Exhibit(d)(3)
AMENDMENT
TO SUBADVISORY AGREEMENT
This amendment to the Subadvisory Agreement is made effective this 23rd
day of April, 2003 between Deutsche Investment Management Americas, Inc.
("Manager") and Deutsche Asset Management Investment Services Limited
("Subadviser").
WHEREAS, Manager and Subadviser entered into that certain Subadvisory
Agreement dated September 30, 2002 (the "Agreement"), setting forth the terms
and conditions under which Manager has engaged Subadviser to provide subadvisory
services with respect to ▇▇▇▇▇▇▇ New Europe Fund (the "Fund");
WHEREAS, Manager or its affiliates may, from time to time, engage other
subadvisers to advise the Fund (or portions thereof) or other registered
investment companies (or series or portions thereof) that may be deemed to be
under common control (each a "Subadvised Fund"); and
WHEREAS, Manager and Subadviser desire to amend the Agreement to the
extent required to rely on certain exemptive rules under the Investment Company
Act of 1940, as amended, that permit certain transactions with a subadviser or
its affiliates (the "Rules").
NOW THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is acknowledged, the parties hereby amend the Agreement as
follows:
1. The Agreement is supplemented to add the following provision:
Subadviser agrees that it will not consult with any other subadviser
engaged by Manager with respect to transactions in securities or other assets
concerning the Fund or another Subadvised Fund, except to the extent permitted
by the Rules.
2. No changes to the Agreement are intended by the parties other than
the changes reflected in Section 1 of this Amendment, and all other provisions
of the Agreement are hereby confirmed.
IN WITNESS THEREOF, Manager and Subadviser have caused this Amendment
to be executed by their duly authorized officers effective as of the date first
written above.
DEUTSCHE INVESTMENT DEUTSCHE ASSET MANAGEMENT
MANAGEMENT AMERICAS, INC. INVESTMENT SERVICES LIMITED.
By: /s/▇▇▇▇▇▇▇▇ ▇▇▇▇▇ By: /s/▇. ▇▇▇▇▇▇
--------------------------- ---------------------------
Name: ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ Name: ▇. ▇▇▇▇▇▇
Title: Corporate Vice President Title: Portfolio Manager
