<PAGE>
--------------------------------------------------------------------------------
FELLOW SHAREHOLDERS
--------------------------------------------------------------------------------
The Japanese stock market provided a respect-able gain for the quarter ended
April 30, withstanding the downdraft that depressed most of the world's stock
markets after the Federal Reserve raised U.S. interest rates. Such divergence
from world trends seems hardly surprising after five years of a savage bear
market and with deflation more of a worry than inflation -- the opposite concern
of the U.S.
Small companies, which account for about a quarter of your portfolio,
continued to outperform during the quarter, as shown by the Second Section Index
below. Your portfolio lagged for the quarter, due largely to a substantial
exposure to the housing sector, which underperformed, but reflected a blend of
the indices for the six-month period.
--------------------------------------------------------------------------------
Performance Comparison
--------------------------------------------------------------------------------
Periods Ended 4/30/94
3 Months 6 Months
-------- --------
Japan Fund 5.3% 7.4%
TSE First Section Index 5.7 5.1
TSE Second Section Index 12.8 16.6
--------------------------------------------------------------------------------
MARKET REVIEW
It is difficult to say with certainty that the Japanese economy is improving, as
many year-over-year comparisons remain in negative territory. The recession
appears to have bottomed in mid-1993, but a genuine recovery will probably not
be evident until the summer of 1994. On the positive side, 10 months of growth
in housing, the first sector to turn around, is now stimulating other areas. For
example, electrical appliance and furniture sales have picked up as people equip
their new houses. Consumer spending as a whole rose 2.6% in January compared
with January a year ago, as employment prospects brightened slightly. Such
spending remains very value conscious, with discount operators doing well at the
expense of high-priced department stores. Indeed, across a wide range of
sectors, our company visits continued to reveal a trading down by the
consumer -- whether for new kitchens or sporting goods.
Other positive economic signs include a small improvement in industrial
production and a continuing decline in inventories as a percentage of shipments.
The leading indicators also rose in January, prompting the Bank of Japan's
governor, Mr. Mieno, to comment for the first time that the economy was at last
improving.
We share Mr. Mieno's view but feel that the pace of recovery will be
subdued. Following the binge of the late 1980s and with today's abnormally low
factory utilisation rates, capital expenditures remain a drag on growth. Machine
tool orders, while improving, are running below the previous year's rate, and
the construction sector appears to have several vultures swooping over it. With
office property vacancy now around 10% and heading toward 20% as new buildings
are completed, private sector construction orders again fell during the quarter.
The ensuing further decline in commercial property prices will not help banks'
willingness to lend.
The key over the next few months will be whether general malaise again
takes the upper hand, like last year, or whether the spring shoots of economic
recovery take root. We will monitor this carefully.
As with the economy, the political situation is also fragile, although the
coalition led by former Prime Minister Hosokawa succeeded at the eleventh hour
in passing its electoral reform package -- the largest constitutional change
since General MacArthur left Japan nearly 50 years ago. The move to a mix of
single-member constituencies and proportional representation is likely to alter
Japan's political landscape radically. The most likely outcome is that a two-
party system will eventually
<PAGE>
develop, with consumer-oriented policies becoming far more prevalent. This, in
turn, should favour lower prices, deregulation, and a more statesmanlike role
for Japan in world affairs. Over the longer term, this has to be good for
Japan's development. In the meantime, the ruling coalition remains weak, and
further political reshuffling is likely. The new, tough approach of the Clinton
Administration on trade matters is adding to internal pressures.
INVESTMENT POLICY & OUTLOOK
In sum, the environment for equity investment continued to improve slowly.
Against this backdrop, we maintained a fully invested approach, with stock
selection becoming ever more economically sensitive. Over the quarter, the food
sector was reduced through sales of Coca-Cola bottlers, HOKKAIDO and SANYO.
Although both are well managed, highly profitable companies, their growth
prospects are constrained by market saturation. Our weighting in construction-
related stocks was also reduced. We eliminated almost all our public works
stocks, since the era of countercyclical pump-priming seems about over, and
pared positions in housing stocks and related materials as the housing story
becomes increasingly mature. The only increases in this area were in the
telecom engineering stocks, where the Government's plan for a nationwide optical
fibre network should ensure a favourable long-term demand for their services.
