AB Sustainable Global Thematic Fund, Inc.

0001193125-21-289301.txt : 20211001 0001193125-21-289301.hdr.sgml : 20211001 20211001112702 ACCESSION NUMBER: 0001193125-21-289301 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20210731 FILED AS OF DATE: 20211001 DATE AS OF CHANGE: 20211001 EFFECTIVENESS DATE: 20211001 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AB SUSTAINABLE GLOBAL THEMATIC FUND, INC. CENTRAL INDEX KEY: 0000350181 IRS NUMBER: 133056623 STATE OF INCORPORATION: NY FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-03131 FILM NUMBER: 211297734 BUSINESS ADDRESS: STREET 1: ALLIANCEBERNSTEIN LP STREET 2: 1345 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10105 BUSINESS PHONE: 2129691000 MAIL ADDRESS: STREET 1: ALLIANCEBERNSTEIN LP STREET 2: 1345 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10105 FORMER COMPANY: FORMER CONFORMED NAME: AB GLOBAL THEMATIC GROWTH FUND, INC. DATE OF NAME CHANGE: 20150123 FORMER COMPANY: FORMER CONFORMED NAME: ALLIANCEBERNSTEIN GLOBAL THEMATIC GROWTH FUND, INC. DATE OF NAME CHANGE: 20081103 FORMER COMPANY: FORMER CONFORMED NAME: ALLIANCEBERNSTEIN GLOBAL TECHNOLOGY FUND INC DATE OF NAME CHANGE: 20041215

0000350181 S000010074 AB SUSTAINABLE GLOBAL THEMATIC FUND, INC.

C000027884 Class A ALTFX

C000027886 Class C ATECX

C000027887 Advisor Class ATEYX

C000027888 Class R ATERX

C000027889 Class K ATEKX

C000027890 Class I AGTIX

C000230903 Class Z ATEZX

N-CSR 1 d179603dncsr.htm AB SUSTAINABLE GLOBAL THEMATIC FUND, INC. AB Sustainable Global Thematic Fund, Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-03131

AB SUSTAINABLE GLOBAL THEMATIC FUND, INC.

(Exact name of registrant as specified in charter)

1345 Avenue of the Americas, New York, New York 10105

(Address of principal executive offices) (Zip code)

Joseph J. Mantineo

AllianceBernstein L.P.

1345 Avenue of the Americas

New York, New York 10105

(Name and address of agent for service)

Registrant’s telephone number, including area code: (800) 221-5672

Date of fiscal year end: July 31, 2021

Date of reporting period: July 31, 2021

ITEM 1. REPORTS TO STOCKHOLDERS.

JUL^07.31.21

LOGO

ANNUAL REPORT

AB SUSTAINABLE GLOBAL

THEMATIC FUND

LOGO

As of January 1, 2021, as permitted by new regulations adopted by the Securities and Exchange Commission, the Fund’s annual and semi-annual shareholder reports are no longer sent by mail, unless you specifically requested paper copies of the reports. Instead, the reports are made available on a website, and you will be notified by mail each time a report is posted and provided with a website address to access the report.

You may elect to receive all future reports in paper form free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports; if you invest directly with the Fund, you can call the Fund at (800) 221 5672. Your election to receive reports in paper form will apply to all funds held in your account with your financial intermediary or, if you invest directly, to all AB Mutual Funds you hold.



Investment Products Offered		• Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed

Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit us online at www.abfunds.com or contact your AB representative. Please read the prospectus and/or summary prospectus carefully before investing.

This shareholder report must be preceded or accompanied by the Fund’s prospectus for individuals who are not current shareholders of the Fund.

You may obtain a description of the Fund’s proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB’s website at www.abfunds.com, or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-PORT may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC 0330. AB publishes full portfolio holdings for the Fund monthly at www.abfunds.com.

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

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


FROM THE PRESIDENT

Dear Shareholder,

We’re pleased to provide this report for the AB Sustainable Global Thematic Fund (the “Fund”). Please review the discussion of Fund performance, the market conditions during the reporting period and the Fund’s investment strategy.

At AB, we’re striving to help our clients achieve better outcomes by:

⁺

Fostering diverse perspectives that give us a distinctive approach to navigating global capital markets

⁺

Applying differentiated investment insights through a connected global research network

⁺

Embracing innovation to design better ways to invest and leading-edge mutual-fund solutions

Whether you’re an individual investor or a multibillion-dollar institution, we’re putting our knowledge and experience to work for you every day.

For more information about AB’s comprehensive range of products and shareholder resources, please log on to www.abfunds.com.

Thank you for your investment in AB mutual funds—and for placing your trust in our firm.

Sincerely,

LOGO

Onur Erzan

President and Chief Executive Officer, AB Mutual Funds



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ANNUAL REPORT

September 3, 2021

This report provides management’s discussion of fund performance for the AB Sustainable Global Thematic Fund for the annual reporting period ended July 31, 2021.

The Fund’s investment objective is long-term growth of capital.

NAV RETURNS AS OF JULY 31, 2021 (unaudited)



	6 Months			12 Months

AB SUSTAINABLE GLOBAL THEMATIC FUND

Class A Shares		12.89%			35.76%

Class C Shares		12.47%			34.73%

Advisor Class Shares¹		13.05%			36.11%

Class R Shares¹		12.66%			35.19%

Class K Shares¹		12.83%			35.63%

Class I Shares¹		13.05%			36.12%

Class Z Shares		0.77%	²		—

MSCI ACWI (net)		13.59%			33.18%

Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund.

