ANNUAL REPORT AB FCP II - Fondsvermittlung24.deANNUAL REPORT AB FCP II MAY 05.31.16 + EMERGING MARKETS VALUE PORTFOLIO + COLUMBUS GLOBAL CORPORATE LOW VOLATILITY PORTFOLIO (EURO) AB

ANNUAL REPORT

AB FCP II

MAY 05.31.16

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

AB FCP II (named ACM Bernstein Value Investments until February 4, 2016) 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

June 15, 2016

Dear Shareholder:

This report provides an update for AB FCP II (formerly named ACM Bernstein Value Investments) (the “Fund”) for the annual reporting period ended May 31, 2016.

Global stocks declined while global bonds advanced—both amid heightened volatility during the 12-month period ended May 31, 2016. From a regional perspective, US equities outperformed. Non-US equities—and emerging-market equities in particular—trailed behind considerably, all in US dollar terms. Within bonds, developed-market treasuries generally outperformed both credit securities and emerging-market local-currency government bonds. With the exception of Australia, yields in developed countries generally fell.

As the period began, investors’ concerns over Greece began to fade, only to be replaced by worries over Chinese economic policy, as the sudden currency devaluation in August prompted fears of a global economic slowdown. Meanwhile the US

Federal Reserve made its first official rate hike in nearly a decade in December. Equity gains proved transient as 2016 ushered in another steep drawdown. Continued concerns over China—along with weak global demand and oversupply in oil—weighed on sentiment.

As the period drew to a close, global markets rallied yet again, aided by investor-friendly stances from the world’s central banks. Emerging-market economic activity continued to slow, though sentiment across both stocks and emerging-market debt markets was bolstered toward the end of the period on an uptick in oil prices, signs that China’s slowdown may be less pronounced than feared and Argentina’s first new security issuance in 15 years.

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

6 Months* 12 Months

Emerging Markets Value PortfolioClass

S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.00)% (20.71)%S1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.48)% (21.46)%I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.59)% (21.62)%A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.98)% (22.24)%S1QD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.45)% (21.45)%

Columbus Global Corporate Low Volatility Portfolio (Euro)Class

S1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.25)% (1.18)%

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 May 31, 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 worth more or less than their original cost.

* 6 months period to May 31, 2016.

3

AB FCP IIMay 31, 2016 Emerging Markets Value Portfolio

Shares Value Net Assets (USD) %

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

Banca Transilvania SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,841 $ 23,004 0.0%Bangkok Bank PCL (NVDR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 387,100 1,768,893 0.9Bank of China Ltd. - Class H . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,885,000 1,994,603 1.0BGEO Group PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,020 583,965 0.3China CITIC Bank Corp. Ltd. - Class H . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,236,000 1,905,190 0.9China Development Financial Holding Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,081,000 775,520 0.4Chongqing Rural Commercial Bank Co., Ltd. - Class H . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,857,000 1,470,972 0.7Credicorp Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,070 1,411,814 0.7KB Financial Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 281,410 8,028,920 4.0OTP Bank PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 163,750 3,960,880 2.0Punjab National Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 692,539 809,938 0.4Shinhan Financial Group Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120,590 3,999,206 2.0State Bank of India . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 235,130 716,330 0.3 27,449,235 13.6

CONSUMER FINANCEGentera SAB de CV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 494,090 897,068 0.4Samsung Card Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,990 1,511,598 0.8 2,408,666 1.2

DIVERSIFIED FINANCIAL SERVICESBM&FBovespa SA - Bolsa de Valores Mercadorias e Futuros . . . . . . . . . . . . . . . . . . . . . . . . . 914,200 4,027,580 2.0Haci Omer Sabanci Holding AS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 775,370 2,412,067 1.2Power Finance Corp. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 375,050 913,587 0.5 7,353,234 3.7

INSURANCEDongbu Insurance Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,690 3,044,324 1.5Hyundai Marine & Fire Insurance Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,460 1,417,313 0.7PICC Property & Casualty Co., Ltd. - Class H . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,216,000 4,043,458 2.0 8,505,095 4.2

REAL ESTATE INVESTMENT TRUSTS (REITS)Emlak Konut Gayrimenkul Yatirim Ortakligi AS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,095,280 1,000,274 0.5

REAL ESTATE MANAGEMENT & DEVELOPMENTAldar Properties PJSC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,341,160 959,033 0.5China Overseas Land & Investment Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,684,000 5,052,779 2.5China Resources Land Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 624,000 1,488,291 0.7CIFI Holdings Group Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,180,000 2,406,297 1.2Huaku Development Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101,000 170,168 0.1 10,076,568 5.0 56,793,072 28.2

