DB Absolute Return Strategies

Topiary Fund for Benefit Plan Investors (BPI) LLC • Topiary Fund for Benefit Plan Investors (BPI) LLC ("Topiary BPI" or "the Fund") seeks attractive risk-adjusted returns by investing in typically 50-100 private investment funds ("hedge funds") in multiple sectors.* • The Fund is not a hedge fund but is a registered, non-diversified closed-end fund that invests in a portfolio of hedge funds. • Available to eligible U.S. tax-exempt and tax-deferred benefit plan investors.** September 2005 Market Commentary***

yields backed up from their post-Katrina lows. The

• Net of fees and unadjusted for sales charges, The

FOMC raised interest rates another 25bps and

Topiary Fund for Benefit Plan Investors LLC (“Topiary

continued to indicate that we may still see further rate

BPI”) returned a cumulative 1.35% in September,

hikes this year. In terms of data, consumer confidence,

gained a cumulative 3.88% in Q3’05 and is up a

as measured by the Confidence Board Index, fell from

cumulative 3.93% year-to-date through September

105.5 to 86.6, the lowest reading since October 2003.

2005. Topiary BPI has returned a cumulative 8.11%

U.S. manufacturing data, however, was mixed. The

since inception in October 2004.

Adjusted for a

month started with a weak Institute for Supply

maximum sales charge of 2.50%, Topiary BPI returned a

Management (ISM) manufacturing number. Declines

cumulative 5.41% since its inception in October 2004.†

were recorded in all of the major underlying components

• The month of September started with financial markets

including

new

employment and inventories.

focused on the impact of Hurricane Katrina. Various

orders,

production,

The only substantial

increase was in prices paid, rising to 62.5 from 48.5 in

comments from U.S. Federal Reserve officials quickly

July.

conditioned expectations about the Federal Open

Another key U.S. manufacturing indicator, the

Federal Reserve Bank of Philadelphia’s Index fell in

Market Committee (FOMC) meeting and U.S. bond

September, as did the New York Empire State

Performance is historical and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions so that, when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Unadjusted returns do not reflect sales charges and would have been lower if they had. † Total returns as of the most recent month end may be based on the estimated net asset value (NAV) of the Fund. Actual returns may be higher or lower than those presented once the final NAV of the Fund is calculated. Please visit www.db.com/ars for the Fund's most recent finalized month-end performance. * No assurance can be given that the investment objective will be achieved or that an investor will receive a return of all or part of his investment. Investment results can vary substantially over any given time period. ** Eligible investors include, among others, those qualified as tax-exempt or tax-deferred for US federal income tax purposes and be an "accredited investor" as defined by Regulation D under the Securities Act of 1933 and a "qualified client" as defined in Rule 205-3 of the Investment Adviser Act of 1940. See Prospectus for complete details. ***Please see page 7 for index definitions.

For more information, see the accompanying prospectus. We advise you to carefully consider the Fund's objectives, risks, charges and expenses before investing. The prospectus contains this and other information about the Fund. Please read the prospectus carefully before you invest. HEDGE FUNDS AND FUNDS OF HEDGE FUNDS ARE SPECULATIVE AND INVOLVE A HIGH DEGREE OF RISK. An investment in the Fund involves a high degree of risk and is suitable only for sophisticated investors who can tolerate such risk and do not require a liquid investment.The value of the Fund's total net assets will fluctuate based on the fluctuation in the value of the hedge funds in which it invests. Each of the Fund's underlying hedge funds may use leverage, short sales, foreign equities, derivative transactions and limited diversification. This can, in certain circumstances, cause the value of the Fund's portfolio to appreciate or depreciate at a greater rate than if such techniques were not used, which in turn could result in significant losses to the Fund. Many of the Fund's underlying hedge funds are illiquid and an investment in The Topiary Fund for Benefit Plan Investors (BPI) LLC is generally expected to be illiquid. There is no secondary market for the investor's interest in the Fund and none is expected to develop. Hedge funds are generally not registered which contributes to their lack of transparency.The Fund requires a high minimum investment and multiple levels of fees. Duplicate costs, and fees and expenses may offset the Fund's trading profits. The Fund may not be a suitable investment for you and could involve important legal, financial, fiscal and tax consequences and investment risks, which should be discussed with your professional adviser. An investment is not a deposit or obligation of the Federal Deposit Insurance Corporation or any other government agency or by Deutsche Bank AG, its affiliates, or subsidiaries. An investment is subject to risks, including the possible loss of principal invested.