2	Since inception on 7/26/2021.

Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

INVESTMENT RESULTS

The table above shows the Fund’s performance compared to its benchmark, the Morgan Stanley Capital International All Country World Index (“MSCI ACWI”) (net), for the six- and 12-month periods ended July 31, 2021. The inception date for Class Z shares was July 26, 2021; due to limited performance history, there is no discussion of performance for this share class.

All share classes of the Fund outperformed the benchmark for the 12-month period, but underperformed for the six-month period, before sales charges. During the 12-month period, security selection contributed, while sector selection detracted, relative to the benchmark. Security selection within the technology and health-care sectors contributed most, while selection within materials and communication services detracted. An overweight to health care and an underweight to financials detracted, while an underweight to consumer staples and an overweight to industrials



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added to returns. Country positioning (a result of bottom-up security analysis combined with fundamental research) was positive; an underweight to China contributed most, while an underweight to South Korea partially offset gains. All three themes contributed; the Empowerment theme contributed most, followed by the Climate and Health themes.

During the six-month period, sector selection detracted from returns, while security selection contributed modestly. An underweight to financials and an overweight to health care detracted, while an underweight to consumer discretionary and an overweight to industrials offset some losses. Gains from security selection within health care and consumer discretionary were partially offset by losses from selection within communication services and materials. Country positioning was positive; an underweight to China contributed most, while an underweight to Canada detracted. From a theme perspective, Health contributed most, followed by Climate; Empowerment modestly detracted from performance.

Efforts to stem climate change are gaining momentum around the world. The Climate theme consists of companies that improve overall resource efficiency and provide environmentally positive solutions in fields such as energy production, manufacturing, construction, transportation, agriculture and sanitation. Improving health is an important theme for developed and emerging markets alike. The Health theme consists of companies that develop innovative health treatments and therapies, broaden access to high-quality and affordable care, ensure a steady supply of nutritious food and clean water, and promote overall physical and emotional well-being. Too many sectors of society are marginalized by economic and social forces. The Empowerment theme consists of companies that provide the physical, financial and technological infrastructure and services that allow more people to gain control of their lives by enabling sustainable economic development, employment growth, poverty eradication, knowledge sharing and social inclusion.

The Fund utilized derivatives in the form of currency forwards for hedging purposes, which added to absolute returns for both periods.

MARKET REVIEW AND INVESTMENT STRATEGY

Global equities recorded extraordinary double-digit returns for the 12-month period ended July 31, 2021, as the continuation of accommodative monetary policy, widespread vaccination distribution and strong company earnings growth supported equity markets. Volatility increased as the economic recovery accelerated, triggering inflationary fears that precipitated a rise in longer-term interest rates. The valuations of many market-leading growth stocks came under pressure and boosted a rotation into value-oriented shares. Global monetary policy remained dovish, with the US Federal Reserve and key central banks emphasizing the transitory nature of higher current inflation and their commitment to avoid withdrawing support prematurely, especially amid new concerns about the rapid spread of the coronavirus delta variant. Reassurances calmed inflationary fears, as did economic data that continued to reflect higher



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prices, yet suggested a moderating pace of recovery, prompting growth stocks to regain favor. Small-cap stocks significantly outperformed large-cap stocks on a relative basis, and intervals of market rotation led value-style stocks to outperform their growth-style peers.

The Fund’s Senior Investment Management Team (the “Team”) seeks to capitalize on long-term sustainable investment themes that impact multiple industries. The Team targets a global universe of companies with strong environmental, social and governance (“ESG”) practices using a combination of bottom-up and top-down research.

The Team’s approach to building a sustainable portfolio with attractive financial return potential has been to align with the United Nations Sustainable Development Goals, which 193 nations have committed to advancing. The estimated cost to achieve these goals between 2016 and 2030 is $90 trillion, creating a massive investment opportunity for companies aligned with these goals.

INVESTMENT POLICIES

The Fund pursues opportunistic growth by investing in a global universe of companies that are positively exposed to sustainable investment themes. Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of issuers located throughout the world that the Adviser believes are positively exposed to sustainable investment themes.

The Adviser employs a combination of “top-down” and “bottom-up” investment processes with the goal of identifying securities of companies worldwide, fitting into sustainable investment themes. The Adviser identifies sustainable investment themes that are broadly consistent with achieving the United Nations Sustainable Development Goals. These themes include climate, health and empowerment and may change over time based on the Adviser’s research. In addition to this “top-down” thematic approach, the Adviser also uses a “bottom-up” analysis of individual companies, focusing on prospective earnings growth, valuation, and quality of company management and on evaluating a company’s exposure to ESG factors. The Adviser emphasizes company-specific positive selection criteria over broad-based negative screens in assessing a company’s exposure to ESG factors.

The Adviser normally considers a large universe of mid- to large-capitalization companies worldwide for investment.

