PRICE T ROWE CAPITAL APPRECIATION FUND
NSAR-A, 1997-08-28
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SIGNATURE   JAMES S. RIEPE                               
TITLE       VICE PRESIDENT      
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000793347
<NAME> TRP CAPITAL APPRECIATION
<MULTIPLIER> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-END>                               JUN-30-1997
<INVESTMENTS-AT-COST>                           874272
<INVESTMENTS-AT-VALUE>                         1042482
<RECEIVABLES>                                    13600
<ASSETS-OTHER>                                       1
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 1056083
<PAYABLE-FOR-SECURITIES>                         30229
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                         1419
<TOTAL-LIABILITIES>                              31648
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        771450
<SHARES-COMMON-STOCK>                            65072
<SHARES-COMMON-PRIOR>                            66342
<ACCUMULATED-NII-CURRENT>                        15580
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                          69202
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        168203
<NET-ASSETS>                                   1024435
<DIVIDEND-INCOME>                                 7605
<INTEREST-INCOME>                                10852
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                    3242
<NET-INVESTMENT-INCOME>                          15215
<REALIZED-GAINS-CURRENT>                         50097
<APPREC-INCREASE-CURRENT>                        18821
<NET-CHANGE-FROM-OPS>                            84133
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                           8240
<NUMBER-OF-SHARES-REDEEMED>                       9510
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                           64493
<ACCUMULATED-NII-PRIOR>                            365
<ACCUMULATED-GAINS-PRIOR>                        19105
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                             1874
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                   3242
<AVERAGE-NET-ASSETS>                            983699
<PER-SHARE-NAV-BEGIN>                            14.47
<PER-SHARE-NII>                                    .24
<PER-SHARE-GAIN-APPREC>                           1.03
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              15.74
<EXPENSE-RATIO>                                    .66
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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