Exhibit 99. (h)(4)
MASTER LICENSE AGREEMENT
Appendix A
as of September 1, 2000
amended as of May 1, 2001
Flag Investors Communications Fund, Inc.
Flag Investors Value Builder Fund, Inc.
Flag Investors Equity Partners Fund, Inc.
Flag Investors Series Funds, Inc.
IN WITNESS WHEREOF, Licensor and each Licensee have each caused this Amended
Appendix A to the Master License Agreement dated September 1, 2000 to be
executed in their names and on their behalf by and through their duly authorized
officers, as of May 1, 2001.
DEUTSCHE BANC ALEX. ▇▇▇▇▇ INC.
(formerly, Deutsche Banc Alex. ▇▇▇▇▇, LLC)
By: /s/▇▇▇ ▇▇▇▇▇▇▇▇▇
-----------------------------
Name: ▇▇▇ ▇▇▇▇▇▇▇▇▇
Title: Managing Director
By: /s/▇▇▇▇ ▇. ▇▇▇▇▇▇▇
-----------------------------
Name: ▇▇▇▇ ▇. ▇▇▇▇▇▇▇
Title: Managing Director
FLAG INVESTORS COMMUNICATIONS FUND, INC.
FLAG INVESTORS VALUE BUILDER FUND, INC.
FLAG INVESTORS EQUITY PARTNERS FUND, INC.
FLAG INVESTORS SERIES FUNDS, INC.
By: /s/▇▇▇ ▇. ▇▇▇▇▇▇
-----------------------------
Name: ▇▇▇ ▇. ▇▇▇▇▇▇
Title: Secretary
MASTER LICENSE AGREEMENT
THIS LICENSE AGREEMENT made as of this 1/st/ day of September,
2000, by and between Deutsche Banc Alex. ▇▇▇▇▇, LLC, a Maryland corporation
("Licensor"), and each Licensee listed in Appendix A. Each Licensee is a
Maryland corporation, except Flag Investors Portfolios Trust which is a New York
business trust.
W I T N E S S E T H:
-------------------
WHEREAS, Licensor has a proprietary interest in the name "Flag
Investors" and in the logo used on each Licensee's prospectus (the "Flag Logo"),
which interests are recognized by each Licensee; and
WHEREAS, Licensor wishes to permit use of the name "Flag
Investors" and the Flag Logo by each Licensee, subject to the terms and
conditions set forth herein;
NOW, THEREFORE, in consideration of the foregoing and of other
good and valuable consideration, it is hereby understood and agreed as follows:
1. Each Licensee acknowledges that it adopted its corporate name
and logo through the permission of Licensor which consents to the non-exclusive
use by each Licensee of the name listed in Appendix A and the Flag Logo only as
long as Deutsche Banc Alex. ▇▇▇▇▇, LLC or its affiliates serve as each
Licensee's investment advisor.
2. Each Licensee recognizes that its right to use the name "Flag
Investors" and the Flag Logo is non-exclusive and that Licensor may from time to
time permit other entities, including entities engaged in the same or similar
business as each Licensee, to use the name "Flag Investors" or the Flag Logo.
3. Each Licensee covenants and agrees to protect, exonerate,
defend, indemnify and hold harmless Licensor, its partners, agents, officers and
employees from and against any and all costs, losses, claims, damages or
liabilities, joint or several, including all legal expenses, which may arise or
have arisen out of each Licensee's use or misuse of the name "Flag Investors" or
the Flag Logo or out of any breach of or failure to comply with this agreement.
4. Each Licensee shall not distribute or circulate any
prospectus, proxy statement, sales literature, promotional material or other
printed matter required to be filed with the Securities and Exchange Commission
under Section 24(b) of the Investment Company Act of 1940, as amended, which
contains any references to or uses the name "Flag Investors" or the Flag Logo
without the prior approval of the Licensor and shall submit, as requested, all
such materials in draft form, allowing sufficient time for review by Licensor
and its counsel prior to any deadline for printing.
5. If Deutsche Banc Alex. ▇▇▇▇▇, LLC or its affiliates or any
successor to its business shall cease to serve as each Licensee's investment
advisor, each Licensee:
(a) As promptly as practicable, will take all necessary director or
shareholder action to cause its Articles of Incorporation to be
amended to accomplish a change of the fund's name and change of
logo;
(b) Within 90 days after the termination of this agreement or such similar
contractual arrangement, shall cease to use in any other manner, including
but not limited to use in any prospectus, sales literature or promotional
material, the name "Flag Investors" or any name, ▇▇▇▇ or logotype derived
from it or similar to it or indicating that each Fund is advised,
administered or distributed by or otherwise associated with Licensor or
Deutsche Banc Alex. ▇▇▇▇▇, LLC.
