SEMI-ANNUAL REPORT

AB FCP II

(unaudited) NOV 11.30.16

+ EMERGING MARKETS VALUE PORTFOLIO+ COLUMBUS GLOBAL CORPORATE LOW VOLATILITY PORTFOLIO (EURO)

AB FCP II is a mutual investment fund (fonds commun de placement) organized under the laws of the Grand Duchy of Luxembourg.RCS: K218

No subscriptions can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the Key Investor Information Document (“KIID”), and the current prospectus accompanied by the annual report and the most recent semi-annual report, if published thereafter.

Hong Kong:

The AB FCP II - Emerging Markets Value Portfolio and AB FCP II - Columbus Global Corporate Low Volatility Portfolio (Euro) are not authorized in Hong Kong and not available to Hong Kong residents.

Germany:

No notification pursuant to Sec. 310 of the German Capital Investment Code (Kapitalanlagegesetzbuch) has been filed for the following Portfolio and the shares in this Portfolio may not be marketed to investors in the Federal Republic of Germany:

- AB FCP II - Columbus Global Corporate Low Volatility Portfolio (Euro)

BHF Bank Aktiengesellschaft, Bockenheimer Landstrasse 10, 60323 Frankfurt am Main, Germany, acts as Paying and Information Agent (the “German Paying and Information Agent”) of the Fund in the Federal Republic of Germany.

The latest prospectus as well as the KIIDs of the Fund, the Management Regulations and the most recent annual and semi-annual reports – each in paper form – may be obtained free of charge at the office of the Germany Paying and Information Agent. The net asset value per share, the issue and redemption prices and any conversion prices as well as any notices to the Shareholders are available free of charge at the office of the Germany Paying and Information Agent.

Austria:

The following portfolio is not offered for public distribution in Austria:

- AB FCP II - Columbus Global Corporate Low Volatility Portfolio (Euro)

The [A/B] logo is a service mark of AllianceBernstein and AllianceBernstein is a registered trademark used by permission from the owner, AllianceBernstein L.P.

1

AB FCP II

December 15, 2016

Dear Shareholder:

This report provides an update for AB FCP II (formerly named ACM Bernstein Value Investments) (the “Fund”) for the semi-annual reporting period ended November 30, 2016.

Global equities rose during the six-month period ended November 30, 2016. Both emerging-market and US equities recorded healthy gains, while international stocks underperformed (all in US-dollar terms). Strength in the US dollar led to more robust returns for investors in most other base currencies.

In the fixed-income markets, global bonds decreased in absolute terms over the six-month period. Developed-market treasuries generally outperformed emerging-market local-currency government bonds and investment-grade credit securities, but lagged the rally in global high yield. Yields in developed countries generally rose in the period, as UK yields rose from the historic lows seen post the Brexit referendum and US yields experienced a large spike.

The UK’s unexpected decision to leave the European Union led to a steep pullback in both stock and bond markets at the outset. Investors initially eschewed risk-sensitive assets, opting

instead for the perceived safety of government debt. However, most markets beyond Europe stabilized fairly quickly. By the period’s end, investors were surprised when Donald Trump won the US presidential election. While global equity markets gained on the news, emerging markets and fixed-income sectors did not participate in the rally. Investors were left to weigh pro-growth promises from President-elect Trump—including a big fiscal boost, tax reform and a pro-business agenda—against the prospect of higher inflation, a stronger US dollar and a faster pace of interest-rate hikes.

During the period, central banks also played an influential role. To combat potential headwinds from Brexit, the Bank of England cut rates to a record low while launching an aggressive asset purchase program. In contrast, the US Federal Reserve laid the groundwork for another rate hike, which many investors expect before year-end.

We appreciate your investment in the Fund.

Sincerely,

AllianceBernstein (Luxembourg) S.à r.l., the Management Company of the Fund

Letter to SharehoLderS

2

AB FCP IIShare Performance (unaudit ed)

6 Months* 12 Months

Emerging Markets Value PortfolioClass

A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.59% 10.50%I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.06% 11.40%S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.71% 12.71%S1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.17% 11.63%

Columbus Global Corporate Low Volatility Portfolio (Euro)Class

S1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.19)% (0.44)%

The share class performance of each Portfolio is based on the net asset value incorporating the impact of expenses reimbursed or waived by the Management Company as of November 30, 2016. No adjustment has been made for sales charges that may apply when shares are purchased or redeemed. Performance for distributing share classes includes the reinvestment of distributions paid during the period. Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s share, when redeemed, may be worth more or less than their original cost.

* 6 months period to November 30, 2016.

3

AB FCP IIPortfoLio of inveStmentS (Stated in USD)November 30, 2016 (unaudited) Emerging Markets Value Portfolio

Shares Value Net Assets (USD) %

TRANSFERABLE SECURITIES QUOTED ON A STOCK EXCHANGE OR DEALT IN ON ANOTHER REGULATED MARKETCOMMON STOCKSFINANCIALSBANKS

Bangkok Bank PCL (NVDR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 318,500 $ 1,390,814 0.8%Bank of China Ltd. - Class H . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,038,000 2,287,648 1.2BGEO Group PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,640 504,704 0.3China CITIC Bank Corp. Ltd. - Class H . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,141,000 2,698,168 1.5China Development Financial Holding Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,352,000 585,458 0.3 Chongqing Rural Commercial Bank Co., Ltd. - Class H . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,589,000 990,495 0.5Credicorp Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,050 1,888,114 1.0 ICICI Bank Ltd. (Sponsored ADR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111,500 874,160 0.5 Industrial & Commercial Bank of China Ltd. - Class H . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,165,000 3,156,249 1.7 Itau Unibanco Holding SA (Preference Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 487,600 5,093,098 2.8 KB Financial Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 214,180 7,701,512 4.2 OTP Bank PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71,420 1,921,040 1.0 Punjab National Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 662,561 1,332,940 0.7 Shinhan Financial Group Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97,340 3,668,113 2.0 State Bank of India . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 294,470 1,106,406 0.6 35,198,919 19.1

CAPITAL MARKETSBM&FBovespa SA - Bolsa de Valores Mercadorias e Futuros . . . . . . . . . . . . . . . . . . . . . . . . . 638,300 3,129,526 1.7

CONSUMER FINANCEGentera SAB de CV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 394,370 624,061 0.3Samsung Card Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,380 549,407 0.3 1,173,468 0.6

DIVERSIFIED FINANCIAL SERVICESHaci Omer Sabanci Holding AS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 892,209 2,270,442 1.2Power Finance Corp. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 552,100 1,079,489 0.6 3,349,931 1.8

INSURANCEDongbu Insurance Co., Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,140 2,502,699 1.4Hyundai Marine & Fire Insurance Co., Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,990 1,369,735 0.7New China Life Insurance Co., Ltd. - Class H . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 521,200 2,631,026 1.4PICC Property & Casualty Co., Ltd. - Class H . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,818,000 3,040,613 1.7 9,544,073 5.2 52,395,917 28.4

