codeofethics.htm

Deutsche Asset & Wealth Management

Principal Executive and Principal Financial Officer Code of Ethics

For the Registered Management Investment Companies Listed on Appendix A

Effective Date

[January 31, 2005]

Revised Appendix A

[December 6, 2013]

Table of Contents

Page Number

Overview

II.

Purposes of the Officer Code

III.

Responsibilities of Covered Officers

Honest and Ethical Conduct

Conflicts of Interest

Use of Personal Fund Shareholder Information

Public Communications

Compliance with Applicable Laws, Rules and Regulations

Process for Violation Reporting to the Fund Board

Sanctions for Code Violations

Waivers from the Officer Code

VI.

Amendments to the Code

VII.

Acknowledgement and Certification of Adherence to the Officer Code

Appendix A: List of Officers Covered under the Code, by Board

Appendix B: Officer Code Acknowledgement and Certification Form

Appendix C: Definitions

Overview

This Principal Executive Officer and Principal Financial Officer Code of Ethics (“Officer Code”) sets forth the policies, practices, and values expected to be exhibited in the conduct of the Principal Executive Officers and Principal Financial Officers of the investment companies (“Funds”) they serve (“Covered Officers”). A list of Covered Officers and Funds is included on Appendix A.

The Boards of the Funds listed on Appendix A have elected to implement the Officer Code, pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 and the SEC’s rules thereunder, to promote and demonstrate honest and ethical conduct in their Covered Officers.

Deutsche Asset & Wealth Management or its affiliates (“DeAWM”) serves as the investment adviser to each Fund. All Covered Officers are also employees of DeAWM or an affiliate. Thus, in addition to adhering to the Officer Code, these individuals must comply with DeAWM policies and procedures, such as the DeAWM Code of Ethics governing personal trading activities, as adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940.1 In addition, such individuals also must comply with other applicable Fund policies and procedures.

The DeAWM Compliance Officer, who shall not be a Covered Officer and who shall serve as such subject to the approval of the Fund’s Board (or committee thereof), is primarily responsible for implementing and enforcing this Code. The Compliance Officer has the authority to interpret this Officer Code and its applicability to particular circumstances. Any questions about the Officer Code should be directed to the DeAWM Compliance Officer.

The DeAWM Compliance Officer and his or her contact information can be found in Appendix A.

1 The obligations imposed by the Officer Code are separate from, and in addition to, any obligations imposed under codes of ethics adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, and any other code of conduct applicable to Covered Officers in whatever capacity they serve. The Officer Code does not incorporate any of those other codes and, accordingly, violations of those codes will not necessarily be considered violations of the Officer Code and waivers granted under those codes would not necessarily require a waiver to be granted under this Code. Sanctions imposed under those codes may be considered in determining appropriate sanctions for any violation of this Code.

II.	Purposes of the Officer Code

The purposes of the Officer Code are to deter wrongdoing and to:

·	promote honest and ethical conduct among Covered Officers, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

·	promote full, fair, accurate, timely and understandable disclosures in reports and documents that the Funds file with or submit to the SEC (and in other public communications from the Funds) and that are within the Covered Officer’s responsibilities;

·	promote compliance with applicable laws, rules and regulations;

·	encourage the prompt internal reporting of violations of the Officer Code to the DeAWM Compliance Officer; and

·	establish accountability for adherence to the Officer Code.

Any questions about the Officer Code should be referred to DeAWM’s Compliance Officer.

III.	Responsibilities of Covered Officers

A. Honest and Ethical Conduct

It is the duty of every Covered Officer to encourage and demonstrate honest and ethical conduct, as well as adhere to and require adherence to the Officer Code and any other applicable policies and procedures designed to promote this behavior. Covered Officers must at all times conduct themselves with integrity and distinction, putting first the interests of the Fund(s) they serve. Covered Officers must be honest and candid while maintaining confidentiality of information where required by law, DeAWM policy or Fund policy.

Covered Officers also must, at all times, act in good faith, responsibly and with due care, competence and diligence, without misrepresenting or being misleading about material facts or allowing their independent judgment to be subordinated. Covered Officers also should maintain skills appropriate and necessary for the performance of their duties for the Fund(s). Covered Officers also must responsibly use and control all Fund assets and resources entrusted to them.

Covered Officers may not retaliate against others for, or otherwise discourage the reporting of, actual or apparent violations of the Officer Code or applicable laws or regulations. Covered Officers should create an environment that encourages the exchange of information, including concerns of the type that this Code is designed to address.

B. Conflicts of Interest

A “conflict of interest” occurs when a Covered Officer’s personal interests interfere with the interests of the Fund for which he or she serves as an officer. Covered Officers may not improperly use their position with a Fund for personal or private gain to themselves, their family, or any other person. Similarly, Covered Officers may not use their personal influence or personal relationships to influence decisions or other Fund business or operational matters where they would benefit personally at the Fund’s expense or to the Fund’s detriment. Covered Officers may not cause the Fund to take action, or refrain from taking action, for their personal benefit at the Fund’s expense or to the Fund’s detriment. Some examples of conflicts of interest follow (this is not an all-inclusive list): being in the position of supervising, reviewing or having any influence on the job evaluation, pay or benefit of any immediate family member who is an employee of a Fund service provider or is otherwise associated with the Fund; or having an ownership interest in, or having any consulting or employment relationship with, any Fund service provider other than DeAWM or its affiliates.

Certain conflicts of interest covered by this Code arise out of the relationships between Covered Officers and the Fund that already are subject to conflict of interest provisions in the Investment Company Act and the Investment Advisers Act. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as “affiliated persons” of the Fund. Covered Officers must comply with applicable laws and regulations. Therefore, any violations of existing statutory and regulatory prohibitions on individual behavior could be considered a violation of this Code.

As to conflicts arising from, or as a result of the advisory relationship (or any other relationships) between the Fund and DeAWM, of which the Covered Officers are also officers or employees, it is recognized by the Board that, subject to DeAWM’s fiduciary duties to the Fund, the Covered Officers will in the normal course of their duties (whether formally for the Fund or for DeAWM, or for both) be involved in establishing policies and implementing decisions which will have different effects on DeAWM and the Fund. The Board recognizes that the participation of the Covered Officers in such activities is inherent in the contract relationship between the Fund and DeAWM, and is consistent with the expectation of the Board of the performance by the Covered Officers of their duties as officers of the Fund.