INFORMATION TECHNOLOGYCOMMUNICATIONS EQUIPMENT

BYD Electronic International Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 709,500 388,930 0.2

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTSLargan Precision Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,000 4,492,661 2.2

INTERNET SOFTWARE & SERVICESTencent Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 187,700 4,165,784 2.1

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENTAdvanced Semiconductor Engineering, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,719,074 5,417,363 2.7Chipbond Technology Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,553,000 1,918,584 0.9Hua Hong Semiconductor Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,424,000 1,328,723 0.6Kinsus Interconnect Technology Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 624,000 1,362,532 0.7Novatek Microelectronics Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 646,000 2,143,515 1.1Taiwan Semiconductor Manufacturing Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,207,000 5,775,154 2.9 17,945,871 8.9

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALSSamsung Electronics Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,810 7,371,053 3.7 34,364,299 17.1

CONSUMER DISCRETIONARYAUTO COMPONENTS

Hankook Tire Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104,990 4,509,127 2.2

PortfoLio of inveStmentS (Stated in USD)

AB FCP II

4

PortfoLio of inveStmentS (continued) Emerging Markets Value Portfolio


AUTOMOBILESChongqing Changan Automobile Co., Ltd. - Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,161,493 $ 1,620,250 0.8%Dongfeng Motor Group Co., Ltd. - Class H . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,428,000 2,698,606 1.3Kia Motors Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,320 2,085,904 1.0Tata Motors Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 494,413 3,324,103 1.7Tata Motors Ltd. - Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 574,142 2,666,351 1.3 12,395,214 6.1

DIVERSIFIED CONSUMER SERVICESNew Oriental Education & Technology Group, Inc. (Sponsored ADR) . . . . . . . . . . . . . . . . . . . 60,380 2,551,055 1.3

HOUSEHOLD DURABLESEven Construtora e Incorporadora SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 172,700 192,600 0.1Skyworth Digital Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,644,439 2,806,401 1.4 2,999,001 1.5

INTERNET & CATALOG RETAILJD.com, Inc. (ADR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,610 876,362 0.4

MULTILINE RETAILLotte Shopping Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,118 1,745,515 0.9

TEXTILES, APPAREL & LUXURY GOODSYue Yuen Industrial Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 570,000 2,139,483 1.1 27,215,757 13.5

ENERGYOIL, GAS & CONSUMABLE FUELS

CNOOC Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,688,000 2,007,585 1.0Cosan SA Industria e Comercio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 333,000 3,025,346 1.5Gazprom PAO (London) (Sponsored ADR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,670 133,628 0.1Gazprom PAO (Sponsored ADR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 293,020 1,274,637 0.6Gran Tierra Energy, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 206,942 609,140 0.3KazMunaiGas Exploration Production JSC (GDR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84,290 633,129 0.3LUKOIL PJSC (Sponsored ADR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138,551 5,329,543 2.6Tatneft PAO (Sponsored ADR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70,787 1,914,080 1.0Tupras Turkiye Petrol Rafinerileri AS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,740 1,120,985 0.6YPF SA (Sponsored ADR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 207,570 4,340,289 2.2 20,388,362 10.2

CONSUMER STAPLESFOOD & STAPLES RETAILING

Bid Corp., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79,238 1,525,645 0.8X5 Retail Group NV (GDR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 169,876 3,318,783 1.6 4,844,428 2.4

FOOD PRODUCTSGruma SAB de CV - Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103,480 1,480,540 0.7Grupo Lala SAB de CV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 392,870 944,459 0.5JBS SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 814,400 2,253,708 1.1Kernel Holding SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,600 504,035 0.3MHP SA (GDR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65,864 594,283 0.3WH Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,097,760 4,692,501 2.3 10,469,526 5.2

TOBACCOGudang Garam Tbk PT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 322,500 1,632,644 0.8 16,946,598 8.4

MATERIALSCHEMICALS

LG Chem Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,046 5,004,520 2.5Lotte Chemical Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,028 1,909,723 0.9 6,914,243 3.4

CONSTRUCTION MATERIALSDG Khan Cement Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 366,800 626,680 0.3

METALS & MININGNovolipetsk Steel PJSC (GDR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 241,455 3,125,482 1.6Severstal PAO (GDR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95,350 995,687 0.5 4,121,169 2.1

PAPER & FOREST PRODUCTSNine Dragons Paper Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,477,000 1,790,436 0.9 13,452,528 6.7

AB FCP II

5

Emerging Markets Value Portfolio


UTILITIESELECTRIC UTILITIES

Korea Electric Power Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70,000 $ 3,690,703 1.8%

INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERSHuadian Power International Corp., Ltd. - Class H . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,136,000 2,713,033 1.4