INFORMATION TECHNOLOGYELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS

Largan Precision Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,000 4,151,070 2.3

INTERNET SOFTWARE & SERVICESTencent Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151,200 3,765,013 2.0

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENTAdvanced Semiconductor Engineering, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,976,074 3,190,317 1.7Chipbond Technology Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,278,000 1,782,600 1.0Hua Hong Semiconductor Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,172,000 1,350,562 0.7 Realtek Semiconductor Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 655,000 2,030,678 1.1Taiwan Semiconductor Manufacturing Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,100,000 6,325,467 3.5 Win Semiconductors Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 475,037 1,347,620 0.7 16,027,244 8.7

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALSSamsung Electronics Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,350 10,938,098 5.9Samsung Electronics Co., Ltd. (Preference Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 1,849,782 1.0Wistron Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,439,864 1,738,769 1.0 14,526,649 7.9 38,469,976 20.9

ENERGYOIL, GAS & CONSUMABLE FUELS

CNOOC Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,701,000 2,239,063 1.2 Cosan SA Industria e Comercio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 268,600 3,130,450 1.7 Gran Tierra Energy, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 229,392 655,747 0.4 KazMunaiGas Exploration Production JSC (GDR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68,210 528,209 0.3 LUKOIL PJSC (Sponsored ADR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95,701 4,709,271 2.5 Tatneft PJSC (Sponsored ADR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,507 2,177,956 1.2 YPF SA (Sponsored ADR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 248,300 4,218,617 2.3 17,659,313 9.6

AB FCP II

4

Portfolio of investments (continued) Emerging Markets Value Portfolio

Shares Value Net Assets (USD) %

MATERIALSCHEMICALS

Kumho Petrochemical Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,000 $ 747,146 0.4 %LG Chem Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,966 2,313,270 1.3 PTT Global Chemical PCL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 757,300 1,326,567 0.7 4,386,983 2.4

CONSTRUCTION MATERIALSDG Khan Cement Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 298,580 546,220 0.3

METALS & MININGGerdau SA (Preference Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 625,700 2,502,416 1.4MMC Norilsk Nickel PJSC (ADR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121,450 2,038,086 1.1Novolipetsk Steel PJSC (GDR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 195,835 3,615,826 2.0Severstal PJSC (GDR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79,130 1,193,124 0.6 9,349,452 5.1

PAPER & FOREST PRODUCTSNine Dragons Paper Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,558,000 1,367,104 0.7 15,649,759 8.5

CONSUMER DISCRETIONARYAUTO COMPONENTS

Hankook Tire Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71,240 3,298,348 1.8

AUTOMOBILESTata Motors Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 288,133 1,924,585 1.0 Tata Motors Ltd. - Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 446,142 1,930,993 1.1 3,855,578 2.1

DIVERSIFIED CONSUMER SERVICESNew Oriental Education & Technology Group, Inc. (Sponsored ADR) . . . . . . . . . . . . . . . . . . . . . . 49,690 2,492,947 1.4

HOUSEHOLD DURABLESSkyworth Digital Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,788,160 1,748,224 0.9

MEDIAMegacable Holdings SAB de CV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 237,867 736,167 0.4

MULTILINE RETAILLotte Shopping Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,428 1,568,234 0.9

TEXTILES, APPAREL & LUXURY GOODSYue Yuen Industrial Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 469,000 1,685,398 0.9 15,384,896 8.4

CONSUMER STAPLESFOOD & STAPLES RETAILING

X5 Retail Group NV (GDR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140,546 4,216,130 2.3

FOOD PRODUCTSBRF SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,700 849,785 0.5Gruma SAB de CV - Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69,710 833,701 0.4Industrias Bachoco SAB de CV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 206,522 809,989 0.4JBS SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 381,400 1,099,661 0.6Kernel Holding SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,370 469,562 0.3MHP SA (GDR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,804 471,459 0.3WH Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,926,760 4,100,755 2.2 8,634,912 4.7

TOBACCOGudang Garam Tbk PT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,300 255,424 0.1 13,106,466 7.1

UTILITIESELECTRIC UTILITIES

Centrais Eletricas Brasileiras SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 339,500 2,571,065 1.4Centrais Eletricas Brasileiras SA (Preference Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,800 441,793 0.3Korea Electric Power Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,570 2,244,481 1.2 5,257,339 2.9

INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERSHuaneng Renewables Corp., Ltd. - Class H . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,664,000 1,182,748 0.6

WATER UTILITIESCia de Saneamento Basico do Estado de Sao Paulo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 213,900 1,892,089 1.0Cia de Saneamento de Minas Gerais-COPASA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122,765 1,236,803 0.7 3,128,892 1.7 9,568,979 5.2

AB FCP II

5

Emerging Markets Value Portfolio

Shares Value Net Assets (USD) %

TELECOMMUNICATION SERVICESDIVERSIFIED TELECOMMUNICATION SERVICES

China Unicom Hong Kong Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,712,000 $ 3,287,299 1.8%Chunghwa Telecom Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 410,000 1,381,182 0.7KT Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,060 129,013 0.1KT Corp. (Sponsored ADR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111,115 1,541,165 0.8 6,338,659 3.4

WIRELESS TELECOMMUNICATION SERVICESTIM Participacoes SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 454,600 1,114,840 0.6 7,453,499 4.0

REAL ESTATEEQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

Emlak Konut Gayrimenkul Yatirim Ortakligi AS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 912,560 766,269 0.4

REAL ESTATE MANAGEMENT & DEVELOPMENTAldar Properties PJSC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,682,200 1,811,437 1.0CIFI Holdings Group Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,474,000 2,213,119 1.2 4,024,556 2.2 4,790,825 2.6

INDUSTRIALSAIRLINES

Air Arabia PJSC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,096,010 378,834 0.2

CONSTRUCTION & ENGINEERINGGS Engineering & Construction Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,500 614,866 0.3Hyundai Engineering & Construction Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,816 1,203,595 0.7 1,818,461 1.0

INDUSTRIAL CONGLOMERATESBidvest Group Ltd. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 174,578 2,016,669 1.1 4,213,964 2.3

HEALTH CAREHEALTH CARE PROVIDERS & SERVICES

Shanghai Pharmaceuticals Holding Co., Ltd. - Class H . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,213,300 3,032,871 1.7 181,726,465 98.7

WARRANTSINFORMATION TECHNOLOGYELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS

FPT Corp., Macquarie Bank Ltd., expiring 9/10/18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 489,020 936,352 0.5 182,662,817 99.2

OTHER TRANSFERABLE SECURITIESCOMMON STOCKSREAL ESTATEREAL ESTATE MANAGEMENT & DEVELOPMENT

Kaisa Group Holdings Ltd. (a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,489,000 270,560 0.1

MATERIALSMETALS & MINING

Real Gold Mining Ltd. (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,366,000 0 0.0

PAPER & FOREST PRODUCTSChina Forestry Holdings Co., Ltd. (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,923,900 1 0.0 1 0.0 270,561 0.1

Total Investments(cost $179,160,127). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 182,933,378 99.3%

Other assets less liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,270,768 0.7Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 184,204,146 100.0%

(a) Fair valued as determined in accordance with procedures established by and under the general supervision of the Management Company’s Board of Managers.

