF NAME CHANGE:	19940706

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DWS INVESTMENTS VIT FUNDS
		CENTRAL INDEX KEY:			0001006373
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738-34
		FILM NUMBER:		091263827

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER INVESTMENTS VIT FUNDS
		DATE OF NAME CHANGE:	20030519

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DEUTSCHE ASSET MANAGEMENT VIT FUNDS
		DATE OF NAME CHANGE:	20010402

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BT INSURANCE FUNDS TRUST /MA/
		DATE OF NAME CHANGE:	20000515

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DWS EQUITY TRUST
		CENTRAL INDEX KEY:			0001052427
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738-44
		FILM NUMBER:		091263837

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER EQUITY TRUST/IL
		DATE OF NAME CHANGE:	20010726

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KEMPER EQUITY TRUST
		DATE OF NAME CHANGE:	19980106

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DEUTSCHE BANK SECURITIES INC
		CENTRAL INDEX KEY:			0001074042
		IRS NUMBER:				132730828
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738-03
		FILM NUMBER:		091263795

	BUSINESS ADDRESS:	
		STREET 1:		31 WEST 52 STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		2124695000

	MAIL ADDRESS:	
		STREET 1:		31 WEST 52 STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DEUTSCHE INVESTMENT MANAGEMENT AMERICAS INC
		CENTRAL INDEX KEY:			0001179124
		IRS NUMBER:				133241232
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738-02
		FILM NUMBER:		091263794

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154
		BUSINESS PHONE:		2123364667

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DWS RREEF REAL ESTATE FUND, INC.
		CENTRAL INDEX KEY:			0001179126
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738-26
		FILM NUMBER:		091263818

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER RREEF REAL ESTATE FUND INC
		DATE OF NAME CHANGE:	20020924

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER RREEF REIT FUND INC
		DATE OF NAME CHANGE:	20020801

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DWS RREEF REAL ESTATE FUND II, INC.
		CENTRAL INDEX KEY:			0001231160
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738-25
		FILM NUMBER:		091263817

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER RREEF REAL ESTATE FUND II INC
		DATE OF NAME CHANGE:	20030506

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DWS GLOBAL COMMODITIES STOCK FUND, INC.
		CENTRAL INDEX KEY:			0001296115
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738-43
		FILM NUMBER:		091263836

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Scudder Global Commodities Stock Fund, Inc.
		DATE OF NAME CHANGE:	20040924

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Scudder Commodities Stock Fund, Inc.
		DATE OF NAME CHANGE:	20040701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DWS Dreman Value Income Edge Fund, Inc.
		CENTRAL INDEX KEY:			0001375387
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738-46
		FILM NUMBER:		091263839

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DWS Dreman Value IncomEdge Fund, Inc.
		DATE OF NAME CHANGE:	20060913

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DWS RREEF World Real Estate & Tactical Strategies Fund, Inc.
		CENTRAL INDEX KEY:			0001395999
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13738-24
		FILM NUMBER:		091263816

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DWS RREEF World Real Estate Plus Fund, Inc.
		DATE OF NAME CHANGE:	20070409
</SEC-HEADER>
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<SEQUENCE>1
<FILENAME>ea122909multi.htm
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<TEXT>
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    <head>
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    <body style="FONT-FAMILY: 'Times New Roman'" bgcolor="#ffffff">
        <div style="WIDTH: 600px">
            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 24pt; TEXT-ALIGN: right"><font size="2">SEC File No 812-________</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><b><font size="2">UNITED STATES SECURITIES AND EXCHANGE COMMISSION</font></b></p>

            <p style="BORDER-TOP: 0.5pt solid; MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; PADDING-TOP: 1px; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><i><font size="2">In the Matter of</font></i></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="638" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="319">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Deutsche Bank Securities Inc.</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">60 Wall Street</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">New York, New York 10005</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">&nbsp;</p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: center"><font size="2">(&ldquo;</font><i><font size="2">Affiliated Borrower</font></i><font size="2">&rdquo;)</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">&nbsp;</p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Deutsche Investment Management Americas Inc.</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">345 Park Avenue</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">New York, New York 10154</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">&nbsp;</p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Deutsche Asset Management International GmbH</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Mainzer Landstrasse 178-190</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Frankfurt, Germany D-60327</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">&nbsp;</p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: center"><i><font size="2">(together, the &ldquo;Advisers&rdquo;</font></i><font size="2">)</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">&nbsp;</p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Cash Account Trust</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Cash Management Portfolio</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Cash Reserve Fund, Inc.</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">DWS Advisor Funds</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">DWS Balanced Fund</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">DWS Blue Chip Fund</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">DWS Communications Fund, Inc.</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">DWS Dreman Value Income Edge Fund, Inc.</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">DWS Equity 500 Index Portfolio</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="319">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">DWS Equity Trust</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">DWS Global Commodities Stock Fund, Inc.</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">DWS Global High Income Fund, Inc.</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">DWS Global/International Fund, Inc.</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">DWS High Income Series</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">DWS High Income Trust</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">DWS Income Trust</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">DWS Institutional Funds</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">DWS International Fund, Inc.</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">DWS Investment Trust</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">DWS Investments VIT Funds</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">DWS Money Funds</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">DWS Money Market Trust</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">DWS Multi-Market Income Trust</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">DWS Municipal Income Trust</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">DWS Municipal Trust</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">DWS Mutual Funds, Inc.</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">DWS Portfolio Trust</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">DWS RREEF Real Estate Fund, Inc.</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">DWS RREEF Real Estate Fund II, Inc.</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">DWS RREEF World Real Estate &amp; Tactical Strategies Fund, Inc.</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">DWS Securities Trust </font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">DWS State Tax-Free Income Series</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">DWS State Tax-Free Trust</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">DWS Strategic Government Securities Fund</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">DWS Strategic Income Fund</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">DWS Strategic Income Trust</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">Page 1 of 32 sequentially numbered pages (including exhibits).</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                <hr align="center" width="100%" noshade size="2">
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="638" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="319">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">DWS Strategic Municipal Income Trust</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">DWS Target Date Series</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">DWS Target Fund</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">DWS Tax Free Trust</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">DWS Technology Fund</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">DWS Value Equity Trust</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">DWS Value Series, Inc.</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">DWS Variable Series I</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">DWS Variable Series II</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Investors Cash Trust</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="319">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Tax-Exempt California Money Market Fund</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">The Central Europe and Russia Fund, Inc.</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">The European Equity Fund, Inc.</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">The New Germany Fund, Inc.</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">&nbsp;</p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">345 Park Avenue</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">New York, New York 10154</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">&nbsp;</p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: center"><font size="2">(&ldquo;</font><i><font size="2">Affiliated Funds</font></i><font size="2">&rdquo;)</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">&nbsp;</p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">&nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="BORDER-TOP: 0.5pt solid; MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; PADDING-TOP: 1px; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">APPLICATION PURSUANT TO SECTIONS 6(c), 17(b) and 17(d)</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">OF THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE &ldquo;ACT&rdquo;), AND RULE 17d-1 THEREUNDER, FOR AN</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">ORDER OF EXEMPTION FROM SECTION 17(a)(3) AND 17(d) OF THE ACT, AND RULE 17d-1 THEREUNDER TO PERMIT AFFILIATED FUNDS TO LOAN SECURITIES TO AFFILIATED BORROWER/BROKER-DEALER</font></p>

            <p style="BORDER-TOP: 0.5pt solid; MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; PADDING-TOP: 1px; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">Comments regarding this Application</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">should be addressed to:</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">W. John McGuire, Esquire</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">Morgan, Lewis &amp; Bockius LLP</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">1111 Pennsylvania Avenue, NW</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">Washington, DC 20004</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">(202) 739-5654</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1px; BORDER-BOTTOM: 0.5pt solid; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1px; BORDER-BOTTOM: 0.5pt solid" align="center">2</p>

            <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                <hr align="center" width="100%" noshade size="2">
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">U.S. SECURITIES AND EXCHANGE COMMISSION</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">Washington, D.C. 20549</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="638" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="331">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">In the Matter of:</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="283">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">APPLICATION PURSUANT TO SECTIONS 6(c), 17(b) and 17(d)</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="331">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="283">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">OF THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED </font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="331">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Deutsche Bank Securities Inc.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="283">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">(THE &ldquo;ACT&rdquo;), AND RULE 17d-1 THEREUNDER, FOR AN</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="331">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Deutsche Investment Management Americas Inc.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="283">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">ORDER OF EXEMPTION FROM SECTION 17(a)(3) AND 17(d) OF THE </font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="331">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Deutsche Asset Management International GmbH</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="283">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">ACT , AND RULE 17d-1 THEREUNDER TO PERMIT </font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="331">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Cash Account Trust </font><i><font size="2">et al.</font></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="283">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">AFFILIATED FUNDS TO LOAN SECURITIES TO AFFILIATED </font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">BORROWER/BROKER-DEALER</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="331">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="283">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="331">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="283">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="331">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">File No. 812- </font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="283">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="331">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="283">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.2in; TEXT-ALIGN: center"><b><font size="2">I.&nbsp; INTRODUCTION</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.52in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">Deutsche Bank Securities Inc. (&ldquo;</font><u><font size="2">Affiliated Borrower</font></u><font size="2">&rdquo;), Deutsche Investment Management Americas Inc. and Deutsche Asset Management International GmbH (together, the &ldquo;</font><u><font size="2">Advisers</font></u><font size="2">&rdquo;), each a registered investment adviser under the Investment
            Advisers Act of 1940, as amended (the &ldquo;</font><u><font size="2">Advisers Act</font></u><font size="2">&rdquo;), and Cash Account Trust, Cash Management Portfolio, Cash Reserve Fund, Inc., DWS Advisor Funds, DWS Balanced Fund, DWS Blue Chip Fund, DWS Communications Fund, Inc., DWS Dreman Value Income Edge Fund, Inc., DWS Equity 500 Index Portfolio, DWS Equity Trust, DWS Global Commodities Stock Fund, Inc., DWS Global/International Fund, Inc., DWS Global/International Fund,
            Inc., DWS High Income Series, DWS High Income Trust, DWS Income Trust, DWS Institutional Funds, DWS International Fund, Inc., DWS Investment Trust, DWS Investments VIT Funds, DWS Money </font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center">3</p>