Covered Officers should avoid actual conflicts of interest, and appearances of conflicts of interest, between the Covered Officer’s duties to the Fund and his or her personal interests beyond those contemplated or anticipated by applicable regulatory schemes. If a Covered Officer suspects or knows of a conflict or an appearance of one, the Covered Officer must immediately report the matter to the DeAWM Compliance Officer. If a Covered Officer, in lieu of reporting such a matter to the DeAWM Compliance Officer, may report the matter directly to the Fund’s Board (or committee thereof), as appropriate (e.g., if the conflict involves the DeAWM Compliance Officer or the Covered Officer reasonably believes it would be futile to report the matter to the DeAWM Compliance Officer).

When actual, apparent or suspected conflicts of interest arise in connection with a Covered Officer, DeAWM personnel aware of the matter should promptly contact the DeAWM Compliance Officer. There will be no reprisal or retaliation against the person reporting the matter.

Upon receipt of a report of a possible conflict, the DeAWM Compliance Officer will take steps to determine whether a conflict exists. In so doing, the DeAWM Compliance Officer may take any actions he or she determines to be appropriate in his or her sole discretion and may use all reasonable resources, including retaining or engaging legal counsel, accounting firms or other consultants, subject to applicable law.2 The costs associated with such actions may be borne by the Fund, if appropriate, after consultation with the Fund’s Board (or committee thereof). Otherwise, such costs will be borne by DeAWM or other appropriate Fund service provider.

After full review of a report of a possible conflict of interest, the DeAWM Compliance Officer may determine that no conflict or reasonable appearance of a conflict exists. If, however, the DeAWM Compliance Officer determines that an actual conflict exists, the Compliance Officer will resolve the conflict solely in the interests of the Fund, and will report the conflict and its resolution to the Fund’s Board (or committee thereof). If the DeAWM Compliance Officer determines that the appearance of a conflict exists, the DeAWM Compliance Officer will take appropriate steps to remedy such appearance. In lieu of determining whether a conflict exists and/or resolving a conflict, the DeAWM Compliance Officer instead may refer the matter to the Fund’s Board (or committee thereof), as appropriate. However, the DeAWM Compliance Officer must refer the matter to the Fund’s Board (or committee thereof) if the DeAWM Compliance Officer is directly involved in the conflict or under similar appropriate circumstances.

After responding to a report of a possible conflict of interest, the DeAWM Compliance Officer will discuss the matter with the person reporting it (and with the Covered Officer at issue, if different) for purposes of educating those involved on conflicts of interests (including how to detect and avoid them, if appropriate).

Appropriate resolution of conflicts may restrict the personal activities of the Covered Officer and/or his family, friends or other persons.

Solely because a conflict is disclosed to the DeAWM Compliance Officer (and/or the Board or Committee thereof) and/or resolved by the DeAWM Compliance Officer does not mean that the conflict or its resolution constitutes a waiver from the Code’s requirements.

Any questions about conflicts of interests, including whether a particular situation might be a conflict or an appearance of one, should be directed to the DeAWM Compliance Officer.

2 For example, retaining a Fund’s independent accounting firm may require pre-approval by the Fund’s audit committee.

C. Use of Personal Fund Shareholder Information

A Covered Officer may not use or disclose personal information about Fund shareholders, except in the performance of his or her duties for the Fund. Each Covered Officer also must abide by the Funds’ and DeAWM’s privacy policies under SEC Regulation S-P.

D. Public Communications

In connection with his or her responsibilities for or involvement with a Fund’s public communications and disclosure documents (e.g., shareholder reports, registration statements, press releases), each Covered Officer must provide information to Fund service providers (within the DeAWM organization or otherwise) and to the Fund’s Board (and any committees thereof), independent auditors, government regulators and self-regulatory organizations that is fair, accurate, complete, objective, relevant, timely and understandable.

Further, within the scope of their duties, Covered Officers having direct or supervisory authority over Fund disclosure documents or other public Fund communications will, to the extent appropriate within their area of responsibility, endeavor to ensure full, fair, timely, accurate and understandable disclosure in Fund disclosure documents. Such Covered Officers will oversee, or appoint others to oversee, processes for the timely and accurate creation and review of all public reports and regulatory filings. Within the scope of his or her responsibilities as a Covered Officer, each Covered Officer also will familiarize himself or herself with the disclosure requirements applicable to the Fund, as well as the business and financial operations of the Fund. Each Covered Officer also will adhere to, and will promote adherence to, applicable disclosure controls, processes and procedures, including DeAWM’s Disclosure Controls and Procedures, which govern the process by which Fund disclosure documents are created and reviewed.

To the extent that Covered Officers participate in the creation of a Fund’s books or records, they must do so in a way that promotes the accuracy, fairness and timeliness of those records.

E. Compliance with Applicable Laws, Rules and Regulations

In connection with his or her duties and within the scope of his or her responsibilities as a Covered Officer, each Covered Officer must comply with governmental laws, rules and regulations, accounting standards, and Fund policies/procedures that apply to his or her role, responsibilities and duties with respect to the Funds (“Applicable Laws”). These requirements do not impose on Covered Officers any additional substantive duties. Additionally, Covered Officers should promote compliance with Applicable Laws.

If a Covered Officer knows of any material violations of Applicable Laws or suspects that such a violation may have occurred, the Covered Officer is expected to promptly report the matter to the DeAWM Compliance Officer.

IV.	Violation Reporting

A. Overview

Each Covered Officer must promptly report to the DeAWM Compliance Officer, and promote the reporting of, any known or suspected violations of the Officer Code. Failure to report a violation may be a violation of the Officer Code.

Examples of violations of the Officer Code include, but are not limited to, the following:

·	Unethical or dishonest behavior

·	Obvious lack of adherence to policies surrounding review and approval of public communications and regulatory filings

·	Failure to report violations of the Officer Code

·	Known or obvious deviations from Applicable Laws

·	Failure to acknowledge and certify adherence to the Officer Code

The DeAWM Compliance Officer has the authority to take any and all action he or she considers appropriate in his or her sole discretion to investigate known or suspected Code violations, including consulting with the Fund’s Board, the independent Board members, a Board committee, the Fund’s legal counsel and/or counsel to the independent Board members. The Compliance Officer also has the authority to use all reasonable resources to investigate violations, including retaining or engaging legal counsel, accounting firms or other consultants, subject to applicable law.3 The costs associated with such actions may be borne by the Fund, if appropriate, after consultation with the Fund’s Board (or committee thereof). Otherwise, such costs will be borne by DeAWM.