Cash from portfolio sales was largely redeployed in electricals, services,
and basic industries. In electronic components, orders continued to pick up
sharply based on a vibrant U.S. market and a domestic turnaround. Component
stocks should do well in response to growth in the telecom and PC end-user
markets as well as the longer-term potential of multimedia applications. In
services, we added ASATSU, an advertising agency that should gain market share
from its old-fashioned competitors as advertising spending continues to show
signs of life. We also added exposure to chemical companies MITSUI
PETROCHEMICAL and Ishihara Sangyo and textile manufacturer Teijin, all of which
should benefit from a recovery in prices, better sales volumes, and improved
cost control. The thrust of the portfolio will continue to move toward these
kinds of stocks as economic recovery is confirmed.
Respectfully submitted,
/s/ Martin G. Wade
Martin G. Wade
President
May 24, 1994
2
<PAGE>
--------------------------------------------------------------------------------
SECURITY CLASSIFICATION
--------------------------------------------------------------------------------
April 30, 1994
Cost Market Value
Percent of Net Assets (000) (000)
------------------------------------ ---------- --------------
Common Stocks
& Warrants, 93.3% $132,623 $147,083
Short-Term
Investments, 6.5% 10,194 10,194
-------- --------
Total Investments, 99.8% 142,817 157,277
Other Assets Less
Liabilities, 0.2% 350 357
-------------------------------------------------------------------------
Net Assets, 100.0% $143,167 $157,634
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Industry Diversification
--------------------------------------------------------------------------------
April 30, 1994
Percent of
Net Assets
----------
Electrical & Electronics 19.9%
Merchandising 11.8
Building Materials & Construction 9.8
Machinery & Engineering 9.0
Household Durables 7.4
Chemicals 6.2
Transport & Storage 4.6
Health & Personal Care 3.2
Heavy Engineering 2.9
Metals 2.2
Real Estate 2.2
Automobiles 2.0
Computers & Communication 2.0
Multi-industry 2.0
Textile 1.5
Business & Public Services 1.0
Finance 0.9
Other Industries 4.7
Short-Term Investments 6.5
Other Assets Less Liabilities 0.2
------------------------------------------------------------
Net Assets 100.0%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
TWENTY-FIVE LARGEST HOLDINGS
--------------------------------------------------------------------------------
April 30, 1994
Percent of
Net Assets
----------
Sekisui Chemical 2.4%
Ryoyo Electric 2.4
TDK 2.4
Komori 2.4
NEC 2.3
Makita Electric Works 2.2
Canon 2.2
Nippon Denso 2.0
Mitsubishi Heavy Industries 2.0
Kuraray 1.9
Murata Manufacturing 1.8
National House 1.8
Sharp 1.7
Komatsu 1.7
DDI 1.6
Daiichi Pharmaceutical 1.6
Honda Motor 1.6
Sega Enterprises 1.6
Amada 1.6
Sumitomo 1.6
Sankyo 1.5
Tokyo Style 1.5
Alps Electric 1.4
Shinetsu Chemical 1.4
Aoyama Trading 1.3
------------------------------------------------------------
Total 45.9%
--------------------------------------------------------------------------------
3
<PAGE>
--------------------------------------------------------------------------------
STATEMENT OF NET ASSETS (VALUE IN THOUSANDS)
T. ROWE PRICE JAPAN FUND / APRIL 30, 1994 (UNAUDITED)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
JAPAN -- 93.3%
--------------------------------------------------------------------------------
Value
--------
COMMON STOCKS & WARRANTS
27,000 shs. Ado Electronic Industries.................... $ 897
33,000 Advantest.................................... 1,116
51,000 Aichi Electric............................... 397
158,000 Alps Electric................................ 2,198
223,000 Amada........................................ 2,447
20,000 Amway Japan.................................. 823
46,000 Aoyama Trading............................... 2,119
49,000 Apollo Electronics........................... 1,239
21,000 Asatsu....................................... 1,047
213,000 Canon........................................ 3,444
27,000 Canon Sales.................................. 847
30,000 Chofu Seisakusho............................. 750
225,000 Citizen Watch................................ 2,017
26,000 Cleanup...................................... 446
35 DDI.......................................... 2,565
85,000 Daifuku...................................... 1,033
163,000 Daiichi Pharmaceutical....................... 2,508
48,000 Daishinku.................................... 626
116,000 Daiwa House.................................. 1,739
431 East Japan Railway........................... 2,036
40,000 Emoto Industries............................. 886
16,000 Enix......................................... 770
23,000 Enplas....................................... 818
14,000 Fanuc........................................ 587
4,400 Hibiya Engineering........................... 62