www.db.com/ars TBPI-2109

1

DB Absolute Return Strategies Manufacturing Index. Surprising on the upside in the

• The U.S. dollar appreciated against the Japanese yen by

U.S. manufacturing sector was the Chicago PMI

2.45% in Q3’05, as a result of a 3.36% appreciation of

(Purchasing Manager’s Index) which bounced back,

the dollar against the yen in September.

surpassing a market expectation of 52.0, to a higher

volatile quarter, the dollar ended essentially unchanged

60.5. The August U.S. non-manufacturing ISM number

against the Euro. In September, for example, the dollar

hit a 16-month high of 65.0. U.S. non-farm payrolls were

appreciated 3.92% against the Euro.

up 169,000 in August and the U.S. unemployment rate

staged a strong rally in Q3’05, gaining 17.24% (despite

fell below 5.0% to 4.9% for the first time since August

falling 3.92% in September to end the month at $66.24

2001.

The U.S. core (excludes food and energy)

per barrel). Gold also appreciated significantly over the

Producer Price Index recorded a 0.6% increase and the

quarter, up 10.29%, but the majority of these gains

U.S. Consumer Price Index rose 0.5% on the back of

were in September, when gold ended the month up

higher energy costs.

7.84% at $469.30 per troy ounce.

• Equity markets enjoyed a reasonably strong third

Although a

Crude oil prices

Q3’05 Performance Review: Sector Analysis

quarter. July was an unseasonably strong month for

• The following table reviews the performance for each of

international equity markets, which continued to

the four sectors that comprise the Fund.

perform well throughout the quarter. In international

sectors

markets, the MSCI AC Europe Index was up 8.3% in

contributed

positively

to

All four

the

Fund’s

performance during Q3’05.

Q3’05 while the MSCI AC Asia Pacific Free Index posted a gain of 15.1% over the same period. U.S. markets lagged their international counterparts with the S&P

Sector

500 Index up 3.6% and the NASDAQ Composite Index

Q3 Cumulative Return (7/1/05-9/30/05)1

Q3 Cumulative Contribution (7/1/05-9/30/05) in basis points “bps”1,2

returning 4.6% for Q3’05. In September most equity

Long/Short Equity

5.83%

211 bps

markets continued to rally and international markets

Relative Value

4.07%

100 bps

continued to outperform their U.S. counterparts. The

Global Macro

3.81%

38 bps

S&P 500 Index was up 0.8% while the NASDAQ

Event Driven

3.70%

95 bps

Composite Index was essentially flat. The MSCI AC

Source: DB Absolute Return Strategies and underlying fund managers

Europe Index returned 2.7% during the month, while

Past performance is not an indication of future results

Asian markets rallied with the MSCI AC Asia Pacific Free

Performance would have been lower had sales charges, fees and expenses been reflected.

Index gaining 8.4%. • Q3’05 was mixed for bond markets.

1 Total returns as of the most recent month end may be based on the estimated Net Asset Value (NAV) of the Fund. Actual returns may be higher or lower than those presented once the final NAV is calculated. Please visit www.db.com/ars for the Fund’s most recent finalized month-end performance. Performance and contribution is net of underlying funds’ fees but gross of Topiary Fund for Benefit Plan Investors’ sales charges, fees and expenses. Although each sector and strategy’s performance contributes to the Fund’s overall performance, this analysis is only representative of the performance of the underlying sectors/strategies and is not representative of the Fund’s actual or future performance.