3 For example, retaining a Fund’s independent accounting firm may require pre-approval by the Fund’s audit committee.

B. How to Report

Any known or suspected violations of the Officer Code must be promptly reported to the DeAWM Compliance Officer.

C. Process for Violation Reporting to the Fund Board

The DeAWM Compliance Officer will promptly report any violations of the Code to the Fund’s Board (or committee thereof).

D. Sanctions for Code Violations

Violations of the Code will be taken seriously. In response to reported or otherwise known violations, DeAWM and the relevant Fund’s Board may impose sanctions within the scope of their respective authority over the Covered Officer at issue. Sanctions imposed by DeAWM could include termination of employment. Sanctions imposed by a Fund’s Board could include termination of association with the Fund.

V.	Waivers from the Officer Code

A Covered Officer may request a waiver from the Officer Code by transmitting a written request for a waiver to the DeAWM Compliance Officer.4 The request must include the rationale for the request and must explain how the waiver would be in furtherance of the standards of conduct described in and underlying purposes of the Officer Code. The DeAWM Compliance Officer will present this information to the Fund’s Board (or committee thereof). The Board (or committee) will determine whether to grant the requested waiver. If the Board (or committee) grants the requested waiver, the DeAWM Compliance Officer thereafter will monitor the activities subject to the waiver, as appropriate, and will promptly report to the Fund’s Board (or committee thereof) regarding such activities, as appropriate.

The DeAWM Compliance Officer will coordinate and facilitate any required public disclosures of any waivers granted or any implicit waivers.

4 Of course, it is not a waiver of the Officer Code if the Fund’s Board (or committee thereof) determines that a matter is not a deviation from the Officer Code’s requirements or is otherwise not covered by the Code.

VI.	Amendments to the Code

The DeAWM Compliance Officer will review the Officer Code from time to time for its continued appropriateness and will propose any amendments to the Fund’s Board (or committee thereof) on a timely basis. In addition, the Board (or committee thereof) will review the Officer Code at least annually for its continued appropriateness and may amend the Code as necessary or appropriate.

The DeAWM Compliance Officer will coordinate and facilitate any required public disclosures of Code amendments.

VII.	Acknowledgement and Certification of Adherence to the Officer Code

Each Covered Officer must sign a statement upon appointment as a Covered Officer and annually thereafter acknowledging that he or she has received and read the Officer Code, as amended or updated, and confirming that he or she has complied with it (see Appendix B: Acknowledgement and Certification of Obligations Under the Officer Code).

Understanding and complying with the Officer Code and truthfully completing the Acknowledgement and Certification Form is each Covered Officer’s obligation.

The DeAWM Compliance Officer will maintain such Acknowledgements in the Fund’s books and records.

VIII.

Scope of Responsibilities

A Covered Officer’s responsibilities under the Officer Code are limited to:

(1)	Fund matters over which the Officer has direct responsibility or control, matters in which the Officer routinely participates, and matters with which the Officer is otherwise involved (i.e., matters within the scope of the Covered Officer’s responsibilities as a Fund officer); and

(2)	Fund matters of which the Officer has actual knowledge.

IX.	Recordkeeping

The DeAWM Compliance Officer will create and maintain appropriate records regarding the implementation and operation of the Officer Code, including records relating to conflicts of interest determinations and investigations of possible Code violations.

X.	Confidentiality

All reports and records prepared or maintained pursuant to this Officer Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Officer Code, such matters shall not be disclosed to anyone other than the DeAWM Compliance Officer, the Fund’s Board (or committee thereof), legal counsel, independent auditors, and any consultants engaged by the Compliance Officer.

Appendices

Appendix A:

List of Officers Covered under the Code, by Board:

Fund Board	Principal Executive Officers	Principal Financial Officers	Treasurer
Deutsche Funds	Brian Binder5	Paul Schubert	Paul Schubert
Germany*	Brian Binder	Paul Schubert	Paul Schubert

*	The Central Europe, Russia and Turkey Fund, Inc., The European Equity Fund, Inc. and The New Germany Fund, Inc.

DeAWM Compliance Officer:

Joseph S. Yuen

Head of Gifts/Entertainment & the Code of Ethics

212-250-4773

917-512-9286 fax

As of: December 6, 2013

5 As of December 1, 2013

Appendix B: Acknowledgement and Certification

Initial Acknowledgement and Certification

of Obligations Under the Officer Code

Print Name Department Location Telephone

1.	I acknowledge and certify that I am a Covered Officer under the Deutsche Asset & Wealth Management Principal Executive and Financial Officer Code of Ethics (“Officer Code”), and therefore subject to all of its requirements and provisions.

2.	I have received and read the Officer Code and I understand the requirements and provisions set forth in the Officer Code.

3.	I have disclosed any conflicts of interest of which I am aware to the DeAWM Compliance Officer.

4.	I will act in the best interest of the Funds for which I serve as an officer and have maintained the confidentiality of personal information about Fund shareholders.

5.	I will report any known or suspected violations of the Officer Code in a timely manner to the DeAWM Compliance Officer.

Signature Date

Annual Acknowledgement and Certification

of Obligations Under the Officer Code

Print Name Department Location Telephone

1.	I acknowledge and certify that I am a Covered Officer under the Deutsche Asset & Wealth Management Principal Executive and Financial Officer Code of Ethics (“Officer Code”), and therefore subject to all of its requirements and provisions.

2.	I have received and read the Officer Code, and I understand the requirements and provisions set forth in the Officer Code.

3.	I have adhered to the Officer Code.

4.	I have not knowingly been a party to any conflict of interest, nor have I had actual knowledge about actual or apparent conflicts of interest that I did not report to the DeAWM Compliance Officer in accordance with the Officer Code’s requirements.

5.	I have acted in the best interest of the Funds for which I serve as an officer and have maintained the confidentiality of personal information about Fund shareholders.

6.	With respect to the duties I perform for the Fund as a Fund officer, I believe that effective processes are in place to create and file public reports and documents in accordance with applicable regulations.

7.	With respect to the duties I perform for the Fund as a Fund officer, I have complied to the best of my knowledge with all Applicable Laws (as that term is defined in the Officer Code) and have appropriately monitored those persons under my supervision for compliance with Applicable Laws.