9,000 Higashi Nihon House.......................... 475
35,000 Hirose Electric.............................. 2,017
203,000 Hitachi...................................... 1,910
284,000 Hitachi Zosen................................ 1,492
152,000 Honda Motor.................................. 2,502
29,600 Ishiguro Homa................................ 783
309,000 Ishihara Sangyo.............................. 1,293
21,000 Ito-Yokado................................... 1,101
45,000 Japan Airport Terminal....................... 586
53,000 Japan Living Service......................... 732
255,000 Japan Synthetic Rubber....................... 1,497
41,000 Kansai Sekiwa Real Estate.................... 824
30,800 Kato Denki................................... 809
33,150 Keiyo........................................ 663
3,000 Kitakei...................................... 50
32,000 Kokuyo....................................... 737
303,000 Komatsu...................................... 2,696
140,000 Komori....................................... 3,759
280,000 Kuraray...................................... 3,045
11,000 Kyocera...................................... 690
42,000 Lintec....................................... 691
21,000 Mabuchi Motor................................ 1,502
175,000 shs. Makita Electric Works........................ $ 3,533
64,000 Marui........................................ 1,054
800 Marutomi Group............................... 14
1,000 wts. *Marutomi Group, 4/2/96 (DEM)................ 25
75,000 shs. Meitetsu Transport........................... 618
1,500 wts. *Meitetsu Transport, 4/30/97 (CHF)............ 346
476,000 shs. Mitsubishi Heavy Industries.................. 3,148
169,000 Mitsui Fudosan............................... 2,037
111,000 Mitsui Petrochemical Industries.............. 886
66,000 Murata Manufacturing......................... 2,846
323,000 NEC.......................................... 3,577
54,000 Namura Shipbuilding.......................... 383
153,000 National House............................... 2,789
52,000 Nichicon..................................... 693
11,300 Nichiei...................................... 1,002
167,000 Nippon Denso................................. 3,158
61,600 Nippon Denwa Shisetsu........................ 996
17,000 Nippon Hodo.................................. 308
98,000 Nippon Konpo Unyu Soko....................... 893
43,000 Nippon Seiki................................. 733
618,000 Nippon Steel................................. 2,101
92,000 Nippon Thompson.............................. 595
32,000 Nissha Printing.............................. 862
4,100 Okinawa Electric Power....................... 153
22,000 Paltac....................................... 657
77,000 Pioneer Electronic........................... 1,969
15,000 Rinnai....................................... 459
49,000 Rohm......................................... 1,930
132,000 Ryoyo Electric............................... 3,829
18,000 Sangetsu..................................... 656
104,000 Sankyo....................................... 2,354
66,000 Sankyo Seiki Manufacturing................... 483
9,800 Santen Pharmaceutical........................ 260
33,000 Sega Enterprises............................. 2,448
209,000 Seika........................................ 1,577
378,000 Sekisui Chemical............................. 3,852
141,000 Sekisui House................................ 1,755
24,200 Senshukai.................................... 830
7,700 Seven-Eleven Japan........................... 571
168,000 Sharp........................................ 2,733
104,000 Shinetsu Chemical............................ 2,130
19,700 Sony......................................... 1,112
253,000 Sumitomo..................................... 2,447
51,000 Sumitomo Electric............................ 720
92,000 Sumitomo Forestry............................ 1,875
12,000 Taisei Prefab Construction................... 158
85,000 TDK.......................................... 3,815
107,000 Tamura....................................... 734
312,000 Teijin....................................... 1,559
4
<PAGE>
18,000 shs. Tenma........................................ $ 564
53,000 Tohoku Telecommunications.................... 743
50,000 Tokai Rubber Industries...................... 818
55,000 Tokyo Electronics............................ 1,741
128,000 Tokyo Style.................................. 2,320
29,000 Toyo Communication........................... 801
40,000 Wako Securities.............................. 392
23,000 Xebio........................................ 825
32,000 York Benimaru................................ 1,499
18,000 Yurtec....................................... 446
Total Japan 147,083
--------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS -- 6.5%
--------------------------------------------------------------------------------
COMMERCIAL PAPER
$5,000,000 Caisse des Depots et Consignations,........ 4,985