            <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                <hr align="center" width="100%" noshade size="2">
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">Funds, DWS Money Market Trust, DWS Multi-Market Income Trust, DWS Municipal Income Trust, DWS Municipal Trust, DWS Mutual Funds, Inc., DWS Portfolio Trust, DWS RREEF Real Estate Fund, Inc., DWS RREEF Real Estate Fund II, Inc., DWS RREEF World Real Estate &amp; Tactical Strategies Fund, Inc., DWS Securities Trust, DWS State Tax-Free Trust, DWS State Tax-Free Trust, DWS Strategic
            Government Securities Fund, DWS Strategic Income Fund, DWS Strategic Income Trust, DWS Strategic Municipal Income Trust, DWS Target Date Series, DWS Target Fund, DWS Tax Free Trust, DWS Technology Fund, DWS Value Equity Trust, DWS Value Series, Inc., DWS Variable Series I, DWS Variable Series II, Investors Cash Trust, Tax-Exempt California Money Market Fund, The Central Europe and Russia Fund, Inc., The European Equity Fund, Inc. and The New Germany Fund, Inc. (each referred to
            herein as an &ldquo;</font><u><font size="2">Affiliated Fund</font></u><font size="2">&rdquo; and collectively referred to herein as the &ldquo;</font><u><font size="2">Affiliated Funds</font></u><font size="2">&rdquo;), and any existing or future series of the foregoing (together, the &ldquo;</font><u><font size="2">Applicants</font></u><font size="2">&rdquo;) hereby submit this application (the &ldquo;</font><u><font size="2">Application</font></u><font size="2">&rdquo;)
            requesting an order of the United States Securities and Exchange Commission (the &ldquo;</font><u><font size="2">Commission</font></u><font size="2">&rdquo;) pursuant to Sections 6(c), 17(b) and 17(d) of the Investment Company Act of 1940, as amended (the &ldquo;</font><u><font size="2">Act</font></u><font size="2">&rdquo;), and Rule 17d-1 thereunder, exempting the Applicants from the provisions of Section 17(a)(3) and Section 17(d) of the Act, and Rule 17d-l thereunder, to permit
            the Affiliated Borrower, including any entity controlling, controlled by, or under common control (as that term is defined under Section 2(a)(9) under the Act) with the Affiliated Borrower (&ldquo;</font><u><font size="2">Affiliated Borrowers</font></u><font size="2">&rdquo;), to borrow portfolio securities from the Affiliated Funds through securities lending transactions (&ldquo;</font><u><font size="2">Transactions</font></u><font size="2">&rdquo;). In view of the nature of this
            request, Applicants further request that any order of exemption issued by the Commission in response to this request also be applicable to any other registered investment company or series thereof that is currently or in the future may be advised by one of the Advisers, or any other entity controlling, controlled </font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 200%" align="center"><font size="2">4</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

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            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">by, or under common control (as defined in Section 2(a)(9) of the Act) with one of the Advisers, provided that the conditions and procedures applicable to each Affiliated Fund, as described below, will be equally applicable to such other registered investment company or series.<sup>1</sup></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.2in; TEXT-ALIGN: center"><b><font size="2">II.&nbsp; D ESCRIPTION OF APPLICANTS</font></b></p>

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                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p style="TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">A. </font></b></p>
                        </td>

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                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">Affiliated Borrowers</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1.02in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">Deutsche Bank Securities Inc. is a wholly owned subsidiary of DB U.S. Financial Markets Holding Corporation, a wholly-owned subsidiary of Taunus Corporation, which is a wholly-owned subsidiary of Deutsche Bank AG, a German corporation. Deutsche Bank Securities Inc. is a registered broker-dealer and investment adviser with the Commission and is a member of the
            Financial Industry Regulatory Authority, various exchanges and the Securities Investors Protection Corporation. As a futures commission merchant, Deutsche Bank Securities Inc. is registered with the Commodities Futures Trading Commission, is a clearing member of the Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange and ICE Futures U.S., and is a member of the National Futures Association.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">Deutsche Bank Securities Inc. provides trade execution services for a broad range of domestic and international clients. It provides securities brokerage and investment advisory services to private clients and institutions and correspondent clearing services to broker-dealers. Deutsche Bank Securities Inc. provides a variety of capital raising, market making and brokerage services for
            its government, financial institution and corporate clients, including fixed income and equity sales and trading, prime brokerage services, including securities lending, emerging markets activities and equity market research and investment banking. Deutsche Bank Securities Inc.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">_________________________</font></p>

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                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 6pt; PADDING-TOP: 0in" valign="top" width="29">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2"><sup>1&nbsp;</sup> </font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 6pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">All registered investment companies advised by the Advisers that currently intend to rely on the order have been named as applicants.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center">5</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

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            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">also executes trading arbitrage strategies for its own account using debt, equity and related derivative instruments.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">Deutsche Bank Securities Inc. is under common control with, and therefore an affiliated person of, the Advisers. Consequently, Deutsche Bank Securities Inc. may be deemed to be an affiliated person of an affiliated person of the investment companies advised by the Advisers. </font></p>

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                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="256" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p style="TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">B.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="160">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">Investment Advisers</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1.02in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">Deutsche Asset Management International GmbH, a registered investment adviser under the Advisers Act, serves as the investment adviser to The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central Europe and Russia Fund, Inc. Deutsche Investment Management Americas Inc., a registered investment adviser under the Advisers Act, serves as investment
            adviser to the remaining Affiliated Funds, although it has delegated certain of its responsibilities with respect to certain Affiliated Funds to sub-advisers.<sup>2</sup> </font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">_________________________</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2"><sup>2&nbsp;</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These sub-advised Affiliated Funds and their sub-advisers are as follows: (1) DWS Lifecycle Long Range Fund, a series of DWS Advisor Funds, is sub-advised by Aberdeen Asset Management Inc; (2) DWS RREEF Real Estate Securities Fund, a series of DWS Advisor Funds, is sub-advised by RREEF America LLC; (3) DWS RREEF Global Real
            Estate Securities Fund, a series of DWS Advisor Funds, is sub-advised by RREEF America L.L.C., RREEF Global Advisors Limited, Deutsche Asset Management (Hong Kong) Limited, and Deutsche Investments Australia Limited; (4) DWS Balanced Fund is sub-advised in part by Deutsche Asset Management International GmbH; (5) DWS Dreman Value Income Edge Fund, Inc. is sub-advised by Dreman Value Management, L.L.C.; (6) DWS Equity 500 Index Portfolio, a New York trust, is sub-advised by Northern
            Trust Investments, N.A.; (7) DWS RREEF Global Infrastructure Fund, a series of DWS Global/International Fund, Inc., is sub-advised by RREEF America L.L.C., RREEF Global Advisors Limited, Deutsche Asset Management (Hong Kong) Limited, and Deutsche Investments Australia Limited; (8) DWS U.S. Bond Index Fund, a series of DWS Institutional Funds, is sub-advised by Northern Trust Investments N.A.; (9) DWS EAFE<sup>&reg;</sup> Equity Index Fund, a series of DWS Institutional Funds, is
            sub-advised by Northern Trust Investments, N.A.; (10) DWS International Value Opportunities Fund, a series of DWS International Fund, Inc., is sub-advised by Deutsche Asset Management International GmbH; (11) DWS Equity 500 Index VIP, a series of DWS Investments VIT Funds, is sub-advised by Northern Trust Investments, N.A.; (12) DWS Small Cap Index VIP, a series of DWS Investments VIT Funds, is sub-advised by Northern Trust Investments, N.A.; (13) DWS RREEF Real Estate Fund, Inc. is
            sub-advised by RREEF America L.L.C.; (14) DWS RREEF Real Estate Fund II, Inc. is sub-advised by RREEF America LLC.; (15) DWS RREEF World Real Estate &amp; Tactical Strategies Fund, Inc. is sub-advised by RREEF Global Advisors Limited, Deutsche Asset Management (Hong Kong) Limited, and Deutsche Investments Australia Limited; (16) DWS Climate Change Fund, a series of DWS Securities Trust, is sub-advised by Deutsche Asset Management International GmbH; (17) DWS Dreman Mid Cap Value
            Fund, a series of DWS Value Series, Inc., is sub-advised by Dreman Value Management, L.L.C.; (18) DWS Dreman Small Cap Value Fund, a series of DWS Value Series, Inc., is sub-advised by Dreman Value Management, L.L.C.; (19) DWS Large Cap Value Fund, a series of DWS Value Series, Inc., is sub-advised by Deutsche Asset Management International GmbH; (20) DWS Alternative Asset Allocation Plus VIP, a series of DWS Variable Series II, is sub-advised by RREEF America L.L.C., RREEF Global
            Advisors Limited, Deutsche Asset Management (Hong Kong) Limited, and Deutsche Investments Australia Limited; (21) DWS Balanced VIP, a series of DWS Variable Series II, is sub-advised in part by Deutsche Asset Management International GmbH; (22) DWS Dreman Small Mid Cap Value VIP, a series of DWS Variable Series II, is sub-advised by Dreman Value Management, L.L.C.; (23) DWS Large Cap Value VIP, a series of DWS Variable Series II, is sub-advised by Deutsche Asset Management
            International GmbH; and (24) DWS Turner Mid Cap Growth VIP, a series of DWS Variable Series II, is sub-advised by Turner Investment Partners, Inc.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center">6</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center">&nbsp;</p>