8.	I have reported any known or suspected violations of the Officer Code in a timely manner to the DeAWM Compliance Officer.

Signature Date

Appendix C: Definitions

Principal Executive Officer

Individual holding the office of President of the Fund or series of Funds, or a person performing a similar function.

Principal Financial Officer

Individual holding the office of Treasurer of the Fund or series of Funds, or a person performing a similar function.

Registered Investment Management Investment Company

Registered investment companies other than a face-amount certificate company or a unit investment trust.

Waiver

A waiver is an approval of an exemption from a Code requirement.

Implicit Waiver

An implicit waiver is the failure to take action within a reasonable period of time regarding a material departure from a requirement or provision of the Officer Code that has been made known to the DeAWM Compliance Officer or the Fund’s Board (or committee thereof).

Date of fiscal year end:	11/30

Date of reporting period:	11/30/2015

Average Annual Total Returns as of 11/30/15
Deutsche Multi-Market Income Trust	1-Year	5-Year	10-Year
Based on Net Asset Value^(a)	–2.42%	6.66%	8.21%
Based on Market Price^(a)	–9.82%	1.87%	5.79%
Credit Suisse High Yield Index^(b)	–3.72%	5.74%	6.96%
JPMorgan Emerging Markets Bond Global Diversified Index^(c)	0.24%	5.56%	7.18%
Blended Index^(d)	–1.75%	5.68%	7.12%
Morningstar Closed-End High Yield Bond Funds Category (based on Net Asset Value)^(e)	–3.47%	7.17%	6.91%

Net Asset Value and Market Price
	As of 11/30/15	As of 11/30/14
Net Asset Value	$ 8.87	$ 9.79
Market Price	$ 7.36	$ 8.79

Distribution Information
Twelve Months as of 11/30/15: Income Dividends	$ .58
Return of Capital	$ .03
November Income Dividend	$ .0425
Current Annualized Distribution Rate (based on Net Asset Value) as of 11/30/15^†	5.75%
Current Annualized Distribution Rate (based on Market Price) as of 11/30/15^†	6.93%

	Shares	Value ($)

Common Stocks 0.0%
Consumer Discretionary 0.0%
Dawn Holdings, Inc.* (d)	7	14,774
Industrials 0.0%
Congoleum Corp.*	7,900	0
Quad Graphics, Inc.	109	1,125
		1,125
Materials 0.0%
GEO Specialty Chemicals, Inc.*	46,639	21,389
GEO Specialty Chemicals, Inc. 144A*	649	297
		21,686
Total Common Stocks (Cost $114,610)		37,585

Preferred Stock 0.2%
Consumer Discretionary
Ally Financial, Inc. Series G, 144A, 7.0% (Cost $415,013)	448	453,348

Warrant 0.0%
Materials
Hercules Trust II, Expiration Date 3/31/2029* (Cost $87,876)	400	1,979

	Contract Amount	Value ($)

Call Options Purchased 0.0%
Options on Interest Rate Swap Contracts
Pay Fixed Rate — 3.72% – Receive Floating — 3-Month LIBOR, Swap Expiration Date 4/22/2026, Option Expiration Date 4/20/2016¹ (Cost $44,415)	900,000	63

	Shares	Value ($)

Cash Equivalents 5.8%
Central Cash Management Fund, 0.14% (e) (Cost $11,675,704)	11,675,704	11,675,704

	% of Net Assets	Value ($)

Total Investment Portfolio (Cost $311,521,877)^†	150.6	304,786,856
Other Assets and Liabilities, Net	(9.6)	(19,439,336)
Notes Payable	(41.0)	(83,000,000)
Net Assets	100.0	202,347,520

Security	Coupon	Maturity Date	Principal Amount		Cost ($)	Value ($)
Energy Future Holdings Corp.*	6.5%	11/15/2024	USD	400,000	244,984	392,000

Schedule of Restricted Securities	Acquisition Date	Cost ($)	Value ($)	Value as % of Net Assets
Dawn Holdings, Inc.*	August 2013	26,381	14,774	.01

Bilateral Swaps
Effective/ Expiration Date	Notional Amount ($) (g)	Fixed Cash Flows Received	Underlying Debt Obligation/ Quality Rating (h)	Value ($)	Upfront Payments ($)	Unrealized Appreciation ($)
6/20/2015 6/20/2020	280,000²	5.0%	CCO Holding LLC, 7.375%, 6/1/2020 BB–	39,367	24,508	14,859

Contracts to Deliver		In Exchange For		Settlement Date	Unrealized Depreciation ($)	Counterparty
MXN	7,194,700	USD	426,839	12/28/2015	(6,257)	BNP Paribas SA

Assets		Level 1	Level 2	Level 3	Total

Fixed Income Investments (i)
	Corporate Bonds	$ —	$ 166,385,382	$ —	$ 166,385,382
	Asset-Backed	—	7,230,919	—	7,230,919
	Collateralized Mortgage Obligation	—	863,606	—	863,606
	Government & Agency Obligations	—	16,931,270	—	16,931,270
	Loan Participations and Assignments	—	98,101,080	1,990,000	100,091,080
	Convertible Bond	—	—	511,795	511,795
	Preferred Security	—	604,125	—	604,125
Common Stocks (i)		1,125	—	36,460	37,585
Preferred Stock		—	453,348	—	453,348
Warrants		—	—	1,979	1,979
Short-Term Investment		11,675,704	—	—	11,675,704
Derivatives (j)
	Purchased Options	—	63	—	63
	Credit Default Swap Contracts	—	14,859	—	14,859
Total		$ 11,676,829	$ 290,584,652	$ 2,540,234	$ 304,801,715
Liabilities		Level 1	Level 2	Level 3	Total

