<PAGE> PAGE 1
000 A000000 09/30/97
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 A
001 A000000 FLAG INVESTORS VALUE BUILDER FUND INC
001 B000000 811-6600
001 C000000 4107271700
002 A000000 1 SOUTH 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 INVESTMENT COMPANY CAPITAL CORP.
008 B000001 A
008 C000001 801-29557
008 D010001 BALTIMORE
008 D020001 MD
008 D030001 21202
011 A000001 BT ALEX BROWN INCORPORATED
011 B000001 8-194
011 C010001 BALTIMORE
011 C020001 MD
011 C030001 21202
012 A000001 INVESTMENT COMPANY CAPITAL CORP.
012 B000001 84-5477
012 C010001 BALTIMORE
012 C020001 MD
012 C030001 21202
013 A000001 COOPERS & LYBRAND L.L.P.
013 B010001 BALTIMORE
013 B020001 MD
<PAGE> PAGE 2
013 B030001 21202
015 A000001 BANKERS TRUST CO.
015 B000001 C
015 C010001 NEW YORK
015 C020001 NY
015 C030001 10015
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 10
019 C000000 FLAGINVEST
020 A000001 INSTINET CORP.
020 B000001 13-3443395
020 C000001 6
020 A000002 DEUTSCHE MORGAN GRENFELL/C.J. LAWRENCE INC.
020 B000002 13-2730828
020 C000002 6
020 A000003 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
020 B000003 13-2741729
020 C000003 6
020 A000004 BEAR STEARNS & CO. INC.
020 B000004 13-3299429
020 C000004 6
020 A000005 OPPENHEIMER & CO. INC.
020 B000005 13-2527171
020 C000005 4
020 A000006 CANTOR FITZGERALD SECURITIES
020 B000006 13-3680187
020 C000006 4
020 A000007 MORGAN STANLEY & CO. INC.
020 B000007 13-2655998
020 C000007 3
020 A000008 SALOMON BROTHERS INC.
020 B000008 13-3082694
020 C000008 3
020 A000009 MERRILL LYNCH PIERCE FENNER & SMITH INC.
020 B000009 13-5674085
020 C000009 3
020 A000010 JEFFERIES & CO. INC.
020 B000010 95-2622900
020 C000010 2
021 000000 46
022 A000001 GOLDMAN, SACHS & CO.
022 B000001 13-5108880
022 C000001 2942444
022 D000001 0
022 A000002 GRUNTAL & CO. INC.
022 B000002 13-3585619
022 C000002 4847
022 D000002 998
022 A000003 LEHMAN BROTHERS INC.
<PAGE> PAGE 3
022 B000003 13-2518466
022 C000003 4997
022 D000003 0
022 A000004 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
022 B000004 13-5674085
022 C000004 3589
022 D000004 0
022 A000005 MORGAN STANLEY & CO. INC.
022 B000005 13-2655998
022 C000005 2993
022 D000005 0
022 A000006 CS FIRST BOSTON CORP
022 B000006 13-5659485
022 C000006 2280
022 D000006 0
022 A000007 J.P. MORGAN SECURITIES INC.
022 B000007 13-3224016
022 C000007 1498
022 D000007 0
022 A000008 SALOMON BROTHERS INC.
022 B000008 13-3082694
022 C000008 1010
022 D000008 0
022 A000009 OPPENHEIMER & CO. INC.
022 B000009 13-2798343
022 C000009 575
022 D000009 0
022 A000010 DONALDSON, LUFKIN & JENRETTE SECURIIES CORP.
022 B000010 13-2741729
022 C000010 0
022 D000010 345
023 C000000 2964480
023 D000000 3337
024 000000 Y
025 A000001 JEFFERIES & CO. INC.
025 B000001 95-2622900
025 C000001 D
025 D000001 4025
025 A000002 SALOMON BROTHERS INC.
025 B000002 13-3082694
025 C000002 D
025 D000002 1526
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
<PAGE> PAGE 4
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 12735
028 A020000 1900
028 A030000 0
028 A040000 2113
028 B010000 13371
028 B020000 0
028 B030000 0
028 B040000 2547
028 C010000 11954
028 C020000 0
028 C030000 0
028 C040000 3785
028 D010000 24776
028 D020000 1836
028 D030000 0
028 D040000 2713
028 E010000 12049
028 E020000 0
028 E030000 0
028 E040000 4043
028 F010000 17536
028 F020000 0
028 F030000 0
028 F040000 3952
028 G010000 92421
028 G020000 3736
028 G030000 0
028 G040000 19153
028 H000000 75512
029 000000 Y
030 A000000 1483
030 B000000 4.50
030 C000000 0.00
031 A000000 127
031 B000000 0
032 000000 233
033 000000 1123
034 000000 Y
035 000000 10
036 A000000 N
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
<PAGE> PAGE 5
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 596
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.000
048 A010000 50000
048 A020000 1.000
048 B010000 50000
048 B020000 0.850
048 C010000 100000
048 C020000 0.800
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
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 200000
048 K020000 0.700
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 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
<PAGE> PAGE 6
