Exhibit 99. (d)(3)

                    FLAG INVESTORS COMMUNICATIONS FUND, INC.

                       AMENDMENT TO SUB-ADVISORY AGREEMENT

     This Amendment is made September 1, 2000 between FLAG INVESTORS
COMMUNICATIONS FUND, INC., a Maryland corporation (the "Fund"), INVESTMENT
COMPANY CAPITAL CORP., a Maryland corporation (the "Advisor") and ALEX. BROWN
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. BROWN 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:

Section 8. Compensation. is removed in its entirety and the attached shall be
           ------------
inserted in lieu thereof.

8. COMPENSATION
   ------------

   For the services to be rendered hereunder by the Sub-Advisor, the Advisor
   shall pay to the Sub-Advisor monthly compensation equal to the sum of the
   amounts determined by applying the following annual rates to the Fund's
   average daily net assets: 0.65% of the first $100 million of the Fund's
   average daily net assets, 0.60% of the next $100 million of the Fund's
   average daily net assets, 0.55% of the next $100 million of the Fund's
   average daily net assets, 0.50% of the next $200 million of the Fund's
   average daily net assets, 0.45% of the next $500 million of the Fund's
   average daily net assets, 0.42% of the next $500 million of the Fund's
   average daily net assets, and 0.40% of that portion of the Fund's average
   daily net assets in excess of $1.5 billion. Except as hereinafter set forth,
   compensation under this Agreement shall be calculated and accrued daily and
   the amounts of the daily accruals paid monthly. If this Agreement becomes
   effective subsequent to the first day of a month or shall terminate before
   the last day of a month, compensation for that part of the month this
   Agreement is in effect shall be prorated in a manner consistent with the
   calculations of the fees as set forth above. Payment of the Sub-Advisor's
   compensation for the preceding month shall be made as promptly as possible.

     IN WITNESS WHEREOF, the parties have executed this Amendment as of the date
first written above.

[SEAL]                     FLAG INVESTORS COMMUNICATIONS FUND, INC.

                           By: /s/ Amy M. Olmert
                               -----------------
                           Name:  Amy M. Olmert
                           Title: Secretary



[SEAL]                     INVESTMENT COMPANY CAPITAL CORP.

                           By: /s/ Edward J. Veilleux
                               ----------------------
                           Name:  Edward J. Veilleux
                           Title: Executive Vice President

[SEAL]                     ALEX. BROWN INVESTMENT MANAGEMENT

                           By: /s/ Bruce E. Behrens
                               --------------------
                           Name:  Bruce E. Behrens
                           Title: Vice President and Principal