The Lehman

Aggregate Bond Index and the JP Morgan Global Bond Index (USD Hedged) were down -0.7% and -0.1%, respectively, for the quarter. The U.S. Treasury yield curve (as measured by the spread between the 2-year and 10-year U.S. Treasury bond) flattened by 12 basis points over the quarter and the Merrill Lynch U.S. High Yield Master II Index gained 0.9%. While August was generally a strong month, fixed income markets gave

2 Calculated by multiplying each sector/strategy’s month-end performance by its month-beginning allocation (for each of the three months in the quarter) and adding the results.

back most of their August gains in September; in the last month of the quarter, the Lehman Aggregate Bond Index lost -1.0% and the JP Morgan Global Bond Index (USD Hedged) was down 41 basis points. In September, the high yield market, as measured by the Merrill Lynch U.S. High Yield Master II Index, declined by -1.0%.

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DB Absolute Return Strategies Q3’05 Performance Review: Strategy Analysis

• After a strong first quarter and a difficult second quarter, the third quarter was the Fund’s best so far this year.

• The table below reviews each of the Fund’s investment

The Relative Value sector rebounded significantly and

strategies and their contribution to Q3’05 performance.

the Multi-Strategy/Rotational strategy returns were

Q3 Cumulative Q3 Cumulative Contribution Return (7/1/05-9/30/05) (7/1/05-9/30/05)1 in basis points “bps”1,2

particularly strong.

In the aftermath of events at

General Motors and Ford, the Relative Value sector was

Strategy

able take advantage of investment opportunities not

Global/International (Long/Short Equity)

7.68%

106 bps

Discretionary (Global Macro)

6.29%

39 bps

Opportunistic (Long/Short Equity)

5.19%

45 bps

Sector Specific (Long/Short Equity)

5.04%

60 bps

Distressed Debt (Event Driven)

4.95%

71 bps

Multi-Strategy/Rotational (Relative Value)

4.91%

68 bps

Quantitative Market Neutral Equity (Relative Value) 4.28%

13 bps

Fixed Income (Relative Value)

3.45%

13 bps

Merger Arbitrage/ Multi-Event (Event Driven)

2.17%

24 bps

Convertible Arbitrage (Relative Value)

1.53%

6 bps

Short-Biased (Long/Short Equity)

0.16%

0 bps

Systematic (Global Macro)

-0.16%

-1 bps

seen since 1998. The Event Driven sector benefited from robust corporate activity as well as strong global equity markets.

Moreover, positions in the energy

sector, which were adversely affected by highly volatile energy prices in the second quarter, rallied strongly since then. The Long/Short Equity sector, for the third consecutive quarter, was the best performing sector in the portfolio. Experienced stock pickers continued to be richly rewarded, and added value on the long side as well as the short side.

The Opportunistic and

Global/International strategies performed particularly well during Q3’05, outperforming the Sector Specific strategy, which has seen weakness in consumer and retail industries.

In the Global Macro sector, the

Discretionary strategy benefited from being long risky assets such as global equities (particularly in Japan, emerging markets and the U.S.) and short developed country fixed income (largely in the U.S. and Japan). The Systematic strategy suffered somewhat, due to choppy market conditions in currencies and bonds.

Source: DB Absolute Return Strategies and underlying fund managers Past performance is not an indication of future results Performance would have been lower had sales charges, fees and expenses been reflected. 1 Total returns as of the most recent month end may be based on the estimated Net Asset Value (NAV) of the Fund. Actual returns may be higher or lower than those presented once the final NAV is calculated. Please visit www.db.com/ars for the Fund’s most recent finalized month-end performance. Performance and contribution is net of underlying funds’ fees but gross of Topiary Fund for Benefit Plan Investors’ sales charges, fees and expenses. Although each sector and strategy’s performance contributes to the Fund’s overall performance, this analysis is only representative of the performance of the underlying sectors/strategies and is not representative of the Fund’s actual or future performance. 2 Calculated by multiplying each sector/strategy’s month-end performance by its month-beginning allocation (for each of the three months in the quarter) and adding the results.

