T. ROWE PRICE
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T. Rowe Price Tax-Efficient Funds, Inc.
T. Rowe Price Tax-Efficient Balanced Fund
Supplement to prospectus dated July 1, 1999
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Effective March 31, 2000, the Portfolio Management paragraph on page 16 of the
prospectus is updated with the following:
T. Rowe Price Tax-Efficient Balanced Fund
Hugh D. McGuirk is co-chairman of the Investment Advisory Committee of the
Tax-Efficient Balanced Fund, responsible for day-to-day management of the
fund's municipal bond portfolio. Mr. McGuirk, who has been involved in the
tax-exempt bond management process with T. Rowe Price since 1993 and has been
managing investments since 1997, also heads the Maryland Tax-Free Bond Fund. He
succeeds William F. Snider, who stepped down as co-chairman of the committee to
pursue interests outside of T. Rowe Price.
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The date of this supplement is April 14, 2000.
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F19-041 04/14/00
