<PAGE> PAGE 1
000 A000000 09/30/95
000 C000000 0000885111
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 Y
000 H000000 N
000 I000000 3.0.a
000 J000000 U
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
007 B000000 1
020 A000001 MORGAN STANLEY & CO., INCORPORATED
020 B000001 13-2655998
020 C000001 9
020 A000002 JEFFERIES & COMPANYRPORTED
020 B000002 95-2622900
020 C000002 8
020 A000003 PAINE WEVVER INCORPORATED
020 B000003 13-2638166
020 C000003 7
020 A000004 GOLDMAN, SACHS & CO.
020 B000004 13-5108880
020 C000004 4
020 A000005 SMITH BARNEY SHEARSON INC.
020 B000005 13-1912900
020 C000005 4
020 A000006 SALOMON BROTHERS INCORPORATED
020 B000006 13-3082694
020 C000006 4
020 A000007 PRUDENTIAL BACHE
020 C000007 2
020 A000008 C.J. LAWERENCE INCORPORATED
020 B000008 13-2730828
020 C000008 2
020 A000009 MORGAN (J.P.) INCORPORATED
020 B000009 13-3224016
020 C000009 2
020 A000010 BERNSTEIN
020 B000010 13-2625874
020 C000010 1
<PAGE> PAGE 2
021 000000 52
022 A000001 GOLDMAN, SACHS & CO.
022 B000001 13-5108880
022 C000001 494646
022 D000001 0
022 A000002 DONALDSON, LUFKIN, JUNRETTE
022 B000002 13-2741729
022 C000002 96337
022 D000002 0
022 A000003 LEHMAN BROTHERS
022 B000003 13-2518466
022 C000003 3000
022 D000003 216
022 A000004 MORGAN STANELY 7 CO., INCORPORATED
022 B000004 13-2655998
022 C000004 2970
022 D000004 0
022 A000005 SMITH BARENY SHEARSON INC.
022 B000005 13-1912900
022 C000005 1530
022 D000005 0
022 A000006 CITICORP SECURITIES MARKETS
022 C000006 975
022 D000006 0
022 A000007 SALOMON BROTHERS INCORPORATED
022 B000007 13-3082694
022 C000007 750
022 D000007 0
022 A000008 MORGAN (J.P.) INCORPORATED
022 B000008 13-3224016
022 C000008 637
022 D000008 0
022 A000009 JEFFERIES & COMPANY
022 B000009 95-2622900
022 C000009 0
022 D000009 437
022 A000010 GRUNTAL & COMPANY
022 B000010 13-3179859
022 C000010 0
022 D000010 313
023 C000000 600845
023 D000000 1190
028 A01AA00 1486
028 A02AA00 900
028 A03AA00 0
028 A04AA00 1172
028 B01AA00 1602
028 B02AA00 0
028 B03AA00 0
028 B04AA00 2312
028 C01AA00 4045
<PAGE> PAGE 3
028 C02AA00 0
028 C03AA00 0
028 C04AA00 1025
028 D01AA00 2052
028 D02AA00 927
028 D03AA00 0
028 D04AA00 1683
028 E01AA00 2568
028 E02AA00 0
028 E03AA00 0
028 E04AA00 1481
028 F01AA00 1876
028 F02AA00 0
028 F03AA00 0
028 F04AA00 1204
028 G01AA00 13629
028 G02AA00 1827
028 G03AA00 0
028 G04AA00 8877
028 H00AA00 7372
029 00AA00 Y
030 A00AA00 351
030 B00AA00 4.50
030 C00AA00 0.00
031 A00AA00 20
031 B00AA00 0
032 00AA00 171
033 00AA00 160
042 A00AA00 0
042 B00AA00 0
042 C00AA00 100
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 245
044 00AA00 0
062 A00AA00 Y
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.7
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.7
062 M00AA00 1.6
<PAGE> PAGE 4
062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 23.9
062 Q00AA00 1.9
062 R00AA00 71.2
063 A00AA00 0
