Exhibit(d)(4)
FLAG INVESTORS COMMUNICATIONS FUND, INC.
AMENDMENT TO SUB-ADVISORY AGREEMENT
This Amendment is made May 1, 2002 between FLAG INVESTORS
COMMUNICATIONS FUND, INC., a Maryland corporation (the "Fund"), INVESTMENT
COMPANY CAPITAL CORP., a Maryland corporation (the "Advisor") and ALEX. XXXXX
INVESTMENT MANAGEMENT a limited partnership (the "Sub-Advisor"). This amendment
will revise the Sub-Advisory Agreement between FLAG INVESTORS COMMUNICATIONS
FUND, INC., INVESTMENT COMPANY CAPITAL CORP. and ALEX. XXXXX INVESTMENT
MANAGEMENT dated June 4, 1999.
WHEREAS, the parties wish to amend the Sub-Advisory Agreement; and
NOW THEREFORE, in consideration of the foregoing and the mutual
promises set forth below, the parties agree as follows:
Paragraph One of Section 8. Compensation. is amended to add the following
sentence at the end of the paragraph:
Fees payable to the Sub-Advisor by the Advisor will be reduced
to an annual rate of 30 basis points of the aggregate net
assets of the Flag Investors Communications Fund, Flag
Investors Equity Partners Fund and Flag Investors Value
Builder Fund that exceed $3.75 billion.
IN WITNESS WHEREOF, the parties have executed this Amendment as of the
date first written above
[SEAL] FLAG INVESTORS COMMUNICATIONS FUND, INC.
By: /s/Xxx X. Xxxxxx
--------------------------
Name: Xxx X. Xxxxxx
Title: Secretary
[SEAL] INVESTMENT COMPANY CAPITAL CORP.
By: /s/Xxxxxxx X. Xxxx
--------------------------
Name: Xxxxxxx X. Xxxx
Title: President
[SEAL] ALEX. XXXXX INVESTMENT MANAGEMENT
By: /s/Xxxxx X. Xxxxxxx
--------------------------
Name: Xxxxx X. Xxxxxxx
Title: Vice President and Principal
