<PAGE> PAGE 1
000 A000000 08/31/98
000 C000000 0001038490
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 TAX-EFFICIENT BALANCED FUND
001 B000000 811-08207
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
013 A000001 PRICE WATERHOUSE COOPERS
013 B010001 BALTIMORE
013 B020001 MD
013 B030001 21202
018 000000 Y
019 A000000 Y
019 B000000 86
019 C000000 TROWEPRICE
020 A000001 MERRILL LYNCH
020 B000001 13-5674085
020 C000001 4
020 A000002 GOLDMAN SACHS
020 B000002 13-5108880
020 C000002 4
020 A000003 MORGAN STANLEY
020 B000003 13-2655998
020 C000003 3
020 A000004 LEHMAN BROTHERS
020 B000004 13-2518466
020 C000004 2
020 A000005 INVESTMENT TECHNOLOGY
020 B000005 95-4339369
020 C000005 2
020 A000006 BEAL
020 B000006 13-3452090
020 C000006 2
020 A000007 BEAR STEARNS
020 B000007 13-3299429
020 C000007 1
<PAGE> PAGE 2
020 A000008 PAINE WEBBER
020 B000008 13-2638166
020 C000008 1
020 C000009 0
020 C000010 0
021 000000 19
022 A000001 MORGAN STANLEY
022 B000001 13-2655998
022 C000001 3750
022 D000001 2100
022 A000002 JOHN NOVEEM
022 B000002 36-2639476
022 C000002 1955
022 D000002 2355
022 A000003 MERRILL LYNCH
022 B000003 13-5674085
022 C000003 2214
022 D000003 1300
022 A000004 INVESTMENT TECHNOLOGY
022 B000004 95-4339369
022 C000004 2995
022 D000004 465
022 A000005 LEHMAN BROTHERS
022 B000005 13-2518466
022 C000005 718
022 D000005 500
022 A000006 PAINE WEBBER
022 B000006 13-2638166
022 C000006 236
022 D000006 845
022 A000007 GOLDMAN SACHS
022 B000007 13-5108880
022 C000007 732
022 D000007 0
022 A000008 INSTINET
022 B000008 13-3443395
022 C000008 676
022 D000008 47
022 A000009 AG EDWARDS
022 B000009 43-0875447
022 C000009 300
022 D000009 300
022 A000010 BANK ONE CAPITAL
022 B000010 31-1017233
022 C000010 585
022 D000010 0
023 C000000 16861
023 D000000 9175
024 000000 N
028 A010000 1321
028 A020000 65
<PAGE> PAGE 3
028 A030000 0
028 A040000 55
028 B010000 1248
028 B020000 0
028 B030000 0
028 B040000 43
028 C010000 2492
028 C020000 3
028 C030000 0
028 C040000 59
028 D010000 669
028 D020000 83
028 D030000 0
028 D040000 57
028 E010000 932
028 E020000 0
028 E030000 0
028 E040000 32
028 F010000 730
028 F020000 0
028 F030000 0
028 F040000 158
028 G010000 7392
028 G020000 151
028 G030000 0
028 G040000 404
028 H000000 0
037 000000 Y
038 000000 3
039 000000 N
040 000000 N
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 3.7
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 51.2
062 P000000 0.0
062 Q000000 0.0
062 R000000 45.1
063 A000000 0
063 B000000 15.5
<PAGE> PAGE 4
064 A000000 Y
064 B000000 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 Y
070 H010000 Y
070 H020000 Y
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 Y
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 Y
070 Q010000 Y
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 9706
071 B000000 2220
071 C000000 21090
071 D000000 11
072 A000000 6
072 B000000 290
072 C000000 55
072 D000000 0
072 E000000 0
072 F000000 0
072 G000000 0
072 H000000 0
072 I000000 17
<PAGE> PAGE 5
072 J000000 9
072 K000000 4
072 L000000 3
072 M000000 3
072 N000000 9
072 O000000 0
072 P000000 0
072 Q000000 27
072 R000000 3
072 S000000 3
072 T000000 0
072 U000000 33
072 V000000 0
072 W000000 1
072 X000000 112
072 Y000000 0
072 Z000000 233
072AA000000 0
072BB000000 136
072CC010000 0
072CC020000 958
072DD010000 198
072DD020000 0
072EE000000 0
073 A010000 0.1037
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 28
074 B000000 0
074 C000000 900
074 D000000 12663
074 E000000 0
074 F000000 10856
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 172
074 K000000 53
074 L000000 2496
074 M000000 23
074 N000000 27191
074 O000000 889
074 P000000 9
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 2496
074 S000000 0
074 T000000 23797
<PAGE> PAGE 6
074 U010000 2179
074 U020000 0
074 V010000 10.92
074 V020000 0.00
074 W000000 0.0000
074 X000000 834
074 Y000000 0
075 A000000 0
075 B000000 24760
076 000000 0.00
077 A000000 N
SIGNATURE JAMES RIEPE
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001038490
<NAME> TRP TAX-EFFICIENT BALANCED FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> FEB-28-1999
<PERIOD-END> AUG-31-1998
<INVESTMENTS-AT-COST> 23895
<INVESTMENTS-AT-VALUE> 24419
<RECEIVABLES> 2722
<ASSETS-OTHER> 50
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 27191
<PAYABLE-FOR-SECURITIES> 889
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2505
<TOTAL-LIABILITIES> 3394
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 23436
<SHARES-COMMON-STOCK> 2179
<SHARES-COMMON-PRIOR> 1562
<ACCUMULATED-NII-CURRENT> 51
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 214
<ACCUM-APPREC-OR-DEPREC> 524
<NET-ASSETS> 23797
<DIVIDEND-INCOME> 55
<INTEREST-INCOME> 290
<OTHER-INCOME> 0
<EXPENSES-NET> 112
<NET-INVESTMENT-INCOME> 233
<REALIZED-GAINS-CURRENT> (136)
<APPREC-INCREASE-CURRENT> (958)
<NET-CHANGE-FROM-OPS> (861)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (198)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 639
<NUMBER-OF-SHARES-REDEEMED> (35)
<SHARES-REINVESTED> 13
<NET-CHANGE-IN-ASSETS> 6083
<ACCUMULATED-NII-PRIOR> 16
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 78
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 112
<AVERAGE-NET-ASSETS> 22125
<PER-SHARE-NAV-BEGIN> 11.34
<PER-SHARE-NII> .12
<PER-SHARE-GAIN-APPREC> (.44)
<PER-SHARE-DIVIDEND> (.10)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.92
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>