<PAGE> PAGE 1
000 B000000 03/31/95
000 C000000 0000885111
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
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
007 C010100 1
007 C020100 FLAG INVESTORS VALUE BUILDER FUND INC
007 C030100 N
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 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
020 A000001 JEFFERIES & COMPANY
020 B000001 95-2622900
020 C000001 11
020 A000002 C.J. LAWRENCE INCORPORTED
020 B000002 13-2730828
<PAGE> PAGE 2
020 C000002 10
020 A000003 BLAIR (WILLIAM) COMPANY
020 B000003 36-2214610
020 C000003 8
020 A000004 MORGAN STANLEY & CO., INCORPORATED
020 B000004 13-2655998
020 C000004 8
020 A000005 FIRST BOSTON CORPORATION (THE)
020 B000005 13-5659485
020 C000005 6
020 A000006 PAINE WEBBER INCORPORATED
020 B000006 13-2638166
020 C000006 6
020 A000007 DEAN WITTER REYNOLDS INCORPORTED
020 C000007 5
020 A000008 SALOMON BROTHERS INCORPORATED
020 B000008 13-3082694
020 C000008 5
020 A000009 LADENBURG,THALMANN & CO.,INC.
020 B000009 13-2700032
020 C000009 4
020 A000010 COUNTY NATWEST SECURITIES
020 B000010 13-3341706
020 C000010 4
021 000000 89
022 A000001 GOLDMAN, SACHS & CO.
022 B000001 13-5108880
022 C000001 571283
022 D000001 2036
022 A000002 MORGAN STNELY & CO. INCORPORATED
022 B000002 13-2655998
022 C000002 4591
022 D000002 4528
022 A000003 PAINE WEBBER INCORPORATED
022 B000003 13-2638166
022 C000003 3474
022 D000003 1785
022 A000004 SIMTH BARNEY SHEARSON, INC.
022 B000004 13-1912900
022 C000004 2515
022 D000004 1450
022 A000005 C.J. LAWRENCE INCORPORATED
022 B000005 13-2730828
022 C000005 3924
022 D000005 40
022 A000006 FIRST BOSTON CORPORATION (THE)
022 B000006 13-5659485
022 C000006 2862
022 D000006 538
022 A000007 KIDDER PEABODY & CO., INCORPORATED
022 B000007 13-5650440
<PAGE> PAGE 3
022 C000007 3361
022 D000007 0
022 A000008 JEFFERIES & COMPANY
022 B000008 95-2622900
022 C000008 1772
022 D000008 1413
022 A000009 BLAIR (WILLIAM) COMPANY
022 B000009 36-2214610
022 C000009 1160
022 D000009 1617
022 A000010 SALOMON BORHTERS INCORPORATED
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023 C000000 598306
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028 C03AA00 0
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