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 N
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 2000
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
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
062 L000000 0.0
062 M000000 0.0
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 0.0
066 A000000 Y
066 E000000 Y
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
<PAGE> PAGE 7
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 Y
070 J020000 N
070 K010000 N
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 N
070 M020000 N
070 N010000 N
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 71024
071 B000000 12254
071 C000000 380006
071 D000000 3
072 A000000 6
072 B000000 5536
072 C000000 2115
072 D000000 0
072 E000000 57
072 F000000 1635
072 G000000 0
072 H000000 0
072 I000000 61
072 J000000 20
072 K000000 7
072 L000000 15
072 M000000 8
072 N000000 33
072 O000000 0
072 P000000 0
072 Q000000 52
072 R000000 14
072 S000000 21
072 T000000 596
<PAGE> PAGE 8
072 U000000 2
072 V000000 0
072 W000000 17
072 X000000 2481
072 Y000000 0
072 Z000000 5227
072AA000000 2977
072BB000000 0
072CC010000 64375
072CC020000 0
072DD010000 3517
072DD020000 847
072EE000000 0
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 1
074 B000000 46727
074 C000000 2997
074 D000000 134640
074 E000000 13261
074 F000000 289278
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 7266
074 M000000 61
074 N000000 494231
074 O000000 1693
074 P000000 0
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 1892
074 S000000 0
074 T000000 490646
074 U010000 18490
074 U020000 5740
074 V010000 0.00
074 V020000 0.00
074 W000000 0.0000
074 X000000 8866
074 Y000000 0
075 A000000 0
075 B000000 419479
076 000000 0.00
077 A000000 Y
<PAGE> PAGE 9
077 Q010000 Y
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
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000885111
<NAME> FLAG INVESTORS VALUE BUILDER FUND CLASS A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 335,934,367
<INVESTMENTS-AT-VALUE> 486,902,886
<RECEIVABLES> 7,266,096
<ASSETS-OTHER> 61,749
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 494,230,731
<PAYABLE-FOR-SECURITIES> 1,692,519
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,892,400
<TOTAL-LIABILITIES> 3,584,919
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 237,645,010
<SHARES-COMMON-STOCK> 18,489,756
<SHARES-COMMON-PRIOR> 16,228,513
<ACCUMULATED-NII-CURRENT> 3,040,955
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6,833,589
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 150,968,519
<NET-ASSETS> 374,094,255
<DIVIDEND-INCOME> 2,115,469
<INTEREST-INCOME> 5,535,899
<OTHER-INCOME> 57,327
<EXPENSES-NET> 2,481,603
<NET-INVESTMENT-INCOME> 5,227,092
<REALIZED-GAINS-CURRENT> 2,976,827
<APPREC-INCREASE-CURRENT> 64,375,056
<NET-CHANGE-FROM-OPS> 72,578,975
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,516,907
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,916,118
<NUMBER-OF-SHARES-REDEEMED> 826,556
<SHARES-REINVESTED> 171,681
<NET-CHANGE-IN-ASSETS> 145,220,206
<ACCUMULATED-NII-PRIOR> 2,177,375
<ACCUMULATED-GAINS-PRIOR> 3,856,762
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,635,193
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,481,603
<AVERAGE-NET-ASSETS> 327,187,502
<PER-SHARE-NAV-BEGIN> 17.14
<PER-SHARE-NII> .23
<PER-SHARE-GAIN-APPREC> 3.07
<PER-SHARE-DIVIDEND> .21
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.23
<EXPENSE-RATIO> 1.15
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000885111
<NAME> FLAG INVESTORS VALUE BUILDER FUND CLASS B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 335,934,367
<INVESTMENTS-AT-VALUE> 486,902,886
<RECEIVABLES> 7,266,096
<ASSETS-OTHER> 61,749
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 494,230,731
<PAYABLE-FOR-SECURITIES> 1,692,519
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,892,400
<TOTAL-LIABILITIES> 3,584,919
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 32,992,382
<SHARES-COMMON-STOCK> 1,907,874
<SHARES-COMMON-PRIOR> 1,008,822
<ACCUMULATED-NII-CURRENT> 3,040,955
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6,833,589
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 150,968,519