Derivatives (j)
	Written Options	$ —	$ (7)	$ —	$ (7)
	Forward Foreign Currency Exchange Contracts	—	(6,257)	—	(6,257)
Total		$ —	$ (6,264)	$ —	$ (6,264)

as of November 30, 2015
Assets
Investments: Investments in non-affiliated securities, at value (cost $299,846,173)	$ 293,111,152
Investment in Central Cash Management Fund (cost $11,675,704)	11,675,704
Total investments in securities, at value (cost $311,521,877)	304,786,856
Cash	332,538
Foreign currency, at value (cost $78,916)	75,966
Receivable for investments sold	1,252,854
Interest receivable	3,337,121
Unrealized appreciation on bilateral swap contracts	14,859
Upfront payments paid on bilateral swap contracts	24,508
Foreign taxes recoverable	1,994
Other assets	7,495
Total assets	309,834,191
Liabilities
Payable for investments purchased	22,997,923
Payable for investments purchased — when-issued delayed delivery securities	1,117,813
Notes payable	83,000,000
Interest on notes payable	103,000
Payable for Fund shares repurchased	22,078
Options written, at value (premiums received $32,085)	7
Unrealized depreciation on forward foreign currency exchange contracts	6,257
Accrued management fee	146,597
Accrued Trustees' fees	3,964
Other accrued expenses and payables	89,032
Total liabilities	107,486,671
Net assets, at value	$ 202,347,520

Statement of Assets and Liabilities as of November 30, 2015 (continued)
Net Assets Consist of
Distributions in excess of net investment income	(61,834)
Net unrealized appreciation (depreciation) on: Investments	(6,735,021)
Swap contracts	14,859
Foreign currency	(10,937)
Written options	32,078
Accumulated net realized gain (loss)	(23,458,436)
Paid-in capital	232,566,811
Net assets, at value	$ 202,347,520
Net Asset Value
Net Asset Value per share ($202,347,520 ÷ 22,803,076 outstanding shares of beneficial interest, $.01 par value, unlimited shares authorized)	$ 8.87

ITEM 1.	REPORT TO STOCKHOLDERS

		Principal Amount ($)(a)	Value ($)

Corporate Bonds 82.2%
Consumer Discretionary 19.6%
1011778 B.C. Unlimited Liablility Co., 144A, 4.625%, 1/15/2022		140,000	141,400
Ally Financial, Inc.:
	3.25%, 2/13/2018	935,000	933,831
	4.125%, 3/30/2020	1,810,000	1,830,272
Altice Financing SA:
	144A, 6.5%, 1/15/2022	240,000	241,200
	144A, 7.875%, 12/15/2019	335,000	348,819
Altice Finco SA, 144A, 9.875%, 12/15/2020		335,000	355,100
AMC Entertainment, Inc., 5.875%, 2/15/2022		295,000	306,062
AmeriGas Finance LLC:
	6.75%, 5/20/2020	625,000	641,512
	7.0%, 5/20/2022	485,000	499,550
APX Group, Inc., 6.375%, 12/1/2019		295,000	281,725
Arcelik AS, 144A, 5.0%, 4/3/2023		815,000	757,135
Asbury Automotive Group, Inc.:
	6.0%, 12/15/2024	525,000	544,687
	144A, 6.0%, 12/15/2024	270,000	280,125
Ashtead Capital, Inc., 144A, 6.5%, 7/15/2022		455,000	475,475
Ashton Woods U.S.A. LLC, 144A, 6.875%, 2/15/2021		480,000	441,600
Avis Budget Car Rental LLC:
	144A, 5.25%, 3/15/2025	485,000	466,812
	5.5%, 4/1/2023	770,000	785,400
Beacon Roofing Supply, Inc., 144A, 6.375%, 10/1/2023		200,000	208,500
Block Communications, Inc., 144A, 7.25%, 2/1/2020		580,000	582,900
Boyd Gaming Corp., 6.875%, 5/15/2023		165,000	172,631
Caleres, Inc., 6.25%, 8/15/2023		140,000	138,600
CCO Holdings LLC:
	144A, 5.125%, 5/1/2023	445,000	440,550
	144A, 5.375%, 5/1/2025	335,000	332,487
	144A, 5.875%, 5/1/2027	550,000	545,875
CCOH Safari LLC, 144A, 5.75%, 2/15/2026		710,000	713,550
Cequel Communications Holdings I LLC:
	144A, 5.125%, 12/15/2021	815,000	752,856
	144A, 6.375%, 9/15/2020	1,310,000	1,280,525
Clear Channel Worldwide Holdings, Inc.:
	Series A, 6.5%, 11/15/2022	355,000	344,350

for the year ended November 30, 2015
Increase (Decrease) in Cash: Cash Flows from Operating Activities
Net increase (decrease) in net assets resulting from operations	$ (8,692,384)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided (used) by operating activities: Purchases of long-term investments	(149,796,206)
Net purchases, sales and maturities of short-term investments	(10,753,981)
Net amortization of premium/(accretion of discount)	564,130
Proceeds from sales and maturities of long-term investments	167,673,501
(Increase) decrease in deposit with broker for open swap contracts	260,000
(Increase) decrease in interest receivable	864,645
(Increase) decrease in other assets	1,299,620
(Increase) decrease in receivable for investments sold	1,539,013
(Increase) decrease in upfront payments paid/received on credit swap contracts	112,364
(Increase) decrease in written options, at value	(3,002)
Increase (decrease) in interest on notes payable	(34,008)
Increase (decrease) in payable for investments purchased	21,457,222
Increase (decrease) in payable for investments purchased — when-issued securities	(1,352,187)
Increase (decrease) in payable upon return of deposit for open swap contracts	(260,000)
Increase (decrease) in other accrued expenses and payables	(97,040)
Change in unrealized (appreciation) depreciation on investments	6,070,048
Change in unrealized (appreciation) depreciation on swap contracts	331,238
Change in unrealized (appreciation) depreciation on forward foreign currency exchange contracts	15,927
Net realized (gain) loss from investments	15,223,888
Cash provided (used) by operating activities	$ 44,422,788
Cash Flows from Financing Activities
Net increase (decrease) in cash overdraft	(1,167,594)
Net increase (decrease) in notes payable	(16,000,000)
Payment for shares repurchased	(12,766,324)
Distributions paid (net of reinvestment of distributions)	(14,091,728)
Cash provided (used) by financing activities	(44,025,646)
Increase (decrease) in cash	397,142
Cash at beginning of period (including foreign currency)	11,362
Cash at end of period (including foreign currency)	$ 408,504
Supplemental Disclosure
Interest paid on notes	$ (1,108,936)