The Fund invests in securities issued by US and non-US companies from multiple industry sectors in an attempt to maximize opportunity, which should also tend to reduce risk. The Fund invests in both

(continued on next page)



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developed- and emerging-market countries. Under normal market conditions, the Fund invests significantly (at least 40%–unless market conditions are not deemed favorable by the Adviser) in securities of non-US companies. In addition, the Fund invests, under normal circumstances, in the equity securities of companies located in at least three countries. The percentage of the Fund’s assets invested in securities of companies in a particular country or denominated in a particular currency varies in accordance with the Adviser’s assessment of the appreciation potential of such securities. The Fund may invest in any company and industry and in any type of equity security, listed and unlisted, with potential for capital appreciation. It invests in well-known, established companies as well as new, smaller or less-seasoned companies. Investments in new, smaller or less-seasoned companies may offer more reward but may also entail more risk than is generally true of larger, established companies. The Fund may also invest in synthetic foreign equity securities, which are various types of warrants used internationally that entitle a holder to buy or sell underlying securities, real estate investment trusts and zero-coupon bonds.

The Fund may, at times, invest in shares of exchange-traded funds (“ETFs”) in lieu of making direct investments in securities. ETFs may provide more efficient and economical exposure to the types of companies and geographic locations in which the Fund seeks to invest than direct investments. Investments in ETFs will not be subject to the Fund’s sustainable investment themes or ESG factors.

Currencies can have a dramatic impact on equity returns, significantly adding to returns in some years and greatly diminishing them in others. Currency and equity positions are evaluated separately. The Adviser may seek to hedge the currency exposure resulting from securities positions when it finds the currency exposure unattractive. To hedge all or a portion of its currency risk, the Fund, from time to time, invests in currency-related derivatives, including forward currency exchange contracts, futures contracts, options on futures contracts, swaps and options. The Adviser may also seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives.

The Fund may enter into other derivatives transactions, such as options, futures contracts, forwards and swaps. The Fund may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of ETFs. These transactions may be used, for example, in an effort to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Fund’s portfolio from a decline in value, sometimes within certain ranges.



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DISCLOSURES AND RISKS

Benchmark Disclosure

The MSCI ACWI is unmanaged and does not reflect fees and expenses associated with the active management of a mutual fund portfolio. The MSCI ACWI (net, free float-adjusted, market capitalization weighted) represents the equity market performance of developed and emerging markets. MSCI makes no express or implied warranties or representations, and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices, any securities or financial products. This report is not approved, reviewed or produced by MSCI. Net returns include the reinvestment of dividends after deduction of non-US withholding tax. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Fund.

A Word About Risk

Market Risk: The value of the Fund’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness), that affect large portions of the market. It includes the risk that a particular style of investing may underperform the market generally.

Sector Risk: The Fund may have more risk because it may invest to a significant extent in one or more particular market sectors, such as the information-technology or health-care sector. To the extent it does so, market or economic factors affecting the relevant sector(s) could have a major effect on the value of the Fund’s investments.

ESG Risk: Applying ESG and sustainability criteria to the investment process may exclude securities of certain issuers for non-investment reasons and therefore the Fund may forgo some market opportunities available to funds that do not use ESG or sustainability criteria. Securities of companies with ESG practices may shift into and out of favor depending on market and economic conditions, and the Fund’s performance may at times be better or worse than the performance of funds that do not use ESG or sustainability criteria.

Foreign (Non-US) Risk: Investments in securities of non-US issuers may involve more risk than those of US issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.

Emerging-Market Risk: Investments in emerging-market countries may have more risk because the markets are less developed and less liquid as well as being subject to increased economic, political, regulatory or other uncertainties.



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DISCLOSURES AND RISKS (continued)

Currency Risk: Fluctuations in currency exchange rates may negatively affect the value of the Fund’s investments or reduce its returns.

Capitalization Risk: Investments in mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in mid-capitalization companies may have additional risks because these companies may have limited product lines, markets or financial resources.

Derivatives Risk: Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk.

Focused Portfolio Risk: Investments in a limited number of companies may have more risk because changes in the value of a single security may have a more significant effect, either negative or positive, on the Fund’s net asset value (“NAV”).

Management Risk: The Fund is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Fund, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

These risks are fully discussed in the Fund’s prospectus. As with all investments, you may lose money by investing in the Fund.

An Important Note About Historical Performance

The investment return and principal value of an investment in the Fund will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by visiting www.abfunds.com. The performance shown for periods prior to November 1, 2016 is based on the Fund’s prior investment strategies and may not be representative of the Fund’s performance under its current investment policies. Class B shares are no longer being offered. Effective November 7, 2019, all outstanding Class B shares were converted to Class A shares. Please see Note A for more information.



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DISCLOSURES AND RISKS (continued)

All fees and expenses related to the operation of the Fund have been deducted. NAV returns do not reflect sales charges; if sales charges were reflected, the Fund’s quoted performance would be lower. SEC returns reflect the applicable sales charges for each share class: a 4.25% maximum front-end sales charge for Class A shares and a 1% 1-year contingent deferred sales charge for Class C shares. Returns for the different share classes will vary due to different expenses associated with each class. Performance assumes reinvestment of distributions and does not account for taxes.



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HISTORICAL PERFORMANCE

GROWTH OF A $10,000 INVESTMENT IN THE FUND (unaudited)

7/31/2011 TO 7/31/2021

LOGO

This chart illustrates the total value of an assumed $10,000 investment in AB Sustainable Global Thematic Fund Class A shares (from 7/31/2011 to 7/31/2021) as compared to the performance of the Fund’s benchmark. The chart reflects the deduction of the maximum 4.25% sales charge from the initial $10,000 investment in the Fund and assumes the reinvestment of dividends and capital gains distributions.



