<PAGE> PAGE 1
000 A000000 06/30/98
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
018 000000 Y
019 A000000 Y
019 B000000 86
019 C000000 TROWEPRICE
020 A000001 MERRILL LYNCH
020 B000001 13-5674085
020 C000001 104
020 A000002 PAINE WEBBER GROUP
020 B000002 13-2638166
020 C000002 83
020 A000003 BEAR STEARNS
020 B000003 13-3299429
020 C000003 78
020 A000004 MORGAN STANLEY
020 B000004 13-2655998
020 C000004 63
020 A000005 DRESDNER KLEINWORT BENSEN
020 B000005 13-3894311
020 C000005 60
020 A000006 SMITH BARNEY SHEARSON
020 B000006 13-1912900
020 C000006 53
020 A000007 CS FIRST BOSTON
020 B000007 13-5659485
020 C000007 47
020 A000008 WERTHEIM SCHRODER
020 B000008 13-2697272
020 C000008 39
020 A000009 DEUTSCHE MORGAN GRENFELLE
<PAGE> PAGE 2
020 B000009 13-2730828
020 C000009 36
020 A000010 BERNSTEIN SANFORD & CO
020 B000010 13-2625874
020 C000010 36
021 000000 980
022 A000001 GOLDMAN SACHS
022 B000001 13-5108880
022 C000001 14338
022 D000001 875
022 A000002 SALOMON BROTHERS
022 B000002 13-3082694
022 C000002 7620
022 D000002 4833
022 A000003 SMITH BARNEY SHEARSON
022 B000003 13-1912900
022 C000003 6862
022 D000003 2587
022 A000004 MORGAN STANLEY
022 B000004 13-2655998
022 C000004 591
022 D000004 8200
022 A000005 MERRILL LYNCH
022 B000005 13-5674085
022 C000005 5244
022 D000005 2400
022 A000006 DONALDSON LUFKIN AND JENRETTE
022 B000006 13-2741729
022 C000006 1300
022 D000006 5726
022 A000007 BEAR STEARNS
022 B000007 13-3299429
022 C000007 0
022 D000007 4870
022 A000008 CS FIRST BOSTON
022 B000008 13-5659485
022 C000008 3332
022 D000008 1405
022 A000009 PRUDENTIAL SECURITIES
022 B000009 22-2347336
022 C000009 2197
022 D000009 0
022 A000010 PIPER JAFFRAY
022 B000010 41-0953246
022 C000010 1451
022 D000010 0
023 C000000 44431
023 D000000 31011
024 000000 N
026 A000000 N
026 B000000 Y
<PAGE> PAGE 3
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 Y
028 A010000 75619
028 A020000 0
028 A030000 0
028 A040000 16231
028 B010000 63714
028 B020000 0
028 B030000 0
028 B040000 16888
028 C010000 86219
028 C020000 7112
028 C030000 0
028 C040000 14565
028 D010000 76863
028 D020000 0
028 D030000 0
028 D040000 22297
028 E010000 72277
028 E020000 0
028 E030000 0
028 E040000 22473
028 F010000 53138
028 F020000 2155
028 F030000 0
028 F040000 35104
028 G010000 427830
028 G020000 9267
028 G030000 0
028 G040000 127558
028 H000000 0
049 000000 N
050 000000 N
051 000000 N
052 000000 Y
053 A000000 N
054 A000000 Y
054 B000000 N
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 Y
<PAGE> PAGE 4
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 Y
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
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
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
<PAGE> PAGE 5
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 523269
071 B000000 214793
071 C000000 698820
071 D000000 31
072 A000000 6
072 B000000 1822
072 C000000 5756
072 D000000 0
072 E000000 0
072 F000000 2533
072 G000000 0
072 H000000 0
072 I000000 891
072 J000000 17
072 K000000 24
072 L000000 35
072 M000000 4
072 N000000 149
072 O000000 0
072 P000000 0
072 Q000000 33
072 R000000 5
072 S000000 2
072 T000000 0
072 U000000 18
072 V000000 0
072 W000000 13
072 X000000 3724
072 Y000000 0
072 Z000000 3854
072AA000000 44530
072BB000000 0
072CC010000 791
072CC020000 0
072DD010000 3832
072DD020000 0
072EE000000 5800
073 A010000 0.0900
073 A020000 0.0000
073 B000000 0.1500
073 C000000 0.0000
074 A000000 0
074 B000000 0
<PAGE> PAGE 6
074 C000000 32116
074 D000000 0
074 E000000 0
074 F000000 852120
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 7828
074 K000000 0
074 L000000 18601
074 M000000 39
074 N000000 910704
074 O000000 7625
074 P000000 132
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 7490
074 S000000 0
074 T000000 895457
074 U010000 45780
074 U020000 0
074 V010000 19.56
074 V020000 0.00
074 W000000 0.0000
074 X000000 54227
074 Y000000 0
075 A000000 0
075 B000000 762021
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
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 837324
<INVESTMENTS-AT-VALUE> 884236
<RECEIVABLES> 26429
<ASSETS-OTHER> 39
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 910704
<PAYABLE-FOR-SECURITIES> 7625
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7622
<TOTAL-LIABILITIES> 15247
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 803380
<SHARES-COMMON-STOCK> 45780
<SHARES-COMMON-PRIOR> 29950
<ACCUMULATED-NII-CURRENT> 152
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 45008
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 46917
<NET-ASSETS> 895457
<DIVIDEND-INCOME> 5756
<INTEREST-INCOME> 1822
<OTHER-INCOME> 0
<EXPENSES-NET> 3724
<NET-INVESTMENT-INCOME> 3854
<REALIZED-GAINS-CURRENT> 44530
<APPREC-INCREASE-CURRENT> 791
<NET-CHANGE-FROM-OPS> 49175
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3832)
<DISTRIBUTIONS-OF-GAINS> (5800)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 21908
<NUMBER-OF-SHARES-REDEEMED> (6540)
<SHARES-REINVESTED> 462
<NET-CHANGE-IN-ASSETS> 349082
<ACCUMULATED-NII-PRIOR> 130
<ACCUMULATED-GAINS-PRIOR> 6278
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2533
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3724
<AVERAGE-NET-ASSETS> 762021
<PER-SHARE-NAV-BEGIN> 18.24
<PER-SHARE-NII> .09
<PER-SHARE-GAIN-APPREC> 1.47
<PER-SHARE-DIVIDEND> (.09)
<PER-SHARE-DISTRIBUTIONS> (.15)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.56
<EXPENSE-RATIO> .98
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