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DB Absolute Return Strategies • Eleven of the Fund’s twelve hedge fund strategies generated positive returns in Q3’05. The Fund’s top two performing investment strategies in the third quarter were Global/International (Long/Short Equity) and Discretionary (Global Macro). • The Global/International strategy generated a 7.68%3 gain for the third quarter. Performance was broad based throughout every component of this strategy. The majority of gains were generated through several undervalued and eclectic investment opportunities in Europe. • The Discretionary strategy posted a 6.29%3 return in Q3’05. Profits for this component of the Fund were generated from long positions in Japanese and Emerging Market equities as well as short exposure to Japanese and U.S. fixed income. • The Fund’s two worst performing strategies during Q3’05 were Short-Biased (Long/Short Equity) and Systematic (Global Macro). • The Systematic strategy declined -0.16%3 during the third quarter. Systematic investments were hurt by the U.S. dollar reversal in July and extremely choppy conditions in currency markets in August. • The Short-Biased strategy gained 0.16%3 during the third quarter. Although this strategy was positive, the strategy did generate losses from short investments in information technology and semiconductor companies.

Outlook • The third quarter was a period characterized by strong performance and marked improvement from the second quarter. As we stated in the Q2’05 newsletter, we felt that the difficult period in the second quarter would result in increased opportunities, and this proved to be true. The Fund was able to capitalize on these opportunities, producing the best quarterly performance so far in 2005. • As we enter the fourth quarter there are a number of uncertainties surrounding global financial markets, ranging from concerns about the status of the U.S. consumer, to higher inflation (i.e., high energy/ commodity prices), to the status of the global housing market. While we are uncertain whether any of the above concerns will materialize, we are confident that an increase of uncertainties may result in an increase in opportunities. We believe the Fund is potentially wellsuited to profit from this opportunity set. • As we have mentioned over the past several quarters, we continue to have extremely constructive views on the Long/Short Equity and Event Driven sectors. We believe these sectors offer significant opportunities because of the current backdrop surrounding the corporate environment. The Global Macro sector has been challenging this year, but we believe opportunities still exist. Specifically, we feel that given the current environment, the Discretionary strategy generally offers the best opportunities. Within the Relative Value sector we continue to focus on the Multi-Strategy/Rotational strategy, but are seeing potential opportunities emerging in the Fixed Income strategy. • We appreciate your confidence and trust that you have placed in us.

Asset Allocation Changes • During Q3’05, there were minor changes to the Fund’s allocations. Exposures to the Relative Value, Event Driven and Global Macro sectors were slightly reduced in favor of a larger allocation to the Long/Short Equity sector. Sector Allocation4

Relative Value Event Driven Long/Short Equity Global Macro Cash

10/1/05

7/1/05

4/1/05

1/1/05

References to securities, transactions or holdings should not be considered a recommendation to purchase or sell a particular security and there is no assurance, as of the date of publication, that the securities remain in the portfolio. Additionally, it is noted that the securities or transactions referenced do not represent all of the securities purchased, sold or recommended during the period referenced, and there is no guarantee as to the future profitability of any of the securities identified and discussed here. We or our affiliates or persons associated with us, or such affiliates (associated persons) may maintain a long or short position in securities identified herein, or in related futures or options; purchase or sell, make a market in, or engage in any other transaction involving such securities, and earn brokerage or other compensation in respect of the foregoing. The comments, opinions and estimates contained herein are based on or derived from publicly available information from sources believed to be reliable. We do not guarantee their accuracy. This material is for informational purposes only and sets forth our views as of this date. The underlying assumptions and these views are subject to change without notice.