	Years Ended November 30,
	2015	2014	2013	2012	2011
Selected Per Share Data
Net asset value, beginning of period	$ 9.79	$ 9.98	$ 10.29	$ 9.38	$ 9.75
Income (loss) from investment operations: Net investment income^a	.54	.64	.70	.81	.87
Net realized and unrealized gain (loss)	(.92)	(.16)	(.13)	1.02	(.33)
Total from investment operations	(.38)	.48	.57	1.83	.54
Less distributions from: Net investment income	(.58)	(.68)	(.88)	(.92)	(.91)
Return of capital	(.03)	—	—	—	—
Total distributions	(.61)	(.68)	(.88)	(.92)	(.91)
NAV accretion resulting from repurchases of shares at a discount to NAV^a	.07	.01	—	—	—
Net asset value, end of period	$ 8.87	$ 9.79	$ 9.98	$ 10.29	$ 9.38
Market price, end of period	$ 7.36	$ 8.79	$ 9.41	$ 10.51	$ 9.98
Total Return
Based on net asset value (%)^b	(2.42)	5.53	5.58	20.20	5.64
Based on market price (%)^b	(9.82)	.49	(2.53)	15.39	7.65
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	202	238	245	252	228
Ratio of expenses (including interest expense) (%)	1.51	1.52	1.60	1.66	1.49
Ratio of expenses (excluding interest expense) (%)	1.02	1.01	1.00	1.00	1.02
Ratio of net investment income (%)	5.77	6.37	6.89	8.09	8.84
Portfolio turnover rate (%)	50	82	76	45	55
Total debt outstanding end of period ($ thousands)	83,000	99,000	109,000	103,000	98,247
Asset coverage per $1,000 of debt^c	3,438	3,401	3,244	3,442	3,324
^a Based on average shares outstanding during the period. ^b Total return based on net asset value reflects changes in the Fund's net asset value during each period. Total return based on market price reflects changes in market price. Each figure assumes that dividend and capital gain distributions, if any, were reinvested. These figures will differ depending upon the level of any discount from or premium to NAV at which the Fund's shares trade during the period. ^c Asset coverage equals the total net assets plus borrowings of the Fund divided by the borrowings outstanding at period end.

for the year ended November 30, 2015
Investment Income
Income: Interest	$ 15,754,559
Dividends	43,948
Income distributions — Central Cash Management Fund	5,846
Total income	15,804,353
Expenses: Management fee	1,845,957
Services to shareholders	21,818
Custodian fee	71,201
Professional fees	101,315
Reports to shareholders	73,904
Interest expense	1,074,928
Trustees' fees and expenses	14,150
Stock exchange listing fees	23,750
Other	57,432
Total expenses	3,284,455
Net investment income	12,519,898
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from: Investments	(15,223,888)
Swap contracts	380,792
Foreign currency	44,139
	(14,798,957)
Change in net unrealized appreciation (depreciation) on: Investments	(6,070,048)
Swap contracts	(331,238)
Written options	3,002
Foreign currency	(15,041)
	(6,413,325)
Net gain (loss)	(21,212,282)
Net increase (decrease) in net assets resulting from operations	$ (8,692,384)

	Years Ended November 30,
Increase (Decrease) in Net Assets	2015	2014
Operations: Net investment income	$ 12,519,898	$ 15,667,010
Net realized gain (loss)	(14,798,957)	5,117,813
Change in net unrealized appreciation (depreciation)	(6,413,325)	(9,058,614)
Net increase (decrease) in net assets resulting from operations	(8,692,384)	11,726,209
Distributions to shareholders from: Net investment income	(13,502,459)	(16,653,652)
Return of capital	(589,269)	—
Total distributions	(14,091,728)	(16,653,652)
Fund share transactions: Cost of shares repurchased	(12,546,417)	(1,962,196)
Increase (decrease) in net assets	(35,330,529)	(6,889,639)
Net assets at beginning of period	237,678,049	244,567,688
Net assets at end of period (including distributions in excess of net investment income and undistributed net investment income of $61,834 and $448,539, respectively)	$ 202,347,520	$ 237,678,049
Other Information
Shares outstanding at beginning of period	24,286,599	24,508,088
Shares repurchased	(1,483,523)	(221,489)
Shares outstanding at end of period	22,803,076	24,286,599

Capital loss carryforwards	$ (22,527,000)
Net unrealized appreciation (depreciation) on investments	$ (7,665,842)

Asset Derivatives	Purchased Options	Swap Contracts	Total
Interest Rate Contracts (a)	$ 63	$ —	$ 63
Credit Contracts (a)	—	14,859	14,859
	$ 63	$ 14,859	$ 14,922
Each of the above derivatives is located in the following Statement of Assets and Liabilities accounts: (a) Investment in securities, at value (includes purchased options) and unrealized appreciation on bilateral swap contracts, respectively

Liability Derivatives	Written Options	Forward Contracts	Total
Interest Rate Contracts (a)	$ (7)	$ —	$ (7)
Foreign Exchange Contracts (b)	—	(6,257)	(6,257)
	$ (7)	$ (6,257)	$ (6,264)
Each of the above derivatives is located in the following Statement of Assets and Liabilities accounts: (a) Options written, at value (b) Unrealized depreciation on forward foreign currency exchange contracts

Realized Gain (Loss)	Forward Contracts	Swap Contracts	Total
Credit Contracts (a)	$ —	$ 380,792	$ 380,792
Foreign Exchange Contracts (b)	84,926	—	84,926
	$ 84,926	$ 380,792	$ 465,718
Each of the above derivatives is located in the following Statement of Operations accounts: (a) Net realized gain (loss) from swap contracts (b) Net realized gain (loss) from foreign currency (Statement of Operations includes both forward currency contracts and foreign currency transactions)

Change in Net Unrealized Appreciation (Depreciation)	Purchased Options	Written Options	Forward Contracts	Swap Contracts	Total
Interest Rate Contracts (a)	$ (7,002)	$ 3,002	$ —	$ —	$ (4,000)
Credit Contracts (a)	—	—	—	(331,238)	(331,238)
Foreign Exchange Contracts (b)	—	—	(15,927)	—	(15,927)
	$ (7,002)	$ 3,002	$ (15,927)	$ (331,238)	$ (351,165)
Each of the above derivatives is located in the following Statement of Operations accounts: (a) Change in net unrealized appreciation (depreciation) on investments (includes purchased options), written options and swap contracts, respectively (b) Change in net unrealized appreciation (depreciation) on foreign currency (Statement of Operations includes both forward currency contracts and foreign currency transactions)

