T.
ROWE
PRICE
New
Asia
Fund
January
31,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(
Cost
and
value
in
$000s)
‡
CAYMAN
ISLANDS
0.2%
Common
Stocks
0.2%
ANT
International,
Class
C,
Acquisition
Date:
6/7/18,
Cost $10,313
(USD) (1)(2)(3)
2,705,860
5,493
Total
Cayman
Islands
(Cost
$10,313
)
5,493
CHINA
41.3%
Common
Stocks
31.3%
Alibaba
Group
Holding
(HKD) (3)
7,397,240
101,702
China
Resources
Gas
Group
(HKD)
11,245,200
47,289
China
Resources
Mixc
Lifestyle
Services
(HKD)
6,222,400
35,851
China
Tourism
Group
Duty
Free,
Class
H
(HKD) (3)
231,800
7,102
Great
Wall
Motor,
Class
H
(HKD) (4)
10,457,000
14,765
H
World
Group
(HKD)
7,757,500
36,883
H
World
Group,
ADR
(USD)
127,400
6,049
JD.com,
Class
A
(HKD)
807,588
23,980
Kanzhun,
ADR
(USD) (3)
1,900,899
46,173
KE
Holdings,
ADR
(USD) (3)
2,987,199
54,785
Li
Auto,
Class
A
(HKD) (3)
2,165,600
26,499
Meituan,
Class
B
(HKD) (3)
3,497,406
78,188
New
Horizon
Health
(HKD) (3)(4)
1,857,500
7,230
Ping
An
Insurance
Group,
Class
H
(HKD)
1,554,000
12,071
Shandong
Weigao
Group
Medical
Polymer,
Class
H
(HKD) (4)
27,068,800
44,999
Silergy
(TWD)
2,568,000
52,257
Sunny
Optical
Technology
Group
(HKD)
2,277,400
30,738
Tencent
Holdings
(HKD)
3,795,560
184,954
Tingyi
Cayman
Islands
Holding
(HKD)
8,808,000
14,653
Tsingtao
Brewery,
Class
H
(HKD)
2,942,000
28,405
Wuxi
Biologics
Cayman
(HKD) (3)
1,644,500
13,732
Yum
China
Holdings
(HKD)
694,200
42,060
Yum
China
Holdings
(USD)
323,800
19,949
930,314
Common
Stocks
-
China
A
Shares
10.0%
Glodon,
A
Shares
(CNH)
4,289,145
41,618
Hongfa
Technology,
A
Shares
(CNH)
5,748,894
31,980
Hoymiles
Power
Electronics,
A
Shares (5)
95,561
14,204
Inner
Mongolia
Yili
Industrial
Group,
A
Shares
(CNH)
5,840,926
28,229
Jiangsu
Hengli
Hydraulic,
A
Shares
(CNH)
2,920,338
28,359
NARI
Technology,
A
Shares
(CNH)
5,576,076
21,857
NARI
Technology,
A
Shares (5)
2,196,699
8,608
Shenzhen
Inovance
Technology,
A
Shares
(CNH)
3,922,308
41,514
Shenzhen
Mindray
Bio-Medical
Electronics,
A
Shares
(CNH)
594,468
29,398
T.
ROWE
PRICE
New
Asia
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
Sungrow
Power
Supply,
A
Shares
(CNH)
660,749
12,796
Zhejiang
Hangke
Technology,
A
Shares
(CNH)
2,109,889
15,821
ZWSOFT
Guangzhou,
A
Shares (5)
649,369
20,865
295,249
Total
China
(Cost
$1,079,105
)
1,225,563
HONG
KONG
5.9%
Common
Stocks
5.9%
AIA
Group
7,537,000
85,226
Budweiser
Brewing
APAC
3,856,900
12,170
HKT
Trust
&
HKT
15,987,000
20,946
Hong
Kong
Exchanges
&
Clearing
404,700
18,202
Hongkong
Land
Holdings
(USD)
7,721,300
37,747
Total
Hong
Kong
(Cost
$105,539
)
174,291
INDIA
12.8%
Common
Stocks
12.8%
Container
Corp.