24.62% 26.23% 26.94% 28.17% 24.70% 26.47% 24.45% 20.75% 39.97% 36.62% 34.81% 37.37% 9.64% 10.65% 11.91% 12.95% 1.07% 0.12% 1.88% 0.76%

Source: DB Absolute Return Strategies 3 Past performance is not an indication of future results. Total returns as of the most recent month end may be based on the estimated Net Asset Value (NAV) of the Fund. Actual returns may be higher or lower than those presented once the Fund’s final NAV is calculated. Please visit www.db.com/ars for the Fund’s most recent finalized month-end performance. Performance is net of underlying funds’ fees but gross of Topiary Fund for Benefit Plan Investors’ sales charges, fees and expenses. Performance would have been lower had sales charges, fees and expenses been reflected. Although each strategy’s performance contributes to the Fund’s overall performance, this analysis is only representative of the performance of the underlying strategies and is not representative of the Fund’s actual or future performance. 4 The sector allocations shown are not necessarily indicative of future allocations. These sector allocations are only representative as of the date identified. Due to market conditions, these sector allocations will fluctuate. Sector allocations are continuously evaluated and subject to change.

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DB Absolute Return Strategies

Performance Information Past performance is not an indication of future results. An investment in Topiary BPI is expected to be generally illiquid. Topiary Fund for Benefit Plan Investors, LLC

HFRI Fund of Funds Index1

U.S. Equities2

Cumulative Net Returns Unadjusted for Sales Charges†* 10/01/04 - 12/31/04 Jan-05 Feb-05 Mar-05 Apr-05 May-05 Jun-05 Jul-05 Aug-05 Sep-05 YTD 2005

4.01% 0.13% 0.89% -0.43% -1.23% -0.33% 1.04% 1.67% 0.82% 1.35% 3.93%

4.86% 0.00% 1.36% -0.55% -1.41% 0.24% 1.36% 1.74% 0.81% 1.70% 5.32%

9.23% -2.44% 2.10% -1.77% -1.90% 3.18% 0.14% 3.72% -0.91% 0.81% 2.76%

0.95% 0.63% -0.59% -0.51% 1.35% 1.08% 0.55% -0.91% 1.28% -1.03% 1.82%

Cumulative Net Returns 10/01/04-09/30/05

8.11%

10.44%

12.25%

2.80%

Cumulative Net Return 10/01/04-09/30/05 (adjusted for maximum sales charge of 2.50%)

5.41%

U.S. Bonds3

Source: DB Absolute Return Strategies, underlying fund managers and Bloomberg.

Performance is historical and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions so that, when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance would have been lower during the specified periods if certain of the Fund’s expenses (0.14%) had not been waived and/or reimbursed. * Unadjusted returns do not reflect sales charges and would have been lower if they had. † Total returns as of the most recent month end may be based on the estimated net asset value (NAV) of the Fund. Actual returns may be higher or lower than those presented once the final NAV of the Fund is calculated. Please visit www.db.com/ars for the Fund's most recent finalized month-end performance. 1 Hedge Fund Research Inc. (HFRI) Fund of Funds Index is an equally-weighted, unmanaged index comprised of domestic and offshore hedge fund of funds. It is not possible to invest directly into an index. The HFRI Indices are based on information self-reported by hedge fund managers that decide, on their own, at any time, whether or not they want to provide, or continue to provide, information to HFR Asset Management, L.L.C. ("HFR"). Results for funds that go out of business are included in the index until the date that they cease operations. Therefore, these indices may not be complete or accurate representations of the hedge fund universe, and may be biased in several ways. 2 U.S. Equities is represented by the Standard & Poor’s 500 Composite Stock Index, an unmanaged index that tracks the performance of 500 large U.S. companies. Index returns assume reinvestment of dividends and unlike the Fund’s returns, do not reflect fees or expenses. It is not possible to invest directly into an index. 3 U.S. Bonds is represented by the Lehman Aggregate Bond Total Return Index, an unmanaged index comprised of approximately 6,000 publicly traded U.S. bonds that is generally considered to be representative of U.S. bond activity. Index returns assume reinvestment of dividends and unlike the Fund’s returns, do not reflect fees or expenses. It is not possible to invest directly into an index.

