0001038490-23-000018.txt : 20230510 0001038490-23-000018.hdr.sgml : 20230510 20230510104849 ACCESSION NUMBER: 0001038490-23-000018 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20230228 FILED AS OF DATE: 20230510 DATE AS OF CHANGE: 20230510 EFFECTIVENESS DATE: 20230510 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price Tax-Efficient Funds, Inc. CENTRAL INDEX KEY: 0001038490 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: N-CEN SEC ACT: 1940 Act SEC FILE NUMBER: 811-08207 FILM NUMBER: 23904874 BUSINESS ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 410-345-2000 MAIL ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE TAX EFFICIENT FUNDS INC DATE OF NAME CHANGE: 20010703 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE TAX EFFICIENT BALANCED FUND INC DATE OF NAME CHANGE: 19970430

0001038490 S000002160 T. Rowe Price Tax-Efficient Equity Fund

C000005556 T. Rowe Price Tax-Efficient Equity Fund PREFX

C000193192 T. Rowe Price Tax-Efficient Equity Fund-I Class TEEFX

N-CEN 1 primary_doc.xml X0404 N-CEN LIVE 0001038490 XXXXXXXX false false N-1A S000002160 C000193192 C000005556 T. ROWE PRICE TAX-EFFICIENT FUNDS, INC. 811-08207 0001038490 549300XZT379EQWOTO24 100 East Pratt Street Baltimore 21202 US-MD US 410-345-2000 JPMorgan Chase Bank London Woolgate House, Coleman Street London GB EC2P 2HD 0 44 20 7742 4000 Records related to the custody of Registrant s portfolio securities which are purchased outside the United States. State Street Corporation 1776 Heritage Drive Quincy 02171 617-786-3000 Custodian records for the Registrant. T. Rowe Price Services, Inc. 100 East Pratt Street Baltimore 21202 410-345-2000 Transfer, dividend disbursing, and shareholder service records T. Rowe Price Tax-Efficient Funds, Inc. 100 East Pratt Street Baltimore 21202 410-345-2000 All accounts, books, and other documents required to be maintained by the Registrant under Section 31(a) of the Investment Company Act of 1940 and the rules thereunder. The Bank of New York Mellon 103 Bellevue Parkway Wilmington 19809 1-800-441-9800 Fund accounting records N N N-1A 1 Y Robert J. Gerrard, Jr. N/A N David Oestreicher 004594569 Y Eric L. Veiel 003269676 Y Paul F. McBride N/A N Kellye L. Walker N/A N Teresa Bryce Bazemore N/A N Bruce W. Duncan N/A N Armando Capasso 007152939 100 East Pratt Street Baltimore 21202 XXXXXX Y N N N N N N T. Rowe Price Investment Services, Inc. 008-25130 000008348 N/A Y N PricewaterhouseCoopers LLP 238 5493002GVO7EO8RNNS37 N N N N N N N T. Rowe Price Tax-Efficient Equity Fund S000002160 E5VXATPW4XI2JZWHH547 N 2 0 0 N/A N N Y N N State Street Bank and Trust Company 571474TGEMMWANRLN572 N N Revenue sharing split Other Rebate 4657068.00 16058.00 Rule 12d1-1 (17 CFR 270.12d1-1) Rule 32a-4 (17 CFR 270.32a-4) Rule 18f-4 (17 CFR 270.18f-4) Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4)) Y Y Y N T. Rowe Price Associates, Inc. 801-00856 000105496 7HTL8AEQSEDX602FBU63 N T. Rowe Price Retirement Plan Services, Inc. 084-01917 N/A Y Y T. Rowe Price Services, Inc. 084-01079 N/A Y N N Bloomberg Finance L.P. 5493001KJTIIGC8Y1R12 N ICE Data Services 13-3668779 Tax ID Number N Markit North America, Inc. N/A N Refinitiv US Holdings Inc. 549300NF240HXJO7N016 N N EUROCLEAR BANK SA/NV 549300OZ46BRLZ8Y6F65 BE N Y Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7) JPMorgan Chase