<PAGE> PAGE 1
000 A000000 04/30/96
000 C000000 0000811160
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 TOTAL RETURN U.S. TREASURY FUND, INC.
001 B000000 811-5040
001 C000000 4107271700
002 A000000 135 E. BALTIMORE STREET
002 B000000 BALTIMORE
002 C000000 MD
002 D010000 21202
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 INTERNATIONAL STRATEGY AND INVESTMENT, INC.
008 B000001 A
008 C000001 801-38408
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10022
010 A000001 ALEX. BROWN & SONS, INC.
010 B000001 8-31203
010 C010001 BALTIMORE
010 C020001 MD
010 C030001 21202
011 A000001 ALEX. BROWN & SONS, INC.
011 B000001 8-31203
011 C010001 BLTIMORE
011 C020001 MD
011 C030001 21202
011 A000002 ARMATA FINANCIAL CORP.
011 B000002 8-29659
011 C010002 BALTIMORE
<PAGE> PAGE 2
011 C020002 MD
011 C030002 21202
012 A000001 INVESTMENT COMPANY CAPITAL CORP.
012 B000001 84-5477
012 C010001 BALTIMORE
012 C020001 MD
012 C030001 21202
013 A000001 DELOITTE & TOUCHE
013 B010001 PRINCETON
013 B020001 NJ
013 B030001 08540
015 A000001 PNC BANK, N.A.
015 B000001 C
015 C010001 LESTER
015 C020001 PA
015 C030001 19113
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 10
019 C000000 FLAGINVEST
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 GOLDMAN, SACHS & CO.
022 B000001 13-5108880
022 C000001 3210877
022 D000001 32762
022 A000002 SMITH BARNEY HARRIS UPHAM
022 B000002 13-1912900
022 C000002 204894
022 D000002 222751
022 A000003 DONALDSON, LUFKIN, JUNRETTE
022 B000003 13-2744179
022 C000003 151191
022 D000003 147449
022 A000004 SALOMON BROTHERS
022 B000004 13-3082694
022 C000004 55444
022 D000004 40622
022 C000005 0
022 D000005 0
022 C000006 0
<PAGE> PAGE 3
022 D000006 0
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 3622406
023 D000000 443583
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 2423
028 A020000 1194
028 A030000 0
028 A040000 6406
028 B010000 2159
028 B020000 1188
028 B030000 0
028 B040000 4690
028 C010000 5807
028 C020000 1187
028 C030000 0
028 C040000 7315
028 D010000 2875
028 D020000 1199
028 D030000 0
028 D040000 4233
028 E010000 1720
028 E020000 1193
028 E030000 0
028 E040000 6636
028 F010000 3799
<PAGE> PAGE 4
028 F020000 1191
028 F030000 0
028 F040000 4885
028 G010000 18783
028 G020000 7152
028 G030000 0
028 G040000 34165
028 H000000 10831
029 000000 Y
030 A000000 354
030 B000000 4.50
030 C000000 0.00
031 A000000 46
031 B000000 0
032 000000 268
033 000000 40
034 000000 N
035 000000 0
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 Y
041 000000 Y
042 A000000 0
042 B000000 0
042 C000000 100
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 453
044 000000 0
045 000000 Y
046 000000 N
047 000000 N
048 000000 0.000
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
<PAGE> PAGE 5
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 Y
051 000000 N
052 000000 N
053 A000000 Y
053 B000000 Y
053 C000000 N
054 A000000 Y
054 B000000 N
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 2000
062 A000000 Y
062 B000000 13.8
062 C000000 0.0
062 D000000 8.7
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
<PAGE> PAGE 6
062 L000000 0.0
062 M000000 75.9
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 13.7
064 A000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 N
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 N
070 J020000 N
070 K010000 N
070 K020000 N
070 L010000 N
070 L020000 N
070 M010000 N
070 M020000 N
070 N010000 N
070 N020000 N
070 O010000 N
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
<PAGE> PAGE 7
071 A000000 428685
071 B000000 443583
071 C000000 333996
071 D000000 128
072 A000000 6
072 B000000 11680
072 C000000 0
072 D000000 0
072 E000000 0
072 F000000 489
072 G000000 215
072 H000000 0
072 I000000 96
072 J000000 5
072 K000000 8
072 L000000 23
072 M000000 5
072 N000000 5
072 O000000 0
072 P000000 0
072 Q000000 47
072 R000000 12
072 S000000 14
072 T000000 453
072 U000000 0
072 V000000 0
072 W000000 15
072 X000000 1387
072 Y000000 0
072 Z000000 10293
072AA000000 5035
072BB000000 2649
072CC010000 0
072CC020000 20084
072DD010000 5860
072DD020000 7493
072EE000000 0
073 A010000 0.3710
073 A020000 0.3710
073 B000000 0.0000
073 C000000 0.0000
074 A000000 1
074 B000000 29811
074 C000000 47323
074 D000000 259442
074 E000000 0
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
<PAGE> PAGE 8
074 K000000 0
074 L000000 7799
074 M000000 96
074 N000000 344472
074 O000000 0
074 P000000 0
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 2641
074 S000000 0
074 T000000 341831
074 U010000 15488
074 U020000 20083
074 V010000 9.61
074 V020000 9.61
074 W000000 0.0000
074 X000000 8517
074 Y000000 0
075 A000000 0
075 B000000 364548
076 000000 0.00
077 A000000 N
078 000000 N
080 C000000 0
081 B000000 0
082 B000000 0
083 B000000 0
084 B000000 0
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE EDWARD J. VEILLEUX
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000811160
<NAME> TOTAL RETURN U.S. TREASURY
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 355194211
<INVESTMENTS-AT-VALUE> 336576200
<RECEIVABLES> 7798823
<ASSETS-OTHER> 96516
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 344471539
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2640910
<TOTAL-LIABILITIES> 2640910
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 360874475
<SHARES-COMMON-STOCK> 35571985
<SHARES-COMMON-PRIOR> 36397163
<ACCUMULATED-NII-CURRENT> (4403662)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3977827
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (18618011)
<NET-ASSETS> 341830629
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 11680187
<OTHER-INCOME> 0
<EXPENSES-NET> 1387002
<NET-INVESTMENT-INCOME> 10293185
<REALIZED-GAINS-CURRENT> 2385791
<APPREC-INCREASE-CURRENT> (20085536)
<NET-CHANGE-FROM-OPS> (7406560)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 13353442
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 18782838
<NUMBER-OF-SHARES-REDEEMED> 34164675
<SHARES-REINVESTED> 7151777
<NET-CHANGE-IN-ASSETS> (28990062)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1592036
<OVERDISTRIB-NII-PRIOR> 1341530
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 488740
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1387002
<AVERAGE-NET-ASSETS> 364548190
<PER-SHARE-NAV-BEGIN> 10.19
<PER-SHARE-NII> .28
<PER-SHARE-GAIN-APPREC> (0.49)
<PER-SHARE-DIVIDEND> .37
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.61
<EXPENSE-RATIO> .76
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>