Ab Sustainable International Thematic Fund NPORT-P Ab Sustainable International Thematic Fund Inc (Sep 2022 report)

AB Sustainable International Thematic Fund, Inc.

Portfolio of Investments

September 30, 2022 (unaudited)

Company	Shares			U.S. $ Value
COMMON STOCKS – 92.7%
Information Technology – 22.9%
Electronic Equipment, Instruments & Components – 4.1%
Flex Ltd.(a)		405,858		$	6,761,594
Halma PLC		533,263			11,994,345
Keyence Corp.		23,300			7,702,060
					26,457,999
IT Services – 4.5%
Accenture PLC - Class A		62,745			16,144,288
Edenred		294,697			13,576,913
					29,721,201
Semiconductors & Semiconductor Equipment – 12.1%
ASML Holding NV		37,261			15,436,452
Infineon Technologies AG		480,190			10,508,494
MediaTek, Inc.		454,000			7,834,411
NXP Semiconductors NV		109,245			16,114,730
STMicroelectronics NV		515,743			16,027,884
Taiwan Semiconductor Manufacturing Co., Ltd.		1,007,000			13,348,180
					79,270,151
Software – 2.2%
Dassault Systemes SE		417,265			14,406,105
					149,855,456
Financials – 22.0%
Banks – 9.8%
Bank Mandiri Persero Tbk PT		24,341,000			14,946,364
Erste Group Bank AG		613,182			13,442,281
HDFC Bank Ltd.		1,126,512			19,526,993
Svenska Handelsbanken AB - Class A		1,948,810			15,997,774
					63,913,412
Capital Markets – 7.3%
Deutsche Boerse AG		87,320			14,314,084
London Stock Exchange Group PLC		182,809			15,438,019
Partners Group Holding AG		22,657			18,234,005
					47,986,108
Insurance – 4.9%
Aflac, Inc.		273,082			15,347,208
AIA Group Ltd.		1,429,600			11,902,717
Prudential PLC		459,434	��		4,496,772
					31,746,697
					143,646,217
Health Care – 20.3%
Biotechnology – 1.6%
Abcam PLC(a)		705,654			10,536,633
Health Care Equipment & Supplies – 7.2%
Alcon, Inc.		220,416			12,802,960
ConvaTec Group PLC(b)		3,199,546			7,271,199
Koninklijke Philips NV		662,246			10,196,272
STERIS PLC		99,501			16,545,026
					46,815,457

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Company	Shares		U.S. $ Value
Health Care Providers & Services – 2.5%
Apollo Hospitals Enterprise Ltd.		301,386	$	16,090,599
Life Sciences Tools & Services – 6.4%
Danaher Corp.		64,146		16,568,270
Gerresheimer AG(c)		125,026		6,104,503
ICON PLC(a)		41,570		7,639,735
Tecan Group AG (REG)(a)		34,631		11,879,963
				42,192,471
Pharmaceuticals – 2.6%
Roche Holding AG (Genusschein)		52,730		17,165,343
				132,800,503
Industrials – 7.8%
Commercial Services & Supplies – 2.1%
TOMRA Systems ASA		764,564		13,489,551
Construction & Engineering – 1.7%
WSP Global, Inc.		101,372		11,163,506
Machinery – 3.1%
Husqvarna AB - Class B		1,001,592		5,552,214
SMC Corp.		36,300		14,773,025
				20,325,239
Professional Services – 0.9%
Recruit Holdings Co., Ltd.		205,700		5,925,323
				50,903,619
Consumer Staples – 6.5%
Food Products – 6.5%
Danone SA		245,819		11,623,633
Kerry Group PLC - Class A		146,965		13,099,333
Nestle SA (REG)		161,258		17,441,234
				42,164,200
Materials – 6.4%
Chemicals – 3.0%
Chr Hansen Holding A/S		187,207		9,221,676
Koninklijke DSM NV		94,240		10,723,622
				19,945,298
Containers & Packaging – 3.4%
Huhtamaki Oyj(c)		347,707		11,058,084
Smurfit Kappa Group PLC		388,657		11,115,280
				22,173,364
				42,118,662
Energy – 2.1%
Oil, Gas & Consumable Fuels – 2.1%
Neste Oyj		313,416		13,661,647