WATER UTILITIESCia de Saneamento Basico do Estado de Sao Paulo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 260,600 1,845,460 0.9Cia de Saneamento de Minas Gerais-COPASA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134,400 947,673 0.5 2,793,133 1.4 9,196,869 4.6

INDUSTRIALSAIRLINES

Air Arabia PJSC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,568,660 572,003 0.3

CONSTRUCTION & ENGINEERINGChina Machinery Engineering Corp. - Class H . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,063,000 683,175 0.3China Railway Group Ltd. - Class H . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,747,000 2,106,704 1.0Daelim Industrial Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,300 2,949,169 1.5GS Engineering & Construction Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,510 930,267 0.5Hyundai Engineering & Construction Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,526 1,248,018 0.6 7,917,333 3.9

INDUSTRIAL CONGLOMERATESBidvest Group Ltd. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79,238 632,100 0.3 9,121,436 4.5

TELECOMMUNICATION SERVICESDIVERSIFIED TELECOMMUNICATION SERVICES

China Unicom Hong Kong Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,326,000 2,509,245 1.3Chunghwa Telecom Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 852,000 2,874,414 1.4KT Corp. (Sponsored ADR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,455 354,353 0.2Telefonica Brasil SA (Preference Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 222,967 2,584,704 1.3 8,322,716 4.2

HEALTH CAREHEALTH CARE PROVIDERS & SERVICES

Shanghai Pharmaceuticals Holding Co., Ltd. - Class H . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,512,000 3,267,308 1.6 199,068,945 99.0

RIGHTSUTILITIESWATER UTILITIES

Cia de Saneamento de Minas Gerais-COPASA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,959 14,272 0.0 14,272 0.0

OTHER TRANSFERABLE SECURITIESCOMMON STOCKSFINANCIALSREAL ESTATE MANAGEMENT & DEVELOPMENT

Kaisa Group Holdings Ltd. (a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,489,000 74,730 0.0

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 74,731 0.0

Total Investments(cost $219,968,021) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 199,157,948 99.0%

Other assets less liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,023,187 1.0Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 201,181,135 100.0%

* Less than $0.50.(a) Fair valued as determined in accordance with procedures established by and under the general supervision of the Management Company’s

Board of Managers.

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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.

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PortfoLio of inveStmentS (Stated in EUR)May 31, 2016 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 MARKETCOLLATERALIZED MORTGAGE OBLIGATIONSAGENCY FLOATING RATE

Federal Home Loan Mortgage Corp. REMICs Series 3108, Class FT(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.73% 2/15/36 USD 504 € 453,941 0.6%Series 3349, Class FE(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.92% 7/15/37 610 548,971 0.8Series 3584, Class FA(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.13% 12/15/36 129 117,385 0.2Series 3587, Class FA(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.24% 12/15/37 515 466,782 0.7Series 3895, Class FM(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.78% 12/15/40 945 848,598 1.2Series 3998, Class FA(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.98% 2/15/42 415 373,834 0.5Series 4040, Class FW(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.80% 5/15/32 1,742 1,571,261 2.2Series 4087, Class FB(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.90% 7/15/42 290 258,813 0.4Series 4098, Class MF(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.73% 11/15/41 1,781 1,602,403 2.2Series 4248, Class QF(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.93% 6/15/39 477 427,313 0.6Series 4286, Class VF(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.88% 12/15/43 299 269,151 0.4Series 4350, Class KF(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.78% 1/15/39 1,474 1,313,034 1.8

Federal National Mortgage Association REMICsSeries 2005-40, Class FB(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.70% 5/25/35 485 436,805 0.6Series 2005-71, Class FE(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.80% 8/25/35 997 895,653 1.3Series 2006-39, Class DF(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.85% 5/25/36 383 345,907 0.5Series 2006-42, Class PF(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.86% 6/25/36 409 366,302 0.5Series 2006-60, Class DF(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.88% 4/25/35 260 234,996 0.3Series 2006-81, Class FA(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.80% 9/25/36 420 376,328 0.5Series 2006-99, Class AF(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.87% 10/25/36 570 515,621 0.7Series 2007-18, Class FB(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.70% 3/25/37 210 188,212 0.3Series 2007-35, Class PF(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.70% 4/25/37 271 243,380 0.3Series 2007-55, Class F(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.69% 6/25/37 956 850,310 1.2Series 2007-58, Class FG(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.77% 6/25/37 159 142,825 0.2Series 2007-75, Class DF(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.91% 8/25/37 465 415,470 0.6Series 2007-88, Class JF(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00% 4/25/37 967 878,349 1.2Series 2009-69, Class FA(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.25% 9/25/39 518 473,694 0.7Series 2010-113, Class FA(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.85% 10/25/40 395 353,932 0.5Series 2011-96, Class PF(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.95% 10/25/41 1,392 1,249,508 1.7Series 2011-99, Class KF(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.75% 10/25/26 1,289 1,157,980 1.6Series 2012-137, Class KF(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.65% 12/25/32 2,292 2,042,437 2.9Series 2013-121, Class FA(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.85% 12/25/43 252 226,672 0.3Series 2013-57, Class FN(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.80% 6/25/43 283 251,415 0.3Series 2014-49, Class AF(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.75% 8/25/44 523 466,109 0.7

