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Supplement dated October 11, 1999
to the Prospectuses dated August 1, 1999,
of Flag Investors Value Builder Fund, Inc.
The fourth paragraph of the section "INVESTMENT ADVISOR AND
SUB-ADVISOR" in the prospectuses for Flag Investors Value Builder Fund, Inc.
(the "Fund") is amended and supplemented as follows:
Prior to June 4, 1999, the Advisor was an indirect subsidiary of
Bankers Trust Corporation. On June 4, 1999, Bankers Trust Corporation merged
with a subsidiary of Deutsche Bank A.G. ("Deutsche Bank"). Deutsche Bank is a
major global banking institution that is engaged in a wide range of financial
services, including investment management, mutual funds, retail and commercial
banking, investment banking and insurance.
A Special Meeting of Shareholders was held on October 7, 1999, at which
time shareholders voted to approve a new investment advisory agreement (the
"Advisory Agreement") between the Fund and Investment Company Capital Corp.
("ICC") and a new sub-advisory agreement (the "Sub-Advisory Agreement) among the
Fund, ICC and Alex. Brown Investment Management ("ABIM"). Approval of the
Advisory Agreement and Sub-Advisory Agreement was sought because Deutsche Bank
indirectly became ICC's parent company and, therefore, controls its operations
as investment advisor. The services provided to the Fund under the Advisory
Agreement and Sub-Advisory Agreement are the same as those provided under the
previous investment advisory agreement with ICC and sub-advisory agreement with
ABIM.
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PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
SUPPVB (10/99)