AB FCP II

6

Portfolio of investments (continued) Emerging Markets Value Portfolio

Glossary:ADR – American Depositary ReceiptGDR – Global Depositary ReceiptJSC – Joint Stock CompanyNVDR – Non Voting Depositary ReceiptPJSC – Public Joint Stock Company

See notes to financial statements.

AB FCP II

7

PortfoLio of inveStmentS (Stated in EUR)November 30, 2016 (unaudited) Columbus Global Corporate Low Volatility Portfolio (Euro)

Rate Date Principal Value Net Assets (000) (EUR) %

TRANSFERABLE SECURITIES QUOTED ON A STOCK EXCHANGE OR DEALT IN ON ANOTHER REGULATED MARKET COLLATERALIZED MORTGAGE OBLIGATIONSAGENCY FLOATING RATE

Federal Home Loan Mortgage Corp. REMICs Series 3108, Class FT(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.84% 2/15/36 USD 443 € 416,359 0.6%Series 3349, Class FE(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.03% 7/15/37 543 512,977 0.7Series 3584, Class FA(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.24% 12/15/36 110 104,661 0.1Series 3587, Class FA(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.35% 12/15/37 460 441,666 0.6Series 3895, Class FM(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.89% 12/15/40 789 742,230 1.0Series 3998, Class FA(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.09% 2/15/42 375 354,461 0.5Series 4040, Class FW(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.91% 5/15/32 1,549 1,465,190 2.1Series 4087, Class FB(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.01% 7/15/42 262 247,048 0.4Series 4098, Class MF(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.84% 11/15/41 1,571 1,472,726 2.1Series 4248, Class QF(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.04% 6/15/39 431 406,467 0.6Series 4286, Class VF(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.99% 12/15/43 258 242,639 0.3Series 4350, Class KF(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.88% 1/15/39 1,331 1,241,849 1.7

Federal National Mortgage Association REMICs Series 2005-40, Class FB(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.83% 5/25/35 428 402,490 0.6Series 2005-71, Class FE(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.93% 8/25/35 921 868,231 1.2Series 2006-39, Class DF(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.98% 5/25/36 336 316,595 0.4Series 2006-42, Class PF(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.99% 6/25/36 365 344,294 0.5Series 2006-60, Class DF(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.01% 4/25/35 221 209,299 0.3Series 2006-81, Class FA(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.93% 9/25/36 371 349,072 0.5Series 2006-99, Class AF(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00% 10/25/36 523 493,714 0.7Series 2007-18, Class FB(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.83% 3/25/37 167 156,312 0.2Series 2007-35, Class PF(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.83% 4/25/37 244 229,290 0.3Series 2007-55, Class F(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.82% 6/25/37 851 798,489 1.1Series 2007-58, Class FG(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.90% 6/25/37 142 133,491 0.2Series 2007-75, Class DF(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.04% 8/25/37 419 393,714 0.6Series 2007-88, Class JF(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.13% 4/25/37 883 830,806 1.2Series 2009-69, Class FA(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.38% 9/25/39 457 439,481 0.6Series 2010-113, Class FA(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.98% 10/25/40 349 328,912 0.5Series 2011-96, Class PF(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.08% 10/25/41 1,158 1,092,385 1.5Series 2011-99, Class KF(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.88% 10/25/26 1,138 1,073,157 1.5Series 2012-137, Class KF(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.78% 12/25/32 2,123 1,978,074 2.8Series 2013-121, Class FA(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.98% 12/25/43 219 206,397 0.3Series 2013-57, Class FN(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.93% 6/25/43 246 230,345 0.3Series 2014-49, Class AF(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.85% 8/25/44 456 428,285 0.6

NCUA Guaranteed Notes Trust Series 2010-R1, Class 1A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.98% 10/7/20 877 828,241 1.2Series 2010-R3, Class 1A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.09% 12/8/20 488 461,011 0.7

20,240,358 28.5

AGENCY FIXED RATEFederal Home Loan Mortgage Corp. REMICs Series 3372, Class BD. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.50% 10/15/22 435 425,194 0.6

Series 3631, Class PA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.00% 2/15/40 430 428,926 0.6Series 3852, Class CA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.00% 10/15/39 329 317,409 0.4Series 3948, Class DA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.00% 12/15/24 167 160,861 0.2Series 3960, Class YK. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.50% 8/15/40 313 297,869 0.4Series 4029, Class LD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.75% 1/15/27 638 597,045 0.8Series 4029, Class NE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.50% 3/15/41 624 591,812 0.8Series 4054, Class HD. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.00% 5/15/26 578 548,975 0.8Series 4058, Class C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.50% 8/15/30 542 531,150 0.8Series 4368, Class HG. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.00% 2/15/32 540 528,745 0.7Series 4457, Class BA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.00% 7/15/39 595 575,447 0.8Series 4459, Class CA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.00% 12/15/34 324 324,749 0.5Series 4459, Class DA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.50% 10/15/35 263 253,995 0.4Series 4461, Class EA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.00% 7/15/37 740 695,409 1.0Series 4483, Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.00% 12/15/29 495 478,657 0.7Series 4486, Class JN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.00% 11/15/24 622 581,551 0.8

Federal National Mortgage Association REMICsSeries 2011-98, Class AE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.50% 11/25/37 447 426,292 0.6Series 2013-130, Class PD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.50% 5/25/43 526 506,243 0.7Series 2014-15, Class PA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.50% 4/25/44 541 530,864 0.8Series 2014-54, Class LA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.00% 2/25/44 180 170,853 0.2Series 2015-72, Class PC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.00% 10/25/43 459 442,584 0.6

9,414,630 13.2 29,654,988 41.7

AB FCP II

8

Portfolio of investments (continued) Columbus Global Corporate Low Volatility Portfolio (Euro)

Rate Date Principal Value Net Assets (000) (EUR) %

GOVERNMENTS - TREASURIESTREASURIES

U.S. Treasury Bonds(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.76% 1/31/18 USD 5,000 € 4,730,529 6.7%U.S. Treasury Notes(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.66% 7/31/18 3,835 3,621,152 5.1U.S. Treasury Notes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.88% 4/30/17 5,000 4,723,981 6.6