NCUA Guaranteed Notes TrustSeries 2010-R1, Class 1A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.89% 10/7/20 988 889,493 1.2Series 2010-R3, Class 1A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00% 12/8/20 529 476,153 0.7

21,729,037 30.4

AGENCY FIXED RATEFederal Home Loan Mortgage Corp. REMICs

Series 3372, Class BD. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.50% 10/15/22 565 527,569 0.7Series 3631, Class PA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.00% 2/15/40 486 464,598 0.7Series 3852, Class CA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.00% 10/15/39 436 401,282 0.6Series 3948, Class DA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.00% 12/15/24 201 184,994 0.3Series 3960, Class YK. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.50% 8/15/40 362 330,580 0.5Series 4029, Class LD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.75% 1/15/27 720 646,716 0.9Series 4029, Class NE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.50% 3/15/41 687 628,104 0.9Series 4054, Class HD. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.00% 5/15/26 655 595,614 0.8Series 4058, Class C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.50% 8/15/30 636 597,876 0.8Series 4368, Class HG. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.00% 2/15/32 636 594,948 0.8Series 4457, Class BA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.00% 7/15/39 674 626,389 0.9Series 4459, Class CA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.00% 12/15/34 455 431,645 0.6Series 4459, Class DA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.50% 10/15/35 393 365,872 0.5Series 4461, Class EA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.00% 7/15/37 969 876,178 1.2Series 4483, Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.00% 12/15/29 596 551,290 0.8Series 4486, Class JN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.00% 11/15/24 691 626,863 0.9

Federal National Mortgage Association REMICsSeries 2011-98, Class AE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.50% 11/25/37 584 529,776 0.7Series 2013-130, Class PD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.50% 5/25/43 627 587,764 0.8Series 2014-15, Class PA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.50% 4/25/44 611 578,389 0.8Series 2014-54, Class LA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.00% 2/25/44 243 221,355 0.3Series 2015-72, Class PC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.00% 10/25/43 499 461,448 0.7

10,829,250 15.2

RISK SHARE FLOATING RATEFederal Home Loan Mortgage Corp. Structured Agency

Credit Risk Debt NotesSeries 2014-DN1, Class M1(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 1.45% 2/25/24 188 168,945 0.2Series 2014-DN2, Class M1(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 1.30% 4/25/24 72 65,143 0.1Series 2014-HQ1, Class M1(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 2.10% 8/25/24 61 55,183 0.1

AB FCP II

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


Series 2015-DNA3, Class M1(a). . . . . . . . . . . . . . . . . . . . . . . . . 1.80% 4/25/28 USD 291 € 261,841 0.4%Series 2015-HQA2, Class M1(a). . . . . . . . . . . . . . . . . . . . . . . . . 1.60% 5/25/28 236 212,318 0.3

763,430 1.1 33,321,717 46.7

MORTGAGE PASS-THROUGHSAGENCY FIXED RATE 30-YEAR

Federal Home Loan Mortgage Corp. Gold, Series 2009 . . . . . . . . . 4.50% 9/01/39 1,287 1,284,295 1.8Federal National Mortgage Association. . . . . . . . . . . . . . . . . . . . . . 5.00% 8/01/33 970 972,486 1.4Federal National Mortgage Association. . . . . . . . . . . . . . . . . . . . . . 5.00% 5/01/39 765 782,523 1.1Federal National Mortgage Association. . . . . . . . . . . . . . . . . . . . . . 5.00% 12/01/40 629 636,521 0.9Federal National Mortgage Association, Series 2010 . . . . . . . . . . . 5.00% 2/01/40 628 642,393 0.9Government National Mortgage Association. . . . . . . . . . . . . . . . . . 5.00% 10/15/39 568 574,241 0.8 4,892,459 6.9

AGENCY FIXED RATE 15-YEARFederal Home Loan Mortgage Corp. Gold . . . . . . . . . . . . . . . . . . . 3.50% 2/01/29 730 700,513 1.0Federal National Mortgage Association, Series 2010 . . . . . . . . . . . 4.00% 11/01/25 619 592,379 0.8 1,292,892 1.8 6,185,351 8.7