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Company	Shares				U.S. $ Value
Utilities – 2.1%
Electric Utilities – 2.1%
Orsted AS(b)			170,866		$	13,618,152
Consumer Discretionary – 1.5%
Auto Components – 1.5%
Autoliv, Inc.			144,715			9,642,360
Communication Services – 1.1%
Diversified Telecommunication Services – 1.1%
Cellnex Telecom SA(b)			223,750			6,901,925
Total Common Stocks (cost $718,895,417)						605,312,741
SHORT-TERM INVESTMENTS – 9.2%
Investment Companies – 9.1%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 2.58%(d) (e) (f) (cost $59,064,661)			59,064,661			59,064,661
	Principal Amount (000)
Time Deposits – 0.1%
BBH, Grand Cayman (0.29)%, 10/03/2022		CHF	65			65,633
0.12%, 10/03/2022		DKK	503			66,353
0.82%, 10/03/2022		SEK	737			66,396
1.16%, 10/03/2022		NOK	701			64,419
1.17%, 10/03/2022		GBP	83			92,751
2.07%, 10/03/2022		CAD	90			65,054
4.50%, 10/03/2022		ZAR	0	*		3
Citibank, London 0.29%, 10/03/2022		EUR	68			66,380
Hong Kong & Shanghai Bank, Hong Kong 0.95%, 10/03/2022		HKD	1,078			137,281
Sumitomo, Tokyo (0.40)%, 10/03/2022		JPY	9,431			65,165
Total Time Deposits (cost $689,435)						689,435
Total Short-Term Investments (cost $59,754,096)						59,754,096
Total Investments – 101.9% (cost $778,649,513)(g)						665,066,837
Other assets less liabilities – (1.9)%						(12,226,877	)
Net Assets – 100.0%					$	652,839,960