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HISTORICAL PERFORMANCE (continued)

AVERAGE ANNUAL RETURNS AS OF JULY 31, 2021 (unaudited)



	NAV Returns		SEC Returns (reflects applicable sales charges)

CLASS A SHARES

1 Year		35.76%		29.98%

5 Years		19.65%		18.61%

10 Years		11.62%		11.14%

CLASS C SHARES

1 Year		34.73%		33.73%

5 Years		18.75%		18.75%

10 Years¹		10.79%		10.79%

ADVISOR CLASS SHARES²

1 Year		36.11%		36.11%

5 Years		19.95%		19.95%

10 Years		11.92%		11.92%

CLASS R SHARES²

1 Year		35.19%		35.19%

5 Years		19.26%		19.26%

10 Years		11.38%		11.38%

CLASS K SHARES²

1 Year		35.63%		35.63%

5 Years		19.63%		19.63%

10 Years		11.73%		11.73%

CLASS I SHARES²

1 Year		36.12%		36.12%

5 Years		20.06%		20.06%

10 Years		12.13%		12.13%

CLASS Z SHARES²

Since inception³		0.77%		0.77%

The Fund’s current prospectus fee table shows the Fund’s total annual operating expense ratios as 1.07%, 1.82%, 0.82%, 1.47%, 1.16%, 0.81% and 0.73% for Class A, Class C, Advisor Class, Class R, Class K, Class I and Class Z shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

1	Assumes conversion of Class C shares into Class A shares after eight years.

These share classes are offered at NAV to eligible investors and their SEC returns are the same as their NAV returns. Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund.

3	Inception date: 7/26/2021.



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HISTORICAL PERFORMANCE (continued)

SEC AVERAGE ANNUAL RETURNS

AS OF THE MOST RECENT CALENDAR QUARTER-END

JUNE 30, 2021 (unaudited)



	SEC Returns (reflects applicable sales charges)

CLASS A SHARES

1 Year		37.14%

5 Years		19.02%

10 Years		10.70%

CLASS C SHARES

1 Year		41.16%

5 Years		19.16%

10 Years¹		10.36%

ADVISOR CLASS SHARES²

1 Year		43.60%

5 Years		20.36%

10 Years		11.48%

CLASS R SHARES²

1 Year		42.65%

5 Years		19.68%

10 Years		10.95%

CLASS K SHARES²

1 Year		43.10%

5 Years		20.05%

10 Years		11.29%

CLASS I SHARES²

1 Year		43.60%

5 Years		20.48%

10 Years		11.69%

1	Assumes conversion of Class C shares into Class A shares after eight years.



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EXPENSE EXAMPLE

(unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the hypothetical example is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.



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EXPENSE EXAMPLE (continued)


	Beginning Account Value February 1, 2021		Ending Account Value July 31, 2021		Expenses Paid During Period*			Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,128.90	$	6.18			1.17	%
Hypothetical**	$	1,000	$	1,018.99	$	5.86			1.17	%
Class C
Actual	$	1,000	$	1,124.70	$	10.11			1.92	%
Hypothetical**	$	1,000	$	1,015.27	$	9.59			1.92	%
Advisor Class
Actual	$	1,000	$	1,130.50	$	4.86			0.92	%
Hypothetical**	$	1,000	$	1,020.23	$	4.61			0.92	%
Class R
Actual	$	1,000	$	1,126.60	$	8.33			1.58	%
Hypothetical**	$	1,000	$	1,016.96	$	7.90			1.58	%
Class K
Actual	$	1,000	$	1,128.30	$	6.75			1.28	%
Hypothetical**	$	1,000	$	1,018.45	$	6.41			1.28	%
Class I
Actual	$	1,000	$	1,130.50	$	4.81			0.91	%
Hypothetical**	$	1,000	$	1,020.28	$	4.56			0.91	%
Class Z
Actual	$	1,000	$	1,007.70	$	0.10	***		0.73	%***
Hypothetical**	$	1,000	$	1,000.58	$	0.10	***		0.73	%***

*	Expenses are equal to the classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

**	Assumes 5% annual return before expenses.

***	Expenses paid are based on the period from July 27, 2021 (commencement of distribution) and are equal to the class’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 5/365 (to reflect the since inception period).



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PORTFOLIO SUMMARY

July 31, 2021 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $2,363.4

LOGO

All data are as of July 31, 2021. The Fund’s sector and country breakdowns are 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 0.8% or less in the following: Argentina and United Arab Emirates.

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. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Fund’s prospectus.