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            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="227" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p style="TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">C.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="131">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">Affiliated Funds</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">Each of the Affiliated Funds is a registered investment company. Several of the Affiliated Funds consist of multiple investment series, each of which has separate investment objectives and assets. The Affiliated Funds invest in a range of equity and fixed-income securities. </font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">Cash Account Trust, DWS Advisor Funds, DWS Balanced Fund, DWS Blue Chip Fund, DWS Equity Trust, DWS High Income Series, DWS High Income Trust, DWS Income Trust, DWS Institutional Funds, DWS Investment Trust, DWS Investments VIT Funds, DWS Money Funds, DWS Money Market Trust, DWS Multi-Market Income Trust, DWS Municipal Income Trust, DWS Municipal Trust, DWS Portfolio
            Trust, DWS Securities Trust, DWS State Tax-Free Trust, DWS State Tax-Free Trust, DWS Strategic Government Securities Fund, DWS Strategic Income Fund, DWS Strategic Income Trust, DWS Strategic Municipal Income Trust, DWS Target Date Series, DWS Target Fund, DWS Tax Free Trust, DWS Technology Fund, DWS Value Equity Trust, DWS Variable Series I, DWS Variable Series II, Investors Cash Trust and Tax-Exempt California Money Market Fund are each organized as a Massachusetts business
            trust.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">Cash Reserve Fund, Inc., DWS Communications Fund, Inc., DWS Dreman Value Income Edge Fund, Inc., DWS Global Commodities Stock Fund, Inc., DWS Global/International </font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; LINE-HEIGHT: 200%; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; LINE-HEIGHT: 200%" align="center">7</p>

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            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">Fund, Inc., DWS Global/International Fund, Inc., DWS International Fund, Inc., DWS Mutual Funds, Inc., DWS RREEF Real Estate Fund, Inc., DWS RREEF Real Estate Fund II, Inc., DWS RREEF World Real Estate &amp; Tactical Strategies Fund, Inc., DWS Value Series, Inc., The Central Europe and Russia Fund, Inc., The European Equity Fund, Inc. and The New Germany Fund, Inc. are each organized
            as a Maryland corporation. </font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">Cash Management Portfolio and DWS Equity 500 Index Portfolio are each organized as a New York trust.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.2in; TEXT-ALIGN: center"><b><font size="2">IIIl.&nbsp; THE&nbsp; PROPOSED TRANSACTIONS</font></b></p>

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                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="203" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p style="TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">A.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="107">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">Introduction</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">Various third-parties currently act as securities lending agent to the Affiliated Funds with respect to the U.S. and non-U.S. securities portfolio of the Affiliated Funds (the &ldquo;</font><u><font size="2">Available Securities</font></u><font size="2">&rdquo;) pursuant to a securities lending agency agreement (the &ldquo;</font><u><font size="2">Agency
            Agreement</font></u><font size="2">&rdquo;) (the &ldquo;</font><u><font size="2">Program</font></u><font size="2">&rdquo;).<sup>3</sup> Under the Agency Agreement, lending agents are compensated by receiving a percentage of the loan fee received by the Affiliated Fund for lending its securities. </font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">Each Affiliated Fund is authorized by its investment policies and restrictions to seek additional income by lending portfolio securities. In addition, the Boards of Directors/Trustees of the Affiliated Funds (the &ldquo;</font><u><font size="2">Board</font></u><font size="2">&rdquo;), including a majority of those Board members who are not &ldquo;interested
            persons&rdquo; within the meaning of Section 2(a)(19) of the Act (the</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">_________________________</font></p>

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                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2"><sup>3&nbsp;</sup> </font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 6pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Currently, the following third-party lending agents are authorized to participate in the Program: Brown Brothers Harriman &amp; Co., Goldman Sachs Agency Lending, State Street Bank and Trust Company, Wachovia Global Securities Lending, Securities Finance Trust Co. and JP Morgan (while authorized, JP Morgan is not active within the Program). If in the
                            future an affiliate is authorized to act as lending agent in the Program, in addition to the conditions proposed in this Application, such affiliated lending agent will comply with the conditions set forth in prior relief granted to the Affiliated Funds permitting, among other things, the use of an affiliated lending agent. </font><u><font size="2">See</font></u> <u><font size="2">Bankers Trust Company, et al.</font></u><font size="2">, Investment Company Act Release
                            Nos. 23370 (July 31, 1998)(notice) and 23401(Aug. 16, 1998)(order); and </font><u><font size="2">Bankers Trust Company, et al.</font></u><font size="2">, Investment Company Act Release Nos. 24341 (March 17, 2000)(notice) and 24391 (April 12, 2000)(order). </font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in" align="center">8</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in" align="center">&nbsp;</p>

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            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">&ldquo;</font><u><font size="2">Independent Trustees</font></u><font size="2">&rdquo;), have approved the Affiliated Funds&rsquo; participation in the Program and monitor the Program on an ongoing basis. </font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">The Affiliated Funds propose to lend securities to the Affiliated Borrowers. The Affiliated Funds seek to lend many different securities in order to maximize revenues from lending activities and to diversify the borrowers to whom they may lend. Because only a few borrowers may seek to borrow a particular security at a given time, a prohibition on lending to the
            Affiliated Borrowers would reduce the amount of securities that the Affiliated Fund could lend at any given time. Furthermore, the lack of diversity in borrowers could have a tangible effect on the spreads that the Affiliated Fund receives from unaffiliated borrowers. Even if other borrowers were interested in borrowing the same securities as the Affiliated Borrowers were interested in borrowing, the Affiliated Fund would be less able to negotiate a favorable spread because
            unaffiliated borrowers would not be subject to competition from the Affiliated Borrowers.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">Pursuant to the Agency Agreement, each Affiliated Fund has (i) appointed a lending agent to serve as its agent in connection with lending Available Securities from time to time, and (ii) authorized a lending agent, as agent on behalf of and in the name of the Affiliated Fund, to enter into a securities loan agreement
            (&ldquo;</font><u><font size="2">SLA</font></u><font size="2">&rdquo;) with each entity designated by the Affiliated Fund as an approved borrower (each a &ldquo;</font><u><font size="2">Borrower</font></u><font size="2">&rdquo; and collectively, the &ldquo;</font><u><font size="2">Borrowers</font></u><font size="2">&rdquo;). Applicants seek to expand the universe of Borrowers to include Affiliated Borrowers.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">All securities lent under an SLA are exchanged for collateral in the form of cash or Treasuries from the Borrowers, including the Affiliated Borrowers. All collateral received in respect of loaned securities is held in an account established for the purpose of holding collateral in the name of the Affiliated Fund (a &ldquo;</font><u><font size="2">Custody
            Account</font></u><font size="2">&rdquo;) and maintained with various entities </font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; LINE-HEIGHT: 200%; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; LINE-HEIGHT: 200%" align="center">9</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

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            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">eligible to act as custodian with respect to such collateral (each, a &ldquo;</font><u><font size="2">Collateral Custodian</font></u><font size="2">&rdquo;) pursuant, in each case, to an escrow agreement among the Collateral Custodian, the Affiliated Fund and a Borrower (a &ldquo;</font><u><font size="2">Custody Account Agreement</font></u><font size="2">&rdquo;). The Affiliated Fund
            authorizes and directs the lending agent to instruct the Collateral Custodian to transfer any cash collateral to the Fund&rsquo;s investment adviser for reinvestment. The lending agent then monitors the transfer of cash to the appropriate permitted investment as defined in the SLA. Currently, cash collateral is invested in the Daily Assets Fund Institutional, a series of DWS Institutional Funds, an Affiliated Fund managed in accordance with Rule 2a-7 under the Act. For tax and
            accounting purposes, the Affiliated Fund remains the owner of the securities that are loaned to each Borrower and the Affiliated Fund retains the right to receive from each Borrower any interest, dividends, and other payments, all distributions of cash or other property, and all options, warrants, rights and other securities issued or distributed with respect to loaned securities.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="336" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p style="TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><strong><font size="2">B.&nbsp; </font></strong></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="240">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">Terms of the Agency Agreement</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">The Agency Agreement and the SLA establish, with respect to each Transaction, the initial and on-going collateralization requirements; the type of collateral that may be accepted; and the manner in which fees generated from Transactions are allocated between a lending agent and the Affiliated Fund. Each loan is terminable at any time by either the Borrower or the
            Affiliated Fund. </font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">The Affiliated Funds have prepared a list of Borrowers that are eligible to participate in the Program. That list is appended to the Agency Agreement. Each lending agent has the discretion to refuse to lend securities to any Borrower on the list. The Affiliated Funds provide eachlending agent with instructions with respect to the maximum dollar amount or percentage of
            Available Securities that may be subject to loans.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; LINE-HEIGHT: 200%" align="center">10</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

