AllianceBernstein Global High Income Fund yields 7.47%, hedges currency risk, and holds mostly U.S. bonds.

The AllianceBernstein Global High Income Fund (AWF) offers a 7.47% yield by investing globally in corporate and government bonds, with a focus on high-yield junk bonds. The fund minimizes non-USD currency exposure by hedging most foreign currency risks and maintains a portfolio overweight in U.S. issuers compared to global benchmarks. Despite recent share price underperformance, the fund's net asset value (NAV) declined only slightly by 0.18%, resulting in a 9.57% discount to NAV, which is better than its historical average. AWF uses no leverage, has a 1.02% expense ratio, and is expected to see minimal impact from the EQH/Corebridge merger, though investors should watch for proxy updates.