<PAGE> PAGE 1
000 A000000 06/30/97
000 C000000 0000927845
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 VALUE FUND
001 B000000 811-07209
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 THE CHASE MANHATTAN BANK, N.A.
015 B000002 S
015 C010002 LONDON
015 D010002 ENGLAND
015 D020002 ECZP 2HD
015 E040002 X
018 000000 Y
019 A000000 Y
019 B000000 78
019 C000000 TROWEPRICE
020 A000001 MERRILL LYNCH
020 B000001 13-5674085
020 C000001 48
020 A000002 FIRST BOSTON
020 B000002 13-5659485
020 C000002 32
020 A000003 MORGAN STANLEY
020 B000003 13-2655998
020 C000003 30
020 A000004 SMITH BARNEY SHEARSON
020 B000004 13-1912900
020 C000004 29
020 A000005 PAINE WEBBER
<PAGE> PAGE 2
020 B000005 13-2638166
020 C000005 28
020 A000006 BEAR STEARNS
020 B000006 13-3299429
020 C000006 28
020 A000007 ALEX BROWN
020 B000007 52-1319768
020 C000007 25
020 A000008 PRUDENTIAL SECURITIES
020 B000008 22-2347336
020 C000008 19
020 A000009 JP MORGAN
020 B000009 13-3224016
020 C000009 16
020 A000010 OPPENHEIMER
020 B000010 13-2798343
020 C000010 13
021 000000 453
022 A000001 GOLDMAN SACHS
022 B000001 13-5108880
022 C000001 98943
022 D000001 10893
022 A000002 JP MORGAN
022 B000002 13-3224016
022 C000002 67107
022 D000002 996
022 A000003 GMAC
022 B000003 38-0572512
022 C000003 64721
022 D000003 0
022 A000004 LEHMAN BROTHERS
022 B000004 13-2518466
022 C000004 51892
022 D000004 6587
022 A000005 BANKERS TRUST
022 B000005 13-4941247
022 C000005 49096
022 D000005 0
022 A000006 MERRILL LYNCH
022 B000006 13-5674085
022 C000006 19188
022 D000006 1386
022 A000007 FIRST BOSTON
022 B000007 13-5659485
022 C000007 17396
022 D000007 0
022 A000008 PRUDENTIAL SECURITIES
022 B000008 22-2347336
022 C000008 15979
022 D000008 570
022 A000009 MORGAN STANLEY
<PAGE> PAGE 3
022 B000009 13-2655998
022 C000009 12219
022 D000009 0
022 A000010 CHASE MANHATTAN
022 B000010 13-3379014
022 C000010 3686
022 D000010 3166
023 C000000 427726
023 D000000 28527
024 000000 Y
025 A000001 BANKERS TRUST
025 B000001 13-4941247
025 C000001 E
025 D000001 2610
025 A000002 MERRILL LYNCH
025 B000002 13-5674085
025 C000002 D
025 D000002 1985
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
028 A010000 36368
028 A020000 0
028 A030000 0
028 A040000 14080
028 B010000 21664
028 B020000 0
028 B030000 0
028 B040000 11528
028 C010000 25341
028 C020000 3595
028 C030000 0
028 C040000 7507
028 D010000 21628
028 D020000 0
028 D030000 0
028 D040000 12268
028 E010000 20976
028 E020000 0
028 E030000 0
028 E040000 8400
028 F010000 38221
028 F020000 907
028 F030000 0
028 F040000 6746
028 G010000 164198
028 G020000 4502
028 G030000 0
<PAGE> PAGE 4
028 G040000 60529
028 H000000 0
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 N
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 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
<PAGE> PAGE 5
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
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 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 187185
071 B000000 87365
071 C000000 238922
071 D000000 37
072 A000000 6
072 B000000 669
072 C000000 2642
072 D000000 0
072 E000000 0
072 F000000 967
072 G000000 0
072 H000000 0
072 I000000 298
072 J000000 12
072 K000000 10
072 L000000 35
072 M000000 3
072 N000000 46
072 O000000 0
072 P000000 0
072 Q000000 32
072 R000000 5
072 S000000 2
072 T000000 0
072 U000000 5
072 V000000 0
072 W000000 3
072 X000000 1418
072 Y000000 0
072 Z000000 1893
<PAGE> PAGE 6
072AA000000 16163
072BB000000 0
072CC010000 42053
072CC020000 0
072DD010000 1877
072DD020000 0
072EE000000 2810
073 A010000 0.1100
073 A020000 0.0000
073 B000000 0.1800
073 C000000 0.0000
074 A000000 33
074 B000000 0
074 C000000 34931
074 D000000 0
074 E000000 0
074 F000000 319027
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 1530
074 K000000 0
074 L000000 3041
074 M000000 44
074 N000000 358606
074 O000000 11618
074 P000000 47
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 1511
074 S000000 0
074 T000000 345430
074 U010000 19036
074 U020000 0
074 V010000 18.15
074 V020000 0.00
074 W000000 0.0000
074 X000000 20944
074 Y000000 0
075 A000000 0
075 B000000 260019
076 000000 0.00
077 A000000 N
078 000000 N
SIGNATURE JAMES RIEPE
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000927845
<NAME> TRP VALUE FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 311031
<INVESTMENTS-AT-VALUE> 353958
<RECEIVABLES> 4571
<ASSETS-OTHER> 77
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 358606
<PAYABLE-FOR-SECURITIES> 11618
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1558
<TOTAL-LIABILITIES> 13176
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 286162
<SHARES-COMMON-STOCK> 19036
<SHARES-COMMON-PRIOR> 12554
<ACCUMULATED-NII-CURRENT> 170
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 16171
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 42927
<NET-ASSETS> 345430
<DIVIDEND-INCOME> 2642
<INTEREST-INCOME> 669
<OTHER-INCOME> 0
<EXPENSES-NET> 1418
<NET-INVESTMENT-INCOME> 1893
<REALIZED-GAINS-CURRENT> 16163
<APPREC-INCREASE-CURRENT> 25890
<NET-CHANGE-FROM-OPS> 43946
<EQUALIZATION> 154
<DISTRIBUTIONS-OF-INCOME> 1877
<DISTRIBUTIONS-OF-GAINS> 2810
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9925
<NUMBER-OF-SHARES-REDEEMED> 3713
<SHARES-REINVESTED> 270
<NET-CHANGE-IN-ASSETS> 147584
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 2818
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 967
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1418
<AVERAGE-NET-ASSETS> 260019
<PER-SHARE-NAV-BEGIN> 15.76
<PER-SHARE-NII> .11
<PER-SHARE-GAIN-APPREC> 2.57
<PER-SHARE-DIVIDEND> .11
<PER-SHARE-DISTRIBUTIONS> .18
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.15
<EXPENSE-RATIO> 1.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
