T.
ROWE
PRICE
Japan
Fund
July
31,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
JAPAN
98.9%
COMMON
STOCKS
98.0%
AUTOMOBILES
&
TRANSPORTATION,
EQUIPMENT
4.0%
Transportation
Equipment
4.0%
Suzuki
Motor
228,800
9,190
Toyota
Motor
631,800
10,623
Total
Automobiles
&
Transportation,
Equipment
19,813
BANKS
4.7%
Banks
4.7%
Mitsubishi
UFJ
Financial
Group
2,049,500
16,503
Sumitomo
Mitsui
Trust
Holdings
176,900
6,882
Total
Banks
23,385
COMMERCIAL
&
WHOLESALE
TRADE
1.6%
Wholesale
Trade
1.6%
ITOCHU
195,900
7,923
Total
Commercial
&
Wholesale
Trade
7,923
CONSTRUCTION
&
MATERIALS
2.4%
Construction
1.4%
Sumitomo
Densetsu
316,800
7,060
7,060
Glass
&
Ceramics
Products
1.0%
Taiheiyo
Cement
54,300
1,134
Tokai
Carbon
418,700
3,725
4,859
Total
Construction
&
Materials
11,919
ELECTRIC
APPLIANCES
&
PRECISION
INSTRUMENTS
28.7%
Electric
Appliances
23.9%
Advantest
18,900
2,614
Hamamatsu
Photonics (1)
114,800
5,531
Hitachi
190,100
12,445
Keyence
44,800
20,104
Konica
Minolta
60,200
223
Lasertec
10,900
1,650
Mitsubishi
Electric
367,700
5,306
Murata
Manufacturing
166,300
9,879
NIDEC
206,300
12,321
Panasonic
Holdings
831,600
10,265
T.
ROWE
PRICE
Japan
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
Sony
Group
230,500
21,590
Stanley
Electric
279,600
5,167
Taiyo
Yuden (1)
44,700
1,333
Tokyo
Electron
69,700
10,461
118,889
Precision
Instruments
4.8%
Hoya
52,200
6,079
Olympus
783,500
12,784
Shimadzu
153,200
4,653
23,516
Total
Electric
Appliances
&
Precision
Instruments
142,405
FINANCIALS
EX-BANKS
5.0%
Insurance
1.6%
Tokio
Marine
Holdings
359,700
8,272
8,272
Other
Financing
Business
3.4%
Aiful
183,300
460
ORIX
850,500
16,361
16,821
Total
Financials
Ex-Banks
25,093
FOODS
0.9%
Foods
0.9%
Suntory
Beverage
&
Food
133,000
4,734
Total
Foods
4,734
IT
&
SERVICES
&
OTHERS
16.1%
Information
&
Communication
8.7%
Demae-Can (1)(2)
154,100
530
GMO
Payment
Gateway (1)
57,900
4,417
Hikari
Tsushin
80,700
11,975
JMDC
81,100
3,100
Medley (2)
55,700
1,987
Mercari (2)
66,700
1,690
Nexon
179,500
3,425
Nomura
Research
Institute
203,000
5,768
Plus
Alpha
Consulting
98,900
1,947
SHIFT (2)
34,600
8,185
43,024
Services
7.4%
Benefit
One
61,600
636
Daiei
Kankyo
281,800
4,776
T.
ROWE
PRICE
Japan
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
LITALICO
40,300
634
Oriental
Land
271,700
10,421
Persol
Holdings
211,000
4,174
Recruit
Holdings
221,200
7,661
TRYT (1)(2)
443,600
2,763
Visional (2)
104,900
5,772
36,837
Total
IT
&
Services
&
Others
79,861
MACHINERY
8.4%
Machinery
8.4%
Daikin
Industries
50,700
10,251
Disco
40,100
7,538
Harmonic
Drive
Systems
162,000
4,462
Hoshizaki
247,500
9,492
Miura (1)
396,300
9,999
Total
Machinery
41,742
PHARMACEUTICAL
4.8%
Pharmaceutical
4.8%
Astellas
Pharma
844,200
12,344
Daiichi
Sankyo
259,400
7,989
Rohto
Pharmaceutical
159,500
3,400
Total
Pharmaceutical
23,733
RAW
MATERIALS
&
CHEMICALS
12.0%
Chemicals
11.1%
Fancl
240,100
4,205
Kansai
Paint
588,100
9,640
Kao
220,000
8,358
Nippon
Paint
Holdings
820,300
7,516
Nippon
Sanso
Holdings
139,300
3,368
Shin-Etsu
Chemical
333,200
10,977
Shiseido
245,100
10,746
54,810
Pulp
&
Paper
0.9%
Daio
Paper (1)
538,900
4,633
4,633
Total
Raw
Materials
&
Chemicals
59,443
REAL
ESTATE
1.8%
Real
Estate
1.8%
Mitsui
Fudosan
252,400
5,185
T.