of
India
4,603,508
35,598
Godrej
Consumer
Products (3)
1,197,008
13,407
HDFC
Bank
3,261,172
64,267
HDFC
Life
Insurance
5,582,414
39,605
Housing
Development
Finance
1,027,591
33,155
ICICI
Bank
2,512,453
25,801
Infosys,
ADR
(USD)
3,464,191
65,127
Kotak
Mahindra
Bank
1,585,873
33,748
Maruti
Suzuki
India
140,668
15,343
Power
Grid
Corp.
of
India
11,471,420
30,632
Voltas
970,993
9,539
Zomato (3)
20,170,632
12,310
Total
India
(Cost
$276,974
)
378,532
INDONESIA
2.0%
Common
Stocks
2.0%
Bank
Central
Asia
75,149,200
42,648
Unilever
Indonesia
56,300,700
17,525
Total
Indonesia
(Cost
$34,163
)
60,173
T.
ROWE
PRICE
New
Asia
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
MALAYSIA
0.9%
Common
Stocks
0.9%
CIMB
Group
Holdings
20,350,700
27,487
Total
Malaysia
(Cost
$24,764
)
27,487
NETHERLANDS
2.5%
Common
Stocks
2.5%
ASML
Holding
(USD)
112,242
74,174
Total
Netherlands
(Cost
$35,367
)
74,174
PHILIPPINES
1.8%
Common
Stocks
1.8%
Ayala
Land
18,618,800
10,042
Bank
of
the
Philippine
Islands
4,565,090
8,790
Converge
Information
and
Communications
Technology
Solutions (3)
38,709,190
12,436
Universal
Robina
9,197,280
23,234
Total
Philippines
(Cost
$55,015
)
54,502
SINGAPORE
4.7%
Common
Stocks
4.7%
CapitaLand
Integrated
Commercial
Trust
24,333,700
39,813
DBS
Group
Holdings
3,194,400
87,451
Sea,
ADR
(USD) (3)
168,900
10,886
Total
Singapore
(Cost
$97,731
)
138,150
SOUTH
KOREA
9.6%
Common
Stocks
9.6%
Amorepacific (3)
160,348
19,060
Coupang
(USD) (3)
412,180
6,962
Hyundai
Mobis
154,173
25,779
LG
Chem
84,758
47,837
NAVER
187,784
31,196
Samsung
Electronics
3,095,850
154,205
Total
South
Korea
(Cost
$191,902
)
285,039
T.
ROWE
PRICE
New
Asia
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
SWITZERLAND
1.1%
Common
Stocks
1.1%
Cie
Financiere
Richemont,
Class
A
206,562
31,843
Total
Switzerland
(Cost
$11,090
)
31,843
TAIWAN
10.9%
Common
Stocks
10.9%
Chailease
Holding
2,835,225
21,366
Taiwan
Semiconductor
Manufacturing
16,444,574
290,194
Vanguard
International
Semiconductor
3,753,000
12,615
Total
Taiwan
(Cost
$69,274
)
324,175
THAILAND
1.3%
Common
Stocks
1.3%
CP
ALL
18,950,600
37,715
Total
Thailand
(Cost
$28,500
)
37,715
VIETNAM
1.6%
Common
Stocks
1.6%
Bank
for
Foreign
Trade
of
Vietnam (3)
5,865,278
23,053
Hoa
Phat
Group
23,202,200
21,948
Mobile
World
Investment
1,880,500
3,978
Total
Vietnam
(Cost
$41,317
)
48,979
SHORT-TERM
INVESTMENTS
2.0%
Money
Market
Funds
2.0%
T.
Rowe
Price
Government
Reserve
Fund,
4.36% (6)(7)
58,273,234
58,273
Total
Short-Term
Investments
(Cost
$58,273)
58,273
T.
ROWE
PRICE
New
Asia
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
SECURITIES
LENDING
COLLATERAL
0.7%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.7%
Money
Market
Funds
0.7%
T.