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            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="307" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p style="TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">C.&nbsp;</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="211">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">Duties of the Lending Agent</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">The duties of any lending agent (both affiliated and unaffiliated) as lending agent for the Affiliated Funds, as well as procedures governing the collateral, are included in the Agency Agreement. As lending agent, among other things, it is responsible for soliciting Borrowers for the Available Securities; negotiating fee levels for each Transaction; providing delivery
            and receipt instructions to Collateral Custodians; daily reconciliation of loan positions with Collateral Custodians; daily monitoring of the value of loaned securities; daily marking to market of collateral levels on all loaned positions; collecting additional collateral as necessary; monitoring and facilitating payment/recognition of corporate action and dividend entitlements; managing overall loan exposure in accordance with level defined in each Affiliated Fund&rsquo;s
            prospectus; and coordinating the payments of lending fees to the Affiliated Fund and rebates to Borrowers on a monthly basis. Personnel retained by each lending agent to provide day-to-day lending agency services to the Affiliated Fund do not provide investment advisory services to the Affiliated Funds or participate in any way in the selection of portfolio securities for, or other aspects of the management of, the Affiliated Funds.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="213" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p style="TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">D.&nbsp; </font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="117">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">The Collateral</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">The only type of collateral that may be delivered by a Borrower under an SLA is cash or Treasuries. As previously mentioned, custody of all collateral is maintained by a Collateral Custodian in a Custody Account pursuant to a Custody Account Agreement. A Custody Account Agreement generally provides, among other things, that collateral in respect of loaned securities
            is the property of the Affiliated Fund during the term of a securities loan to which the collateral relates and sets forth the respective duties of the Collateral Custodian, the </font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; LINE-HEIGHT: 200%" align="center"><font size="2">11</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

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            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">Affiliated Fund and the Borrower in connection with delivering and maintaining required amounts of collateral and redelivering collateral to the Borrower upon the termination of a securities loan. As previously noted, currently, cash collateral is invested in the Daily Assets Fund Institutional, a series of DWS Institutional Funds, an Affiliated Fund managed in accordance with Rule
            2a-7 under the Act. To the extent that the value of the collateral is less than the collateral percentage<sup>4</sup> of the market value of the loaned securities on any business day, the Borrower, upon notice from the lending agent, is obligated to deliver on the following business day additional collateral to the Custody Account to satisfy applicable margin requirements. Should the Borrower fail to transfer such additional collateral, the lending agent may terminate the loan and
            either (i) require the Borrower to return the loaned securities or (ii) institute other remedies against the Borrower designed to compensate the Affiliated Fund for the value of the loaned securities, together with any other liabilities incurred by the Affiliated Fund in connection with such Borrower&rsquo;s failure. Upon termination of the loan, the Affiliated Fund is responsible for returning to the Borrower the principal value of the collateral.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="365" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p style="TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">E.&nbsp; </font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="269">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">Compensation of the Affiliated Fund</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">Each lending agent is authorized by the Affiliated Fund under the Agency Agreement to negotiate on the Affiliated Fund&rsquo;s behalf with the Borrowers all terms of a securities loan arrangement, including the amounts or fees to be paid pursuant to the applicable SLA, subject to the terms and conditions applicable herein with respect to any loans to Affiliated
            Borrowers.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">Pursuant to the Agency Agreement, the Affiliated Fund receives a loan fee, derived from investment of the cash collateral and fees from Borrowers, if any, less any</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">_________________________</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 6pt; PADDING-TOP: 0in" valign="top" width="29">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2"><sup>4&nbsp;</sup> </font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 6pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">The collateral percentage applicable to an SLA is equal to at least 102%.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in" align="center">12</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in" align="center">&nbsp;</p>

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            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">applicable rebate payable to Borrower, which is accrued on a daily basis. The accrued income is calculated daily based on the market value of the loaned securities specified in the SLA.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.2in; TEXT-ALIGN: center"><font size="4"><b><font size="2">IV.&nbsp; </font></b></font><b><font size="2">PROPOSED RELIEF REGARDING LENDING TO AFFILIATED BORROWERS</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">Applicants respectfully request an order pursuant to Sections 6(c) and 17(b) of the Act, exempting the Affiliated Borrowers from the provisions of Section 17(a)(3) of the Act, and pursuant to Section 17(d) of the Act and Rule 17d-1 thereunder, to permit the Affiliated Borrowers to borrow portfolio securities from the Affiliated Funds.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="243" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p style="TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">A.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="147">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">Statement of Facts</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">The Applicants propose that the Affiliated Funds be permitted to lend Available Securities from time to time to the Affiliated Borrowers. In turn, the Affiliated Borrowers will have the ability to borrow Available Securities from the Affiliated Funds. Unlike purchasing and selling portfolio securities, where the investment adviser on behalf of a portfolio selects the
            executing broker, when lending portfolio securities, a fund must be invited by a Borrower to make a loan. Further, only certain issues held by a fund will be in demand, and fewer still will have more than one Borrower competing for loans. Thus, Borrowers may ordinarily select from a large number of potential lenders.<sup>5</sup></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">An Affiliated Fund currently may lend Available Securities to any number of Borrowers meeting its established criteria. However, only a limited number of qualified Borrowers may apply to borrow Available Securities from the Affiliated Fund. A failure to grant the requested exemption will limit the number of companies to whom the Affiliated Fund can lend securities and
            will exclude Affiliated Borrowers, who are highly active in the securities</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">_________________________</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 6pt; PADDING-TOP: 0in" valign="top" width="29">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2"><sup>5&nbsp;</sup> </font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 6pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Borrowers generally select lenders based upon a number of factors, including the amount charged and the ability of the lender to provide timely and accurate delivery. To some extent, if these factors are substantially the same, the decision to enter into a borrowing relationship also may be influenced by other factors such as the availability of large,
                            diversified portfolios or continuing business relationships.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in" align="center">13</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in" align="center">&nbsp;</p>

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            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">borrowing market, from the group of Borrowers to whom the Affiliated Funds may loan securities.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="373" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p style="TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">B.&nbsp; </font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="277">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">Applicable Law and Relief Requested</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="471" border="0">
                    <tr>
                        <td valign="top" nowrap width="100">
                            <p style="TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td valign="top" nowrap width="44">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 216%; TEXT-ALIGN: left"><font size="2">(i)</font></p>
                        </td>

                        <td valign="top" nowrap width="327">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 216%; TEXT-ALIGN: left"><u><font size="2">Applicable Law and Analysis - Section 17(a)(3)</font></u></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1.51in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">Section 17(a)(3) of the Act, with certain exceptions not here relevant, makes it unlawful for any affiliated person or principal underwriter for a registered investment company or a second-tier affiliated person, acting as principal, to borrow money or other property from that registered investment company or from any company controlled by such registered company
            (unless the borrower is controlled by the lender) except as permitted by Section 21(b). The Affiliated Borrower and Deutsche Investment Management Americas Inc. and Deutsche Asset Management International GmbH are each indirect wholly-owned subsidiaries of Deutsche Bank AG, and thus deemed to be affiliated persons because they are under common control. Further, because each Affiliated Fund is advised by either Deutsche Investment Management Americas Inc. or Deutsche Asset Management
            International GmbH, for purposes of Section 17(a)(3) of the Act, Affiliated Borrowers may be second-tier affiliated persons of the Affiliated Funds, in which case they would not be permitted to &ldquo;borrow property&rdquo; from an Affiliated Fund absent exemptive relief. </font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="391" border="0">
                    <tr>
                        <td valign="top" nowrap width="96">
                            <p style="TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 216%; TEXT-ALIGN: left"><font size="2">(ii)</font></p>
                        </td>

                        <td valign="top" nowrap width="247">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 216%; TEXT-ALIGN: left"><u><font size="2">Relief Requested - Section 17(a)(3)</font></u></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1.52in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">To the extent relief is necessary for the Affiliated Borrowers, relief from the potential application of Section 17(a)(3) of the Act is sought in this Application to permit the Affiliated Borrowers to borrow Available Securities from the Affiliated Funds. Section 17(b) of the Act provides that, notwithstanding Section 17(a), any person may file with the Commission
            </font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1.52in; LINE-HEIGHT: 200%" align="center">14</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

