AB 2020 Form 10-K

name of a broker or financial intermediary, such stockholder should contact such broker or financial intermediary regarding the election to receive distributions in Shares in lieu of cash. Any distributions reinvested through the issuance of Shares through the Fund’s dividend reinvestment plan will increase the Fund’s assets on which the base management fee and incentive fee is determined and paid to the Adviser. SBCAA Tender Offer As a result of the Fund’s stockholders approving the reduction of the asset coverage ratio applicable to the Fund from 200% to 150% on September 26, 2018, the SBCAA required the Fund to extend to its stockholders as of such date (the “Stockholder Vote Date”) the opportunity to sell the Shares held by that stockholder as of the Stockholder Vote Date, with 25% of those Shares to be repurchased in each of the four calendar quarters following the calendar quarter in which the approval was obtained. The requirement of the SBCAA is to extend to stockholders as of the Stockholder Vote Date the opportunity for the Fund to repurchase their shares owned on the Stockholder Vote Date. However, because the Fund is continuously offering its Shares to stockholders, the Fund extended the offers to the stockholders as of the Stockholder Vote Date with respect to all of the Shares owned as of the date of such offer. On November 27, 2018, the Fund extended to its stockholders as of such date the opportunity to sell the Shares held by that stockholder as of such date, with 25% of those Shares to be repurchased in each of the four calendar quarters following the calendar quarter in which the approval was obtained. The following table summarizes Shares repurchased during each tender offer period: Tender Period Payment Date Shares Repurchased Dollar Amount Average Price Paid Per Share (1) 11/27/2018 – 12/27/2018 12/28/2018 6,785 $ 68,122 $ 10.04 02/22/2019 – 03/26/2019 3/28/2019 7,331 $ 72,668 $ 9.91 05/17/2019 – 06/25/2019 6/28/2019 7,529 $ 75,042 $ 9.97 08/1/2019 – 09/25/2019 9/25/2019 8,478 $ 84,413 $ 9.95 Total 30,123 $ 300,245 (1) Per share price disclosed in this column is the actual price at which each Share was repurchased. Dividend Reinvestment Plan The Fund has adopted a dividend reinvestment plan that provides for reinvestment of any distributions the Fund declares in cash on behalf of the Fund’s stockholders for those stockholders electing not to receive cash. As a result, if the Board authorizes, and the Fund declares, a cash distribution, then the Fund’s stockholders who have “opted in” to the Fund’s dividend reinvestment plan will have their cash dividends and distributions automatically reinvested in additional Shares, rather than receiving the cash dividend and distributions. Recent Sales of Unregistered Securities and Use of Proceeds Except as previously reported by the Fund on its current reports on Form 8-K, the Fund did not sell any securities during the period covered by this Annual Report that were not registered under the Securities Act. 59