Please Complete and Sign the
                Signature and Taxpayer Certification

               on the Reverse Side of This Supplement
          and Return It with Your New Account Application.

                 Supplement dated December 31, 1996
   to the NEW ACCOUNT APPLICATION in the following Prospectuses:
               ______________________________________

Flag Investors Telephone Income Fund, Inc. (Class A and Class B)
     dated April 10, 1996
Flag Investors International Fund, Inc.  (Class A) dated March 1, 1996
Flag Investors Emerging Growth Fund, Inc.(Class A and Class B) 
     dated May 24, 1996
Flag Investors Total Return U.S. Treasury Fund Shares (Class A and
     Class B) dated May 25, 1996
Flag Investors Managed Municipal Fund Class A Shares dated March 1, 1996
Flag Investors Value Builder Fund, Inc. (Class A and Class B) dated
     August 1, 1996
Flag Investors Equity Partners Fund, Inc. (Class A and Class B)
     dated October 1, 1996
Flag Investors Intermediate-Term Income Fund, Inc. (Class A Shares)
     dated May 1, 1996
Flag Investors Real Estate Securities Fund, Inc. (Class A and Class B) 
     dated May 1, 1996
Flag Investors Cash Reserve Prime Shares (Class A and Class B) 
     dated August 1, 1996
Flag Investors Maryland Intermediate Tax-Free Income Fund, Inc.
     (Class A) dated August 1, 1996


     The Prospectuses are hereby amended and supplemented as
follows:

     The section of the New Account Application appearing in the
Prospectuses under the heading

                Signature and Taxpayer Certification

is deleted and replaced by the Signature and Taxpayer Certification
appearing on the reverse side of this Supplement.  The remainder of
the New Account Application in the Prospectuses remains unchanged.

     When returning your New Account Application:

     *    Please complete all of the New Account Application
          appearing in your Prospectus, except for the Signature
          and Taxpayer Certification.

     *    Please complete and sign the Signature and Taxpayer
          Certification appearing on the reverse side of this
          Supplement and return it with your New Account
          Spplication.

     If you have any questions about how to complete your New
Account Application or the Signature and Taxpayer Certification
appearing on the reverse side of this Supplement, please call 1-
800-553-8080.

                             1  



              
PLEASE COMPLETE THIS PAGE AND RETURN IT WITH YOUR NEW ACCOUNT APPLICATION
                       Signature and Taxpayer Certification
______________________________________________________________________________
|By signing this application, I hereby certify under penalties               |
|of perjury that the information on this application is                      |
|complete and correct and that as required by federal law:                   |
|(Please check applicable boxes)                                             |
|[ ] U.S. Citizen/Taxpayer:                                                  |
|       [ ] I certify that (1) the number shown above on this form is        |
|           the correct Social Security Number or Tax ID Number and (2)      |
|           I am not subject to any backup withholding either because (a)    |
|           I am exempt from backup withholding, or (b) I have not been      |
|           notified by the Internal Revenue Service ("IRS") that I am sub-  |
|           ject to backup withholding as a result of a failure to report all|
|           interest or dividends, or (c) the IRS has notified me that       |
|           I am no longer subject to backup withholding.                    |
|      [ ]  If no Tax ID Number or Social Security  Number has been provided |
|           above, I have applied, or intend to apply, to the IRS or the     |
|           Social Security Administration for a Tax ID Number or a Social   |
|           Security Number, and I understand that if I do not provide       |
|           either number to the Transfer Agent within 60 days of the date   |
|           of this application or if I fail to furnish my correct Social    |
|           Security Number or Tax ID Number, I may be subject to a penalty  |
|           and a 31% backup withholding on distributions and redemption     |
|           proceeds. (Please provide either number on IRS Form W-9. You may |
|           request such form by calling the Transfer Agent at 800-553-8080.)|
|[ ] Non-U.S. Citizen/Taxpayer:                                              |
|    Indicated country of residence for tax purposes: _______________________|
|    Under  penalties of perjury,  I certify that I  am not  a U.S. citizen  |
|    or resident and I am an exempt foreign person as defined by the Internal|
|    Revenue Service.                                                        |
|____________________________________________________________________________|

       I have received a copy of the following prospectus (please check the
       appropriate box):

[ ]  Flag Investors Telephone Income Fund, Inc. (Class A) dated April 10, 1996
[ ]  Flag Investors International Fund, Inc. (Class A) dated March 1, 1996
[ ]  Flag Investors Emerging Growth Fund, Inc. (Class A and Class B) dated 
     May 24, 1996
[ ]  Flag Investors Total Return U.S. Treasury Fund Shares (Class A and 
     Class B) dated May 25, 1996
[ ]  Flag Investors Managed Municipal Fund Class A Shares dated March 1, 1996
[ ]  Flag Investors Value Builder Fund, Inc. (Class A and Class B)
     dated August 1, 1996
[ ]  Flag Investors Equity Partners Fund, Inc. (Class A and Class B)
     dated October 1, 1996
[ ]  Flag Investors Intermediate-Term Income Fund, Inc. (Class A) 
     dated May 1, 1996
[ ]  Flag Investors Real Estate Securities Fund, Inc. (Class A and
     Class B) dated May 1, 1996
[ ]  Flag Investors Cash Reserve Prime Shares (Class A and Class B)
     dated August 1, 1996
[ ]  Flag Investors Maryland Intermediate Tax-Free Income Fund, Inc.
     (Class A) dated August 1, 1996