www.db.com/ars

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DB Absolute Return Strategies

Topiary BPI Asset Allocation by Sector(a) as of September 1, 2005

TOPIARY BPI CUMULATIVE NET RETURNS (%) (UNADJUSTED FOR SALES CHARGES)†* 2004

2005

Jan

0.13

Feb

0.89

Mar

-0.43

Apr

-1.23

May

-0.33

Jun

1.04

Jul

1.67

Aug

0.82

Sep

1.35

Oct

0.42

Nov

2.19

Dec

1.36

Year

4.01

Global Macro (10%)

Relative Value (23%)

Long/Short Equity (37%)

Event Driven (26%)

Cash (5%)

Source: DB Absolute Return Strategies 3.93

(a) These sector allocations shown are not necessarily indicative of future sector allocations. These allocations are only representative of the time period identified. Due to market conditions, these sector allocations will fluctuate daily. Due to rounding, allocations may not add up to 100%.

Source: DB Absolute Return Strategies, underlying fund mamangers Performance is historical and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions so that, when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance would have been lower during the specified periods if certain of the Fund’s expenses (0.14%) had not been waived and/or reimbursed. * Unadjusted returns do not reflect sales charges and would have been lower if they had. † Total returns as of the most recent month end may be based on the estimated net asset value (NAV) of the Fund. Actual returns may be higher or lower than those presented once the final NAV of the Fund is calculated. Please visit www.db.com/ars for the Fund's most recent finalized month-end performance.

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6

DB Absolute Return Strategies

Portfolio Attribution as of September 30, 2005 Past performance is not an indication of future results. • (b) Number of Funds and Allocation columns are as of September 1, 2005. Allocations shown here are not necessarily indicative of future allocations, which will fluctuate due to market conditions. • (c) These columns are net of underlying funds' fees but gross of Topiary BPI's sales charge, fees and expenses. Performance would have been lower had sales charges, fees and expenses been reflected. • (d) This column is calculated by multiplying the column titled "Allocations (%)" by the column titled "September '05 Month Cumulative Returns (%)." Number of Funds (b)

Allocations (%) (b)

Relative Value

11

22.53

Multi-Strategy/Rotational

4

Convertible Arbitrage

3

Fixed Income

2

Quantitative Market Neutral Equity

2

Event Driven Merger Arbitrage/Multi-Event

Sep '05 Sep '05 Month Cumulative Month Returns (%)(c)† Contribution(%)(c)(d)†

Jan '05 - Sep '05 Cumulative Returns (%)(c)†

1.43

0.32

12.80

1.93

0.25

4.60

3.68

0.31

0.01

-6.47

2.88

1.55

0.04

1.76

3.16

0.61

0.02

8.16

11

25.99

0.83

0.22

5.96

5

11.83

0.02

0.00

2.84

Distressed Debt

6

14.16

1.51

0.21

8.31

Long/Short Equity

20

36.94

2.04

0.75

10.39

Opportunistic

5

9.12

1.52

0.14

9.51

Global/International

7

14.08

2.88

0.41

12.89

Sector Specific

7

12.15

1.37

0.17

9.37

Short-Biased

1

1.59

2.61

0.04

1.52

Global Macro

7

9.85

3.14

0.31

-0.45

Discretionary

4

6.22

3.05

0.19

-0.11

Systematic

3

3.63

3.30

0.12

-0.52

Cash Total

2.37

4.70 49

100.00

Source: DB Absolute Return Strategies and underlying fund managers This analysis is only representative of the performance of the underlying sectors and strategies and is not representative of the Fund’s actual past or future performance. † Total returns as of the most recent month end may be based on the estimated net asset value (NAV) of the Fund. Actual returns may be higher or lower than those presented once the final NAV of the Fund is calculated. Please visit www.db.com/ars for the Fund's most recent finalized month-end performance.