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PORTFOLIO SUMMARY (continued)

July 31, 2021 (unaudited)

TEN LARGEST HOLDINGS¹



Company	U.S. $ Value		Percent of Net Assets

Laboratory Corp. of America Holdings	$	71,292,189		3.0	%

MSCI, Inc. – Class A		59,339,737		2.5

SVB Financial Group		59,065,704		2.5

Waste Management, Inc.		57,685,001		2.5

Danaher Corp.		56,767,934		2.4

Bio-Rad Laboratories, Inc. – Class A		55,914,351		2.4

Apollo Hospitals Enterprise Ltd.		54,986,191		2.3

Partners Group Holding AG		53,939,879		2.3

Flex Ltd.		52,575,728		2.2

NIKE, Inc. – Class B		52,519,410		2.2

	$	574,086,124		24.3	%

1	Long-term investments.



abfunds.com		AB SUSTAINABLE GLOBAL THEMATIC FUND ^\| 15

PORTFOLIO OF INVESTMENTS

July 31, 2021


Company	Shares		U.S. $ Value

COMMON STOCKS – 96.5%
Information Technology – 29.7%
Communications Equipment – 6.9%
Calix, Inc.^(a)		924,557	$	43,250,776
Lumentum Holdings, Inc.^(a)(b)		611,744		51,380,378
Motorola Solutions, Inc.		220,580		49,392,274
Telefonaktiebolaget LM Ericsson – Class B		1,632,778		18,832,747

				162,856,175

Electronic Equipment, Instruments & Components – 2.2%
Flex Ltd.^(a)		2,925,750		52,575,728


IT Services – 6.2%
Adyen NV^(a)(c)		14,850		40,244,229
Network International Holdings PLC^(a)(c)		3,050,310		14,443,910
Square, Inc. – Class A^(a)		130,839		32,351,251
Twilio, Inc. – Class A^(a)		62,440		23,326,960
Visa, Inc. – Class A^(b)		146,495		36,094,903

				146,461,253

Semiconductors & Semiconductor Equipment – 4.6%
Cree, Inc.^(a)		294,680		27,334,517
Infineon Technologies AG		1,025,953		39,205,901
NXP Semiconductors NV		205,220		42,355,356

				108,895,774

Software – 8.0%
Adobe, Inc.^(a)		67,500		41,960,025
Coinbase Global, Inc.^(a)		88,301		20,890,251
Dassault Systemes SE		892,310		49,221,779
Microsoft Corp.		161,405		45,985,898
Zendesk, Inc.^(a)		240,100		31,340,253

				189,398,206

Technology Hardware, Storage & Peripherals – 1.8%
Apple, Inc.		295,476		43,098,129

				703,285,265

Industrials – 19.9%
Aerospace & Defense – 1.7%
Hexcel Corp.^(a)		735,640		40,033,529


Building Products – 2.0%
Trex Co., Inc.^(a)		481,560		46,759,476


Commercial Services & Supplies – 5.6%
Tetra Tech, Inc.		210,730		28,136,669
TOMRA Systems ASA		808,410		46,715,745
Waste Management, Inc.		389,080		57,685,001

				132,537,415



16 ^\| AB SUSTAINABLE GLOBAL THEMATIC FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Electrical Equipment – 5.4%
Rockwell Automation, Inc.		166,130	$	51,071,685
Schneider Electric SE		212,210		35,542,696
Vestas Wind Systems A/S		1,094,200		40,348,119

				126,962,500

Machinery – 3.4%
SMC Corp.		57,700		34,301,128
Xylem, Inc./NY		367,128		46,203,059

				80,504,187

Professional Services – 1.8%
Recruit Holdings Co., Ltd.		851,200		44,118,223

				470,915,330

Health Care – 19.5%
Biotechnology – 1.2%
Abcam PLC^(a)		1,543,320		29,132,035


Health Care Equipment & Supplies – 7.6%
Alcon, Inc.		459,640		33,461,357
Danaher Corp.		190,823		56,767,934
Koninklijke Philips NV		962,973		44,402,142
STERIS PLC		202,140		44,056,413

				178,687,846

Health Care Providers & Services – 5.3%
Apollo Hospitals Enterprise Ltd.		1,013,663		54,986,191
Laboratory Corp. of America Holdings^(a)		240,730		71,292,189

				126,278,380

Life Sciences Tools & Services – 5.4%
Bio-Rad Laboratories, Inc. – Class A^(a)		75,610		55,914,351
Bruker Corp.		477,385		39,264,916
Gerresheimer AG		308,140		32,174,151

				127,353,418

				461,451,679

Financials – 12.4%
Banks – 6.3%
Erste Group Bank AG		1,315,460		50,974,829
HDFC Bank Ltd.		2,052,712		39,462,613
SVB Financial Group^(a)		107,400		59,065,704

				149,503,146

Capital Markets – 4.8%
MSCI, Inc. – Class A		99,570		59,339,737
Partners Group Holding AG		31,574		53,939,879

				113,279,616

Insurance – 1.3%
AIA Group Ltd.		2,477,400		29,643,975

				292,426,737



abfunds.com		AB SUSTAINABLE GLOBAL THEMATIC FUND ^\| 17

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Consumer Discretionary – 6.9%
Auto Components – 2.2%
Aptiv PLC^(a)		309,931	$	51,711,987


Household Durables – 1.7%
TopBuild Corp.^(a)		204,040		41,356,868


Internet & Direct Marketing Retail – 0.8%
MercadoLibre, Inc.^(a)		11,540		18,102,798


Textiles, Apparel & Luxury Goods – 2.2%
NIKE, Inc. – Class B		313,530		52,519,410

				163,691,063

Materials – 3.5%
Chemicals – 3.5%
Chr Hansen Holding A/S		423,470		38,085,964
Koninklijke DSM NV		218,910		44,128,168

				82,214,132

Utilities – 3.5%
Electric Utilities – 2.3%
NextEra Energy, Inc.		469,810		36,598,199
Orsted AS		115,590		17,144,325

