AB 2020 Form 10-K

As of December 31, 2020, the amount of Expense Payments provided by the Adviser since inception is $4,874,139. The following table reflects the Expense Payments that may be subject to reimbursement pursuant to the Expense Agreement: For the Quarters Ended Amount of Expense Support Amount of Reimbursement Payment Amount of Unreimbursed Expense Support Effective Rate of Distribution per Share (1) Reimbursement Eligibility Expiration Percentage Limit (2) September 30, 2017 $1,002,147 $ 1,002,147 $ — n/a September 30, 2020 1.5% December 31, 2017 1,027,398 1,027,398 — n/a December 31, 2020 1.5% March 31, 2018 503,592 503,592 — n/a March 31, 2021 1.5% June 30, 2018 1,086,482 13,879 1,072,603 4.787% June 30, 2021 1.0% September 30, 2018 462,465 — 462,465 4.715% September 30, 2021 1.0% December 31, 2018 254,742 — 254,742 6.762% December 31, 2021 1.0% March 31, 2019 156,418 — 156,418 5.599% March 31, 2022 1.0% June 30, 2019 259,263 — 259,263 6.057% June 30, 2022 1.0% September 30, 2019 31,875 — 31,875 5.154% September 30, 2022 1.0% December 31, 2019 — — — 6.423% December 31, 2022 1.0% March 31, 2020 89,757 — 89,757 10.17% March 31, 2023 1.0% June 30, 2020 — — — 5.662% June 30, 2023 1.5% September 30, 2020 — — — 6.063% September 30, 2023 1.5% December 31, 2020 — — — 6.266% December 31, 2023 1.5% Total $4,874,139 $ 2,547,016 $ 2,327,123 (1) The effective rate of distribution per share is expressed as a percentage equal to the projected annualized distribution amount as of the end of the applicable period (which is calculated by annualizing the regular quarterly cash distributions per share as of such date without compounding), divided by the Fund’s gross offering price per share as of such date. (2) Represents the actual percentage of Operating Expenses paid by the Fund in any quarter after deducting any Expense Payment, as a percentage of the Fund’s average quarterly gross assets. Transfer Agency Agreement On September 26, 2017, the Fund and AllianceBernstein Investor Services, Inc. (“ABIS”), an affiliate of the Fund, entered into an agreement pursuant to which ABIS will provide transfer agent services to the Fund. The Fund bears the expenses related to the agreement with ABIS. For the years ended December 31, 2020, December 31, 2019 and December 31, 2018, the Fund accrued $50,199, $28,600 and $4,424, respectively, in transfer agent fees. As of December 31, 2020 and December 31, 2019, $13,809 and $9,397, respectively, of accrued transfer agent fees remained payable. 4. Borrowings Credit Facilities On November 15, 2017, the Fund entered into a credit agreement (the “Credit Agreement”) to establish a revolving credit facility (the “Revolving Credit Facility”) with HSBC Bank USA, National Association (“HSBC”) as administrative agent (the “Administrative Agent”). The initial maximum commitment amount (the “Maximum Commitment”) under the Revolving Credit Facility was $30 million and may be increased in a minimum amount of $10 million and in $5 million increments thereof with the consent of HSBC or reduced upon request of the Fund. As of January 31, 2019, the Fund has increased the Maximum Commitment to $50 million. So long as no request for borrowing is outstanding, the Fund may terminate the lenders’ commitments (“Commitments”) or reduce the Maximum Commitments by giving prior irrevocable written notice to the Administrative Agent. Any reduction of the Maximum Commitments shall be in an amount equal to $10 million or multiples thereof; and in no event, shall a reduction by the Fund reduce the Commitments to $35 million or less (in each case, except for a termination of all the Commitments). Proceeds under the Credit Agreement may be used for any purpose permitted under the Fund’s organizational documents, including general corporate purposes such as the making of investments. The Credit Agreement contains certain customary covenants and events of default, with customary cure and notice provisions. As of December 31, 2020, the Fund is in compliance with these covenants. The Fund’s obligations under the Credit Agreement are secured by the Capital Commitments and capital contributions to the Fund. Borrowings under the Credit Agreement bear interest, at the Fund’s election at the time of drawdown, at a rate per annum equal to (i) with respect to LIBOR Rate Loans, Adjusted LIBOR (as defined in the Credit Agreement) for the applicable Interest Period (as defined in the Credit Agreement); and (ii) with respect to Reference Rate Loans (as defined in the Credit Agreement), the greatest of: (x) the rate of interest per annum publicly announced from time to time by HSBC as its prime rate, (y) the rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, plus two hundred basis points (2.00%), provided that if such rate is not so published for any day that is a Business Day (as defined in the Credit Agreement), the average of the quotation for such day on such transactions received by the Administrative Agent, from three (3) Federal funds brokers of recognized standing selected by the Administrative Agent and, upon request of Borrowers (as defined in the Credit Agreement), with notice of such quotations to the Borrowers and (z) except during any period of time during which LIBOR is unavailable, one-month Adjusted LIBOR plus one hundred ninety basis points (1.90%). The Fund will also pay an unused commitment fee of 35 basis points (0.35%) on any unused commitments. F-28