<NET-ASSETS> 38,611,858
<DIVIDEND-INCOME> 2,115,469
<INTEREST-INCOME> 5,535,899
<OTHER-INCOME> 57,327
<EXPENSES-NET> 2,481,603
<NET-INVESTMENT-INCOME> 5,227,092
<REALIZED-GAINS-CURRENT> 2,976,827
<APPREC-INCREASE-CURRENT> 64,375,056
<NET-CHANGE-FROM-OPS> 72,578,975
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 191,045
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 907,985
<NUMBER-OF-SHARES-REDEEMED> 18,711
<SHARES-REINVESTED> 9,778
<NET-CHANGE-IN-ASSETS> 145,220,206
<ACCUMULATED-NII-PRIOR> 2,177,375
<ACCUMULATED-GAINS-PRIOR> 3,856,762
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,635,193
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,481,603
<AVERAGE-NET-ASSETS> 27,145,205
<PER-SHARE-NAV-BEGIN> 17.16
<PER-SHARE-NII> .17
<PER-SHARE-GAIN-APPREC> 3.07
<PER-SHARE-DIVIDEND> .16
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.24
<EXPENSE-RATIO> 1.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000885111
<NAME> FLAG INVESTORS VALUE BUILDER FUND CLASS D
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 335,934,367
<INVESTMENTS-AT-VALUE> 486,902,886
<RECEIVABLES> 7,266,096
<ASSETS-OTHER> 61,749
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 494,230,731
<PAYABLE-FOR-SECURITIES> 1,692,519
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,892,400
<TOTAL-LIABILITIES> 3,584,919
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9,202,589
<SHARES-COMMON-STOCK> 876,914
<SHARES-COMMON-PRIOR> 889,149
<ACCUMULATED-NII-CURRENT> 3,040,955
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6,833,589
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 150,968,519
<NET-ASSETS> 17,709,912
<DIVIDEND-INCOME> 2,115,469
<INTEREST-INCOME> 5,535,899
<OTHER-INCOME> 57,327
<EXPENSES-NET> 2,481,603
<NET-INVESTMENT-INCOME> 5,227,092
<REALIZED-GAINS-CURRENT> 2,976,827
<APPREC-INCREASE-CURRENT> 64,375,056
<NET-CHANGE-FROM-OPS> 72,578,975
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 159,888
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 20,564
<SHARES-REINVESTED> 8,329
<NET-CHANGE-IN-ASSETS> 145,220,206
<ACCUMULATED-NII-PRIOR> 2,117,375
<ACCUMULATED-GAINS-PRIOR> 3,856,762
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,635,193
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,481,603
<AVERAGE-NET-ASSETS> 16,675,904
<PER-SHARE-NAV-BEGIN> 17.11
<PER-SHARE-NII> .20
<PER-SHARE-GAIN-APPREC> 3.07
<PER-SHARE-DIVIDEND> .18
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.20
<EXPENSE-RATIO> 1.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000885111
<NAME> FLAG INVESTORS VALUE BUILDER FUND INSTITUTIONAL CLASS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 335,934,367
<INVESTMENTS-AT-VALUE> 486,902,886
<RECEIVABLES> 7,266,096
<ASSETS-OTHER> 61,749
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 494,230,731
<PAYABLE-FOR-SECURITIES> 1,692,519
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,892,400
<TOTAL-LIABILITIES> 3,584,919
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 49,962,768
<SHARES-COMMON-STOCK> 2,955,679
<SHARES-COMMON-PRIOR> 2,013,930
<ACCUMULATED-NII-CURRENT> 3,040,955
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6,833,589
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 150,968,519
<NET-ASSETS> 60,229,787
<DIVIDEND-INCOME> 2,115,469
<INTEREST-INCOME> 5,535,899
<OTHER-INCOME> 57,327
<EXPENSES-NET> 2,481,603
<NET-INVESTMENT-INCOME> 5,227,092
<REALIZED-GAINS-CURRENT> 2,976,827
<APPREC-INCREASE-CURRENT> 64,375,056
<NET-CHANGE-FROM-OPS> 72,578,975
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 495,671
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,063,856
<NUMBER-OF-SHARES-REDEEMED> 140,454
<SHARES-REINVESTED> 18,347
<NET-CHANGE-IN-ASSETS> 145,220,206
<ACCUMULATED-NII-PRIOR> 2,177,375
<ACCUMULATED-GAINS-PRIOR> 3,856,762
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,635,193
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,481,603
<AVERAGE-NET-ASSETS> 48,470,323
<PER-SHARE-NAV-BEGIN> 17.27
<PER-SHARE-NII> .26
<PER-SHARE-GAIN-APPREC> 3.08
<PER-SHARE-DIVIDEND> .23
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.38
<EXPENSE-RATIO> 0.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
