AB 2020 Form 10-K

Portfolio Company Industry Shares Cost Fair Value Protoscale Rubrik (16) Software & Services 25,397 $ 598,212 $ 598,201 Punchh (16) Software & Services 24,262 275,337 275,337 Symplr Software Intermediate Holdings, Inc. (16) Software & Services 1,196 1,160,531 1,374,165 Workfront, Inc. (16) Software & Services 104,058 999,998 999,998 Total U.S. Preferred Stock 4,648,225 4,861,847 U.S. Common Stock —1.05% NC Holdings, LLC (16)(17) Digital Infrastructure & Services 360,996 400,525 400,525 Leeds FEG Investors, LLC (16) Education 320 321,309 359,147 INH Group Holdings (16) Healthcare & HCIT 484,552 484,552 290,731 Aggregator, LLC (16) Software & Services 417,813 417,813 467,950 Total U.S. Common Stock 1,624,199 1,518,353 U.S. Warrants —0.44% Degreed, Inc., Warrants expire 05/31/2026 (16) Software & Services 17,749 27,511 27,511 Fuze, Inc., Warrants expire 09/20/2029 (16) Digital Infrastructure & Services 184,665 $ 603,855 $ 603,855 Total U.S. Warrants 631,366 631,366 TOTAL INVESTMENTS—238.67% (18) $346,873,740 $ 345,025,318 LIABILITIES IN EXCESS OF OTHER ASSETS —(138.67%) $(200,462,923) NET ASSETS—100.00% $ 144,562,395 + As of December 31, 2019, qualifying assets represented 98.38% of total assets. Under the 1940 Act we may not acquire any non-qualifying assets unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets. * Unless otherwise indicated, all securities are valued using significant unobservable inputs, which are categorized as Level 3 assets under the definition of Financial Accounting Standards Board’s Accounting Standards Codification 820 fair value hierarchy. # Percentages are based on net assets. ^ Generally, the interest rate on floating interest rate investments is at benchmark rate plus spread. The borrower has an option to choose the benchmark rate, such as the London Interbank Offered Rate (“LIBOR”) or the U.S. Prime Rate. The spread may change based on the type of rate used. The terms in the consolidated schedule of investments disclose the actual interest rate in effect as of the reporting period. LIBOR loans are typically indexed to 30-day, 60-day, 90-day or 180-day LIBOR rates (1M L, 2M L, 3M L or 6M L, respectively) at the borrower’s option. LIBOR loans may be subject to interest floors. As of December 31, 2019, rates for 1M L, 2M L, 3M L and 6M L are 1.76%, 1.83%, 1.91% and 1.91%, respectively. As of December 31, 2019, the U.S. Prime Rate was 4.75%. See Note 4 “Borrowings.” (1) Position, or a portion thereof, has been segregated to collateralize ABPCI Direct Lending Fund CLO VI Ltd. (2) Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The unfunded loan commitment may be subject to a commitment termination date, that may expire prior to the maturity date stated. See Note 6 “Commitments and Contingencies”. (3) The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan. (4) Pivotal Payments, Inc. was renamed to Nuvei Technologies Corp. in 2019. (5) $56,565 of the funded par amount accrues interest at 6.35% (L + 4.50%). (6) $29,780 of the funded par amount accrues interest at 10.75 (P + 6.00%). (7) Categorized as Level 2 assets under the definition of ASC 820 fair value hierarchy. (8) $124,648 of the funded par amount accrues interest at 8.24% (L + 6.25%). (9) $293,434 of the funded par amount accrues interest at 10.00% (P + 5.25%). (10) $45,294 of the funded par amount accrues interest at 11.25% (P + 6.50%). (11) $78,522 of the funded par amount accrues interest at 8.49% (L + 6.50%). (12) $110,748 of the funded par amount accrues interest at 6.54% (L + 4.75%). (13) Caliper Software, Inc. has been renamed to Symplr Software, Inc. in 2019. (14) $62,056 of the funded par amount accrues interest at 10.75% (P + 6.00%). (15) Concerto, LLC is held through ABPCIC Concerto Holdings LLC. (16) Non-income producing investment. (17) NC Holdings LLC is held through ABPCIC NC Holdings LLC. F-19