Annual Notice of Securities Sold Pursuant to Rule 24F-2
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 24F-2
Annual Notice of Securities Sold
Pursuant to Rule 24f-2
Read instructions at end of Form before preparing Form.
Please print or type.
1. Name and address of issuer:
Flag Investors Value Builder Fund, Inc.
One South Street
Baltimore, MD 21202
___________________________________________________________________
2. Name of each series or class of funds for which this notice is
filed:
Class A Shares
Class B Shares
Class D Shares
Institutional Shares
___________________________________________________________________
3. Investment Company Act File Number: 811-6600
Securities Act File Number: 33-46279
___________________________________________________________________
4. Last day of fiscal year for which this notice is filed:
March 31, 1997
___________________________________________________________________
5. Check box if this notice is being filed more than 180 days
after the close of the issuer's fiscal year for purposes of
reporting securities sold after the close of the fiscal year
but before termination of the issuer's 24f-2 declaration:
N/A
[ ]
___________________________________________________________________
6. Date of termination of issuer's declaration under rule 24f-
2(a)(1), if applicable (see Instruction A.6):
N/A
___________________________________________________________________
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7. Number and amount of securities of the same class or series
which had been registered under the Securities Act of 1933
other than pursuant to rule 24f-2 in a prior fiscal year, but
which remained unsold at the beginning of the fiscal year:
None
___________________________________________________________________
8. Number and amount of securities registered during the fiscal
year other than pursuant to rule 24f-2:
None
___________________________________________________________________
9. Number and aggregate sale price of securities sold during the
fiscal year:
6,340,528 shares @ $107,061,363.96 (see attached Schedule A)
___________________________________________________________________
10. Number and aggregate sale price of securities sold during the
fiscal year in reliance upon registration pursuant to rule
24f-2:
6,340,528 shares @ $107,061,363.96 (see attached Schedule A)
___________________________________________________________________
11. Number and aggregate sale price of securities issued during
the fiscal year in connection with dividend reinvestment
plans, if applicable (see Instruction B.7):
Included in Item 9 above
___________________________________________________________________
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12. Calculation of registration fee:
(i) Aggregate sale price of securities sold during the fiscal
year in reliance on rule 24f-2 (from Item 10):
$ 107,061,363.96
_________________
(ii) Aggregate price of shares issued in connection with
dividend reinvestment plans (from Item 11, if
applicable):
+ --
_________________
(iii) Aggregate price of shares redeemed or repurchased
during the fiscal year (if applicable):
- 29,688,897.00
_________________
(iv) Aggregate price of shares redeemed or repurchased and
previously applied as a reduction to filing fees pursuant
to rule 24e-2 (if applicable):
+ --
_________________
(v) Net aggregate price of securities sold and issued during
the fiscal year in reliance on rule 24f-2 {line (i), plus
line (ii), less line (iii), plus line (iv)} (if
applicable):
+ 77,372,466.96
_________________
(vi) Multiplier prescribed by Section 6(b) of the Securities
Act of 1933 or other applicable law or regulation (see
Instruction C.6):
x 1/3,300
_________________
(vii) Fee due {line (i) or line (v) multiplied by line
(vi)}:
$ 23,446.20
================
Instruction: Issuers should complete lines (ii), (iii), (iv), and
(v) only if the form is being filed within 60 days
after the close of the issuer's fiscal year. See
Instruction C.3.
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13. Check box if fees are being remitted to the Commission's
lockbox depository as described in section 3a of the
Commission's Rules of Informal and Other Procedures (17 CFR
202.3a).
[X]
Date of mailing or wire transfer of filing fees to the
Commission's lockbox depository:
May 14, 1997
SIGNATURES
This report has been signed by the following person on behalf of
the issuer and in the capacities and on the date indicated.
By (Signature and Title)* /s/ Joseph A. Finelli
Joseph A. Finelli, Treasurer
Date May 15, 1997
* Please print the name and title of the signing officer below the
signature.
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Schedule A
to 24f-2 Notice of
Flag Investors Value Builder Fund, Inc.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Value of Cost of Shares
Number of Aggregate Front-end Shares Reinvested Shares Redeemed
Class Shares Sold Sales Price Sales Loads Reinvested Dividends Redeemed
- -------------- ----------- ------------- ----------- ---------- ----------- --------- --------------
A 3,858,982 $ 64,502,359 $937,640.96 330,808 $5,229,071 1,584,547 $25,438,783
B 754,825 12,645,227 -- 8,887 144,638 38,898 635,497
D -- -- -- 19,676 311,352 68,822 1,071,231
Institutional 1,343,738 22,912,250 -- 23,612 378,826 150,351 2,543,386
- -------------- ----------- ------------- ----------- ---------- ----------- --------- --------------
5,957,545 $100,059,836 $937,640.96 382,983 $6,063,887 1,842,618 $29,688,897
</TABLE>
Total shares sold $100,059,836.00
5,957,545 shares 937,640.96 front-end commissions
+ 382,983 dividends 6,063,887.00 dividends
- ------------ ---------------
6,340,528 shares $107,061,363.96
Computation of Fee: $107,061,363.96 - $29,688,897.00 = $77,372,466.96
77,372,466.96 divided by 3,300 = $23,446.20
Fee Due: $23,446.20
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2000 One Logan Square Morgan, Lewis
&Bockius LLP
Philadelphia, PA 19103-6993 COUNSELORS AT LAW
215-963-5000
FAX: 215-963-5299
May 15, 1997
Flag Investors Value Builder Fund, Inc.
One South Street
Baltimore, MD 21202
Re: Rule 24f-2 Notice for
Flag Investors Value Builder Fund, Inc.
(File Nos. 33-46279 and 811-6600)
Gentlemen:
Flag Investors Value Builder Fund, Inc. (the "Fund") is a corporation
organized under the laws of the State of Maryland with its principal place of
business in Baltimore, Maryland. The Fund is an open-end diversified
management investment company registered with the Securities and Exchange
Commission (the "Commission") under the Investment Company Act of 1940 (the
"1940 Act"). This opinion relates to shares of common stock, par value $.001
per share, sold by the Fund in reliance upon Rule 24f-2 during the fiscal
year ended March 31, 1997, the registration of which is made definite by the
filing of the attached Notice.
We have reviewed all proceedings taken by the Fund in connection with the
offer and sale of shares of common stock, par value $.001 per share, which
have been offered under Prospectuses included as part of the Fund's
Registration Statement on Form N-1A, as amended to the date hereof, which has
been filed with the Commission under the Securities Act of 1933 and the 1940
Act (collectively, the "Registration Statement").
We are of the opinion that such shares of common stock, when sold and issued
in return for the payment described in the Fund's Registration Statement,
were legally issued, fully paid and non-assessable by the Fund.
Very truly yours,
/s/ Morgan, Lewis & Bockius LLP
cc: Mr. Joseph A. Finelli
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