063 B00AA00 6.7
071 A00AA00 26526
071 B00AA00 17688
071 C00AA00 169530
071 D00AA00 10
072 A00AA00 6
072 B00AA00 2218
072 C00AA00 1443
072 D00AA00 0
072 E00AA00 34
072 F00AA00 761
072 G00AA00 0
072 H00AA00 0
072 I00AA00 40
072 J00AA00 18
072 K00AA00 6
072 L00AA00 17
072 M00AA00 3
072 N00AA00 17
072 O00AA00 0
072 P00AA00 0
072 Q00AA00 33
072 R00AA00 13
072 S00AA00 25
072 T00AA00 245
072 U00AA00 5
072 V00AA00 0
072 W00AA00 7
072 X00AA00 1190
072 Y00AA00 0
072 Z00AA00 2505
072AA00AA00 2447
072BB00AA00 0
072CC01AA00 23625
072CC02AA00 0
072DD01AA00 2111
072DD02AA00 7
072EE00AA00 0
073 A01AA00 0.1600
073 A02AA00 0.1400
073 B00AA00 0.0000
073 C00AA00 0.0000
074 A00AA00 1
074 B00AA00 1401
074 C00AA00 0
<PAGE> PAGE 5
074 D00AA00 52321
074 E00AA00 9481
074 F00AA00 127421
074 G00AA00 0
074 H00AA00 0
074 I00AA00 0
074 J00AA00 0
074 K00AA00 0
074 L00AA00 1377
074 M00AA00 494
074 N00AA00 192496
074 O00AA00 0
074 P00AA00 0
074 Q00AA00 0
074 R01AA00 0
074 R02AA00 0
074 R03AA00 0
074 R04AA00 415
074 S00AA00 0
074 T00AA00 192081
074 U01AA00 12652
074 U02AA00 145
074 V01AA00 13.98
074 V02AA00 13.90
074 W00AA00 0.0000
074 X00AA00 4600
074 Y00AA00 0
075 A00AA00 0
075 B00AA00 174526
076 00AA00 0.00
077 A000000 Y
SIGNATURE EDWARD J. VEILLEUX
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000885111
<NAME> FLAG INVESTORS VALUE BUILDER FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1995
<PERIOD-END> SEP-30-1995
<INVESTMENTS-AT-COST> 152485688
<INVESTMENTS-AT-VALUE> 190624114
<RECEIVABLES> 1791501
<ASSETS-OTHER> 79987
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 192495602
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 414561
<TOTAL-LIABILITIES> 414561
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 149499939
<SHARES-COMMON-STOCK> 13739842
<SHARES-COMMON-PRIOR> 13233103
<ACCUMULATED-NII-CURRENT> 1623433
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2819243
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 38138426
<NET-ASSETS> 192081041
<DIVIDEND-INCOME> 1443560
<INTEREST-INCOME> 2217688
<OTHER-INCOME> 34000
<EXPENSES-NET> 1190094
<NET-INVESTMENT-INCOME> 2505154
<REALIZED-GAINS-CURRENT> 2447383
<APPREC-INCREASE-CURRENT> 23625347
<NET-CHANGE-FROM-OPS> 28577884
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2118294
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1049292
<NUMBER-OF-SHARES-REDEEMED> 691985
<SHARES-REINVESTED> 144607
<NET-CHANGE-IN-ASSETS> 6576932
<ACCUMULATED-NII-PRIOR> 1236573
<ACCUMULATED-GAINS-PRIOR> 371860
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 760645
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1190094
<AVERAGE-NET-ASSETS> 174526037
<PER-SHARE-NAV-BEGIN> 12.02
<PER-SHARE-NII> .19
<PER-SHARE-GAIN-APPREC> 1.93
<PER-SHARE-DIVIDEND> .16
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.98
<EXPENSE-RATIO> 1.34
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