				53,742,524

Water Utilities – 1.2%
American Water Works Co., Inc.		165,451		28,144,869

				81,887,393

Consumer Staples – 1.1%
Household Products – 1.1%
Procter & Gamble Co. (The)		179,920		25,590,022


Total Common Stocks (cost $1,543,910,657)				2,281,461,621


SHORT-TERM INVESTMENTS – 3.5%
Investment Companies – 3.5%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 0.01%^(d)(e)(f) (cost $81,429,370)		81,429,370		81,429,370


Total Investments – 100.0% (cost $1,625,340,027)				2,362,890,991
Other assets less liabilities – 0.0%				507,415


Net Assets – 100.0%			$	2,363,398,406



18 ^\| AB SUSTAINABLE GLOBAL THEMATIC FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		EUR	8,816		USD	10,453		08/03/2021	$	(4,818	)
Bank of America, NA		JPY	643,598		USD	5,810		08/19/2021		(57,792	)
Bank of America, NA		GBP	2,503		USD	3,476		08/26/2021		(3,491	)
Bank of America, NA		USD	6,122		RUB	457,132		09/30/2021		68,044
Bank of America, NA		INR	4,184,681		USD	55,485		10/08/2021		(362,293	)
Barclays Bank PLC		EUR	131,395		USD	161,137		08/03/2021		5,270,094
Barclays Bank PLC		JPY	383,496		USD	3,470		08/19/2021		(25,784	)
Barclays Bank PLC		INR	259,445		USD	3,444		10/08/2021		(18,576	)
BNP Paribas SA		USD	174,564		EUR	146,952		08/03/2021		(242,548	)
BNP Paribas SA		HKD	94,189		USD	12,131		08/19/2021		10,306
BNP Paribas SA		USD	2,221		HKD	17,244		08/19/2021		(1,643	)
BNP Paribas SA		USD	5,093		JPY	562,953		08/19/2021		39,054
BNP Paribas SA		USD	37,872		AUD	48,763		08/25/2021		(2,083,418	)
BNP Paribas SA		USD	18,428		CNY	119,509		09/16/2021		(7,243	)
BNP Paribas SA		USD	33,589		KRW	38,564,375		10/28/2021		(184,283	)
BNP Paribas SA		EUR	146,952		USD	174,898		11/08/2021		240,354
Citibank, NA		GBP	6,537		USD	9,087		08/26/2021		(277	)
Citibank, NA		USD	57,165		GBP	40,596		08/26/2021		(733,682	)
Citibank, NA		USD	79,424		CNY	517,014		09/16/2021		265,076
Deutsche Bank AG		BRL	62,262		USD	12,157		08/03/2021		202,253
Deutsche Bank AG		USD	12,564		BRL	62,262		08/03/2021		(609,726	)
Goldman Sachs Bank USA		BRL	62,262		USD	12,041		08/03/2021		86,116
Goldman Sachs Bank USA		USD	12,157		BRL	62,262		08/03/2021		(202,253	)
Goldman Sachs Bank USA		USD	54,025		JPY	5,879,474		08/19/2021		(424,906	)
Goldman Sachs Bank USA		USD	11,992		BRL	62,262		09/02/2021		(85,810	)
Goldman Sachs Bank USA		USD	7,715		ZAR	107,325		09/16/2021		(429,802	)
JPMorgan Chase Bank, NA		USD	21,932		HKD	170,266		08/19/2021		(21,187	)
JPMorgan Chase Bank, NA		USD	36,449		JPY	3,999,239		08/19/2021		10,031
Morgan Stanley Capital Services, Inc.		EUR	17,522		USD	21,438		08/03/2021		652,196
Morgan Stanley Capital Services, Inc.		USD	13,154		EUR	10,781		08/03/2021		(364,782	)
Morgan Stanley Capital Services, Inc.		CHF	24,617		USD	27,014		08/05/2021		(163,152	)
Morgan Stanley Capital Services, Inc.		JPY	1,720,368		USD	15,558		08/19/2021		(125,150	)
Morgan Stanley Capital Services, Inc.		USD	3,813		JPY	422,094		08/19/2021		35,223
Morgan Stanley Capital Services, Inc.		USD	54,508		CAD	67,934		09/24/2021		(56,657	)
Morgan Stanley Capital Services, Inc.		NOK	328,174		USD	37,511		10/13/2021		362,836
Natwest Markets PLC		USD	4,445		GBP	3,161		08/26/2021		(51,043	)
Standard Chartered Bank		HKD	162,382		USD	20,920		08/19/2021		23,499
Standard Chartered Bank		USD	35,752		TWD	996,084		10/21/2021		2,780
State Street Bank & Trust Co.		USD	2,965		CHF	2,664		08/05/2021		(23,997	)
State Street Bank & Trust Co.		JPY	1,746,242		USD	16,055		08/19/2021		136,037
UBS AG		EUR	31,148		USD	37,013		11/08/2021		(7,177	)

									$	1,112,409



abfunds.com		AB SUSTAINABLE GLOBAL THEMATIC FUND ^\| 19

PORTFOLIO OF INVESTMENTS (continued)

(a)	Non-income producing security.

(b)	Represents entire or partial securities out on loan. See Note E for securities lending information.

(c)

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 July 31, 2021, the aggregate market value of these securities amounted to $54,688,139 or 2.3% of net assets.

(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.