AGENCIESAGENCY DEBENTURES

Federal Farm Credit Banks(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.45% 7/18/16 4,940 4,440,294 6.2

AGENCY CALLABLESFederal Home Loan Mortgage Corp., Series 0002 . . . . . . . . . . . . . 1.25% 5/25/18 782 703,212 1.0 5,143,506 7.2

GOVERNMENTS - TREASURIESTREASURIES

U.S. Treasury Bonds(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.62% 1/31/18 5,000 4,503,145 6.3

CORPORATES - INVESTMENT GRADEFINANCIAL INSTITUTIONSBANKING

American Express Credit Corp.(a). . . . . . . . . . . . . . . . . . . . . . . . . . 1.15% 7/29/16 335 301,323 0.4American Express Credit Corp., Series F(a) . . . . . . . . . . . . . . . . . . 1.68% 9/14/20 312 281,802 0.4Branch Banking & Trust Co.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.10% 12/01/16 390 350,878 0.5KeyBank NA/Cleveland OH(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.15% 11/25/16 340 305,927 0.4Mizuho Bank Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.06% 4/16/17 350 314,475 0.5Mizuho Bank Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.08% 9/25/17 465 416,123 0.6Royal Bank of Canada(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.97% 1/23/17 345 310,397 0.4US Bancorp(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.12% 11/15/18 340 305,295 0.4 2,586,220 3.6

INDUSTRIALBASIC

Monsanto Co.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.83% 11/07/16 340 305,277 0.4

CONSUMER CYCLICAL - AUTOMOTIVEDaimler Finance North America LLC(a). . . . . . . . . . . . . . . . . . . . . 1.32% 8/01/16 335 301,353 0.4Volkswagen International Finance NV(a) . . . . . . . . . . . . . . . . . . . . 1.07% 11/18/16 340 304,882 0.5 606,235 0.9

CONSUMER CYCLICAL - RETAILERSLowe’s Cos., Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.23% 9/14/18 312 282,987 0.4

ENERGYConocoPhillips Co.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.96% 5/15/18 197 174,128 0.2

TECHNOLOGYCisco Systems, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.91% 3/03/17 350 315,119 0.4QUALCOMM, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.91% 5/18/18 197 175,419 0.3 490,538 0.7 1,859,165 2.6 4,445,385 6.2

ASSET-BACKED SECURITIESCREDIT CARDS - FLOATING RATE

Discover Card Execution Note Trust, Series 2014-A1, Class A1(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.86% 7/15/21 200 180,218 0.2

53,779,322 75.3

AB FCP II

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Columbus Global Corporate Low Volatility Portfolio (Euro)


SHORT-TERM INVESTMENTSAGENCY DISCOUNT NOTES

Federal Home Loan Bank Discount Notes . . . . . . . . . . . . . . . . . . . 0.01% 10/12/16 USD 5,000 € 4,486,371 6.3%Federal Home Loan Bank Discount Notes . . . . . . . . . . . . . . . . . . . 0.01% 7/20/16 2,935 2,636,625 3.7 7,122,996 10.0 60,902,318 85.3

OTHER TRANSFERABLE SECURITIESASSET-BACKED SECURITIESCREDIT CARDS - FLOATING RATE

Cabela’s Credit Card Master Note Trust, Series 2012-2A, Class A2(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.91% 6/15/20 500 448,906 0.6

Penarth Master Issuer PLC, Series 2015-1A, Class A1(a). . . . . . . . 0.84% 3/18/19 345 309,521 0.5 758,427 1.1

CORPORATES - INVESTMENT GRADEINDUSTRIALENERGY

Schlumberger Holdings Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.90% 12/21/17 385 347,085 0.5 1,105,512 1.6

Total Investments(cost €54,776,259) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . € 62,007,830 86.9%

Other assets less liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,320,626 13.1Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . € 71,328,456 100.0%

FINANCIAL FUTURES

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

LongU.S. T-Note 5 Yr (CBT) Futures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9/30/16 19 € 2,047,940 € 2,051,163 € 3,223

ShortU.S. Long Bond (CBT) Futures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9/21/16 2 293,317 293,556 (239)U.S. T-Note 2 Yr (CBT) Futures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9/30/16 13 2,544,698 2,545,976 (1,278)U.S. T-Note 10 Yr (CBT) Futures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9/21/16 36 4,194,799 4,196,063 (1,264) € 442

Appreciation € 3,223 Depreciation € (2,781)