3.63%, 5/18/94
5,200,000 Federal Home Loan Bank, 3.55%, 5/2/94...... 5,198
11,000 Harvard University, 3.55%, 5/2/94.......... 11
Total Short-Term Investments 10,194
--------------------------------------------------------------------------------
Total Investments in Securities - 99.8% (Cost--$142,817) 157,277
--------------------------------------------------------------------------------
Other Assets Less Liabilities -- 0.2% 357
Net Assets Consisting of:
Accumulated net investment income
-- net of distributions................................ $ (289)
Accumulated realized gains/losses
-- net of distributions................................ 5,250
Unrealized appreciation of investments................... 14,467
Paid-in-capital applicable to
13,819,792 shares of $0.01 par
value capital stock outstanding;
1,000,000,000 shares of the
Corporation authorized----............................. 138,206
--------
Net Assets - 100.0% $157,634
========
Net Asset Value Per Share $11.41
======
--------------------------------------------------------------------------------
* Non-income producing
(CHF) Swiss franc denominated
(DEM) German deutschemark denominated
The accompanying notes are an integral part of these financial statements.
5
<PAGE>
--------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
--------------------------------------------------------------------------------
T. Rowe Price Japan Fund / Six Months Ended April 30, 1994 (Unaudited)
Amounts in Thousands
--------------------
INVESTMENT INCOME
Income
Dividends (net of foreign taxes of $71)......... $ 405
Interest........................................ 134
------
Total income.................................... $ 539
Expenses
Investment management fees...................... 362
Shareholder servicing fees & expenses........... 245
Custodian and accounting fees & expenses........ 99
Registration fees & expenses.................... 34
Legal & auditing fees........................... 13
Prospectus & shareholder reports................ 11
Directors' fees & expenses...................... 4
Proxy & annual meeting expenses................. 1
Miscellaneous expenses.......................... 5
------
Total expenses.................................. 774
------
Net investment income............................. (235)
------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss)
Securities...................................... 4,980
Foreign currency transactions................... (49)
------
Net realized gain................................. 4,931
Change in unrealized appreciation or depreciation
Securities...................................... 4,260
Other assets and liabilities denominated in
foreign currencies............................ 11
------
Change in unrealized appreciation or depreciation. 4,271
------
Net gain on investments........................... 9,202
------
INCREASE IN NET ASSETS FROM OPERATIONS............ $8,967
======
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
6
<PAGE>
--------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
T. Rowe Price Japan Fund (Unaudited)
<TABLE>
<CAPTION>
From
December 30,
1991
(Commencement
of Operations) to
Six Months Ended Ten Months Ended December 31,
April 30, 1994 October 31, 1993++ 1992
---------------- ------------------ -----------------
Amounts in Thousands
----------------------------------------------------------
<S> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
Operations
Net investment income............................................... $ (235) $ (379) $ (60)
Net realized gain (loss) on investments............................. 4,931 7,189 (1,062)
Change in unrealized appreciation or depreciation of investments.... 4,271 10,926 (731)
-------- -------- --------
Increase (decrease) in net assets from operations................... 8,967 17,736 (1,853)
-------- -------- --------
Distributions to shareholders
Net realized gain on investments.................................... (5,848) -- --
-------- -------- --------
Capital share transactions
Sold 14,617, 9,676 and 7,978 shares................................. 158,220 106,384 70,974
Distributions reinvested of 572, 0 and 0 shares..................... 5,598 -- --
Redeemed 8,898, 7,444 and 2,681 shares.............................. (96,466) (82,749) (23,396)
-------- -------- --------
Increase in net assets from capital share transactions.............. 67,352 23,635 47,578
-------- -------- --------
Net equalization....................................................... -- -- 67
-------- -------- --------
Total increase......................................................... 70,471 41,371 45,792
NET ASSETS
Beginning of period................................................. 87,163 45,792 --
-------- -------- --------
End of period....................................................... $157,634 $ 87,163 $ 45,792
======== ======== ========
</TABLE>
++The Fund's fiscal year-end was changed to October 31.
