AB CarVal Investors LP

Item 7—Types of Clients                                               strategies:
AB CarVal currently offers investment advisory services to private
funds, single-investor vehicles, CLO vehicles, separately managed     •	 Loan Portfolios—strategy centers on investments in
accounts, and non-discretionary accounts. The underlying                 portfolios of whole loans including consumer receivables,
Investors in the AB CarVal Funds and other investment vehicles           residential mortgages, small business loans, and other
are typically institutional investors (e.g., trusts, endowments,         consumer, commercial and industrial obligations. This strategy
foundations, corporations, banks, insurance companies, public            also includes investments in performing residential solar loan
and private pension plans, private fund-of-funds, etc.) and high         portfolios, where the underlying borrowers are homeowners
net worth investors meeting the terms of the exceptions and              with a strong credit history and the loans are secured by
exemptions under which the Funds operate and wishing to invest           the homeowners’ renewable energy assets. This strategy
in accordance with the Funds’ investment objectives. Generally,          may also include investments in commercial real estate loan
Investors must be both “accredited investors,” as defined in             transactions, as well as real estate-related public debt and
Rule 501(a) of Regulation D under the Securities Act of 1933,            equity securities and loan portfolios containing real estate
and “qualified purchasers”, as defined in Section 2(a)(51) of the        owned or other receivables. In executing this strategy, AB
Investment Company Act of 1940, as amended (the “Investment              CarVal partners with a network of servicing and collections
Company Act”) or “knowledgeable employees” as defined in Rule            specialists, seeking to pair each portfolio with the servicing
3c-5 under the Investment Company Act.                                   partner that is best positioned to maximize collections given
                                                                         the type and location of the obligations. This strategy may
In addition, beginning in 2024, AB CarVal Investors offers               also include investments in or the origination of private debt to
investment advisory services to a fund that is an investment             borrowers in various sectors, including loans to developers of
company registered under the Investment Company Act of 1940.             solar power or storage projects.

•	 Corporate Securities—strategy centers on investments                 other things, legal and financial due diligence (which may include
   in obligations of leveraged and/or financially stressed and          reliance on third-party due diligence), information regarding
   distressed corporations. These investments typically extend          environmental, social and governance matters that AB CarVal
   to mispriced or undervalued bonds, bank debt, credit default         believes are material to the investment, and the experience
   swaps and equities, but may also extend to other similar             and judgment of its investment professionals. AB CarVal
   investment types or assets. From time to time, investments           structures deals to allow its Funds to invest on what it believes is
   in this strategy will also include opportunistically investing in    a profitable and sustainable risk-adjusted basis and to provide
   high-yield loans or debtor-in-possession financings to obligors,     flexibility in dealing with buyers, sellers, and operating partners.
   including, but not limited to, those who need cash quickly, are      Consideration is given to targeted investment goals as well
   asset rich and liquidity poor or are in bankruptcy, as well as       as existing market and sales trends in determining whether to
   claims against bankrupt and liquidating businesses and entities.     continue to hold or sell an asset. AB CarVal seeks to continuously
   This strategy may also include performing debt secured by            evaluate these factors to determine the appropriate timing for
   assets in or related to clean or renewable energy or providing       the disposition of any asset or group or category of assets.
   energy usage efficiencies. Further, AB CarVal is an issuer of
   CLOs and will purchase secondary CLO equity opportunistically.       Material Risks
                                                                        The material risks presented by the strategies pursued by AB
•	 Structured Credit—strategy centers on investments in
                                                                        CarVal are summarized below. Additional information is set forth
   asset-backed securities including residential and commercial
                                                                        in the Offering Documents for each Fund. An investment in an AB
   mortgage-backed securities, CLOs and other asset-backed
                                                                        CarVal Fund is speculative and involves the risk of loss of capital.
   securities. AB CarVal believes its capabilities and experience in
                                                                        AB CarVal neither guarantees nor represents that any Fund or
   whole loans, leveraged loans and commercial real estate provide
                                                                        investment will achieve its respective investment objectives or be
   a competitive advantage in investing in RMBS, CMBS, and CLO
                                                                        able to avoid losses. A Fund may not be broadly diversified, and,
   securities. Multiple AB CarVal teams routinely collaborate to
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