The T. Rowe Price International Bond Fund (USD Hedged) Advisor Class is a mutual fund focused on providing current income and capital appreciation by investing primarily in non-U.S. dollar-denominated bonds. This fund is distinguished by its active management approach and a strategy that maintains at least 80% exposure to both non-U.S. dollar bonds and U.S. dollar currency, effectively hedging most currency risk for U.S.-based investors. Its portfolio generally emphasizes investment-grade securities but allows for up to 25% allocation to higher-risk, below-investment-grade bonds. With over 220 issuers spread across developed and emerging markets, the fund seeks diversification and manages risk through varied geographic and sector positions. The fund’s performance is measured against the Bloomberg Global Aggregate ex USD Hedged Index, underscoring its global scope. Its characteristics, such as a roughly seven-year average duration and monthly dividend payouts, position the fund as a tool for investors seeking international bond exposure without significant foreign currency fluctuations, thereby filling a specialized role in global fixed income allocations.