FORWARD FOREIGN CURRENCY CONTRACTS

Contracts to In Exchange Unrealized Deliver For Settlement Appreciation/ Counterparty (000) (000) Date (Depreciation)Credit Suisse International. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 73,000 EUR 63,701 7/20/16 € (1,799,198)

CREDIT DEFAULT SWAPS

Upfront Notional Premiums Unrealized Termination Amount Market Paid/ Appreciation/ Counterparty Reference Obligations Date (000) Value (Received) (Depreciation)

Sale ContractsMorgan Stanley & Co. LLC CDX-NAIG Series 26, 10 Year Index 6/20/26 USD 40,300 € (555,398) € (428,566) € (126,832)Morgan Stanley & Co. LLC CDX-NAIG Series 26, 10 Year Index 6/20/26 200 (2,756) (3,218) 462Morgan Stanley & Co. LLC iTraxx-Europe Series 25, 10 Year Index 6/20/26 EUR 35,200 (219,711) (162,336) (57,375)Total € (777,865) € (594,120) € (183,745)

Appreciation € 462 Depreciation € (184,207)(a) Floating Rate Security. Stated interest rate was in effect at May 31, 2016.

AB FCP II

10

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

Currency Abbreviations:EUR – EuroUSD – United States Dollar

Glossary:CBT – Chicago Board of TradeCDX-NAIG – North American Investment Grade Credit Default Swap IndexNCUA – National Credit Union AdministrationREMICs – Real Estate Mortgage Investment Conduits


AB FCP II

11

Statement of aSSetS and LiabiLitieSMay 31, 2016

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

ASSETSInvestments in securities at value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 199,157,948 € 62,007,830 $ 268,150,977 Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,963,691 11,721,436 (b) 15,005,550Dividends and interest receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 885,801 101,865 999,141Interest receivable on swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0- 143,199 159,330Receivable for investment securities sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132,438 -0- 132,438Expense reimbursement receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,786 -0- 5,786Unrealized appreciation on financial futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . -0- 3,223 3,586Receivable for capital stock sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,334 -0- 2,334Unrealized appreciation on swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0- 462 514 202,147,998 73,978,015 284,459,656

LIABILITIESUnrealized depreciation on forward foreign currency contracts . . . . . . . . . . . . . . . . . . -0- 1,799,198 2,001,878Upfront premium received on credit default swap contracts . . . . . . . . . . . . . . . . . . . . . -0- 594,120 661,048Payable for investment securities purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 732,301 -0- 732,301Unrealized depreciation on swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0- 184,207 204,958Unrealized depreciation on financial futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . -0- 2,781 3,094Payable for capital stock purchased. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,195 -0- 2,195Accrued expenses and other liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 232,367 69,253 309,421 966,863 2,649,559 3,914,895

NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 201,181,135 € 71,328,456 $ 280,544,761

(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 €3,377,631, and futures collateral posted out to and received from counterparties of €919,446 and €875,034, respectively.


AB FCP II

12

Statement of oPerationS and changeS in net aSSetSFor the year ended May 31, 2016

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


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

INVESTMENT INCOMEDividends (net of withholding tax of $899,222) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6,816,277 € -0- $ 6,816,277Interest income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0- 827,188 918,016Swap interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0- 736,921 817,837 6,816,277 1,564,109 8,552,130

EXPENSESManagement fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,597,840 128,125 1,740,032Professional fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 223,407 64,257 294,720Accounting and administration fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89,385 57,246 152,917Depositary and custodian fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107,867 6,972 115,605Transfer agency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,734 6,246 39,666Management company fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,951 7,118 35,851Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,883 7,117 32,781Swap interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0- 19,423 21,556Printing. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,484 2,500 16,259Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,442 5,492 8,537Transaction costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0- 1,099 1,219Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63,253 38,266 105,721 2,183,246 343,861 2,564,864Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,633,031 1,220,248 5,987,266

REALIZED GAINS AND (LOSSES)On investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (40,339,124) 3,578,653 (36,367,525)On swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0- (1,247,301) (1,384,258)On financial futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0- (313,581) (348,013)On forward foreign currency contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,480) 2,924,403 3,243,031 On foreign currency denominated assets and liabilities . . . . . . . . . . . . . . . . . . . . . . . . (447,134) (2,324,543) (3,026,918)

CHANGE IN UNREALIZED APPRECIATION AND (DEPRECIATION)On investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (24,457,683) (4,434,775) (29,379,409)On swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0- 337,117 374,133 On financial futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0- 66,802 74,137 On forward foreign currency contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0- (700,256) (777,146)On foreign currency denominated assets and liabilities . . . . . . . . . . . . . . . . . . . . . . . . (3,162) 42,726 44,255 Results of operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (60,616,552) (850,507) (61,560,447)