Currency Abbreviations:

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

CHF – Swiss Franc

CNY – Chinese Yuan Renminbi

EUR – Euro

GBP – Great British Pound

HKD – Hong Kong Dollar

INR – Indian Rupee

JPY – Japanese Yen

KRW – South Korean Won

NOK – Norwegian Krone

RUB – Russian Ruble

TWD – New Taiwan Dollar

USD – United States Dollar

ZAR – South African Rand

See notes to financial statements.



20 ^\| AB SUSTAINABLE GLOBAL THEMATIC FUND		abfunds.com

STATEMENT OF ASSETS & LIABILITIES

July 31, 2021


Assets
Investments in securities, at value
Unaffiliated issuers (cost $1,543,910,657)	$	2,281,461,621	^(a)
Affiliated issuers (cost $81,429,370)		81,429,370
Cash		430,000
Cash collateral due from broker		520,000
Foreign currencies, at value (cost $1,804,361)		1,819,677
Unrealized appreciation on forward currency exchange contracts		7,403,899
Receivable for capital stock sold		3,038,573
Unaffiliated dividends and interest receivable		1,486,744
Affiliated dividends receivable		663

Total assets		2,377,590,547

Liabilities
Unrealized depreciation on forward currency exchange contracts		6,291,490
Advisory fee payable		4,140,920
Foreign capital gains tax payable		1,832,862
Payable for capital stock redeemed		1,134,790
Distribution fee payable		220,699
Transfer Agent fee payable		88,750
Administrative fee payable		36,813
Directors’ fees payable		3,852
Accrued expenses		441,965

Total liabilities		14,192,141

Net Assets	$	2,363,398,406

Composition of Net Assets
Capital stock, at par	$	126,452
Additional paid-in capital		1,449,386,219
Distributable earnings		913,885,735

Net Assets	$	2,363,398,406

Net Asset Value Per Share—24 billion shares of capital stock authorized, $.01 par value


Class	Net Assets		Shares Outstanding		Net Asset Value

A	$	925,128,975		5,142,945	$	179.88	*

C	$	30,292,749		216,401	$	139.98

Advisor	$	1,360,500,165		7,037,874	$	193.31

R	$	3,363,488		19,122.19	$	175.89

K	$	5,387,392		29,264	$	184.10

I	$	38,715,544		199,524	$	194.04

Z	$	10,093		56.106	$	179.89

(a)	Includes securities on loan with a value of $76,971,940 (see Note E).

*	The maximum offering price per share for Class A shares was $187.86 which reflects a sales charge of 4.25%.

See notes to financial statements.



abfunds.com		AB SUSTAINABLE GLOBAL THEMATIC FUND ^\| 21

STATEMENT OF OPERATIONS

Year Ended July 31, 2021


Investment Income
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $1,051,063)	$	11,560,497
Affiliated issuers		27,333
Securities lending income		101,265		$	11,689,095

Expenses
Advisory fee (see Note B)		14,506,316
Distribution fee—Class A		2,060,912
Distribution fee—Class C		240,501
Distribution fee—Class R		18,168
Distribution fee—Class K		12,618
Transfer agency—Class A		823,161
Transfer agency—Class C		24,759
Transfer agency—Advisor Class		967,536
Transfer agency—Class R		9,447
Transfer agency—Class K		10,095
Transfer agency—Class I		27,675
Custody and accounting		276,463
Registration fees		165,709
Printing		120,763
Administrative		113,859
Audit and tax		95,004
Legal		46,612
Directors’ fees		43,735
Miscellaneous		78,137

Total expenses		19,641,470
Less: expenses waived and reimbursed by the Adviser (see Note B)		(64,677	)

Net expenses					19,576,793

Net investment loss					(7,887,698	)

Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions^(a)					244,587,196
Forward currency exchange contracts					(3,287,420	)
Foreign currency transactions					(227,844	)
Net change in unrealized appreciation/depreciation of:
Investments^(b)					302,256,604
Forward currency exchange contracts					9,061,336
Foreign currency denominated assets and liabilities					(29,705	)

Net gain on investment and foreign currency transactions					552,360,167

Net Increase in Net Assets from Operations				$	544,472,469

(a)	Net of foreign realized capital gains taxes of $313,087.

(b)	Net of increase in accrued foreign capital gains taxes on unrealized gains of $1,832,862.

See notes to financial statements.



22 ^\| AB SUSTAINABLE GLOBAL THEMATIC FUND		abfunds.com

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended July 31, 2021			Year Ended July 31, 2020
Increase (Decrease) in Net Assets from Operations
Net investment loss	$	(7,887,698	)	$	(3,195,309	)
Net realized gain on investment and foreign currency transactions		241,071,932			87,353,045
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		311,288,235			169,974,247

Net increase in net assets from operations		544,472,469			254,131,983
Distributions to Shareholders
Class A		(56,287,790	)		(18,690,786	)
Class C		(1,885,610	)		(636,545	)
Advisor Class		(54,895,000	)		(11,977,952	)
Class R		(253,079	)		(96,771	)
Class K		(326,207	)		(109,165	)
Class I		(2,005,501	)		(342,419	)
Capital Stock Transactions
Net increase		601,264,777			74,781,300

Total increase		1,030,084,059			297,059,645
Net Assets
Beginning of period		1,333,314,347			1,036,254,702