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            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">an application for an order exempting a proposed transaction, and the Commission shall grant the requested relief if evidence establishes that (1) the terms of the proposed transaction, including the consideration to be paid or received, are reasonable and fair and do not involve overreaching on the part of any person concerned; (2) the proposed transaction is consistent with the
            policy of each registered investment company concerned, as recited in its registration statement and reports filed under the Act; and (3) the proposed transaction is consistent with the general purposes of the Act. </font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">Because the Affiliated Funds currently use only third-party lending agents that have no reason to favor an Affiliated Borrower over an unaffiliated Borrower, we believe the Affiliated Funds are already protected against the primary concerns of fairness and overreaching raised by such transactions. Nonetheless, the Affiliated Funds would adopt and employ procedures to
            help guard against certain conflicts or concerns raised in connection with Transactions with an Affiliated Borrower.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">In connection with Transactions with Affiliated Borrowers, the Chief Compliance Officer (or their designee) of the Affiliated Funds will review reports prepared daily on each loan transaction. In reviewing the loan transactions occurring on the previous day, the Chief Compliance Officer will compare the spreads charged to the unaffiliated Borrowers with those charged
            to Affiliated Borrowers. It is possible that on any given day only a few loans will be made and, therefore, there may not be a directly comparable loan. If this is the case, and the Chief Compliance Officer cannot make a reasonable evaluation based on all the loans outstanding, he or she will contact thelending agent for an explanation of the method used to determine the spread charged. As part of the compliance review, the Chief Compliance Officer will also confirm that all
            Transactions for the period comply with the conditions of any order </font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; LINE-HEIGHT: 200%; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; LINE-HEIGHT: 200%" align="center">15</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

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                <hr align="center" width="100%" noshade size="2">
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">issued in connection with this Application, and make appropriate inquiries into any exceptions. The Chief Compliance Officer will report the results of his compliance reviews quarterly to the Board, including a majority of the Independent Trustees, and will specifically note those spreads for which he could not arrive at a reasonable evaluation and the reasons for the difficulty in
            arriving at an evaluation or the results of its investigation into any exceptions as described above. </font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1.52in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">Each lending agent&rsquo;s procedures for soliciting and negotiating securities loans will not favor any Borrower, including Affiliated Borrowers. If more than one Borrower requests a loan of the same assets, the lending agent will generally allocate those assets on a highest spread basis. If more than one request for the same security is received at approximately
            the same time, other factors, such as volume of business, may be considered. Furthermore, in order for alending agent to maintain and increase its lending agent business, it must be regarded by major Borrowers (including Affiliated Borrowers) as a fair and reliable supplier of securities. Were a lending agent to systematically favor the Affiliated Borrowers or its affiliates in allocating securities or setting fees, it would jeopardize its relationships with other Borrowers, and
            therefore its business. In addition, when a lending agent negotiates a fee with a Borrower for securities available for lending, it will do so on a &ldquo;global&rdquo; basis for its entire available inventory in that security, without regard to the beneficial owner of the security. </font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1.51in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">Quarterly and annual reports prepared by each lending agent summarizing all loan activity also will be presented to the Board, including a majority of the Independent Trustees. The quarterly report will include the following reports: by Affiliate Fund, a quarterly earnings summary and comparison; by Affiliate Fund, year-to-date earnings comparison, Borrower
            exposure by average market value; Borrower loan summary, listing minimum, maximum and average spread of loans by Borrower for each lending agent. The annual report </font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1.51in; LINE-HEIGHT: 200%" align="center">16</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

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            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">will show, by Borrower, income received in connection with Transactions under the Program for each Affiliated Fund for the last five years.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1.52in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">The periodic reports will present a picture and if a pattern appears on loans made to Affiliated Borrowers or to any Borrower that is inconsistent with loans made to the other Borrowers, appropriate inquiries will be made by the officers of each Affiliated Fund, including the Chief Compliance Officer, and reported to the Board.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1.51in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">Should the Affiliated Funds employ an affiliated lending agent<sup>6</sup> in any Transactions in the future, the Board recognizes that additional procedures must be in place to guard against the conflict that exists between an affiliated lending agent and Affiliated Borrower on the one hand and the Affiliated Funds on the other. Following is a description of
            certain additional procedures designed to protect the Affiliated Funds when an affiliated lending agent is involved in a Transaction with an Affiliated Borrower.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td valign="top" width="120">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 210%; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 216%; TEXT-ALIGN: left"><font face="Wingdings">&Oslash;</font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 216%; TEXT-ALIGN: left"><font size="2">To ensure that there is an arm&rsquo;s length standard against which to determine whether the terms of the securities loans made to Affiliated Borrowers are reasonable and fair, each Affiliated Fund, on an aggregate basis, will make at least 50% of its securities loans, as a percentage of the total value of the Affiliated Fund&rsquo;s
                            securities loans to all Borrowers, to unaffiliated Borrowers. A rolling ninety-day period will be utilized in determining the percentage of loans made to Affiliated Borrowers. The total value of Available Securities loaned to Affiliated Borrowers during such period will be divided by the value of all Available Securities loaned during the same period. If the value of Available Securities loaned to</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">_________________________</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 6pt; PADDING-TOP: 0in" valign="top" width="29">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2"><sup>6&nbsp;</sup> </font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 6pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><i><font size="2">See</font></i> <font size="2">note 3 </font><i><font size="2">supra</font></i><font size="2">.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.5in; TEXT-INDENT: -0.25in" align="center">17</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.5in; TEXT-INDENT: -0.25in" align="center">&nbsp;</p>

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                <hr align="center" width="100%" noshade size="2">
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.5in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">Affiliated Borrowers exceeds 50% of the total value of Available Securities loaned, no new loans will be made to Affiliated Borrowers until the percentage is again at or below 50%.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td valign="top" width="120">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 210%; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 216%; TEXT-ALIGN: left"><font face="Wingdings">&Oslash;</font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 216%; TEXT-ALIGN: left"><font size="2">To ensure that Affiliated Borrowers will not borrow securities in transactions which are disadvantageous to an Affiliated Fund, the fees to the Affiliated Fund or &ldquo;spreads&rdquo; in respect of loans to Affiliated Borrowers shall be reasonable and fair compared to the spreads in respect to loans to unaffiliated
                            Borrowers.<sup>7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup> </font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td valign="top" width="120">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 210%; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 216%; TEXT-ALIGN: left"><font face="Wingdings">&Oslash;</font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 216%; TEXT-ALIGN: left"><font size="2">The Board, including a majority of the Independent Trustees, shall adopt procedures reasonably designed to provide that the spread with respect to a loan to an affiliated borrower shall be fair and reasonable as described above. Further, the Board shall determine not less frequently than quarterly that all loans effected pursuant to
                            this requested order during the preceding quarter were effected in compliance of such procedures. </font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">Based on the foregoing and consistent with Section 17(b), Applicants believe that the terms of any Transactions with Affiliated Borrowers would be reasonable and fair and would not involve overreaching on the part of any person concerned.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1.52in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">Also consistent with Section 17(b), Applicants represent that the requested exemption is consistent with the policies of the Affiliated Fund, as recited in each Affiliated Fund&rsquo;s registration statement and reports filed under the Act. Finally, Applicants believe that the proposed exemption is consistent with the general purposes of the Act and that a failure
            to grant</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">_________________________</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 6pt; PADDING-TOP: 0in" valign="top" width="29">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2"><sup>7&nbsp;</sup> </font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 6pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">As noted above, the &ldquo;spread&rdquo; is the compensation earned by the Affiliated Fund, as lender, from a securities loan, which compensation is in the form of a lending fee payable by the Borrower to the Affiliated Fund.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in" align="center">18</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; TEXT-ALIGN: left">&nbsp;</p>

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            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">the requested exemption will limit the number of companies to whom an Affiliated Fund can lend securities and will exclude the Affiliated Borrowers from the group of Borrowers to whom the Affiliated Fund may lend securities.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1.51in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">Section 6(c) of the Act provides that the Commission, by order upon application, may conditionally or unconditionally exempt any person, security, or transaction, or any class or classes of persons, securities, or transactions, from any provisions of the Act or of any rule or regulation thereunder, if and to the extent that such exemption is necessary or
            appropriate in the public interest and consistent with the protection of investors and the purposes fairly intended by the policy and provisions of the Act. Applicants believe that the conditions under which the Affiliated Fund may lend Available Securities to Affiliated Borrowers as described above are consistent with the protection of investors. Furthermore, Applicants believe that granting the exemption is appropriate in the public interest and consistent with the purposes of the
            Act to the extent that enabling the Affiliated Funds to lend to Affiliated Borrowers will increase the number of potential borrowers of Available Securities.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="552" border="0">
                    <tr>
                        <td valign="top" nowrap width="96">
                            <p style="TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 216%; TEXT-ALIGN: left"><font size="2">(iii)</font></p>
                        </td>

                        <td valign="top" nowrap width="408">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 216%; TEXT-ALIGN: left"><u><font size="2">Applicable Law and Analysis - Section 17(d) and Rule 17d-l</font></u></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1.51in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">Section 17(d) of the Act and Rule 17d-1 thereunder, with certain exceptions not here relevant, make it unlawful for any affiliated person of or principal underwriter for a registered investment company, or any affiliated person of the person or principal underwriter, acting as principal to participate in or effect any transaction in connection with any joint
            enterprise or other joint arrangement or profit-sharing plan in which the registered investment company is a participant, unless an application regarding the joint enterprise or other joint arrangement or profit-sharing plan has been filed with the Commission and has been granted by an order of the Commission. Rule 17d-1 provides that, in passing upon this type of </font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1.51in; LINE-HEIGHT: 200%; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center">19</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