13,075,662 18.4

MORTGAGE PASS-THROUGHSAGENCY FIXED RATE 30-YEAR

Federal Home Loan Mortgage Corp. Gold, Series 2009. . . . . . . 4.50% 9/01/39 1,151 1,179,803 1.7Federal National Mortgage Association . . . . . . . . . . . . . . . . . . . 5.00% 8/01/33 896 934,061 1.3Federal National Mortgage Association . . . . . . . . . . . . . . . . . . . 5.00% 5/01/39 677 713,618 1.0Federal National Mortgage Association . . . . . . . . . . . . . . . . . . . 5.00% 12/01/40 527 549,212 0.8Federal National Mortgage Association, Series 2010 . . . . . . . . . 5.00% 2/01/40 571 601,305 0.8Government National Mortgage Association . . . . . . . . . . . . . . . 5.00% 10/15/39 487 513,873 0.7

4,491,872 6.3

AGENCY FIXED RATE 15-YEARFederal Home Loan Mortgage Corp. Gold . . . . . . . . . . . . . . . . . 3.50% 2/01/29 667 659,767 0.9Federal National Mortgage Association, Series 2010 . . . . . . . . . 4.00% 11/01/25 532 530,727 0.8

1,190,494 1.7 5,682,366 8.0

CORPORATES - INVESTMENT GRADEFINANCIAL INSTITUTIONSBANKING

American Express Credit Corp., Series F(a) . . . . . . . . . . . . . . . . 1.91% 9/14/20 312 299,560 0.4Mizuho Bank Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.31% 9/25/17 465 438,460 0.6Mizuho Bank Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.31% 4/16/17 350 330,486 0.5Royal Bank of Canada, Series G(a). . . . . . . . . . . . . . . . . . . . . . . 1.21% 1/23/17 345 325,691 0.5US Bancorp(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.40% 11/15/18 340 321,804 0.4

1,716,001 2.4

INDUSTRIAL

CONSUMER CYCLICAL - RETAILERSLowe’s Cos., Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.46% 9/14/18 312 296,875 0.4

ENERGYConocoPhillips Co.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.24% 5/15/18 197 185,380 0.3

TECHNOLOGYCisco Systems, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.21% 3/03/17 350 330,478 0.5QUALCOMM, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.18% 5/18/18 197 185,754 0.2 516,232 0.7 998,487 1.4 2,714,488 3.8

ASSET-BACKED SECURITIESCREDIT CARDS - FLOATING RATE

Discover Card Execution Note Trust, Series 2014-A1, Class A1(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.97% 7/15/21 200 189,390 0.3

51,316,894 72.2

SHORT-TERM INVESTMENTSAGENCY DISCOUNT NOTES

Federal Home Loan Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.01% 1/13/17 5,000 4,715,114 6.6 Federal Home Loan Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.01% 1/25/17 4,000 3,771,324 5.3

8,486,438 11.9 59,803,332 84.1

AB FCP II

9

Columbus Global Corporate Low Volatility Portfolio (Euro)

Rate Date Principal Value Net Assets (000) (EUR) %

OTHER TRANSFERABLE SECURITIESASSET-BACKED SECURITIESCREDIT CARDS - FLOATING RATE

Cabela’s Credit Card Master Note Trust, Series 2012-2A, Class A2(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.02% 6/15/20 USD 500 € 471,672 0.7%

Penarth Master Issuer PLC, Series 2015-1A, Class A1(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.95% 3/18/19 345 325,381 0.4

797,053 1.1

OTHER ABS - FLOATING RATEACAS CLO 2015-2 Ltd., Series 2015-2A,

Class A1(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.39% 10/28/27 2,500 2,362,661 3.4 3,159,714 4.5

CORPORATES - INVESTMENT GRADEINDUSTRIALENERGY

Schlumberger Holdings Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.90% 12/21/17 385 364,483 0.5 3,524,197 5.0

Total Investments (cost €55,326,207). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . € 63,327,529 89.1%

Other assets less liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,763,752 10.9Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . € 71,091,281 100.0%

FINANCIAL FUTURES

Unrealized Number of Appreciation/ Type Expiration Date Contracts Original Value Market Value (Depreciation)

LongU.S. T-Note 5 Yr (CBT) Futures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3/31/17 17 € 1,895,352 € 1,890,214 € (5,138)

ShortU.S. Long Bond (CBT) Futures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3/22/17 2 286,509 285,477 1,032 U.S. T-Note 10 Yr (CBT) Futures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3/22/17 35 4,124,589 4,111,947 12,642U.S. T-Note 2 Yr (CBT) Futures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3/31/17 10 2,047,754 2,045,690 2,064 € 10,600

Appreciation € 15,738 Depreciation € (5,138)

FORWARD FOREIGN CURRENCY CONTRACTS

Contracts to In Exchange Unrealized Deliver For Settlement Appreciation/ Counterparty (000) (000) Date (Depreciation)

State Street Bank & Trust Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 75,000 EUR 68,620 1/25/17 € (1,941,090)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

Notional Unrealized Termination Amount Market Appreciation/ Clearing Broker/(Exchange) Referenced Obligation Date (000) Value (Depreciation)

Sale ContractsMorgan Stanley & Co., CDX-NAIG Series 27, LLC/(INTRCONX) 5 Year Index 12/20/26 USD 38,950 € (536,413) € 11,754Morgan Stanley & Co., LLC/(INTRCONX) iTraxx Europe Crossover Series 26, 10 Year Index 12/20/26 EUR 35,360 (585,313) (322,303)Total € (1,121,726) € (310,549)

Appreciation € 11,754 Depreciation € (322,303)(a) Floating Rate Security. Stated interest rate was in effect at November 30, 2016.

AB FCP II

10

PortfoLio of inveStmentS (continued) Columbus Global Corporate Low Volatility Portfolio (Euro)

Currency Abbreviations:EUR – EuroUSD – United States Dollar

Glossary:ABS – Asset-Backed SecuritiesCBT – Chicago Board of TradeCDX-NAIG – North American Investment Grade Credit Default Swap IndexINTRCONX – Inter-Continental ExchangeNCUA – National Credit Union AdministrationREMICs – Real Estate Mortgage Investment Conduits

See notes to financial statements.

11

Statement of aSSetS and LiabiLitieSNovember 30, 2016 (unaudited)

Emerging Columbus Global Markets Corporate Value Low Volatility Portfolio Portfolio (Euro) Combined (USD) (EUR) (USD)(a)

ASSETSInvestments in securities at value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 182,933,378 € 63,327,529 $ 250,051,041Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 993,688 10,708,068(b) 12,342,631Receivable for investment securities sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 449,871 -0- 449,871Dividends and interest receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 181,077 79,173 264,988Interest receivable on swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0- 144,221 152,853Unrealized appreciation on financial futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . -0- 15,738 16,680Unrealized appreciation on swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0- 11,754 12,457Expense reimbursement receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,786 -0- 5,786Receivable for capital stock sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,921 -0- 1,921 184,565,721 74,286,483 263,298,228

LIABILITIESUnrealized depreciation on forward foreign currency contracts . . . . . . . . . . . . . . . . . . -0- 1,941,090 2,057,264Upfront premium received on credit default swap contracts . . . . . . . . . . . . . . . . . . . . . -0- 811,177 859,726Unrealized depreciation on swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0- 322,303 341,593Payable for investment securities purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,344 -0- 45,344Payable for capital gains taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,746 -0- 8,746Unrealized depreciation on financial futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . -0- 5,138 5,446Accrued expenses and other liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 307,485 115,494 429,891 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 361,575 3,195,202 3,748,010

NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 184,204,146 € 71,091,281 $ 259,550,218

(a) Include values of Columbus Global Corporate Low Volatility Portfolio (Euro) converted from Euro to USD for combination with Emerging Markets Value Portfolio.

