0000950116-96-000068 Sample Contracts

FORM OF AMENDED INVESTMENT ADVISORY AGREEMENT
Flag Investors Telephone Income Fund Inc • February 8th, 1996 • Maryland
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FORM OF AMENDED SUB-ADVISORY AGREEMENT
Agreement • February 8th, 1996 • Flag Investors Telephone Income Fund Inc • Maryland
SUBSCRIPTION AGREEMENT ----------------------
Subscription Agreement • February 8th, 1996 • Flag Investors Telephone Income Fund Inc

For and in consideration of the mutual agreements herein contained, Alex. Brown & Sons ("Alex. Brown") hereby agrees to purchase from Flag Investors Fund, Inc., a Maryland corporation, (the "Corporation") and the Corporation agrees to issue 9,000 shares of the Corporation's common shares, par value $0.001 per share, Telephone Income Shares Series, (the "Shares") in exchange for 1,800 shares of common stock of American Telephone & Telegraph Company with a value of $109,800, upon the terms and conditions set forth herein.

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