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                <hr align="center" width="100%" noshade size="2">
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">application, the Commission will consider whether the participation of the registered investment company in the joint enterprise or joint arrangement or profit-sharing plan is consistent with the provisions, policies and purposes of the Act and the extent to which the participation is on a basis different from or less advantageous than that of the other participants.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="476" border="0">
                    <tr>
                        <td valign="top" nowrap width="96">
                            <p style="TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 216%; TEXT-ALIGN: left"><font size="2">(iv)</font></p>
                        </td>

                        <td valign="top" nowrap width="332">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 216%; TEXT-ALIGN: left"><u><font size="2">Relief Requested - Section 17(d) and Rule 17d-1</font></u></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1.52in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">To the extent that the proposed lending transactions described herein may be deemed to involve a &ldquo;joint enterprise or joint arrangement or profit-sharing plan&rdquo; within the meaning of Section 17(d) of the Act and Rule 17d-1 thereunder, Applicants respectfully request that the Commission issue an order, pursuant to Rule 17d-1, permitting the Transactions
            in the manner, and subject to the conditions, described herein.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1.52in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">Applicants submit that the Affiliated Borrowers will borrow securities from the Affiliated Funds on an arm&rsquo;s length basis. In addition, the participation of the Affiliated Borrowers in the proposed loan transactions will be on terms at least as favorable to the Affiliated Fund as the Affiliated Borrowers provide to unrelated lenders on comparable
            transactions. The Board, including a majority of the Independent Trustees, will review quarterly reports on the lending transactions, which will include a review of those lending transactions effected with the Affiliated Borrowers. Accordingly, Applicants believe that permitting the Affiliated Fund to lend Available Securities to Affiliated Borrowers is consistent with the Act and that the conditions pursuant to which Affiliated Borrowers may participate in the Program as described
            above will ensure that an Affiliated Fund&rsquo;s loan transactions with Affiliated Borrowers will be on a basis no less advantageous than in the case of loan transactions with other Borrowers.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1.52in; LINE-HEIGHT: 200%; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center">20</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                <hr align="center" width="100%" noshade size="2">
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1.52in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">Based on the foregoing, Applicants believe that each Affiliated Fund&rsquo;s participation in proposed Transactions with Affiliated Borrowers (i) will not be on a basis different from or less advantageous than that with other Borrowers; and (ii) is consistent with the provisions, policies and purposes of the Act.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="184" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p style="TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">C.&nbsp;</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="88">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">Precedent</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">In several orders, the Commission has granted relief from Sections 17(a)(3) and Section 17(d) of the Act and Rule 17d-1 thereunder, to permit a broker-dealer to borrow securities from an affiliated registered investment company.<sup>8</sup></font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="192" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p style="TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">D.&nbsp; </font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">Conclusion</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">For the reasons stated above, the Applicants believe that it is appropriate for the Commission to grant an order exempting Applicants from the provisions of Section 17(a)(3) of the Act and an order pursuant to Section 17(d) and Rule 17d-1 thereunder, as requested in this Section IV.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.2in; TEXT-ALIGN: center"><font size="2"><b>V.&nbsp;</b> <b>CONDITIONS</b></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">The Affiliated Funds presently use only third-party lending agents and, while this is the case, Applicants agree that any order of the Commission granting the requested relief will be subject to the following conditions.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Program will comply with all present and future applicable guidelines of the Commission and its Staff regarding securities lending arrangements.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">_________________________</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0.31in; TEXT-INDENT: -0.31in; TEXT-ALIGN: left"><font size="2"><sup>8&nbsp;</sup> </font><u><font size="2">Maxim Series Fund Inc.</font></u><font size="2">; </font><u><font size="2">Credit Suisse Asset Management, LLC; BISYS Fund Services Limited, Partnership</font></u> <font size="2">(812-12078), Investment Company Act Release Nos. 24488 (June 6, 2000) (order) and 24449 (May 9, 2000) (notice);
            </font><u><font size="2">PaineWebber America Fund</font></u> <font size="2">(812-10620), Investment Company Act Release Nos. 23322 (July 21, 1998) (order) and 23284 (June 24, 1998) (notice); and </font><u><font size="2">The Latin American Discovery Fund Inc.</font></u> <font size="2">(812&not;9934), Investment Company Act Release Nos. 22711 (June 17, 1997) (order) and 22679 (May 21, 1997) (notice). </font><u><font size="2">See</font></u>
            <u><font size="2">also</font></u><font size="2">, </font><u><font size="2">IDS Mutual, Inc</font></u><font size="2">. (812-5766), Investment Company Act Release Nos. 15160 (June 19, 1986) (order) and 15109 (May 20, 1986) (notice), as amended (812-7262) by Investment Company Act Release Nos. 18299 (September 9, 1991) (order) and 18269 (August 12, 1991) (notice).</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0.31in; TEXT-INDENT: -0.31in" align="center">21</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; TEXT-ALIGN: left">&nbsp;</p>

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            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Affiliated Fund will make any loan to any Affiliated Borrower except pursuant to procedures adopted by the Board reasonably designed to provide that the fees to the Affiliated Fund attributable to such loan are fair and reasonable.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Program will be monitored on a daily basis by the Chief Compliance Officer (or their designee). The Chief Compliance Officer will review the terms of each loan to Affiliated Borrowers for comparability with loans to unaffiliated Borrowers and conformity with the procedures, and will periodically, and at least
            quarterly, report his or her findings to the Board, including a majority of the Independent Trustees. </font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board, including a majority of the Independent Trustees, will (a) determine no less frequently than quarterly that all transactions with Affiliated Borrowers effected during the preceding quarter were effected in compliance with the requirements of the procedures adopted by the Board and the conditions of
            this order if granted and that such transactions were conducted on terms which were reasonable and fair, and (b) review no less frequently than annually such requirements and conditions for their continuing appropriateness. </font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Affiliated Fund will maintain and preserve permanently in an easily accessible place a written copy of the procedures as supplied by each Lending Agent (and any modifications thereto) which are followed in lending securities and will maintain and preserve for a period of not less than six years from the end
            of the fiscal year in which any loan occurs, the first two years in an easily accessible place, a written record of each loan setting forth the number of shares loaned, the face amount of the securities loaned, the fee received, the identity of the Borrower, the terms of the loan and any other information or materials upon which the finding was made that each loan made to any Borrower was fair and reasonable and that the </font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center">22</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

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            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">procedures followed in making such loan were in accordance with the other undertakings set forth in this Application. </font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1.01in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">If in the future the Affiliated Funds employ an affiliated lending agent, Applicants propose the following conditions, in addition to the conditions above, apply to any relief granted hereunder to reduce the possibility of abuses arising out of potential conflicts of interest and to ensure that the terms of all principal transactions with Affiliated Borrowers will
            be fair and reasonable to the Affiliated Fund and will not involve overreaching. Applicants agree that any order of the Commission granting the requested relief will be subject to the following additional conditions.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On an aggregate basis, each Affiliated Fund will make a least 50% of its portfolio securities loans to unaffiliated Borrowers. </font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The total value of securities loaned to any one Borrower on the approved list will be in accordance with a schedule of each Affiliated Fund&rsquo;s investment policies and any limitations on lending of portfolio securities to be approved by the Board, but in no event will the total value of securities lent to any
            single Affiliated Borrower exceed 10% of the net assets of an Affiliated Fund, computed at market value. </font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.2in; TEXT-ALIGN: center"><font size="2"><b>Vl.&nbsp;</b> <b>PROCEDURAL MATTERS</b></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">Pursuant to Rule 0-2(f) under the Act, each Applicant hereby states that its address is as listed on the cover of this Application. </font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">Applicants further state that all written communications concerning this Application should be directed to:</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 2in; TEXT-ALIGN: left"><font size="2">J. Christopher Jackson, Director and Head of U.S. Retail Legal</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2in; TEXT-ALIGN: left"><font size="2">Deutsche Asset Management -- Legal Division</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2in; TEXT-ALIGN: left"><font size="2">280 Park Avenue, Mail Stop NYC 03-0622</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1in; TEXT-INDENT: 1in; TEXT-ALIGN: left"><font size="2">New York, New York 10017</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1in; TEXT-INDENT: 1in; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center">23</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