(b) Includes swap collateral posted out to counterparties of €3,868,147, and futures collateral posted out to and received from counterparties of €201,823 and €144,719, respectively.

See notes to financial statements.

AB FCP II

AB FCP II

12

(a) Include values of Columbus Global Corporate Low Volatility Portfolio (Euro) converted from Euro to USD for combination with Emerging Markets Value Portfolio.

See notes to financial statements.

Statement of oPerationS and changeS in net aSSetSFor the period ended November 30, 2016 (unaudited)

Emerging Columbus Global Markets Corporate Value Low Volatility Portfolio Portfolio (Euro) Combined (USD) (EUR) (USD)(a)

INVESTMENT INCOMEDividends (net of withholding tax of $407,644) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,680,846 € -0- $ 2,680,846Interest income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0- 450,390 500,664Swap interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0- 363,786 404,393Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0- 657 730 2,680,846 814,833 3,586,633

EXPENSESManagement fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 581,063 64,238 652,471Professional fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,023 27,977 80,123Accounting and administration fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,277 28,147 78,566Depositary and custodian fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65,330 4,769 70,631Management company fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,016 3,569 17,983 Transfer agency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,966 2,941 16,235Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,355 3,546 15,297Printing. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,584 1,755 6,535Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 178 5,442 6,227Swap interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0- 4,182 4,649Transaction costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0- 375 417Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,242 13,283 67,009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 838,034 160,224 1,016,143Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,842,812 654,609 2,570,490

REALIZED GAINS AND (LOSSES)On investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6,252,869) 2,405,603 (3,578,744)On swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0- (100,042) (111,209)On financial futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0- 103,871 115,465On forward foreign currency contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,704) (5,014,717) (5,582,181)On foreign currency denominated assets and liabilities . . . . . . . . . . . . . . . . . . . . . . . . 57,073 1,296,827 1,498,656

CHANGE IN UNREALIZED APPRECIATION AND (DEPRECIATION)On investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,583,324 769,751 25,438,997On swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0- (126,804) (140,958)On financial futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0- 10,158 11,292On forward foreign currency contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0- (141,892) (157,730)On foreign currency denominated assets and liabilities . . . . . . . . . . . . . . . . . . . . . . . . 19,408 5,461 25,479Results of operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,242,044 (137,175) 20,089,557

CAPITAL STOCK TRANSACTIONSDecrease. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (37,219,033) -0- (37,219,033)Distributions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0- (100,000) (111,162)Exchange difference. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0- -0- (3,753,905)

NET ASSETSBeginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 201,181,135 71,328,456 280,544,761End of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 184,204,146 € 71,091,281 $ 259,550,218

AB FCP II

13

ShareS outStandingNovember 30, 2016 (unaudited)

Emerging Markets Value PortfolioCLASS

A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66,016I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 210,156S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,347,415S1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,446,962

Columbus Global Corporate Low Volatility Portfolio (Euro) CLASS

S1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74,842

See notes to financial statements.

AB FCP II

14

StatiSticaL informationNovember 30, 2016 (unaudited)

Emerging Markets Value Portfolio November 30, 2016 May 31, 2016 May 31, 2015 (unaudited)

Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $184,204,146 $201,181,135 $260,097,069

ClassA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $40.74 $36.51 $46.95

I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $43.11 $38.47 $49.08

S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $48.67 $43.18 $54.46

S1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $43.68 $38.94 $49.58

S1QD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ - $30.94 $39.39

A - EUR* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . €38.46 €32.81 €42.75

I - EUR*. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . €40.70 €34.57 €44.69

S - EUR* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . €45.92 €38.80 €49.59

S1 - EUR* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . €41.23 €34.99 €45.14

S1QD - EUR* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . € - €27.81 €35.86

Columbus Global Corporate Low Volatility Portfolio (Euro) November 30, 2016 May 31, 2016 May 31, 2015 (unaudited)

Net Assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . €71,091,281 €71,328,456 €72,178,963

ClassS1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . €949.88 €953.05 €964.41

* For information purpose only.See notes to financial statements.

AB FCP II

15

NOTE A: General Information AB FCP II (the “Fund”) is a mutual investment fund (fonds commun de placement) organized under the laws of the Grand Duchy of Luxembourg and registered under Part I of the law of December 17, 2010 relating to undertakings for collective investment, as amended (the “Law of 2010”). Formerly known as ACM Bernstein Value Investments, the fund changed its name to AB FCP II effective February 5, 2016. The Fund is managed in the interest of its co-owners (the “Shareholders”) by AllianceBernstein (Luxembourg) S.à r.l. (the “Management Company”), a company organized under the laws of the Grand Duchy of Luxembourg and having its office registered in Luxembourg. The Fund qualifies as an undertaking for collective investment in transferable securities (a “UCITS”) within the meaning of

Article 1 (2) of the EC Directive 2009/65 of July 13, 2009, as amended.

During the period ended November 30, 2016 the Fund comprised two portfolios (the “Portfolios”).

On November 17, 2016, it was resolved by the board of managers of the Management Company to reduce the maximum initial charges from 6.25% to 5.00% for all class A shares (including all variations and corresponding hedged shares), effective December 15, 2016.

All classes of shares represent an interest in the Portfolios’ investment securities and other net assets. All shares of a class have equal rights as to distributions and redemptions. The following lists the Portfolios’ commencement of operations by share class seeded:

AB FCP II Commencement of Operations Share Classes SeededEmerging Markets Value Portfolio August 5, 2002 S & S1 March 1, 2010 I & AColumbus Global Corporate Low Volatility Portfolio (Euro) January 11, 2008 S1

NOTE B: Significant Accounting PoliciesThe financial statements have been prepared in accordance with Luxembourg legal and regulatory requirements for investment funds. The following is a summary of significant accounting policies followed by the Portfolios.

1. Valuation1.1 Investments in SecuritiesSecurities listed on a stock exchange or traded on any other regulated market are valued at the last available price on such exchange or market or, if no such price is available, at the mean of the bid and asked price quoted on such day. If a security is listed on several stock exchanges or markets, the last available price on the stock exchange or market which constitutes the main market for such security is used.