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FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		USD	6,822		ZAR	112,776		10/13/2022		$	(596,298	)
Bank of America, NA		CNH	9,810		USD	1,365		10/20/2022			(9,433	)
Bank of America, NA		USD	3,431		CNH	23,806		10/20/2022			(95,376	)
Bank of America, NA		TWD	33,569		USD	1,080		10/21/2022			25,388
Bank of America, NA		CAD	3,479		USD	2,644		10/27/2022			125,805
Bank of America, NA		KRW	2,188,031		USD	1,638		10/27/2022			118,614
Bank of America, NA		KRW	1,659,037		USD	1,151		10/27/2022			(951	)
Bank of America, NA		USD	4,056		CAD	5,218		10/27/2022			(278,670	)
Bank of America, NA		USD	1,620		KRW	2,125,182		10/27/2022			(144,626	)
Bank of America, NA		USD	4,164		MXN	85,770		11/18/2022			58,579
Bank of America, NA		SEK	37,945		USD	3,502		12/01/2022			72,037
Bank of America, NA		JPY	574,090		USD	4,046		12/02/2022			54,890
Bank of America, NA		USD	3,208		CHF	3,111		12/07/2022			(34,402	)
Bank of America, NA		EUR	77,633		USD	74,994		12/08/2022			(1,460,433	)
Barclays Bank PLC		BRL	5,882		USD	1,134		10/04/2022			43,468
Barclays Bank PLC		USD	1,088		BRL	5,882		10/04/2022			2,471
Barclays Bank PLC		USD	5,355		SGD	7,499		12/07/2022			(129,215	)
BNP Paribas SA		CNH	54,955		USD	7,989		10/20/2022			290,009
BNP Paribas SA		USD	6,948		CNH	47,442		10/20/2022			(300,865	)
BNP Paribas SA		USD	2,132		AUD	3,079		10/20/2022			(162,357	)
BNP Paribas SA		GBP	1,486		USD	1,711		11/17/2022			50,874
BNP Paribas SA		NOK	77,858		USD	7,560		12/01/2022			401,243
Brown Brothers Harriman & Co.		USD	7,303		CNH	49,243		10/20/2022			(404,186	)
Brown Brothers Harriman & Co.		CAD	5,407		USD	4,020		10/27/2022			105,649
Brown Brothers Harriman & Co.		GBP	1,391		USD	1,500		11/17/2022			(54,412	)
Brown Brothers Harriman & Co.		SEK	18,419		USD	1,632		12/01/2022			(32,902	)
Brown Brothers Harriman & Co.		JPY	346,493		USD	2,412		12/02/2022			2,767
Brown Brothers Harriman & Co.		CHF	1,489		USD	1,514		12/07/2022			(4,758	)
Citibank, NA		USD	2,774		ILS	9,508		10/19/2022			(104,419	)
Citibank, NA		USD	61,141		CNH	412,287		10/20/2022			(3,378,788	)
Citibank, NA		USD	44,459		CAD	57,335		10/27/2022			(2,955,384	)
Citibank, NA		USD	22,604		KRW	29,661,299		10/27/2022			(2,006,140	)
Deutsche Bank AG		GBP	2,098		USD	2,415		11/17/2022			70,822
Goldman Sachs Bank USA		BRL	56,462		USD	10,491		10/04/2022			24,018
Goldman Sachs Bank USA		USD	10,443		BRL	56,462		10/04/2022			23,715
Goldman Sachs Bank USA		USD	1,546		AUD	2,179		10/20/2022			(151,888	)
Goldman Sachs Bank USA		TWD	34,938		USD	1,174		10/21/2022			76,517
Goldman Sachs Bank USA		USD	10,418		BRL	56,462		11/03/2022			(28,752	)
Goldman Sachs Bank USA		GBP	1,962		USD	2,235		11/17/2022			42,540
Goldman Sachs Bank USA		USD	2,495		JPY	358,261		12/02/2022			(4,405	)
Goldman Sachs Bank USA		INR	402,640		USD	4,948		12/21/2022			49,955
Morgan Stanley Capital Services LLC		BRL	62,344		USD	11,531		10/04/2022			(26,186	)
Morgan Stanley Capital Services LLC		USD	12,303		BRL	62,344		10/04/2022			(746,164	)
Morgan Stanley Capital Services LLC		AUD	1,944		USD	1,279		10/20/2022			35,775
Morgan Stanley Capital Services LLC		CNH	19,883		USD	2,805		10/20/2022			19,684
Morgan Stanley Capital Services LLC		USD	1,506		TWD	46,160		10/21/2022			(55,345	)
Morgan Stanley Capital Services LLC		KRW	1,587,992		USD	1,141		10/27/2022			38,427
Morgan Stanley Capital Services LLC		USD	2,373		CAD	3,103		10/27/2022			(126,479	)
Morgan Stanley Capital Services LLC		EUR	4,400		USD	4,228		11/09/2022			(95,273	)

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Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Morgan Stanley Capital Services LLC		USD	3,575		EUR	3,639		11/09/2022		$	688
Morgan Stanley Capital Services LLC		JPY	487,684		USD	3,425		12/02/2022			34,777
Morgan Stanley Capital Services LLC		USD	1,500		JPY	210,495		12/02/2022			(36,316	)
Morgan Stanley Capital Services LLC		CHF	1,919		USD	2,014		12/07/2022			57,078
Royal Bank of Scotland PLC		CAD	1,841		USD	1,422		10/27/2022			88,899
Royal Bank of Scotland PLC		USD	1,717		CAD	2,209		10/27/2022			(118,086	)
Royal Bank of Scotland PLC		USD	13,373		GBP	11,253		11/17/2022			(799,426	)
Royal Bank of Scotland PLC		JPY	477,226		USD	3,336		12/02/2022			17,735
Standard Chartered Bank		TWD	223,167		USD	7,466		10/21/2022			455,132
Standard Chartered Bank		USD	13,342		TWD	396,866		10/21/2022			(873,442	)
State Street Bank & Trust Co.		CNH	18,269		USD	2,617		10/20/2022			57,628
State Street Bank & Trust Co.		USD	4,455		JPY	638,270		12/02/2022			(17,757	)
UBS AG		AUD	1,782		USD	1,212		10/20/2022			71,529
UBS AG		USD	33,446		AUD	48,415		10/20/2022			(2,471,611	)
UBS AG		USD	1,701		KRW	2,237,188		10/27/2022			(147,252	)
UBS AG		USD	69,658		JPY	9,860,742		12/02/2022			(1,101,930	)
UBS AG		CHF	33,674		USD	34,443		12/07/2022			95,945
UBS AG		USD	1,959		CHF	1,878		12/07/2022			(43,442	)
										$	(16,384,711	)

* Principal amount less than 500.

