AB 2020 Form 10-K

• The Fund will be subject to corporate-level U.S. federal income tax if it is unable to qualify as a RIC. • Risks may arise in connection with the rules under ERISA related to investment by ERISA Plans. • The Fund may have difficulty paying its required distributions, and it may not pay any distributions at all. • The Fund may in the future choose to pay dividends in its own stock. • For periods in which the Fund does not qualify as a “publicly offered regulated investment company,” as defined in the Code, stockholders will be taxed as if they received a distribution of some of its expenses. • The Fund is subject to risks in using custodians, administrators and other agents. • The Fund expends financial resources to comply with the Exchange Act and the Sarbanes-Oxley Act. • The Fund does not yet have comprehensive documentation of, and has not yet tested, its internal controls. • Stockholders may be subject to requirements and rules under the Exchange Act as a result of an investment in the Fund, and investors in the Private Offering will be subject to transfer restrictions. • There may be state licensing requirements for the Fund. 28