Securities are valued at their current market value determined on the basis of market quotations or, if market quotations are not readily available or are deemed unreliable, at “fair value” as determined in accordance with procedures established by, and under the general supervision of, the Management Company’s Board of Managers. Fair valuation procedures are designed to adjust closing market prices of Portfolios securities to reflect what is believed to be the fair value of those securities at the Portfolios’ Valuation Point.

When fair valuation procedures are employed with respect to a particular Portfolio security, various objective and subjective factors may be considered, including, among other things, developments affecting the security or involving an entire market since the security’s latest reported price, current valuations of relevant stock indices or pronouncements of certain governmental authorities. Fair value prices based on third party vendor modeling tools may be utilized to the extent available. Therefore, when fair valuation procedures are employed, the prices of individual Portfolio securities utilized to calculate the Portfolios’ Net Asset Value may differ from quoted or published prices for the same securities. Currently fair value adjustments are only applicable to certain equity securities.

Accordingly, as may also be the case with a previously reported stock exchange price, the price of any Portfolio security determined utilizing fair value pricing procedures may be

materially different from the price to be realized upon the sale of such security.

For Portfolio securities primarily traded on U.S. exchanges, it is expected that fair value pricing procedures are employed only under very limited circumstances such as, for example, the early closing of an exchange on which a particular security is traded or the suspension of trading in a particular security. However, it is anticipated that fair value pricing procedures will be utilized frequently for securities traded on non-U.S. exchanges or other markets, particularly European and Asian markets, because, among other reasons, these markets close well before the Portfolios’ Valuation Point. Between the close of these markets and the relevant Portfolios’ Valuation Point, significant events including broad market moves may occur. In particular, events in the U.S. market on a trading day after the close of these other markets may affect the value of the Portfolios’ securities.

Fixed income securities (i), securities not listed on any stock exchange or traded on any regulated market (ii), and securities, trading of which on a stock exchange or a regulated market is thin (iii), are valued at the most recent bid price provided by the principal market makers. If there is no such market price, or if such market price is not representative of a security’s fair market value, then the security is valued in a manner determined to reflect its fair value in accordance with procedures established by, and under the general supervision of, the Management Company’s Board of Managers.

U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short-term securities that have an original maturity of 60 days or less, as well as short-term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Such factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. The Committee

noteS to financiaL StatementS November 30, 2016 (unaudited)

16

Notes to FiNaNcial statemeNts (continued) AB FCP II

decisions are made in accordance with procedures established by and under the general supervision of the Management Company’s Board of Managers.

Over-the-counter (“OTC”) swaps and other derivatives are valued on the basis of a quoted bid price or spread from major brokers-dealer on such security.

Transaction costs are costs incurred to acquire transferable securities, money market instruments, derivatives or other eligible assets. They can include the bid-ask spread, fees and commission paid to agents, advisers, brokers and dealers, transaction related taxes and other market charges. Transaction costs are included within the cost of investments in the Portfolio of Investments as well as in the net realized gains and (losses) on investments and change in unrealized appreciation and (depreciation) on investments in the Statement of Operations. Transaction costs are excluded from the Total Expense Ratio and/or expense reimbursement calculation.

1.2 Warrant ValuationA listed warrant is valued at the last traded price provided by approved vendors. If there has been no sale on the relevant business day, the warrant is valued at the last traded price from the previous day. On the following days, the security is valued in good faith at fair value. All unlisted warrants are valued in good faith at fair value. Once a warrant has expired, it will no longer be valued.

1.3 Financial Futures ContractsInitial margin deposits are made upon entering into futures contracts. During the period the futures contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by “marking-to-market” on a daily basis to reflect the market value of the contract at the end of each day’s trading. Variation margin payments are made or received, depending upon whether unrealized losses or gains are incurred. When the contract is closed, a realized gain or loss is recorded. This realized appreciation or depreciation is equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract.

Open futures contracts are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuations, the last available closing settlement price is used.

1.4 Forward Foreign Currency ContractsThe unrealized appreciation or depreciation on open forward foreign currency contracts is calculated as the difference between the contracted rate and the rate to close out the contract. Realized profit or loss includes net gains or losses on forward foreign currency contracts which have been settled or offset by other contracts with the same counterparty.

1.5 Swap AgreementThe Portfolios accrue for interim payments on swap contracts on a daily basis, within income and expenses. Swap contracts are marked to market on a daily basis with fluctuations in value recorded in unrealized appreciation (depreciation) on swaps in the Statement of Assets and Liabilities and change in unrealized appreciation or depreciation on swaps in the Statement of Operations and Changes in Net Assets. Once a swap contract has matured or is sold, the net amount is recorded as a realized gain or loss on swaps on the Statement of Operations and Changes in Net Assets.

2. Allocation MethodIncome, expenses (except for class-specific management fee), realized gains and losses and unrealized appreciation and depreciation for the Portfolios are allocated on each calculation date by each class value of their proportionate shares outstanding. Class-specific management fees are charged directly to the respective class.

3. Currency TranslationValues expressed in a currency other than the currency in which a Portfolio is denominated as determined by the Management Regulations are translated at the average of the last available buying and selling price. Transactions in foreign currencies are translated into the currency of each Portfolio at the exchange rate ruling at the date of the transactions.

The Combined Statement of Assets and Liabilities is presented in U.S. dollars at the exchange rates ruling at the date of the Combined Statement of Assets and Liabilities, while the Combined Statement of Operations and Changes in Net Assets is presented in U.S. dollars at the average exchange rates ruling during the period.

Exchange rates applied in the financial statements are: spot rate 0.943530 and average rate 0.899585 for USD to EUR.

4. Investment Income and Investment TransactionsDividend income is recorded on the ex-dividend date. Interest income is accrued daily. Investment gains and losses for the Portfolios are determined on the average cost basis. The Fund accretes discounts and amortizes premiums as adjustments to interest income. Investment transactions are recorded on trade date plus one day.

5. EstimatesThe preparation of Financial Statements in conformity with accounting principles generally accepted in Luxembourg requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Financial Statements and the reported amounts of income and expenses during the reporting period. Actual results may differ from those estimates.

NOTE C: TaxesAs a Luxembourg “fonds commun de placement” (“FCP”), the Fund is not subject, under present tax laws, to income, withholding or capital gains taxes in Luxembourg. The Fund is subject to the Luxembourg “taxe d’abonnement” at the rate of 0.05% per annum determined by reference to total net assets as

established on the last day of each quarter. This rate is 0.01% for share classes reserved to institutional investors within the meaning of Article 174 of the Law of 2010. Interest, dividends and capital gains on securities may be subject to withholding or capital gains taxes in certain countries.

NOTE D: Issuance, Redemption and Exchange of SharesIn addition to the shares currently offered, the Fund may offer additional classes of shares in respect of existing Portfolios

and future Portfolios. The Fund retains the right to offer only one class of shares for purchase by investors in any particular jurisdiction.