Bank, London 7H6GLXDRUGQFU57RNE97 GB N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) JPMorgan Chase Bank, N.A. 7H6GLXDRUGQFU57RNE97 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) State Street Bank and Trust Company 571474TGEMMWANRLN572 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N T. Rowe Price Retirement Plan Services, Inc. N/A N/A Y Y T. Rowe Price Services, Inc. N/A N/A Y N N T. Rowe Price Associates, Inc. 7HTL8AEQSEDX602FBU63 Y N N T. Rowe Price Investment Services, Inc. 008-25130 000008348 N/A 0.00 BARCLAYS CAPITAL INC. 008-41342 000019714 AC28XWWI3WIBK2824319 758.00 BOFA SECURITIES, INC. 008-69787 000283942 549300HN4UKV1E2R3U73 6176.00 Cowen and Company, LLC 008-22522 000007616 549300WR155U7DVMIW58 1567.00 EVERCORE GROUP L.L.C. 008-49830 000042405 5493008F0LRLS5N8LZ81 1778.00 J.P. MORGAN SECURITIES LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 6865.00 JEFFERIES LLC 008-15074 000002347 58PU97L1C0WSRCWADL48 2984.00 MORGAN STANLEY & CO. LLC 008-15869 000008209 9R7GPTSO7KV3UQJZQ078 1987.00 RBC Capital Markets, LLC 008-45411 000031194 549300LCO2FLSSVFFR64 2740.00 UBS AG N/A N/A BFM8T61CT2L1QCEMIK50 CH 169.00 Virtu ITG Hong Kong Limited N/A N/A 54930088A108K3K5M708 HK 1081.00 26345.00 BARCLAYS CAPITAL INC. 008-41342 000019714 AC28XWWI3WIBK2824319 15295.00 Citigroup Inc. N/A N/A 6SHGI4ZSSLCXXQSBB395 15295.00 EVERCORE GROUP L.L.C. 008-49830 000042405 5493008F0LRLS5N8LZ81 36715.00 GOLDMAN SACHS & CO. LLC 008-00129 000000361 FOR8UP27PHTHYVLBNG30 153214.00 Guggenheim Securities, LLC 008-49107 000040638 5493005G25VHYWLYJU59 12070.00 J.P. MORGAN SECURITIES LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 82997.00 JEFFERIES LLC 008-15074 000002347 58PU97L1C0WSRCWADL48 18967.00 MORGAN STANLEY & CO. LLC 008-15869 000008209 9R7GPTSO7KV3UQJZQ078 58147.00 RBC Capital Markets, LLC 008-45411 000031194 549300LCO2FLSSVFFR64 16862.00 STIFEL NICOLAUS EUROPE LIMITED N/A N/A 213800BVEFNZ8UYPKL03 GB 12070.00 480521.00 Y 731842884.00 N N N N true INTERNAL CONTROL RPT 2 g1aiii_trp_tax_efficient.htm

Report of Independent Registered Public Accounting Firm

To the Board of Directors of T. Rowe Price Tax-Efficient Funds, Inc. and Shareholders of T. Rowe Price Tax-Efficient Equity Fund

In planning and performing our audit of the financial statements of T. Rowe Price Tax-Efficient Equity Fund (constituting T. Rowe Price Tax-Efficient Funds, Inc., hereafter collectively referred to as the “Fund”) as of and for the year ended February 28, 2023, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Fund’s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Fund’s internal control over financial reporting.

The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis.

PricewaterhouseCoopers LLP, 100 East Pratt Street, Suite 2600, Baltimore, MD 21202-1096

T: (410) 783 7600, www.pwc.com/us

Our consideration of the Fund’s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control over financial reporting that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Fund’s internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be material weaknesses as defined above as of February 28, 2023.

This report is intended solely for the information and use of the Board of Directors of T. Rowe Price Tax- Efficient Funds, Inc. and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

April 19, 2023