CAPITAL STOCK TRANSACTIONSIncrease . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,700,618 -0- 1,700,618Exchange difference. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0- -0- 1,033,360

NET ASSETSBeginning of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 260,097,069 72,178,963 339,371,230End of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 201,181,135 € 71,328,456 $ 280,544,761

AB FCP II

13

ShareS outStandingMay 31, 2016

Emerging Markets Value PortfolioCLASS

S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,492,010S1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,814,622I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147,158A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,150S1QD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 615,607

Columbus Global Corporate Low Volatility Portfolio (Euro) CLASS

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


AB FCP II

14

StatiSticaL informationMay 31, 2016

Emerging Markets Value Portfolio May 31, 2016 May 31, 2015 May 31, 2014

Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $201,181,135 $260,097,069 $216,242,816

ClassS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $43.18 $54.46 $52.48

S1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $38.94 $49.58 $48.24

I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $38.47 $49.08 $47.82

A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $36.51 $46.95 $46.12

S1QD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $30.94 $39.39 $38.78

S - EUR* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . €38.80 €49.59 €38.50

S1 - EUR* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . €34.99 €45.14 €35.39

I - EUR*. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . €34.57 €44.69 €35.08

A - EUR* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . €32.81 €42.75 €33.83

S1QD - EUR* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . €27.81 €35.86 €28.45

Columbus Global Corporate Low Volatility Portfolio (Euro) May 31, 2016 May 31, 2015 May 31, 2014

Net Assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . €71,328,456 €72,178,963 €72,946,903

ClassS1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . €953.05 €964.41 €974.68

* 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 year ended May 31, 2016 the Fund comprised two portfolios (the “Portfolios”).

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 & A October 6, 2011 S1QDColumbus 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 decisions are made in accordance with procedures established by and under the general supervision of the Management Company’s Board of Managers.

noteS to financiaL StatementS May 31, 2016

16

noteS to financiaL StatementS (continued) AB FCP II

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 year.

Exchange rates applied in the financial statements are: spot rate 0.898755 and average rate 0.901061 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 year. 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 Class S1QD of the Emerging Markets Value Portfolio, the Management Company intends to declare and pay quarterly distributions equal to all or substantially all of the Portfolio’s net income and net realized/unrealized profits attributable to such

class of Shares. The Management Company may also determine if and to what extent distributions paid include realized capital gains and/or are paid out of capital attributable to the relevant class of Shares. These distributions will be automatically reinvested at the prevailing Net Asset Value per Share.

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 year ended May 31, 2016, no distributions were made by the Portfolio.

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 and S1QD of the Emerging Markets Value Portfolio. There was no expense reimbursement for the year ended May 31, 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, S1 and S1QD 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 $2,613 and €1,266 were made for the Emerging Markets Value Portfolio and the Columbus Global Corporate Low Volatility Portfolio (Euro) respectively for the year ended May 31, 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 $32,734 for the Emerging Markets Value Portfolio and €6,246, for the Columbus Global Corporate Low Volatility Portfolio (Euro) for the year ended May 31, 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 year ended May 31, 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 year ended May 31, 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

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 the Fund (the “Prospectus”).

18

noteS to financiaL StatementS (continued) AB FCP II

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 May 31, 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 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 May 31, 2016, Columbus Global Corporate Low Volatility Portfolio (Euro) had received cash collateral amounting to €875,034 from Goldman Sachs & Co, and had posted out cash collateral amounting to €919,446 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 May 31, 2016, the Columbus Global Corporate Low Volatility Portfolio (Euro) had posted out cash collateral amounting to €3,377,631 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 May 31, 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 May 31, 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

Management Total Management Company Distribution Expense Ratio

Emerging Markets Value PortfolioClass

S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N/A 0.01%(1) N/A 0.25%S1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.95% 0.01%(1) N/A 1.18%I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.95% 0.10% N/A 1.46%A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.75% 0.10% N/A 2.18%S1QD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 0.44%

tabLe 2PortfoLio turnover

Turnover (2)

Emerging Markets Value Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101.14%Columbus Global Corporate Low Volatility Portfolio (Euro) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.55%

(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 year is calculated based on month end valuation.

20

To the Shareholders of AB FCP IIWe have audited the accompanying financial statements of AB FCP II and of each of its Portfolios (the “Fund”), which comprise the statement of assets and liabilities and the portfolio of investments as at 31 May 2016 and the statement of operations and changes in net assets for the year then ended and other explanatory information to the financial statements.

