<PAGE> PAGE 1
000 A000000 06/30/97
000 C000000 793347
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 CAPITAL APPRECIATION FUND
001 B000000 811-4519
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
018 000000 Y
019 A000000 Y
019 B000000 78
019 C000000 TROWEPRICE
020 A000001 MERRILL LYNCH
020 B000001 13-5674085
020 C000001 44
020 A000002 GOLDMAN SACHS
020 B000002 13-5108880
020 C000002 44
020 A000003 MORGAN STANLEY
020 B000003 13-2655998
020 C000003 35
020 A000004 PRUDENTIAL SECURITIES
020 B000004 22-2347336
020 C000004 31
020 A000005 STANDARD & POORS
020 B000005 13-2671951
020 C000005 28
020 A000006 UBS SECURITIES
020 B000006 13-2932996
020 C000006 22
020 A000007 NATWEST SECURITIES
<PAGE> PAGE 2
020 B000007 13-3341773
020 C000007 20
020 A000008 NEUBERGER AND BERMAN
020 B000008 13-5521970
020 C000008 18
020 A000009 WERTHEIM SCHRODER
020 B000009 13-2697272
020 C000009 13
020 A000010 DONALDSON LUFKIN JENRETTE
020 B000010 13-2741729
020 C000010 12
021 000000 448
022 A000001 GOLDMAN SACHS
022 B000001 13-5108880
022 C000001 238775
022 D000001 25545
022 A000002 LEHMAN BROTHERS
022 B000002 13-2518466
022 C000002 176949
022 D000002 16190
022 A000003 GMAC
022 B000003 38-0572512
022 C000003 160806
022 D000003 0
022 A000004 MERRILL LYNCH
022 B000004 13-5674085
022 C000004 131944
022 D000004 19232
022 A000005 JP MORGAN
022 B000005 13-3224016
022 C000005 122964
022 D000005 15116
022 A000006 BANKERS TRUST
022 B000006 13-4941247
022 C000006 126167
022 D000006 0
022 A000007 FIRST BOSTON
022 B000007 13-5659485
022 C000007 59253
022 D000007 14708
022 A000008 UBS SECURITIES
022 B000008 13-2932996
022 C000008 40314
022 D000008 33379
022 A000009 MORGAN STANLEY
022 B000009 13-2655998
022 C000009 49669
022 D000009 14798
022 A000010 PRUDENTIAL SECURITIES
022 B000010 22-2347336
022 C000010 37633
<PAGE> PAGE 3
022 D000010 129
023 C000000 1266790
023 D000000 158904
025 A000001 UBS SECURITIES
025 B000001 13-2932996
025 C000001 D
025 D000001 965
025 A000002 BANKERS TRUST
025 B000002 13-4941247
025 C000002 D
025 D000002 9915
025 A000003 MERRILL LYNCH
025 B000003 13-5674085
025 C000003 D
025 D000003 9954
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
028 A010000 27938
028 A020000 0
028 A030000 0
028 A040000 29119
028 B010000 19034
028 B020000 0
028 B030000 0
028 B040000 18986
028 C010000 22375
028 C020000 0
028 C030000 0
028 C040000 18764
028 D010000 18108
028 D020000 0
028 D030000 0
028 D040000 23026
028 E010000 17068
028 E020000 0
028 E030000 0
028 E040000 16777
028 F010000 17562
028 F020000 0
028 F030000 0
028 F040000 35053
028 G010000 122085
028 G020000 0
028 G030000 0
028 G040000 141725
028 H000000 0
049 000000 N
050 000000 N
<PAGE> PAGE 4
051 000000 Y
052 000000 Y
053 A000000 N
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
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
070 A010000 Y
070 A020000 N
070 B010000 Y
070 B020000 Y
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
070 J020000 Y
070 K010000 Y
<PAGE> PAGE 5
070 K020000 N
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 Y
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 234525
071 B000000 248481
071 C000000 890783
071 D000000 26
072 A000000 6
072 B000000 10852
072 C000000 7605
072 D000000 0
072 E000000 0
072 F000000 1874
072 G000000 0
072 H000000 0
072 I000000 1170
072 J000000 36
072 K000000 7
072 L000000 36
072 M000000 6
072 N000000 39
072 O000000 0
072 P000000 0
072 Q000000 48
072 R000000 5
072 S000000 6
072 T000000 0
072 U000000 0
072 V000000 10
072 W000000 5
072 X000000 3242
072 Y000000 0
072 Z000000 15215
072AA000000 50097
072BB000000 0
072CC010000 18821
072CC020000 0
072DD010000 0
072DD020000 0
<PAGE> PAGE 6
072EE000000 0
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 0
074 B000000 0
074 C000000 109413
074 D000000 355997
074 E000000 46329
074 F000000 527942
074 G000000 2801
074 H000000 0
074 I000000 0
074 J000000 7988
074 K000000 0
074 L000000 5612
074 M000000 1
074 N000000 1056083
074 O000000 30229
074 P000000 188
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 1231
074 S000000 0
074 T000000 1024435
074 U010000 65072
074 U020000 0
074 V010000 15.74
074 V020000 0.00
074 W000000 0.0000
074 X000000 36189
074 Y000000 0
075 A000000 0
075 B000000 983699
076 000000 0.00
077 A000000 Y
077 C000000 Y
078 000000 N
080 B000000 NONE
080 C000000 0
081 B000000 0
082 B000000 0
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>