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            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; TEXT-ALIGN: center"><font size="2">and</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">with copies of all communications to:</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 2in; TEXT-ALIGN: left"><font size="2">W. John McGuire, Esq.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 2in; TEXT-ALIGN: left"><font size="2">Morgan, Lewis &amp; Bockius LLP</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 2in; TEXT-ALIGN: left"><font size="2">1111 Pennsylvania Avenue, NW</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 2in; TEXT-ALIGN: left"><font size="2">Washington, DC 20004</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 2in; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; TEXT-ALIGN: left"><font size="2">and</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 2in; TEXT-ALIGN: left"><font size="2">Kathleen M. Long, Esq.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 2in; TEXT-ALIGN: left"><font size="2">Morgan, Lewis &amp; Bockius LLP</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 2in; TEXT-ALIGN: left"><font size="2">1111 Pennsylvania Avenue, NW</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 2in; TEXT-ALIGN: left"><font size="2">Washington, DC 20004</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 2in; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">It is desired that the Commission issue the order requested herein pursuant to Rule 0-5 without a hearing being held.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.2in; TEXT-ALIGN: center"><font size="2"><b>VII.&nbsp;</b> <b>AUTHORIZATION AND VERIFICATION</b></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; LINE-HEIGHT: 200%; TEXT-ALIGN: justify"><font size="2">Pursuant to Rule 0-2(c) under the Act, each Applicant hereby states that all actions necessary to authorize the execution and filing of this Application in its name and on its behalf have been taken, and the persons signing and filing this Application are authorized to do so. Joseph Polizzotto is authorized to sign and file this document on behalf of Deutsche
            Bank Securities Inc. pursuant to the general authority vested in him as Managing Director and General Counsel. Caroline Pearson is authorized to sign and file this document on behalf of Deutsche Investment Management Americas Inc. pursuant to the following resolution adopted by the Directors of Deutsche Investment Management Americas Inc. via unanimous written consent dated August 5, 2009:</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify"><font size="2">WHEREAS, the Corporation and certain mutual funds managed by the Corporation (the &ldquo;DWS Funds&rdquo;) have proposed to seek an Exemptive Order from the U.S. Securities and Exchange Commission in order to obtain relief to allow the DWS Funds to lend portfolio securities to affiliated borrowers, specifically, to Deutsche Bank Securities Inc.; </font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center">24</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

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            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify"><font size="2">RESOLVED, that in connection with such proposed application for exemptive relief (attached hereto as Exhibit A), Michael Colon, Chief Operating Officer of the Corporation, Caroline Pearson, Managing Director of the Corporation, and John Millette, Director of the Corporation be, and each of them hereby is, authorized, empowered, and directed, for and on behalf and in the name of the
            Corporation, to take such actions as may be deemed necessary and advisable to carry out the purpose and intent of the foregoing resolution.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 200%; TEXT-ALIGN: justify"><font size="2">Dirk Bruckmann and Georg Schuh are each authorized to sign and file this document on behalf of Deutsche Asset Management International GmbH. Mr. Bruckmann is signing pursuant to the general authority vested in him as Managing Director and Mr. Schuh is signing pursuant to the general authority vested in him as Managing Director and as a member of the Board of Directors. John Millette
            is authorized to sign and file this document on behalf of the Funds pursuant to the following resolution adopted by each Fund&rsquo;s Board of Trustees/Directors (except The Central Europe and Russia Fund, Inc., The European Equity Fund, Inc., and The Germany Fund, Inc.) at a meeting held on July 15-16, 2008:</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify"><font size="2">RESOLVED, that the appropriate officers be, and they hereby are, authorized to file on behalf of the Fund an exemptive application with the Securities and Exchange Commission for exemptive relief from the requirements of the Investment Company Act of 1940, as amended, with respect to the Funds&rsquo; Securities Lending Arrangements.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 200%; TEXT-ALIGN: justify"><font size="2">John Millette is authorized to sign and file this document on behalf of The Central Europe and Russia Fund, Inc., The European Equity Fund, Inc., and The Germany Fund, Inc. pursuant to the following resolution adopted by each Fund&rsquo;s Board of Directors at a meeting held on July 21, 2008:</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify"><font size="2">RESOLVED, that the filing of the exemptive application regarding securities lending and affiliates with the Securities and Exchange Commission is hereby approved.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="624" border="0">
                    <tr>
                        <td valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 210%; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td valign="top" nowrap width="576">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 210%; TEXT-ALIGN: justify"><font size="2">The verifications on behalf of the Applicants required by Rule 0-2(d) under the Act are</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center">25</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

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            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 200%; TEXT-ALIGN: justify"><font size="2">attached hereto as Exhibit A-1 through A-4.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.2in; TEXT-ALIGN: center"><font size="2"><b>VIlI.&nbsp;</b> <b>CONCLUSION</b></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">For the reasons set forth above, Applicants believe that:</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">the terms of the Program are reasonable and fair and do not involve overreaching on the part of any person concerned;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">the Affiliated Funds&rsquo; participation in the Program is consistent with each Affiliated Fund&rsquo;s investment policies and restrictions; and</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">the Program is consistent with the general purposes of the Act.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; LINE-HEIGHT: 200%; TEXT-ALIGN: left"><font size="2">Accordingly, Applicants respectfully request that a notice of the filing of this Application be published and that an order thereafter be issued granting the relief requested herein. </font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 2.5in; TEXT-ALIGN: left"><font size="2">Respectfully submitted,</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3in; TEXT-ALIGN: left"><b><font size="2">Deutsche Bank Securities Inc.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3in; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3in; TEXT-ALIGN: left"><u><font size="2">/s/ Joseph Polizzotto</font></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3in; TEXT-ALIGN: left"><font size="2">Name:&nbsp;&nbsp; Joseph Polizzotto</font></p>

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                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="624" border="0">
                    <tr>
                        <td valign="top" nowrap width="288">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" nowrap width="52">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Title:&nbsp;&nbsp;</font></p>
                        </td>

                        <td valign="top" nowrap width="284">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><i><font size="2">Managing Director and General Counsel</font></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3in; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3in; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3in; TEXT-ALIGN: left"><b><font size="2">Deutsche Investment Management Americas Inc.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3in; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3in; TEXT-ALIGN: left"><u><font size="2">/s/ Caroline Pearson</font></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3in; TEXT-ALIGN: left"><font size="2">Name:&nbsp;&nbsp; Caroline Pearson</font></p>

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                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="487" border="0">
                    <tr>
                        <td valign="top" nowrap width="288">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" nowrap width="56">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Title:&nbsp;&nbsp;</font></p>
                        </td>

                        <td valign="top" nowrap width="143">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><i><font size="2">Managing Director</font></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3in; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3in; TEXT-ALIGN: left">26</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3in; TEXT-ALIGN: left">&nbsp;</p>

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            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3in; TEXT-ALIGN: left"><b><font size="2">Deutsche Asset Management International GmbH</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3in; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3in; TEXT-ALIGN: left"><u><font size="2">/s/ Dirk Bruckmann</font></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3in; TEXT-ALIGN: left"><font size="2">Name:&nbsp;&nbsp;Dirk Bruckmann </font></p>

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                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="483" border="0">
                    <tr>
                        <td valign="top" nowrap width="288">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" nowrap width="52">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Title:&nbsp;&nbsp;</font></p>
                        </td>

                        <td valign="top" nowrap width="143">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><i><font size="2">Managing Director</font></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3in; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3in; TEXT-ALIGN: left"><u><font size="2">/s/ Georg Schuh</font></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3in; TEXT-ALIGN: left"><font size="2">Name:&nbsp;&nbsp;Georg Schuh </font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="569" border="0">
                    <tr>
                        <td valign="top" nowrap width="288">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" nowrap width="52">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Title:&nbsp;&nbsp;</font></p>
                        </td>

                        <td valign="top" nowrap width="229">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><i><font size="2">Managing Director and Director</font></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center">27</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                <hr align="center" width="100%" noshade size="2">
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="638" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="319">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">CASH ACCOUNT TRUST</font></b></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">CASH MANAGEMENT PORTFOLIO</font></b></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">CASH RESERVE FUND, INC.</font></b></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">DWS ADVISOR FUNDS</font></b></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">DWS BALANCED FUND</font></b></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">DWS BLUE CHIP FUND</font></b></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">DWS COMMUNICATIONS FUND, INC.</font></b></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">DWS DREMAN VALUE INCOME EDGE FUND, INC.</font></b></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">DWS EQUITY 500 INDEX PORTFOLIO</font></b></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">DWS EQUITY TRUST</font></b></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">DWS GLOBAL COMMODITIES STOCK FUND, INC.</font></b></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">DWS GLOBAL/INTERNATIONAL FUND, INC.</font></b></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">DWS GLOBAL/INTERNATIONAL FUND, INC.</font></b></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">DWS HIGH INCOME SERIES</font></b></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">DWS HIGH INCOME TRUST</font></b></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">DWS INCOME TRUST</font></b></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">DWS INSTITUTIONAL FUNDS</font></b></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">DWS INTERNATIONAL FUND, INC.</font></b></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">DWS INVESTMENT TRUST</font></b></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">DWS INVESTMENTS VIT FUNDS</font></b></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">DWS MONEY FUNDS</font></b></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">DWS MONEY MARKET TRUST</font></b></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">DWS MULTI-MARKET INCOME TRUST</font></b></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">DWS MUNICIPAL INCOME TRUST</font></b></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">DWS MUNICIPAL TRUST</font></b></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="319">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">DWS MUTUAL FUNDS, INC.</font></b></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">DWS PORTFOLIO TRUST</font></b></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">DWS RREEF REAL ESTATE FUND, INC.</font></b></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">DWS RREEF REAL ESTATE FUND II, INC.</font></b></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">DWS RREEF WORLD REAL ESTATE &amp; TACTICAL STRATEGIES FUND, INC.</font></b></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">DWS SECURITIES TRUST </font></b></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">DWS STATE TAX-FREE TRUST</font></b></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">DWS STATE TAX-FREE TRUST</font></b></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">DWS STRATEGIC GOVERNMENT SECURITIES FUND</font></b></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">DWS STRATEGIC INCOME FUND</font></b></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">DWS STRATEGIC INCOME TRUST</font></b></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">DWS STRATEGIC MUNICIPAL INCOME TRUST</font></b></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">DWS TARGET DATE SERIES</font></b></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">DWS TARGET FUND</font></b></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">DWS TAX FREE TRUST</font></b></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">DWS TECHNOLOGY FUND</font></b></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">DWS VALUE EQUITY TRUST</font></b></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">DWS VALUE SERIES, INC.</font></b></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">DWS VARIABLE SERIES I</font></b></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">DWS VARIABLE SERIES II</font></b></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">INVESTORS CASH TRUST</font></b></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">TAX-EXEMPT CALIFORNIA MONEY MARKET FUND</font></b></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 3in; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 3in; TEXT-ALIGN: left"><u><font size="2">/s/ John Millette</font></u></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="440" border="0">
                    <tr>
                        <td valign="top" nowrap width="288">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Name:</font></p>
                        </td>