17

AB FCP II

NOTE E: DistributionsFor Class A, Class I, Class S and Class S1 Shares of the Emerging Markets Value Portfolio, the Management Company currently does not intend to pay dividends with respect to the Shares. Therefore, any net income and net realized profits attributable to Class A, Class I, Class S and Class S1 Shares will be reflected in the respective Net Asset Value of the Shares.

For the S1 shares of the Columbus Global Corporate Low Volatility Portfolio (Euro), it is currently intended that the Management Company may pay distributions in respect of the Portfolio to Shareholders quarterly out of investment income and realized and/or unrealized capital gains. For the period ended November 30, 2016, no distributions were made by the Portfolios.

NOTE F: Management Fee and Other Transactions with AffiliatesThe Fund pays the Management Company a management fee. Under the terms of the Investment Management Agreement, from the management fee earned, the Management Company pays an investment management fee to AllianceBernstein L.P. (the “Investment Manager”).

The Management Company has voluntarily agreed to bear certain expenses to the extent necessary to limit total operating expenses of the Emerging Markets Value Portfolio on an annual basis. These limitations have been set to 2.25% of the daily average net assets for Class A, 1.45% for Class I, 0.30% for Class S and 1.25% for Classes S1 of the Emerging Markets Value Portfolio. There was no expense reimbursement for the period ended November 30, 2016.

The Fund also pays the Management Company an annual management company fee out of the assets of the Portfolios on the aggregate Net Asset Value attributable to the Class S and S1 Shares equal to the lesser of $50,000 or 0.01% of the average daily Net Asset Value. For Class I and A Shares of the Emerging Markets Value Portfolio, the Management Company is paid an annual fee out of the assets of the Portfolios on the aggregate Net Asset Value attributable to the Shares equal to 0.10% of average daily Net Asset Value.

The Fund compensates its legal adviser, Elvinger Hoss Prussen (of which Mr. Yves Prussen, a manager of the Management Company, is a partner) for legal services rendered to the Fund.

Payments of $1,965 and €593.15 were made for the Emerging Markets Value Portfolio and the Columbus Global Corporate Low Volatility Portfolio (Euro) respectively for the period ended November 30, 2016.

A list of each Portfolio’s annual rate for their applicable fees can be found in Table 1 (page 19).

The Fund compensates its Registrar and Transfer Agent, AllianceBernstein Investor Services, a unit of AllianceBernstein (Luxembourg) S.à r.l., for providing personnel and facilities to perform registrar and transfer agency services for the Fund. Such compensation amounted to $12,966 for the Emerging Markets Value Portfolio and €2,941, for the Columbus Global Corporate Low Volatility Portfolio (Euro) for the period ended November 30, 2016.

The Fund may compensate the Investment Manager for certain services provided to the Fund in connection with the registration of the Fund for sale in certain jurisdictions outside of Luxembourg, subject to certain conditions. There was no such compensation amount paid for the period ended November 30, 2016.

The Investment Manager has not entered into transactions in relation to a placing and/or a new issue in which a connected person had a material interest as a member of the underwriting syndicate.

All transactions executed on behalf of the Fund were entered into in the ordinary course of business and/or normal commercial terms.

NOTE G: Soft Commission ArrangementsDuring the period ended November 30, 2016, the Investment Manager received and entered into soft-dollar commissions/ arrangements with brokers relating to Portfolios of the Fund that invest in equity securities, in respect of which certain goods and services used to support the investment decision making process were received. The soft commission arrangements were entered into on the basis that the execution of transactions on behalf of the Fund will be consistent with best execution standards and brokerage rates will not be in excess of customary institutional full-service brokerage rates. The goods and services received

include specialist industry, company and consumer research, portfolios and market analysis and computer software used for the delivery of such services. The nature of the goods and services received is such that the benefits provided under the arrangement must be those which assist in the provision of investment services to the Fund and may contribute to an improvement in the Fund’s performance. For the avoidance of doubt, such goods and services do not include travel, accommodations, entertainment, general administrative goods or services, general office equipment or premises, membership fees, employees’ salaries or direct money payments.

NOTE H: Financial Futures ContractsThe Fund may buy or sell financial futures contracts. The Fund bears the market risk that arises from changes in the value of these financial instruments. The Fund’s activities in financial futures contracts are conducted through regulated exchanges, which do not result in counterparty credit risk. At the time the Fund enters into a financial futures contract the Fund deposits and maintains with the broker, “Goldman Sachs & Co” as

collateral an initial margin as required by the exchange on which the transaction is effected.

Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Cash held by the broker as of November 30, 2016 is recorded as part of cash in the Statement of Assets and Liabilities. Such receipts or payments are known as the variation margin and are recorded by the Fund as unrealized

Shareholders may redeem their shares on each Valuation Day. For each Portfolio, the Management Company may impose a

notice period for the subscriptions and redemptions. Details are set forth in the prospectus of Fund (the “Prospectus”).

18

Notes to FiNaNcial statemeNts (continued) AB FCP II

appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed. As of November 30, 2016, Columbus

Global Corporate Low Volatility Portfolio (Euro) had received cash collateral amounting to €144,719 from Goldman Sachs & Co, and had posted out cash collateral amounting to €201,823 to Goldman Sachs & Co.

NOTE J: Swap TransactionsA swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset or otherwise determined notional amount. Realized gains and (losses) and changes in unrealized appreciation and (depreciation) on swaps are included in the Combined Statement of Operations and Changes in Net Assets respectively under “Realized gain and (losses) on investments, forward foreign currency contracts, swaps, financial futures contracts, options and currency” and “Changes in unrealized appreciation and (depreciation) on swaps”.

A credit default swap represents an agreement in which one party, the protection buyer, pays a fixed fee, the premium, in return for a payment by the other party, the protection seller, contingent upon a specified default event relating to an underlying reference asset or pool of assets. The payment flows are usually netted against each other, with the difference being paid by one party to the other.

As of November 30, 2016, the Columbus Global Corporate Low Volatility Portfolio (Euro) had posted out cash collateral amounting to €3,868,147 to Morgan Stanley. There were no securities received from or posted out to swap counterparties.

NOTE I: Forward Foreign Currency ContractsA forward foreign currency contract is a commitment to purchase or sell foreign currency at a future date at a negotiated forward rate. The gain or loss arising from the difference between the original contract and the closing of such contract is included in net realized gains or losses on investments, forward foreign currency contracts, swaps, and foreign currency.

Fluctuations in the value of open forward foreign currency contracts are reflected, for financial reporting purposes as a component of unrealized appreciation or depreciation on forward foreign currency contracts. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the Portfolios’ Currency. As of November 30, 2016, the Fund had no collateral on forward foreign currency contracts.

NOTE K: Bank FacilityThe Fund has access to an overdraft facility (the “Facility”), established with the Depositary, intended to provide for short- term/temporary financing if necessary, subject to certain restrictions, in connection with abnormal redemption activity.