ROWE
PRICE
Japan
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
TKP (1)(2)
198,100
3,963
Total
Real
Estate
9,148
RETAIL
TRADE
7.6%
Retail
Trade
7.6%
Fast
Retailing
40,800
10,221
Food
&
Life
275,000
5,411
Nextage
154,500
4,058
Nitori
Holdings
63,000
7,715
Seven
&
i
Holdings
251,700
10,442
Total
Retail
Trade
37,847
Total
Common
Stocks
487,046
CONVERTIBLE
PREFERRED
STOCKS
0.9%
IT
&
SERVICES
&
OTHERS
0.9%
Information
&
Communication
0.9%
Andpad,
Series
D,
Acquisition
Date:
7/21/22,
Cost
$725 (2)(3)(4)
17,240
695
Atama
Plus,
Series
C,
Acquisition
Date:
7/20/21,
Cost
$4,550 (2)(3)(4)
5,393
1,683
Datax,
Series
E,
Acquisition
Date:
7/14/21,
Cost
$4,542 (2)(3)(4)
11,236
1,759
Finc
Technologies,
Series
E,
Acquisition
Date:
12/18/19,
Cost
$3,650 (2)(3)(4)
232,019
133
Total
IT
&
Services
&
Others
4,270
Total
Convertible
Preferred
Stocks
4,270
Total
Japan
(Cost
$436,242)
491,316
SHORT-TERM
INVESTMENTS
1.2%
MONEY
MARKET
FUNDS
1.2%
T.
Rowe
Price
Government
Reserve
Fund,
5.32% (5)(6)
5,858,789
5,859
Total
Short-Term
Investments
(Cost
$5,859)
5,859
T.
ROWE
PRICE
Japan
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
SECURITIES
LENDING
COLLATERAL
1.1%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
1.1%
Money
Market
Funds
1.1%
T.
Rowe
Price
Government
Reserve
Fund,
5.32% (5)(6)
5,327,442
5,327
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
5,327
Total
Securities
Lending
Collateral
(Cost
$5,327)
5,327
Total
Investments
in
Securities
101.2%
(Cost
$447,428)
$
502,502
Other
Assets
Less
Liabilities
(1.2)%
(5,766)
Net
Assets
100.0%
$
496,736
‡
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)
All
or
a
portion
of
this
security
is
on
loan
at
July
31,
2023.
(2)
Non-income
producing
(3)
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
$4,270
and
represents
0.9%
of
net
assets.
(4)
Level
3
in
fair
value
hierarchy.
(5)
Seven-day
yield
(6)
Affiliated
Companies
T.
ROWE
PRICE
Japan
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
nine
months
ended
July
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,
5.32%
$
—
$
—
$
207++
Totals
$
—#
$
—
$
207+
Supplementary
Investment
Schedule
Affiliate
Value
10/31/22
Purchase
Cost
Sales
Cost
Value
07/31/23
T.
Rowe
Price
Government
Reserve
Fund,
5.32%
$
27,184
¤
¤
$
11,186
Total
$
11,186^
#
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
$207
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
$11,186.
T.
ROWE
PRICE
Japan
Fund
Unaudited
Notes
to
Portfolio
of
Investments
7
T.
Rowe
Price
Japan
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
Japan
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
Japan
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.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
July
31,
2023
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
—
$
487,046
$
—
$
487,046
Convertible
Preferred
Stocks
—
—
4,270
4,270
Short-Term
Investments
5,859
—
—
5,859
Securities
Lending
Collateral
5,327
—
—
5,327
Total
$
11,186
$
487,046
$
4,270
$
502,502
T.
ROWE
PRICE
Japan
Fund
10
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.
In
March
2023,
the
collapse
of
some
US
regional
and
global
banks
as
well
as
overall
concerns
around
the
soundness
and
stability
of
the
global
banking
sector
has
sparked
concerns
of
a
broader
financial
crisis
impacting
the
overall
global
banking
sector.
In
certain
cases,
government
agencies
have
assumed
control
or
otherwise
intervened
in
the
operations
of
certain
banks
due
to
liquidity
and
solvency
concerns.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
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.
F62-054Q3
07/23