<PAGE> PAGE 1
000 B000000 12/31/97
000 C000000 0001019286
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 T. ROWE PRICE FINANCIAL SERVICES FUND, INC.
001 B000000 811-07749
001 C000000 4103452000
002 A000000 100 EAST PRATT 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
015 A000001 STATE STREET BANK AND TRUST COMPANY
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02110
015 E010001 X
015 A000002 CHASE MANHATTAN BANK, NA
015 B000002 C
015 C010002 LONDON
015 D010002 ENGLAND
015 D020002 ECZP 2HD
015 E040002 X
018 000000 Y
019 A000000 Y
019 B000000 80
019 C000000 TROWEPRICE
020 A000001 PAULSEN DOWLING
020 B000001 04-3257518
020 C000001 29
020 A000002 JP MORGAN
020 B000002 13-3224016
020 C000002 20
020 A000003 MERRILL LYNCH
020 B000003 13-5674085
020 C000003 18
020 A000004 INSTINET
020 B000004 13-3443335
020 C000004 12
020 A000005 PAINE WEBBER
<PAGE> PAGE 2
020 B000005 13-2638166
020 C000005 10
020 A000006 FOX PITT KELTON
020 B000006 06-1058201
020 C000006 7
020 A000007 SALOMON BROTHERS
020 B000007 13-3082694
020 C000007 7
020 A000008 BRIDGE TRADING
020 B000008 43-1450530
020 C000008 7
020 A000009 NATWEST SECURITIES
020 B000009 13-3341706
020 C000009 6
020 A000010 BEAR STEARNS
020 B000010 13-3299429
020 C000010 6
021 000000 200
022 A000001 GOLDMAN SACHS
022 B000001 13-5108880
022 C000001 53042
022 D000001 3310
022 A000002 JP MORGAN
022 B000002 13-3224016
022 C000002 52329
022 D000002 2999
022 A000003 GMAC
022 B000003 38-0572512
022 C000003 49041
022 D000003 0
022 A000004 LEHMAN BROTHERS
022 B000004 13-2518466
022 C000004 33313
022 D000004 5988
022 A000005 BT ALEX BROWN
022 B000005 13-3311934
022 C000005 27965
022 D000005 1362
022 A000006 PRUDENTIAL SECURITIES
022 B000006 22-2347336
022 C000006 15979
022 D000006 2249
022 A000007 FIRST BOSTON
022 B000007 13-5659485
022 C000007 17023
022 D000007 0
022 A000008 MERRILL LYNCH
022 B000008 13-5674085
022 C000008 15045
022 D000008 267
022 A000009 MORGAN STANLEY
<PAGE> PAGE 3
022 B000009 13-2655998
022 C000009 10579
022 D000009 2371
022 A000010 CHASE SECURITIES
022 B000010 13-3379014
022 C000010 5458
022 D000010 3986
023 C000000 300994
023 D000000 26903
024 000000 Y
025 A000001 CHASE MANHATTAN
025 B000001 13-3379014
025 C000001 E
025 D000001 3832
025 A000002 MORGAN STANLEY
025 B000002 13-2655998
025 C000002 E
025 D000002 1035
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
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 Y
027 000000 Y
028 A010000 20730
028 A020000 0
028 A030000 0
028 A040000 3565
028 B010000 13292
028 B020000 0
028 B030000 0
028 B040000 9163
028 C010000 12492
028 C020000 0
028 C030000 0
028 C040000 3568
028 D010000 21081
028 D020000 0
028 D030000 0
028 D040000 7515
028 E010000 11729
<PAGE> PAGE 4
028 E020000 0
028 E030000 0
028 E040000 3945
028 F010000 24219
028 F020000 4505
028 F030000 0
028 F040000 6851
028 G010000 103543
028 G020000 4505
028 G030000 0
028 G040000 34607
028 H000000 0
045 000000 Y
046 000000 N
047 000000 N
048 000000 0.000
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
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 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 Y
053 A000000 Y
053 B000000 Y
053 C000000 N
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
<PAGE> PAGE 5
060 A000000 Y
060 B000000 Y
061 000000 2500
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
066 A000000 Y
066 B000000 N
066 C000000 Y
066 D000000 N
066 E000000 N
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 N
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
<PAGE> PAGE 6
070 J020000 N
070 K010000 Y
070 K020000 Y
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 142399
071 B000000 41401
071 C000000 89926
071 D000000 46
072 A000000 12
072 B000000 532
072 C000000 1828
072 D000000 0
072 E000000 0
072 F000000 636
072 G000000 0
072 H000000 0
072 I000000 341
072 J000000 25
072 K000000 11
072 L000000 20
072 M000000 6
072 N000000 96
072 O000000 0
072 P000000 0
072 Q000000 64
072 R000000 12
072 S000000 4
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 12
072 X000000 1227
072 Y000000 0
072 Z000000 1133
072AA000000 3675
072BB000000 0
072CC010000 25992
072CC020000 0
<PAGE> PAGE 7
072DD010000 1084
072DD020000 0
072EE000000 3579
073 A010000 0.1000
073 A020000 0.0000
073 B000000 0.3300
073 C000000 0.0000
074 A000000 0
074 B000000 0
074 C000000 20214
074 D000000 0
074 E000000 0
074 F000000 157962
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 1269
074 K000000 0
074 L000000 2353
074 M000000 83
074 N000000 181881
074 O000000 3179
074 P000000 0
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 1367
074 S000000 0
074 T000000 177335
074 U010000 11398
074 U020000 0
074 V010000 15.56
074 V020000 0.00
074 W000000 0.0000
074 X000000 14765
074 Y000000 0
075 A000000 0
075 B000000 98198
076 000000 0.00
077 A000000 Y
077 B000000 Y
077 C000000 N
080 A000000 ICI MUTUAL INSURANCE
080 C000000 60000
081 A000000 Y
081 B000000 125
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
<PAGE> PAGE 8
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
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 JAMES RIEPE
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001019286
<NAME> TROWE PRICE FINANCIAL SERVICES FUND, INC
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 150999
<INVESTMENTS-AT-VALUE> 178176
<RECEIVABLES> 3622
<ASSETS-OTHER> 83
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 181881
<PAYABLE-FOR-SECURITIES> 3179
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1367
<TOTAL-LIABILITIES> 4546
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 150004
<SHARES-COMMON-STOCK> 11398
<SHARES-COMMON-PRIOR> 2657
<ACCUMULATED-NII-CURRENT> 58
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 96
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 27177
<NET-ASSETS> 177335
<DIVIDEND-INCOME> 1828
<INTEREST-INCOME> 532
<OTHER-INCOME> 0
<EXPENSES-NET> 1227
<NET-INVESTMENT-INCOME> 1133
<REALIZED-GAINS-CURRENT> 3675
<APPREC-INCREASE-CURRENT> 25992
<NET-CHANGE-FROM-OPS> 30800
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1084
<DISTRIBUTIONS-OF-GAINS> 3579
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12854
<NUMBER-OF-SHARES-REDEEMED> 4407
<SHARES-REINVESTED> 294
<NET-CHANGE-IN-ASSETS> 147288
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1185
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 636
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1227
<AVERAGE-NET-ASSETS> 98198
<PER-SHARE-NAV-BEGIN> 11.31
<PER-SHARE-NII> .10
<PER-SHARE-GAIN-APPREC> 4.58
<PER-SHARE-DIVIDEND> .10
<PER-SHARE-DISTRIBUTIONS> .33
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 15.56
<EXPENSE-RATIO> 1.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