The Portfolios of the Fund are limited to borrowing 10% of their respective net assets. Borrowings pursuant to the Facility are subject to interest at a mutually agreed upon rate and security by the underlying assets of each Portfolio. As of November 30, 2016, the Fund has not utilized the overdraft facility.

NOTE L: Net Asset Value Adjustment PolicyShareholders of the Emerging Markets Value Portfolio are subject to the Net Asset Value Adjustment Policy (“NAV Adjustment Policy”). The Net Asset Value at which investors subscribe or redeem shares in Emerging Markets Value Portfolio on a particular Business Day may not entirely reflect the dealing and other costs that arise when the Investment Manager trades

securities to accommodate the net activity from subscriptions and redemptions. Therefore, the Management Company has adopted a policy to adjust the Net Asset Value. Pursuant to this policy, the Portfolio’s Net Asset Value may be adjusted upward or downward in an amount up to 1%. This adjusted Net Asset Value is applicable to all subscriptions, redemptions and exchanges in shares of all classes on that Business Day.

NOTE M: Broker AccountsAll derivative instruments, as listed in the Portfolio of Investments and notes, H, I and J, are transacted through third

party brokers. These brokers hold the collateral described in those notes. The Fund is exposed to counterparty risk in respect of all amounts including collateral due to it from such brokers.

AB FCP II

19

tabLe 1fee ScheduLe (unaudit ed)

Management Total Management Company Distribution Expense Ratio

Emerging Markets Value PortfolioClass

A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.75% 0.10% N/A 2.20%I …. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.95% 0.10% N/A 1.40%S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N/A 0.01%(1) N/A 0.24%S1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.95% 0.01%(1) N/A 1.19%

Columbus Global Corporate Low Volatility Portfolio (Euro)Class

S1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.18% 0.01%(1) N/A 0.42%

tabLe 2PortfoLio turnover (unaudit ed)

Turnover (2)

Emerging Markets Value Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28.95%Columbus Global Corporate Low Volatility Portfolio (Euro) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.26%

(1) Annual fee is equal to the lesser of $50,000.00 or 0.01% of average daily net asset value.(2) Calculated in accordance with AICPA guidelines. Average market value of securities for the period is calculated based on month end valuation.

AB FCP II

20

SharehoLderS’ information

Financial Information on the FundThe Fund will publish semi-annual and annual reports containing a list of each Portfolio’s holdings and their market values.

Information concerning issue and purchase prices, purchases and sales of securities and the situation of the Fund as well as, copies of annual and semi-annual reports, the Prospectus, the Key Investor Information Documents (KIIDs) and Management Regulations can be requested from:

AllianceBernstein Investor Services, a unit ofAllianceBernstein (Luxembourg) S.à r.l.2-4, rue Eugène Ruppert L-2453 Luxembourg

UniCredit Bank Austria AGSchottengasse 6-81010 ViennaAustria

Skandinaviska Enskilda Bauken AB (publ)Sergels Torg 2SE-106 40 StockholmSweden BNP Paribas Securities Services3, rue d’Antin75002, ParisFrance

BHF-Bank AktiengesellschaftBockenheimer Landstraβe 1060323 Frankfurt am MailnGermany

BNP Paribas Securities Services SA, Milan BranchVia Ansperto 5MilanItaly

BNP Paribas Securities Services, Paris, Succursale de Zurich, was authorized by the Swiss Financial Market Supervisory Authority as Swiss representative of the Fund, and also acts as paying agent. The Prospectus, the Management Regulations,

the annual and semi-annual reports, as well as the list of the purchases and sales which the Fund has undertaken during the financial period, may be obtained, on simple request and free of charge, at the head office of the Swiss representative, BNP Paribas Securities Services, Paris, Succursale de Zurich, Selnautrasse 16, CH-8002 Zürich, Switzerland.

The KIIDs of the Fund are made available at www.abglobal.com/go/kiid

Notice to ShareholdersAll notices to shareholders will be published in a Luxembourg and in such other newspaper(s) of general circulation in such countries as the Management Company may from time to time determine and, if legally required, in the Recueil Electronique des Sociétés et Associations.

Important Notice

Controversial Weapons Policy. The Management Company arranges for the screening of companies globally for their corporate involvement in anti-personnel mines, cluster munitions and/or munitions made with depleted uranium. Where such corporate involvement has been verified, the Management Company’s policy is not to permit investment in securities issued by such companies by the Fund.

RemunerationThe European Union Directive 2014/91/EU (the “UCITS V Directive”) came into effect on June 1, 2016. Among other provisions, the UCITS V Directive requires the disclosure of some remuneration-related information of the Fund and of the Management Company.

In relation to the Fund, no staff is directly employed by it.

In relation to the Management Company, AllianceBernstein (Luxembourg) S.à r.l. has adopted a remuneration policy in order to meet the requirements of the UCITS V Directive in a way and to the extent that it is appropriate to its size, internal organization and the nature, scope and complexity of its activities. Specific disclosure information, related – among others - to the total amount of remuneration for the financial year of the Fund, is not available as the Management Company has not yet completed the first annual performance period in which it has to comply with articles 14a and 14b of the UCITS V Directive.

21

AB FCP II

MANAGEMENT COMPANY AllianceBernstein (Luxembourg) S.à r.l 2-4, rue Eugène Ruppert L-2453 Grand Duchy of Luxembourg RCS B34405

BOARD OF MANAGERS OF THE Simone ThelenMANAGEMENT COMPANY Bertrand Reimmel Louis Mangan Silvio D. Cruz Christopher Bricker (until October 5, 2016) Yves Prussen Steven Eisenberg (as of December 1, 2016)

INVESTMENT MANAGER* AllianceBernstein L.P. 1345 Avenue of the Americas New York, New York 10105 United States of America

DEPOSITARY AND ADMINISTRATIVE AGENT* State Street Bank Luxembourg S.C.A. 49, avenue J.F. Kennedy L-1855 Grand Duchy of Luxembourg

REGISTRAR AND TRANSFER AGENT AllianceBernstein Investor Services a unit of AllianceBernstein (Luxembourg) S.à r.l. 2-4, rue Eugène Ruppert L-2453 Grand Duchy of Luxembourg

DISTRIBUTOR AllianceBernstein Investments a unit of AllianceBernstein (Luxembourg) S.à r.l. 2-4 rue Eugène Ruppert L-2453 Luxembourg Grand Duchy of Luxembourg

INDEPENDENT AUDITOR Ernst & Young S.A. 35E Avenue John F. Kennedy L-1855 Grand Duchy of Luxembourg

LEGAL ADVISERS In Luxembourg Elvinger Hoss Prussen 2, Place Winston Churchill B.P. 425 L-2014 Luxembourg Grand Duchy of Luxembourg

In United States Schulte Roth & Zabel LLP 919 Third Avenue New York, New York 10022 United States of America

* Delegated by the Management Company

ABV-SRS-EN-GN-1116