Counterparty	Gross Amounts of Assets Presented in the Statement of Assets and Liabilities	Financial Instruments and Derivatives Available for Offset	Cash Collateral Received	Non-Cash Collateral Received	Net Amount of Derivative Assets
Barclays Bank PLC	$ 14,859	$ —	$ —	$ —	$ 14,859
Nomura International PLC	63	(7)	—	—	56
	$ 14,922	$ (7)	$ —	$ —	$ 14,915
Counterparty	Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities	Financial Instruments and Derivatives Available for Offset	Cash Collateral Pledged	Non-Cash Collateral Pledged	Net Amount of Derivative Liabilities
BNP Paribas SA	$ 6,257	$ —	$ —	$ —	$ 6,257
Nomura International PLC	7	(7)	—	—	—
	$ 6,264	$ (7)	$ —	$ —	$ 6,257

	Contract Amount	Premiums
Outstanding, beginning of period	900,000	$ 32,085
Outstanding, end of period	900,000	$ 32,085

	Number of Votes:
	For	Withheld
Keith R. Fox	16,139,491	2,759,888
Richard J. Herring	16,137,884	2,761,495
William N. Searcy, Jr.	16,128,564	2,770,815

Independent Board Members
Name, Year of Birth, Position with the Fund and Length of Time Served¹	Business Experience and Directorships During the Past Five Years	Number of Funds in Deutsche Fund Complex Overseen	Other Directorships Held by Board Member
Kenneth C. Froewiss (1945) Class III Chairperson since 2013, and Board Member since 2001	Retired Clinical Professor of Finance, NYU Stern School of Business (1997–2014); Member, Finance Committee, Association for Asian Studies (2002–present); Director, Mitsui Sumitomo Insurance Group (US) (2004–present); prior thereto, Managing Director, J.P. Morgan (investment banking firm) (until 1996)	106	—
William McClayton (1944) Class II Vice Chairperson since 2013, and Board Member since 2004	Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001–2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966–2001); Trustee, Ravinia Festival	106	—
John W. Ballantine (1946) Class III Board Member since 1999	Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); former Directorships: Director and former Chairman of the Board, Healthways, Inc.² (provider of disease and care management services) (2003–2014); Stockwell Capital Investments PLC (private equity); First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International	106	Portland General Electric² (utility company) (2003– present)
Henry P. Becton, Jr. (1943) Class II Board Member since 1990	Vice Chair and former President, WGBH Educational Foundation. Directorships: Public Radio International; Public Radio Exchange (PRX); former Directorships: Belo Corporation² (media company); The PBS Foundation; Association of Public Television Stations; Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service; Connecticut College; North Bennett Street School (Boston)	106	Director, Becton Dickinson and Company² (medical technology company)
Dawn-Marie Driscoll (1946) Class III Board Member since 1987	Emeritus Executive Fellow, Center for Business Ethics, Bentley University; formerly: President, Driscoll Associates (consulting firm); Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene's (retail) (1978–1988). Directorships: Director of ICI Mutual Insurance Company (since 2007); Advisory Board, Center for Business Ethics, Bentley University; Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)	106	—
Keith R. Fox, CFA (1954) Class I Board Member since 1996	Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); The Kennel Shop (retailer); former Chairman, National Association of Small Business Investment Companies; former Directorships: BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) (2011–2012)	106	—
Paul K. Freeman (1950) Class II Board Member since 1993	Consultant, World Bank/Inter-American Development Bank; Chair, Independent Directors Council; Investment Company Institute (executive and nominating committees); formerly, Chairman of Education Committee of Independent Directors Council; Project Leader, International Institute for Applied Systems Analysis (1998–2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986–1998); Directorships: Denver Zoo Foundation (December 2012–present); former Directorships: Prisma Energy International	106	—
Richard J. Herring (1946) Class I Board Member since 1990	Jacob Safra Professor of International Banking and Professor, Finance Department, The Wharton School, University of Pennsylvania (since July 1972); Co-Director, Wharton Financial Institutions Center; Co-Chair, U.S. Shadow Financial Regulatory Committee; Executive Director, Financial Economists Roundtable; formerly: Vice Dean and Director, Wharton Undergraduate Division (July 1995–June 2000); Director, Lauder Institute of International Management Studies (July 2000–June 2006)	106	Director, Aberdeen Singapore and Japan Funds (since 2007); Independent Director of Barclays Bank Delaware (since September 2010)
Rebecca W. Rimel (1951) Class III Board Member since 1995	President and Chief Executive Officer, The Pew Charitable Trusts (charitable organization) (1994 to present); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care² (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012)	106	Director, Becton Dickinson and Company² (medical technology company) (2012– present); Director, BioTelemetry Inc.² (health care) (2009– present)
William N. Searcy, Jr. (1946) Class I Board Member since 1993	Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation² (telecommunications) (November 1989–September 2003); Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012)	106	—
Jean Gleason Stromberg (1943) Class II Board Member since 1997	Retired. Formerly, Consultant (1997–2001); Director, Financial Markets U.S. Government Accountability Office (1996–1997); Partner, Norton Rose Fulbright, L.L.P. (law firm) (1978–1996). Directorships: The William and Flora Hewlett Foundation (charitable organization); former Directorships: Service Source, Inc. (nonprofit), Mutual Fund Directors Forum (2002–2004), American Bar Retirement Association (funding vehicle for retirement plans) (1987–1990 and 1994–1996)	106	—