The accompanying notes are an integral part of these financial statements.
7
<PAGE>
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
T. Rowe Price Japan Fund / April 30, 1994 (Unaudited)
NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES
T. Rowe Price International Funds, Inc. (the Corporation) is registered under
the Investment Company Act of 1940. The Japan Fund (the Fund), a diversified,
open-end management investment company, is one of the portfolios established by
the Corporation.
A) Valuation - Equity securities listed or regularly traded on a securities
exchange (including NASDAQ) are valued at the last quoted sales price at the
time the valuations are made. A security which 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. Other equity securities and those listed
securities that are not traded on a particular day are valued at a price within
the limits of the latest bid and asked prices deemed by the Board of Directors,
or by persons delegated by the Board, best to reflect fair value.
Short-term debt securities are valued at their cost which, when combined
with accrued interest, approximates fair value.
For purposes of determining the Fund's net asset value per share, all
assets and liabilities initially expressed in foreign currencies are converted
into U.S. dollars at the mean of the bid and offer prices of such currencies
against U.S. dollars quoted by a major bank.
Assets and liabilities for which the above valuation procedures are
inappropriate or are deemed not to reflect fair value are stated at fair value
as determined in good faith by or under the supervision of the officers of the
Fund, as authorized by the Board of Directors.
B) Currency translation - Foreign currency amounts are translated into U.S.
dollars at prevailing exchange rates as follows: assets and liabilities at the
rate of exchange at the end of the respective period, purchases and sales of
securities and income and expenses at the rate of exchange prevailing on the
dates of such transactions. The effect of changes in foreign exchange rates on
realized and unrealized security gains or losses is reflected as a component of
such gains or losses.
C) Other - Income and expenses are recorded on the accrual basis. Investment
transactions are accounted for on the trade date. Realized gains and losses are
reported on an identified cost basis. Dividend income and distributions to
shareholders are recorded by the Fund on the ex-dividend date. Income and
capital gain distributions are determined in accordance with federal income tax
regulations which may differ from generally accepted accounting principles.
Effective January 1, 1993, the Fund discontinued its practice of equalization.
NOTE 2 - PORTFOLIO TRANSACTIONS
Purchases and sales of portfolio securities, other than short-term and U.S.
Government securities, aggregated $85,741,000 and $32,452,000.
NOTE 3 - FEDERAL INCOME TAXES
No provision for federal income taxes is required since the Fund intends to
continue to qualify as a regulated investment company and distribute all of its
taxable income.
At April 30, 1994, the aggregate cost of investments for federal income tax
and financial reporting purposes was $142,817,000 and net unrealized
appreciation aggregated $14,460,000, of which $16,055,000 related to appreciated
investments and $1,595,000 to depreciated investments.
NOTE 4 - RELATED PARTY TRANSACTIONS
The Fund is managed by Rowe Price-Fleming International, Inc. (Price-Fleming)
which is owned by T. Rowe Price Associates, Inc. (Price Associates), Robert
Fleming Holdings Limited, and Jardine Fleming Holdings Limited under a joint
venture agreement.
The investment management agreement between the Fund and Price-Fleming (the
Manager) provides for an annual investment management fee, computed daily and
paid monthly, consisting of an Individual Fund Fee
8
<PAGE>
equal to 0.50% of average daily net assets and a Group Fee. The Group Fee is
based on the combined assets of certain mutual funds sponsored by the Manager or
Price Associates (the Group). The Group Fee rate ranges from 0.48% for the
first $1 billion of assets to 0.31% for assets in excess of $34 billion. The
effective annual Group Fee rate at April 30, 1994, and for the six months then
ended was 0.34%. The Fund pays a pro rata portion of the Group Fee based on the
ratio of the Fund's net assets to those of the Group.
