FLAG INVESTORS VALUE BUILDER FUND INC
NSAR-B, 1994-05-31
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<PAGE>      PAGE  1
000 B000000 03/31/94
000 C000000 0000885111
000 D000000 N
000 E000000 NF
000 F000000 Y
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000 I000000 3.0
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001 A000000 FLAG INVESTORS VALUE BUILDER FUND INC
001 B000000 811-6600
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 Y
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007 C020100 FLAG INVESTORS VALUE BUILDER FUND INC
007 C030100 N
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008 A00AA01 INVESTMENT COMPANY CAPITAL CORP.
008 B00AA01 A
008 C00AA01 801-29557
008 D01AA01 BALTIMORE
008 D02AA01 MD
008 D03AA01 21202
008 A00AA02 ALEX BROWN INVESTMENT MANAGEMENT
008 B00AA02 S
008 C00AA02 801-21616
008 D01AA02 BALTIMORE
008 D02AA02 MD
008 D03AA02 21202
012 A00AA01 INVESTMENT COMPANY CAPITAL CORP.
012 B00AA01 84-5477
012 C01AA01 BALTIMORE
012 C02AA01 MD
012 C03AA01 21202
<PAGE>      PAGE  2
015 A00AA01 PNC BANK, N.A.
015 B00AA01 C
015 C01AA01 LESTER
015 C02AA01 PA
015 C03AA01 19113
015 E01AA01 X
020 A000001 FIRST BOSTON CORPORATION (THE)
020 B000001 13-5659485
020 C000001     10
020 A000002 SMITH BARNEY, HARRIS UPHAM & CO. INCORPORATED
020 B000002 13-1912900
020 C000002      9
020 A000003 WHEAT, FIRST SECURITIES, INCORPORATED
020 B000003 54-0796506
020 C000003      6
020 A000004 MORGAN STANLEY & CO., INCORPORATED
020 B000004 13-2655998
020 C000004      6
020 A000005 MORGAN (J.P.) SECURITIES, INC.
020 B000005 13-3224016
020 C000005      5
020 A000006 COUNTY NATWEST SECURITIES
020 B000006 13-3341706
020 C000006      5
020 A000007 DONALDSON, LUFKIN & JENRETTE SECURITIES CO.
020 B000007 13-2741729
020 C000007      4
020 A000008 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
020 B000008 13-5674085
020 C000008      4
020 A000009 LEGG MASON WOOD WALKER, INCORPORATED
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020 C000009      4
020 A000010 GOLDMAN, SACHS & CO.
020 B000010 13-5108880
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022 C000003      3945
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022 B000004 13-3341706
022 C000004      2280
<PAGE>      PAGE  3
022 D000004       688
022 A000005 KIDDER PEABODY & CO., INC.
022 B000005 13-5650440
022 C000005      2967
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022 A000006 FIRST BOSTON CORPORATION (THE)
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022 C000006      2700
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022 A000007 JEFFERIES & COMPANY
022 B000007 95-2622900
022 C000007      2616
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022 A000008 MORGAN (J.P.) SECURITIES, INC.
022 B000008 13-3224016
022 C000008      2530
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022 A000009 SMITH BARNEY,HARRIS UPHAM & CO., INCORPORATED
022 B000009 13-1912900
022 C000009      2131
022 D000009         0
022 A000010 PRUDENTIAL-BACHE SECURITIES, INC.
022 B000010 22-2347336
022 C000010      1967
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080 A00AA00 ICI MUTUAL INSURANCE COMPANY
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SIGNATURE   EDWARD J. VEILLEUX                           
TITLE       VICE PRESIDENT      
 


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