Rowe
Price
Government
Reserve
Fund,
4.36% (6)(7)
22,588,436
22,589
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
22,589
Total
Securities
Lending
Collateral
(Cost
$22,589)
22,589
Total
Investments
in
Securities
99.3%
(Cost
$2,141,916)
$
2,946,978
Other
Assets
Less
Liabilities
0.7%
21,797
Net
Assets
100.0%
$
2,968,775
‡
Country
classifications
are
generally
based
on
MSCI
categories
or
another
unaffiliated
third
party
data
provider;
Shares
are
denominated
in
the
currency
of
the
country
presented
unless
otherwise
noted.
(1)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
may
have
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
generally
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$5,493
and
represents
0.2%
of
net
assets.
(2)
Level
3
in
fair
value
hierarchy.
(3)
Non-income
producing
(4)
All
or
a
portion
of
this
security
is
on
loan
at
January
31,
2023.
(5)
China
A
shares
held
through
the
QFII
are
subject
to
certain
restrictions.
(6)
Seven-day
yield
(7)
Affiliated
Companies
ADR
American
Depositary
Receipts
CNH
Offshore
China
Renminbi
HKD
Hong
Kong
Dollar
TWD
Taiwan
Dollar
USD
U.S.
Dollar
T.
ROWE
PRICE
New
Asia
Fund
6
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
three
months
ended
January
31,
2023.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Government
Reserve
Fund,
4.36%
$
—
$
—
$
344++
Totals
$
—#
$
—
$
344+
Supplementary
Investment
Schedule
Affiliate
Value
10/31/22
Purchase
Cost
Sales
Cost
Value
01/31/23
T.
Rowe
Price
Government
Reserve
Fund,
4.36%
$
84,108
¤
¤
$
80,862
Total
$
80,862^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees.
+
Investment
income
comprised
$344
of
dividend
income
and
$0
of
interest
income.
¤
Purchase
and
sale
information
not
shown
for
cash
management
funds.
^
The
cost
basis
of
investments
in
affiliated
companies
was
$80,862.
T.
ROWE
PRICE
New
Asia
Fund
Unaudited
Notes
to
Portfolio
of
Investments
7
T.
Rowe
Price
New
Asia
Fund (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
T.
ROWE
PRICE
New
Asia
Fund
8
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities
and
the
last
quoted
sale
or
closing
price
for
international
securities.
The
last
quoted
prices
of
non-U.S.
equity
securities
may
be
adjusted
to
reflect
the
fair
value
of
such
securities
at
the
close
of
the
NYSE,
if
the Valuation
Designee
determines
that
developments
between
the
close
of
a
foreign
market
and
the
close
of
the
NYSE
will
affect
the
value
of
some
or
all
of its portfolio
securities.
Each
business
day,
the
Valuation
Designee uses
information
from
outside
pricing
services
to
evaluate
the
quoted
prices
of
portfolio
securities
and,
if
appropriate,
decide whether
it
is
necessary
to
adjust
quoted
prices
to
reflect
fair
value
by
reviewing
a
variety
of
factors,
including
developments
in
foreign
markets,
the
performance
of
U.S.
securities
markets,
and
the
performance
of
instruments
trading
in
U.S.
markets
that
represent
foreign
securities
and
baskets
of
foreign
securities. The Valuation
Designee
uses
outside
pricing
services
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The Valuation
Designee
cannot
predict
how
often
it
will
use
quoted
prices
and
how
often
it
will
determine
it
necessary
to
adjust
those
prices
to
reflect
fair
value.
Investments
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
T.
ROWE
PRICE
New
Asia
Fund
9
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
T.
ROWE
PRICE
New
Asia
Fund
10
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
January
31,
2023
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
the fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict
leading
to
economic
sanctions
being
imposed
on
Russia
and
certain
of
its
citizens,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund’s
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F39-054Q1
01/23
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
284,105
$
2,576,518
$
5,493
$
2,866,116
Short-Term
Investments
58,273
—
—
58,273
Securities
Lending
Collateral
22,589
—
—
22,589
Total
$
364,967
$
2,576,518
$
5,493
$
2,946,978