I acknowledge that the telephone redemption and exchange privileges are 
automatic and will be effected as described in the Fund's current prospectus
(see "Telephone Transactions").  I also acknowledge that I may bear the risk 
of loss in the event of fraudulent use of such privileges.  If I do not want 
telephone redemption or exchange privileges, I have so indicated on this 
Application.

__________________________________________________________________________
| The Internal Revenue Service does not require your consent to           |
| any provision of this document other than the certifications            |
| required to avoid backup withholding.                                   |
|_________________________________________________________________________|

_______________________________________________        ____________
Signature                                              Date

_______________________________________________        ____________
Signature (if joint account, both must sign)           Date

                             2 

                   Please Complete and Sign the 
                SIGNATURE AND TAXPAYER CERTIFICATION
               on the Reverse Side of This Supplement
             and Return It with Your Application Form.

                 Supplement dated December 31, 1996
   to the APPLICATION FORM in the Prospectus dated August 1, 1996
                                 of
                Alex. Brown Cash Reserve Fund, Inc. 
         Prime Series, Treasury Series and Tax-Free Series
                 (Alex. Brown Cash Reserve Shares)

                    ___________________________

     The Prospectus is hereby amended and supplemented as follows:

     The section of the Application Form appearing in the
Prospectus under the heading

                          4.  SIGNATURE(S)

is deleted and replaced by the Signature and Taxpayer Certification
appearing on the reverse side of this Supplement.  The remainder of
the Application Form in the Prospectus remains unchanged.

     When returning your Application Form:

     *    Please complete all of the Application Form appearing in
          your Prospectus, except for the Signature and Taxpayer
          Certification.

     *    Please complete and sign the Signature and Taxpayer
          Certification appearing on the reverse side of this
          Supplement and return it with your Application Form.

     If you have any questions about how to complete your
Application Form or the Signature and Taxpayer Certification
appearing on the reverse side of this Supplement, please call 1-
800-553-8080.

















                             3  




 
 PLEASE COMPLETE THIS PAGE AND RETURN IT WITH YOUR APPLICATION FORM

4.   SIGNATURE AND TAXPAYER CERTIFICATION

______________________________________________________________________________
|By signing this application, I hereby certify under penalties               |
|of perjury that the information on this application is                      |
|complete and correct and that as required by federal law:                   |
|(Please check applicable boxes)                                             |
|[ ] U.S. Citizen/Taxpayer:                                                  |
|       [ ] I certify that (1) the number shown above on this form is        |
|           the correct Social Security Number or Tax ID Number and (2)      |
|           I am not subject to any backup withholding either because (a)    |
|           I am exempt from backup withholding, or (b) I have not been      |
|           notified by the Internal Revenue Service ("IRS") that I am sub-  |
|           ject to backup withholding as a result of a failure to report all|
|           interest or dividends, or (c) the IRS has notified me that       |
|           I am no longer subject to backup withholding.                    |
|      [ ]  If no Tax ID Number or Social Security  Number has been provided |
|           above, I have applied, or intend to apply, to the IRS or the     |
|           Social Security Administration for a Tax ID Number or a Social   |
|           Security Number, and I understand that if I do not provide       |
|           either number to the Transfer Agent within 60 days of the date   |
|           of this application or if I fail to furnish my correct Social    |
|           Security Number or Tax ID Number, I may be subject to a penalty  |
|           and a 31% backup withholding on distributions and redemption     |
|           proceeds. (Please provide either number on IRS Form W-9. You may |
|           request such form by calling the Transfer Agent at 800-533-8080.)|
|[ ] Non-U.S. Citizen/Taxpayer:                                              |
|    Indicated country of residence for tax purposes: _______________________|
|    Under  penalties of perjury,  I certify that I  am not  a U.S. citizen  |
|    or resident and I am an exempt foreign person as defined by the Internal|
|    Revenue Service.                                                        |
|____________________________________________________________________________|


I have received a copy of the Alex. Brown Cash Reserve Fund, Inc.
(Alex. Brown Cash Reserve Shares) prospectus dated August 1, 1996. 

 _________________________________________________________________________
| The Internal Revenue Service does not require your consent to           |
| any provision of this document other than the certifications            |
| required to avoid backup withholding.                                   |
|_________________________________________________________________________|

_______________________________________________        ____________
Signature                                              Date

_______________________________________________        ____________
Signature (if joint account, both must sign)           Date

                             4