(a) Non-income producing security.

(b) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At September 30, 2022, the aggregate market value of these securities amounted to $27,791,276 or 4.3% of net assets.

(c) Represents entire or partial securities out on loan.

(d) Affiliated investments.

(e) The rate shown represents the 7-day yield as of period end.

(f) To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

(g) As of September 30, 2022, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $30,369,609 and gross unrealized depreciation of investments was $(160,336,996), resulting in net unrealized depreciation of $(129,967,387).

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market.

Currency Abbreviations:

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

CHF – Swiss Franc

CNH – Chinese Yuan Renminbi (Offshore)

DKK – Danish Krone

EUR – Euro

GBP – Great British Pound

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HKD – Hong Kong Dollar

ILS – Israeli Shekel

INR – Indian Rupee

JPY – Japanese Yen

KRW – South Korean Won

MXN – Mexican Peso

NOK – Norwegian Krone

SEK – Swedish Krona

SGD – Singapore Dollar

TWD – New Taiwan Dollar

USD – United States Dollar

ZAR – South African Rand

Glossary:

REG – Registered Shares

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COUNTRY BREAKDOWN¹

September 30, 2022 (unaudited)

15.7	%	United States
9.1	%	Switzerland
8.4	%	France
7.5	%	United Kingdom
5.5	%	Netherlands
5.4	%	India
4.8	%	Ireland
4.7	%	Sweden
4.6	%	Germany
4.3	%	Japan
3.7	%	Finland
3.4	%	Denmark
3.2	%	Taiwan
10.7	%	Other
9.0	%	Short-Term Investments
100.0	%	Total Investments

¹  All data are as of September 30, 2022. The Fund’s country breakdown is expressed as a percentage of total investments and may vary over time. The Fund also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details). “Other” country weightings represent 2.2% or less in the following: Austria, Canada, Hong Kong, Indonesia, Norway and Spain.

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AB Sustainable International Thematic Fund

September 30, 2022 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1 - quoted prices in active markets for identical investments

• Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which are then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3.

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of September 30, 2022:

Investments in Securities	Level 1		Level 2			Level 3		Total
Assets:
Common Stocks:
Information Technology	$	39,020,612	$	110,834,844		$	-0-	$	149,855,456
Financials		15,347,208		128,299,009			-0-		143,646,217
Health Care		40,753,031		92,047,472			-0-		132,800,503
Industrials		11,163,506		39,740,113			-0-		50,903,619
Consumer Staples		-0-		42,164,200			-0-		42,164,200
Materials		-0-		42,118,662			-0-		42,118,662
Energy		-0-		13,661,647			-0-		13,661,647
Utilities		-0-		13,618,152			-0-		13,618,152
Consumer Discretionary		9,642,360		-0-			-0-		9,642,360
Communication Services		-0-		6,901,925			-0-		6,901,925
Short-Term Investments:
Investment Companies		59,064,661		-0-			-0-		59,064,661
Time Deposits		-0-		689,435			-0-		689,435
Total Investments in Securities		174,991,378		490,075,459	†		-0-		665,066,837
Other Financial Instruments*:
Assets
Forward Currency Exchange Contracts		-0-		2,612,658			-0-		2,612,658
Liabilities
Forward Currency Exchange Contracts		-0-		(18,997,369	)		-0-		(18,997,369	)
Total	$	174,991,378	$	473,690,748		$	-0-	$	648,682,126

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† A significant portion of the Fund’s foreign equity investments are categorized as Level 2 investments since they are valued using fair value prices based on third party vendor modeling tools to the extent available.

* Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/(depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value.

A summary of the Fund’s transactions in AB mutual funds for the three months ended September 30, 2022 is as follows:

Fund	Market Value 6/30/22 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 9/30/22 (000)		Dividend Income (000)
Government Money Market Portfolio	$	44,903	$	64,366	$	50,204	$	59,065	$	235

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