6. This Agreement shall be binding upon the parties hereto and
their respective successors and assigns, including any successors to the
business nor or thereafter conducted by them.
IN WITNESS WHEREOF, Licensor and each Licensee have each caused this
Agreement to be executed by a duly authorized officer and to have its seal
affixed hereto and to be attested by its Secretary as of the day and year first
herein written.
ATTEST: DEUTSCHE BANC ALEX. ▇▇▇▇▇, LLC
/s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ /s/ ▇▇▇ ▇▇▇▇▇▇▇▇▇
--------------------------- ------------------------------------
▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ By: ▇▇▇ ▇▇▇▇▇▇▇▇▇
Title:
/s/▇▇▇▇ ▇. ▇▇▇▇▇▇▇
------------------
By: ▇▇▇▇ ▇. ▇▇▇▇▇▇▇
Title: Managing Director
ATTEST: FLAG INVESTORS COMMUNICATIONS
FUND, INC., FLAG INVESTORS SERIES
FUNDS, INC., FLAG INVESTORS
EMERGING GROWTH FUND, INC.,
FLAG INVESTORS EQUITY PARTNERS
FUND, INC., FLAG INVESTORS REAL
ESTATE SECURITIES FUND, INC., FLAG
INVESTORS SHORT-INTERMEDIATE
INCOME FUND, INC., FLAG INVESTORS
VALUE BUILDER FUND, INC., FLAG
INVESTORS FUNDS, INC., FLAG
INVESTORS PORTFOLIOS TRUST
/s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ /s/ ▇▇▇ ▇. ▇▇▇▇▇▇
--------------------------
▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ By: ▇▇▇ ▇. ▇▇▇▇▇▇
Title: Secretary
ATTEST: ISI TOTAL RETURN U.S. TREASURY
FUND, INC. on behalf FLAG INVESTORS
TOTAL RETURN U.S. TREASURY FUND
CLASS A SHARES and ISI MANAGED
MUNICIPAL FUND, INC. on behalf of
FLAG INVESTORS MANAGED
MUNICIPAL FUND CLASS A SHARES
/s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
------------------- ----------------------
▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ By: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
Title: Vice President
APPENDIX A
FLAG INVESTORS COMMUNICATIONS FUND, INC.
FLAG INVESTORS SERIES FUNDS, INC. on behalf of
FLAG INVESTORS INTERNATIONAL EQUITY FUND
FLAG INVESTORS EMERGING GROWTH FUND, INC.
FLAG INVESTORS EQUITY PARTNERS FUND, INC.
FLAG INVESTORS REAL ESTATE SECURITIES FUND, INC.
FLAG INVESTORS SHORT-INTERMEDIATE INCOME FUND, INC.
FLAG INVESTORS VALUE BUILDER FUND, INC.
FLAG INVESTORS FUNDS, INC. on behalf of
FLAG INVESTORS TOP 50 WORLD
FLAG INVESTORS TOP 50 EUROPE
FLAG INVESTORS TOP 50 ASIA
FLAG INVESTORS TOP 50 US
FLAG INVESTORS EUROPEAN MID-CAP FUND
FLAG INVESTORS JAPANESE EQUITY FUND and
FLAG INVESTORS GROWTH OPPORTUNITY FUND
FLAG INVESTORS PORTFOLIOS TRUST on behalf of
TOP 50 WORLD PORTFOLIO
TOP 50 EUROPE PORTFOLIO
TOP 50 ASIA PORTFOLIO
TOP 50 US PORTFOLIO
PROVESTA PORTFOLIO
JAPANESE EQUITY PORTFOLIO
COMMUNICATIONS PORTFOLIO
ISI TOTAL RETURN U.S. TREASURY FUND, INC. on behalf of
FLAG INVESTORS TOTAL RETURN U.S. TREASURY FUND CLASS A SHARES
ISI MANAGED MUNICIPAL FUND, INC. on behalf of
FLAG INVESTORS MANAGED MUNICIPAL FUND CLASS A SHARES