Under the terms of the investment management agreement, the Manager is
required to bear any expenses through October 31, 1995, which would cause the
Fund's ratio of expenses to average net assets to exceed 1.50%. Thereafter, the
Fund is required to reimburse the Manager for these expenses, provided average
net assets have grown or expenses have declined sufficiently so as not to cause
the Fund's ratio of expenses to average net assets to exceed 1.50% in any month,
and that no such reimbursement shall be made to the Manager after October 31,
1997. Pursuant to this agreement and a previous agreement which expired
December 31, 1993, $73,000 of management fees were not accrued by the Fund for
the six months ended April 30, 1994. Pursuant to the previous agreement,
$311,000 of unaccrued fees from the year ended December 31, 1992, and the ten
months ended October 31, 1993, remain subject to reimbursement through December
31, 1995.
During the six months ended April 30, 1994, the Fund, in the ordinary
course of business, paid commissions of $155,000 to, and placed security
purchase and sale orders aggregating $30,169,000 with, certain affiliates of the
Manager in connection with the execution of various portfolio transactions at
the direction of Price-Fleming.
T. Rowe Price Services, Inc. (TRPS) and Retirement Plan Services, Inc.
(RPS) are wholly owned subsidiaries of Price Associates. TRPS provides transfer
and dividend disbursing agent functions and shareholder services for all
accounts. RPS provides subaccounting and recordkeeping services for certain
retirement accounts invested in the Fund. Price Associates, under a separate
agreement, calculates the daily share price and maintains the financial records
of the Fund. For the six months ended April 30, 1994, the Fund incurred fees
totalling approximately $240,000 for these services provided by related parties.
At April 30, 1994, these investment management and service fees payable were
$126,000.
9
<PAGE>
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
T. Rowe Price Japan Fund (Unaudited)
<TABLE>
<CAPTION>
For a share outstanding throughout each period
--------------------------------------------------
From
December 30, 1991
Six Months Ten Months (Commencement of
Ended Ended Operations) to
April 30, October 31, December 31,
1994 1993++ 1992
--------------------------------------------------
<S> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD...................... $11.58 $ 8.64 $10.00
------ ------ ------
Investment Activities
Net investment income.................... (0.02)* (0.05)* (0.01)*
Net realized and unrealized gain
(loss)................................. 0.70 2.99 (1.35)
------ ------ ------
Total from Investment Activities........... 0.68 2.94 (1.36)
------ ------ ------
Distributions
Net realized gain........................ (0.85) -- --
------ ------ ------
NET ASSET VALUE, END OF PERIOD............. $11.41 $11.58 $ 8.64
====== ====== ======
------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
NET ASSET VALUE, END OF PERIOD............. $11.41 $11.58 $ 8.64
Total Return............................... 7.4% 33.7% (13.4)%
Ratio of Expenses to Average
Net Assets............................... 1.50%+* 1.50%+* 1.50%*
Ratio of Net Investment Income to
Average Net Assets....................... (0.45)%+ (0.58)%+ (0.22)%
Portfolio Turnover Rate.................... 65.4%+ 61.4%+ 41.6%
Net Assets, End of Period
(in thousands)........................... $157,634 $87,163 $45,792
Number of Shareholder Accounts,
End of Period............................ 15,000 9,000 6,000
------------------------------------------------------------------------------------------------
</TABLE>
++ The Fund's fiscal year-end was changed to October 31.
* Excludes expenses in excess of a 1.50% voluntary expense limitation in
effect through October 31, 1995.
+ Annualized.
10
<PAGE>
SemiAnnual Report
------------------------------------------------------------------------------
For yield, price, last transaction,
and current balance, 24 hours,
7 days a week, call:
1-800-638-2587 toll free
625-7676 Baltimore area
For assistance with your existing
fund account, call:
Shareholder Service Center
1-800-225-5132 toll free
625-6500 Baltimore area
T. Rowe Price
100 East Pratt Street
Baltimore, Maryland 21202
This report is authorized for distri-
bution only to shareholders and to
others who have received a copy of
the prospectus of the T. Rowe Price
Japan Fund.
T. ROWE PRICE
Invest With Confidence(R)
JPF
T.Rowe Price
------------
Japan Fund
April 30, 1994
(ART APPEARS HERE)
