AB 2020 Form 10-K

• The Fund’s investments in leveraged portfolio companies may be risky. • The Fund may not realize gains from its equity investments. • The Fund may expose itself to risks if it engages in hedging transactions. Risks Related to the Fund’s Business and Structure Limited operating history as a BDC. The Fund commenced investment operations on November 15, 2017. As a result, the Fund is subject to many of the business risks and uncertainties associated with recently formed businesses, including the risk that the Fund will not achieve its investment objective and that the value of your investment could decline substantially. As a BDC, the Fund will be subject to the regulatory 29