                        <td valign="top" nowrap width="104">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">John Millette</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="417" border="0">
                    <tr>
                        <td valign="top" nowrap width="288">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Title:</font></p>
                        </td>

                        <td valign="top" nowrap width="81">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><i><font size="2">Secretary</font></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 3in; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="638" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="319">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">THE CENTRAL EUROPE AND RUSSIA FUND, INC.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="319">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">THE EUROPEAN EQUITY FUND, INC.</font></b></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">THE NEW GERMANY FUND, INC.</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 3in; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 3in; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 3in; TEXT-ALIGN: left"><u><font size="2">/s/ John Millette</font></u></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="440" border="0">
                    <tr>
                        <td valign="top" nowrap width="288">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Name:</font></p>
                        </td>

                        <td valign="top" nowrap width="104">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">John Millette</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="479" border="0">
                    <tr>
                        <td valign="top" nowrap width="288">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Title:</font></p>
                        </td>

                        <td valign="top" nowrap width="143">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><i><font size="2">Assistant Secretary</font></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 3in; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center">28</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                <hr align="center" width="100%" noshade size="2">
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 3in; TEXT-ALIGN: left"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><b><font size="2">Exhibit A-1</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">The Applicant named below has caused this Application to be duly signed on their behalf on the&nbsp;29<sup>th</sup> day of December, 2009. All action by stockholders, directors or other persons necessary to authorize the undersigned to execute and file this Application has been taken. The undersigned is familiar with the Application, and the contents thereof, and the facts therein set forth relating
            to the Applicant named below are true to the best of the undersigned&rsquo;s knowledge, information and belief.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="600" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="302">
                            <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                            <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><strong><b><strong>DEUTSCHE BANK SECURITIES INC.</strong></b></strong></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="302">
                            <p style="MARGIN: 1pt 0in 0in; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="16">
                            <p style="MARGIN: 1pt 0in 0in; TEXT-ALIGN: justify"><br>
                            <br>
                            <font size="2">By:</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="289">
                            <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><br>
                            <br>
                            <font size="2">/s/ Joseph Polizzotto</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="302">
                            <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="16">
                            <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="289">
                            <p style="MARGIN: 0in 0in 0pt"><font size="2">Name:&nbsp;&nbsp;</font> <font size="2">Joseph Polizzotto</font><br>
                            <font size="2">Title:&nbsp;&nbsp;&nbsp;&nbsp;Managing Director and General Counsel</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center">29</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                <hr align="center" width="100%" noshade size="2">
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><b><font size="2">Exhibit A-2</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">The Applicant named below has caused this Application to be duly signed on their behalf on the&nbsp;29<sup>th</sup> day of December, 2009. All action by stockholders, directors or other persons necessary to authorize the undersigned to execute and file this Application has been taken. The undersigned is familiar with the Application, and the contents thereof, and the facts therein set forth relating
            to the Applicant named below are true to the best of the undersigned&rsquo;s knowledge, information and belief.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="600" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="218">
                            <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                            <p style="MARGIN: 0in 0in 0pt"><strong><b><strong>DEUTSCHE INVESTMENT MANAGEMENT AMERICAS INC.</strong></b></strong></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="218">
                            <p style="MARGIN: 1pt 0in 0in; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="40">
                            <p style="MARGIN: 1pt 0in 0in; TEXT-ALIGN: justify"><br>
                            <br>
                            <font size="2">By:</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="342">
                            <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><br>
                            <br>
                            <font size="2">/s/ Caroline Pearson</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="218">
                            <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="40">
                            <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="342">
                            <p style="MARGIN: 0in 0in 0pt"><font size="2">Name:&nbsp;&nbsp;</font> <font size="2">Caroline Pearson</font><br>
                            <font size="2">Title:&nbsp;&nbsp;&nbsp;&nbsp; Managing Director</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center">30</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                <hr align="center" width="100%" noshade size="2">
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><b><font size="2">Exhibit A-3</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">The Applicant named below has caused this Application to be duly signed on their behalf on the&nbsp;29<sup>th</sup> day of December, 2009. All action by stockholders, directors or other persons necessary to authorize the undersigned to execute and file this Application has been taken. The undersigned is familiar with the Application, and the contents thereof, and the facts therein set forth relating
            to the Applicant named below are true to the best of the undersigned&rsquo;s knowledge, information and belief.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="600" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="248">
                            <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                            <p style="MARGIN: 0in 0in 0pt"><strong><b><strong>DEUTSCHE ASSET MANAGEMENT INTERNATIONAL GmbH</strong></b></strong></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="248">
                            <p style="MARGIN: 1pt 0in 0in; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="37">
                            <p style="MARGIN: 1pt 0in 0in; TEXT-ALIGN: justify"><br>
                            <br>
                            <font size="2">By:</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="316">
                            <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><br>
                            <br>
                            <font size="2">/s/ Dirk Bruckmann</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="248">
                            <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="37">
                            <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="316">
                            <p style="MARGIN: 0in 0in 0pt"><font size="2">Name:&nbsp;&nbsp;Dirk Bruckmann</font><br>
                            <font size="2">Title:&nbsp;&nbsp;&nbsp;&nbsp;Managing Director</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="248">
                            <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="37">
                            <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="316">
                            <p style="MARGIN: 0in 0in 0pt">&nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="248">
                            <p style="MARGIN: 1pt 0in 0in; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="37">
                            <p style="MARGIN: 1pt 0in 0in; TEXT-ALIGN: justify"><br>
                            <br>
                            <font size="2">By:</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="316">
                            <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><br>
                            <br>
                            <font size="2">/s/ Georg Schuh</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="248">
                            <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="37">
                            <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="316">
                            <p style="MARGIN: 0in 0in 0pt"><font size="2">Name:&nbsp;&nbsp;Georg Schuh</font><br>
                            <font size="2">Title:&nbsp;&nbsp;&nbsp;&nbsp;Managing Director and Director</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center">31</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center">&nbsp;</p>

            <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                <hr align="center" width="100%" noshade size="2">
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><b><font size="2">Exhibit A-4</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">The Applicant named below has caused this Application to be duly signed on their behalf on the&nbsp;29<sup>th</sup> day of December, 2009. All action by stockholders, directors or other persons necessary to authorize the undersigned to execute and file this Application has been taken. The undersigned is familiar with the Application, and the contents thereof, and the facts therein set forth relating
            to the Applicant named below are true to the best of the undersigned&rsquo;s knowledge, information and belief.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="600" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="248">
                            <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                            <p style="MARGIN: 0in 0in 0pt"><strong><b><strong>CASH ACCOUNT TRUST</strong></b> <i><b><strong>et al.</strong></b></i> <b><strong>(except The Central Europe and Russia Fund, Inc., The European Equity Fund, Inc., and The Germany Fund, Inc.)</strong></b></strong></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="248">
                            <p style="MARGIN: 1pt 0in 0in; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="37">
                            <p style="MARGIN: 1pt 0in 0in; TEXT-ALIGN: justify"><br>
                            <br>
                            <font size="2">By:</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="316">
                            <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><br>
                            <br>
                            <font size="2">/s/ John Millette</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="248">
                            <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="37">
                            <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="316">
                            <p style="MARGIN: 0in 0in 0pt"><font size="2">Name:&nbsp;&nbsp;John Millette</font><br>
                            <font size="2">Title:&nbsp;&nbsp;&nbsp;&nbsp;Secretary</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="248">
                            <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                            <p style="MARGIN: 0in 0in 0pt"><strong><b><strong>THE CENTRAL EUROPE AND RUSSIA FUND, INC., THE EUROPEAN EQUITY FUND, INC., AND THE GERMANY FUND, INC.</strong></b></strong></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="248">
                            <p style="MARGIN: 1pt 0in 0in; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="37">
                            <p style="MARGIN: 1pt 0in 0in; TEXT-ALIGN: justify"><br>
                            <br>
                            <font size="2">By:</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="316">
                            <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><br>
                            <br>
                            <font size="2">/s/ John Millette</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="248">
                            <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="37">
                            <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="316">
                            <p style="MARGIN: 0in 0in 0pt"><font size="2">Name:&nbsp;&nbsp;John Millette</font><br>
                            <font size="2">Title:&nbsp;&nbsp;&nbsp;&nbsp;Assistant Secretary</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center">32</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        </div>
    </body>
</html>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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