Officers⁴
Name, Year of Birth, Position with the Fund and Length of Time Served⁵	Business Experience and Directorships During the Past Five Years
Brian E. Binder⁸(1972) President and Chief Executive Officer, 2013–present	Managing Director³ and Head of Fund Administration, Deutsche Asset & Wealth Management (2013–present); formerly: Head of Business Management and Consulting at Invesco, Ltd. (2010–2012); Chief Administrative Officer, Van Kampen Funds Inc. (2008–2010); and Chief Administrative Officer, Morgan Stanley Investment Management Americas Distribution (2003–2008)
John Millette⁷ (1962) Vice President and Secretary, 1999–present	Director,³ Deutsche Asset & Wealth Management
Melinda Morrow⁶ (1970) Vice President, 2012–present	Director,³ Deutsche Asset & Wealth Management
Paul H. Schubert⁶ (1963) Chief Financial Officer, 2004–present Treasurer, 2005–present	Managing Director,³ Deutsche Asset & Wealth Management (since July 2004); formerly: Executive Director, Head of Mutual Fund Services and Treasurer for UBS Family of Funds (1998–2004); Vice President and Director of Mutual Fund Finance at UBS Global Asset Management (1994–1998)
Caroline Pearson⁷ (1962) Chief Legal Officer, 2010–present	Managing Director,³ Deutsche Asset & Wealth Management; formerly: Assistant Secretary for DWS family of funds (1997–2010)
Robert Kloby⁶ (1962) Chief Compliance Officer, 2006–present	Managing Director,³ Deutsche Asset & Wealth Management
Wayne Salit⁶ (1967) Anti-Money Laundering Compliance Officer, 2014–present	Director,³ Deutsche Asset & Wealth Management; formerly: Managing Director, AML Compliance Officer at BNY Mellon (2011–2014); and Director, AML Compliance Officer at Deutsche Bank (2004–2011)
Hepsen Uzcan⁶ (1974) Assistant Secretary, 2013–present	Director,³ Deutsche Asset & Wealth Management
Paul Antosca⁷ (1957) Assistant Treasurer, 2007–present	Director,³ Deutsche Asset & Wealth Management
Jack Clark⁷ (1967) Assistant Treasurer, 2007–present	Director,³ Deutsche Asset & Wealth Management
Diane Kenneally⁷(1966) Assistant Treasurer, 2007–present	Director,³ Deutsche Asset & Wealth Management


Automated Information Line	Deutsche AWM Closed-End Fund Info Line (800) 349-4281
Web Site	deutschefunds.com Obtain fact sheets, financial reports, press releases and webcasts when available.
Written Correspondence	Deutsche Asset & Wealth Management Attn: Secretary of the Deutsche Funds One Beacon Street Boston, MA 02108
Legal Counsel	Vedder Price P.C. 222 North LaSalle Street Chicago, IL 60601
Dividend Reinvestment Plan Agent	DST Systems, Inc. 333 W. 11th Street, 5th Floor Kansas City, MO 64105
Shareholder Service Agent and Transfer Agent	DeAWM Service Company P.O. Box 219066 Kansas City, MO 64121-9066 (800) 294-4366
Custodian	State Street Bank and Trust Company State Street Financial Center One Lincoln Street Boston, MA 02111
Independent Registered Public Accounting Firm	Ernst & Young LLP 200 Clarendon Street Boston, MA 02116
Proxy Voting	The fund's policies and procedures for voting proxies for portfolio securities and information about how the fund voted proxies related to its portfolio securities during the 12-month period ended June 30 are available on our Web site — deutschefunds.com (click on "proxy voting"at the bottom of the page) — or on the SEC's Web site — sec.gov. To obtain a written copy of the fund's policies and procedures without charge, upon request, call us toll free at (800) 728-3337.
Portfolio Holdings	Following the fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. This form will be available on the SEC's Web site at sec.gov, and it also may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling (800) SEC-0330. The fund's portfolio holdings as of the month-end are posted on deutschefunds.com on or after the last day of the following month. More frequent posting of portfolio holdings information may be made from time to time on deutschefunds.com.
Investment Management	Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), which is part of Deutsche Asset & Wealth Management, is the investment advisor for the fund. DIMA and its predecessors have more than 80 years of experience managing mutual funds and DIMA provides a full range of investment advisory services to both institutional and retail clients. DIMA is an indirect, wholly owned subsidiary of Deutsche Bank AG. Deutsche Bank AG is a major global banking institution engaged in a wide variety of financial services, including investment management, retail, private and commercial banking, investment banking and insurance. Deutsche Asset & Wealth Management is the retail brand name in the U.S. for the wealth management and asset management activities of Deutsche Bank AG and DIMA. Deutsche Asset & Wealth Management is committed to delivering the investing expertise, insight and resources of this global investment platform to American investors.
NYSE Symbol	KMM
CUSIP Number	25160E 102


ITEM 2.	CODE OF ETHICS

	As of the end of the period covered by this report, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Principal Executive Officer and Principal Financial Officer. There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

ITEM 3.	AUDIT COMMITTEE FINANCIAL EXPERT

	The fund’s audit committee is comprised solely of trustees who are "independent" (as such term has been defined by the Securities and Exchange Commission ("SEC") in regulations implementing Section 407 of the Sarbanes-Oxley Act (the "Regulations")). The fund’s Board of Trustees has determined that there are several "audit committee financial experts" (as such term has been defined by the Regulations) serving on the fund’s audit committee including Mr. Paul K. Freeman, the chair of the fund’s audit committee. An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an “audit committee financial expert” does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. In accordance with New York Stock Exchange requirements, the Board believes that all members of the fund’s audit committee are financially literate, as such qualification is interpreted by the Board in its business judgment, and that at least one member of the audit committee has accounting or related financial management expertise.

ITEM 4.	PRINCIPAL ACCOUNTANT FEES AND SERVICES

Fiscal Year Ended November 30,	Audit Fees Billed to Fund	Audit-Related Fees Billed to Fund	Tax Fees Billed to Fund	All Other Fees Billed to Fund
2015	$72,137	$0	$7,588	$0
2014	$65,176	$0	$7,227	$0

Fiscal Year Ended November 30,	Audit-Related Fees Billedto Adviser and Affiliated Fund Service Providers	Tax Fees Billed to Adviser and Affiliated Fund Service Providers	All Other Fees Billed to Adviser and Affiliated Fund Service Providers
2015	$0	$563,986	$2,350,151
2014	$0	$274,022	$7,431,158


ITEM 5.	AUDIT COMMITTEE OF LISTED REGISTRANTS

	The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The registrant's audit committee consists of Paul K. Freeman (Chair), William McClayton (Vice Chair), Henry P. Becton, Jr., Richard J. Herring and John W. Ballantine.

ITEM 6.	SCHEDULE OF INVESTMENTS

	Not applicable

ITEM 7.	DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES


ITEM 8.	PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Name of Portfolio Manager	Number of Registered Investment Companies	Total Assets of Registered Investment Companies	Number of Investment Company Accounts with Performance Based Fee	Total Assets of Performance- Based Fee Accounts
Gary Russell	16	$5,691,181,797	-	-

Name of Portfolio Manager	Number of Pooled Investment Vehicles	Total Assets of Pooled Investment Vehicles	Number of Pooled Investment Vehicle Accounts with Performance-Based Fee	Total Assets of Performance- Based Fee Accounts
Gary Russell	-	-	-	-