Board of Managers of the Management Company’s responsibility for the financial statementsThe Board of Managers of the Management Company is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements and for such internal control as the Board of Managers of the Management Company determines is necessary to enable the preparation and presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Responsibility of the “réviseur d’entreprises agréé”Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the “Commission de Surveillance du Secteur Financier”. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgement of the “réviseur d’entreprises agréé”, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

In making those risk assessments, the “réviseur d’entreprises agréé” considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Managers of the Management Company, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

OpinionIn our opinion, the financial statements give a true and fair view of the financial position of AB FCP II and of each of its Portfolios as of 31 May 2016, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements.

Other matterSupplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole.

ERNST & YOUNGSociété AnonymeCabinet de révision agréé

Michael FergusonLuxembourg, August 31, 2016

indePendent auditor’S rePort

S.Sigorel-Hack

Stamp

21

AB FCP II

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 Landstraße 1060323 Frankfurt am MainGermany

BNP Paribas Securities Services SA, Milan BranchVia Ansperto 5MilanItaly

BNP Paribas Securities Services, Paris, Succursale de Zürich, 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 year, 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 Zürich, Selnautrasse 16, CH-8002 Zürich, Switzerland.

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

Value at RiskFor UCITS the Value at Risk (VaR) can be measured on an absolute or a relative basis. VaR is a widely used risk measure of the risk of loss on a specific portfolio of financial assets. The Investment Manager monitored the total global exposure (market risk) of the Emerging Markets Value Portfolio for the year ended May 31, 2016 utilizing the VaR calculated on a relative basis pursuant to which the VaR of the Portfolio may not exceed twice the VaR of a reference benchmark – the Portfolio’s benchmark is the MSCI Emerging Markets. During the aforementioned fiscal year the low, high and average VaR of the Portfolio measured on a relative basis were as follows:

Low High Average

Emerging Markets Value Portfolio ................ 1.59% 4.61% 3.38%

For the Columbus Global Corporate Low Volatility Portfolio (Euro), the Investment Manager monitored the global exposure (market risk) utilizing the VaR calculated on an absolute basis (pursuant to which the VaR of the Portfolio may not exceed 20% of its Net Asset Value). During the aforementioned fiscal year the low, high and average VaR of the Portfolio measured on an absolute basis were as follows:

Low High Average

Columbus Global Corporate Low Volatility Portfolio (Euro) .............................. 0.05% 2.66% 0.27%

The VaR of each Portfolio was calculated based on a “historical” model with a 99% confidence level and an observation period of one month or 20 days.

LeverageThe expected level of leverage is calculated as the sum of the notionals of the financial derivative instruments held by the Portfolio. Pursuant to the CSSF Circular 11/512 dated May 30, 2011, this calculation methodology neither takes into account the fact that a particular financial derivative instrument increases or decreases the Portfolio’s investment risks nor permits to net financial derivative instruments with reverse positions. Shareholders should be aware that (i) a higher level of expected leverage does not automatically imply a higher level of investment risk and (ii) the expected level of leverage disclosed above is mainly generated by the use of derivatives for hedging purposes or for efficient portfolio management. In addition, the actual leverage of the Portfolio may deviate from the below mentioned expected level of leverage:

· Emerging Markets Value Portfolio 0-50% range of the Net Asset Value of the Portfolio

· Columbus Global Corporate Low Volatility Portfolio (Euro) 200-300% range of the Net Asset Value of the Portfolio

As a result of using the sum of notionals approach the average leverage of the Portfolios for the year ended May 31, 2016 was:

· Emerging Markets Value Portfolio ............................. 0.09%· Columbus Global Corporate Low Volatility Portfolio (Euro) ...................................................... 117.98%

RemunerationThe European Union Directive 2014/91/EU (the “UCITS V Directive”) came into effect on 1st June, 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

SharehoLderS’ information

22

AB FCP II

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.

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 (formerly the Mémorial).

Important NoticeControversial 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.

SharehoLderS’ information (continued)

23

AB FCP II

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

board of managerS of the Simone Thelenmanagement comPany Bertrand Reimmel Louis Mangan Silvio D. Cruz Christopher Bricker Yves Prussen

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 Luxembourg 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 Luxembourg Grand Duchy of Luxembourg

DISTRIBUTOR AllianceBernstein Investments a unit of the AllianceBernstein Investments, Inc. 1345 Avenue of the Americas New York, New York 10105 United States of America

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 Luxembourg Grand Duchy of Luxembourg

* Delegated by the Management Company

24

AB FCP II

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

SharehoLderS’ information (continued)

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ABV-SRA-EN-GN-0516