Index Definitions The MSCI AC Europe Index is an unmanaged index which represents both developed and emerging equity markets in Europe. The MSCI AC Asia Pacific Free Index is an unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure equity market performance in 13 developed and emerging market countries in Asia. The S&P 500 Index (Standard and Poor’s Composite Stock Index) is an unmanaged index that tracks the performance of 500 large US companies. The NASDAQ Composite Index is an unmanaged, market capitalization-weighted index of all the common stocks electronically traded in the NASDAQ market. The Lehman Aggregate Bond Index is an unmanaged index comprised of approximately 6,000 publicly traded US bonds that is generally considered to be representative of US bond activity. The JP Morgan Global Bond Index Hedged in USD is an unmanaged index comprised of government bonds from 13 developed countries. Hedged indices seek to neutralize the effects of currency fluctuations. The Merrill Lynch U.S. Master High Yield II Index is an unmanaged index of C-rated bonds greater than one year in maturity. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect fees or expenses. It is not possible to invest directly into an index. Important Notes: Past performance is no guarantee of future results and no assurance can be given that any structure or strategy described herein would yield favorable investment results. The returns in this month’s report reflect the most current data at the time of printing. Returns may be amended after we have reported these monthly numbers. These amendments may be due to repricing adjustments or receipt of more accurate data, among other things, and are reflected in the next period’s report.

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DB Absolute Return Strategies The Fund will be treated as a partnership for Federal tax purposes. Most income and gains will be derived from ordinary income and shortterm gains. Income allocations are taxable even if no cash distributions are made. It is unlikely that the Fund will issue tax information before April 15, meaning that investors will need to file for an extension with the IRS (or state taxing agencies). However, because of the Fund's structure, UBTI should not be attributable to members of the Fund. Consult with your tax adviser regarding your specific information. This material is intended for information purposes only, does not constitute investment advice, or a recommendation, or an offer or solicitation, and is not the basis for any contract to purchase or sell any security, or other instrument, or for Deutsche Bank AG to enter into or arrange any type of transaction as a consequence of any information contained herein. Although the information herein has been obtained from sources believed to be reliable, DB Absolute Return Strategies does not guarantee its accuracy, completeness or fairness. Opinions expressed and estimates involve a number of assumptions which may not prove valid and may be changed without notice. Performance comparisons may not take into account any transaction costs, commissions or personal taxes. DB Absolute Return Strategies or our affiliates or persons associated with us, may maintain a long or short position in securities referred to herein, or in related futures or options, purchase or sell, make a market in, or engage in any other transaction involving such securities, and earn brokerage or other compensation in respect of the foregoing. Availability of the Fund may be limited by applicable law in certain jurisdictions and none of this document and any related material may be distributed or published in any jurisdiction, except under circumstances that will result in compliance with applicable laws and regulations. Further limitations on the availability of the Fund may be imposed.

Summary Risk Factors: The Fund’s underlying hedge funds may use leverage, short sales, foreign equities, derivative transactions and limited diversification. This can, in certain circumstances, cause the value of the portfolio to appreciate or depreciate at a greater rate than if such techniques were not used, which in turn could result in significant losses to the Fund. The Fund is highly illiquid, and investors may redeem their interests only as indicated in the Prospectus. There is no secondary market for the investor’s interests in the Fund, and none is expected to develop. See Important Notes section above and the Prospectus for a description of the Fund’s risk factors. DB ABSOLUTE RETURN STRATEGIES DB Absolute Return Strategies is the marketing name for the absolute return strategy activities of Deutsche Bank AG and certain of its subsidiaries and affiliates, including: Deutsche Asset Management Inc., Deutsche Bank Trust Company Americas, DB Investment Managers, Inc., Deutsche Bank Securities Inc., Deutsche Asset Management Investmentgesellschaft mbH Frankfurt am Main, Deutsche Asset Management (Australia) Limited and DB Absolute Return Strategies Ltd.

MARS 40958 Distributor: Scudder Distributors, Inc.

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October 2005

8