AB 2020 Form 10-K

Heap (13) Software & Tech Services 189,617 $ 696,351 $ 696,351 Netskope, Inc. (13) Software & Tech Services 36,144 302,536 302,536 PerimeterX, Inc. (13) Software & Tech Services 282,034 838,601 838,601 Phenom People, Inc. (13) Software & Tech Services 35,055 220,610 220,612 Protoscale Rubrik (13) Software & Tech Services 25,397 598,212 598,201 Punchh (13) Software & Tech Services 24,262 275,337 275,337 Samsara Networks, Inc. (13) Software & Tech Services 33,451 369,998 369,998 Streamsets, Inc. (13) Software & Tech Services 109,518 295,512 295,512 Symplr Software Intermediate Holdings, Inc. (13) Software & Tech Services 1,196 1,160,532 1,532,404 Total U.S. Preferred Stock 6,993,227 7,495,949 U.S. Common Stock —1.20% Neutral Connect, LLC (13) (16) Digital Infrastructure & Services 396,513 439,931 406,704 Leeds FEG Investors, LLC (13) Education 320 321,309 341,595 Nine Point Energy, LLC (13) Energy 3,567,059 — — Health Platforms Group (13) Healthcare & HCIT 16,502 — — Healthcare Services Acquisition (13) Healthcare & HCIT 15,183 46 46 Healthcare Services Acquisition (13) (17) Healthcare & HCIT 28,158 281,580 287,775 INH Group Holdings (13) Healthcare & HCIT 484,552 484,552 760,746 Aggregator, LLC (13) Software & Tech Services 417,813 417,813 735,350 American Safety Holdings Corp. (13) (18) Software & Tech Services 130,824 130,824 130,824 Total U.S. Common Stock 2,076,055 2,663,040 U.S. Warrants —0.13% Fuze, Inc., expire 09/20/2029 (13) Digital Infrastructure & Services 196,328 615,168 11,505 Healthcare Services Acquisition, expire 12/31/2027 (13) Healthcare & HCIT 14,079 — — Healthcare Services Acquisition, expire 12/31/2027 (13) Healthcare & HCIT 23,721 23,721 23,721 SBS Ultimate Holdings, LP, expire 09/18/2030 (13) Healthcare & HCIT 17,419 — — Alphasense, LLC, expire 05/29/2027 (13) Software & Tech Services 38,346 35,185 134,593 Degreed, Inc., expire 05/31/2026 (13) Software & Tech Services 26,294 46,823 95,800 GlobalWebIndex, Inc., expire 12/30/2027 (13) Software & Tech Services 8,832 — — Streamsets, Inc., expire 11/25/2027 (13) Software & Tech Services 23,382 16,367 16,367 Total U.S. Warrants 737,264 281,986 TOTAL INVESTMENTS—239.72% (19) $ 539,228,460 $ 533,035,030 Cash Equivalents —3.16% U.S. Investment Companies —3.16% Blackrock T Fund I (17) (20) Money Market Portfolio 0.01% (21) 7,022,133 $ 7,022,133 $ 7,022,133 Total U.S. Investment Companies 7,022,133 7,022,133 Total Cash Equivalents 7,022,133 7,022,133 LIABILITIES IN EXCESS OF OTHER ASSETS —(142.87%) $ (317,696,890) NET ASSETS—100.00% $ 222,360,273 + As of December 31, 2020, qualifying assets represented 99.14% 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, 2020, rates for weekly 1M L, 2M L, 3M L and 6M L are 0.15%, 0.19%, 0.23% and 0.26%, respectively. As of December 31, 2020, the U.S. Prime rate was 3.25%. (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) Position, or a portion thereof, has been segregated to collateralize ABPCIC Funding II, LLC. (5) Portion of security pledged as collateral for Secured Borrowings of the Fund. (6) CutisPharma, Inc. has been renamed to Azurity Pharmaceuticals, Inc. in 2020. (7) $304,934 of the funded par amount accrues interest at 10.50% (P + 2.00%; 5.25% PIK; 1.00% Floor). (8) $128,492 of the funded par amount accrues interest at 9.25% (L + 3.00%; 5.25% PIK; 1.00% Floor). (9) $233,055 of the funded par amount accrues interest at 7.50% (P + 4.25%; 1.00% Floor). (10) Rhode Holdings, Inc. has been renamed to Kaseya Inc. in 2020. (11) Positions considered non-qualified assets therefore excluded from the qualifying assets calculation as noted in footnote + above. (12) JHMCRN Holdings, Inc. has been renamed to McNairn Holdings Ltd. in 2020. (13) Non-income producing investment. (14) Position or portion thereof is held by Global Radar Acquisition Holdings, LLC which is held by ABPCIC Global Radar LLC (15) Concerto, LLC is held through ABPCIC Concerto Holdings LLC.