WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001038490
<NAME> T. ROWE PRICE TAX-EFFICIENT BALANCED FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> FEB-28-2001
<PERIOD-END> AUG-31-2000
<INVESTMENTS-AT-COST> 37671
<INVESTMENTS-AT-VALUE> 50929
<RECEIVABLES> 367
<ASSETS-OTHER> 15
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 51311
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 163
<TOTAL-LIABILITIES> 163
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 39210
<SHARES-COMMON-STOCK> 3386
<SHARES-COMMON-PRIOR> 3143
<ACCUMULATED-NII-CURRENT> 37
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1357)
<ACCUM-APPREC-OR-DEPREC> 13258
<NET-ASSETS> 51148
<DIVIDEND-INCOME> 74
<INTEREST-INCOME> 647
<OTHER-INCOME> 0
<EXPENSES-NET> 234
<NET-INVESTMENT-INCOME> 487
<REALIZED-GAINS-CURRENT> (245)
<APPREC-INCREASE-CURRENT> 4547
<NET-CHANGE-FROM-OPS> 4789
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (460)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 372
<NUMBER-OF-SHARES-REDEEMED> (156)
<SHARES-REINVESTED> 27
<NET-CHANGE-IN-ASSETS> 7900
<ACCUMULATED-NII-PRIOR> 10
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1112)
<GROSS-ADVISORY-FEES> 120
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 234
<AVERAGE-NET-ASSETS> 46378
<PER-SHARE-NAV-BEGIN> 13.76
<PER-SHARE-NII> 0.15
<PER-SHARE-GAIN-APPREC> 1.34
<PER-SHARE-DIVIDEND> (0.14)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.11
<EXPENSE-RATIO> 1.00
</TABLE>