End of period	$	2,363,398,406		$	1,333,314,347

See notes to financial statements.



abfunds.com		AB SUSTAINABLE GLOBAL THEMATIC FUND ^\| 23

NOTES TO FINANCIAL STATEMENTS

July 31, 2021

NOTE A

Significant Accounting Policies

AB Sustainable Global Thematic Fund, Inc. (the “Fund”) (formerly AB Global Thematic Growth Fund, Inc.) is organized as a Maryland corporation and is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. The Fund offers Class A, Class C, Advisor Class, Class R, Class K, Class I and Class Z shares. Effective July 27, 2021, the Fund commenced offering Class Z shares. Class B and Class T shares have been authorized but currently are not offered. Class A shares are sold with a front-end sales charge of up to 4.25% for purchases not exceeding $1,000,000. With respect to purchases of $1,000,000 or more, Class A shares redeemed within one year of purchase may be subject to a contingent deferred sales charge of 1%. Class C shares are subject to a contingent deferred sales charge of 1% on redemptions made within the first year after purchase, and 0% after the first year of purchase. Effective May 31, 2021, Class C shares will automatically convert to Class A shares eight years after the end of the calendar month of purchase. Prior to May 31, 2021, Class C shares automatically converted to Class A shares ten years after the end of the calendar month of purchase. Class R and Class K shares are sold without an initial or contingent deferred sales charge. Advisor Class, Class I and Class Z shares are sold without an initial or contingent deferred sales charge and are not subject to ongoing distribution expenses. All nine classes of shares have identical voting, dividend, liquidation and other rights, except that the classes bear different distribution and transfer agency expenses. Each class has exclusive voting rights with respect to its distribution plan. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Fund.

1. Security Valuation

Portfolio 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 Fund’s Board of Directors (the “Board”).



24 ^\| AB SUSTAINABLE GLOBAL THEMATIC FUND		abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, AllianceBernstein L.P. (the “Adviser”) will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures 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 valuation, the last available closing settlement price is used; 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. 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. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this



abfunds.com		AB SUSTAINABLE GLOBAL THEMATIC FUND ^\| 25

NOTES TO FINANCIAL STATEMENTS (continued)

determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Fund may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Fund values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Fund generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

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 as described in Note A.1 above). 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



26 ^\| AB SUSTAINABLE GLOBAL THEMATIC FUND		abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

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 July 31, 2021:

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks:

Information Technology

541,336,699

161,948,566

– 0

–

703,285,265

Industrials

269,889,419

201,025,911

– 0

–

470,915,330

Health Care

296,427,838

165,023,841

– 0

–

461,451,679

Financials

118,405,441

174,021,296

– 0

–

292,426,737

Consumer Discretionary

163,691,063

– 0

–

– 0

–

163,691,063

Materials

38,085,964

44,128,168

– 0

–

82,214,132

Utilities

64,743,068

17,144,325

– 0

–

81,887,393

Consumer Staples

25,590,022

– 0

–

– 0

–

25,590,022

Short-Term Investments

81,429,370

– 0

–

– 0

–

81,429,370

Total Investments in Securities

1,599,598,884

763,292,107

^(a)

– 0

–

2,362,890,991

Other Financial Instruments^(b):

Assets:

Forward Currency Exchange Contracts

– 0

–

7,403,899

– 0

–

7,403,899

Liabilities:

Forward Currency Exchange Contracts

– 0

–

(6,291,490

)

– 0

–

(6,291,490

)

Total

1,599,598,884

764,404,516

– 0

–

2,364,003,400

(a)	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, see Note A.1.

(b)

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.



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NOTES TO FINANCIAL STATEMENTS (continued)

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

It is the Fund’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Fund’s financial statements.

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Fund is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. The Fund amortizes premiums and accretes discounts as



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NOTES TO FINANCIAL STATEMENTS (continued)

adjustments to interest income. The Fund accounts for distributions received from REIT investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

6. Class Allocations

All income earned and expenses incurred by the Fund are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Fund represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

7. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Fund pays the Adviser a quarterly advisory fee equal to the following percentages of the value of the Fund’s aggregate net assets at the close of business on the last business day of the previous quarter: .25 of .65% of the first $2.5 billion, .25 of .55% of the next $2.5 billion, and .25 of .50% of the net assets in excess of $5 billion. Prior to June 18, 2021, quarterly advisory fee was equal to the following percentages of the value of the Fund’s aggregate net assets at the close of business on the last business day of the previous quarter: .25 of .75% of the first $2.5 billion, .25 of .65% of the next $2.5 billion, and .25 of .60% of the net assets in excess of $5 billion. The fee is accrued daily and paid quarterly.

Pursuant to the investment advisory agreement, the Fund may reimburse the Adviser for certain legal and accounting services provided to the Fund by the Adviser. For the year ended July 31, 2021, the reimbursement for such services amounted to $113,859.

The Fund compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Fund. ABIS may make payments to intermediaries that



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NOTES TO FINANCIAL STATEMENTS (continued)

provide omnibus account services, sub-accounting services and/or networking services. Such compensation retained by ABIS amounted to $797,503 for the year ended July 31, 2021.

AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, serves as the distributor of the Fund’s shares. The Distributor has advised the Fund that it has retained front-end sales charges of $25,874 from the sale of Class A shares and received $614 and $1,274 in contingent deferred sales charges imposed upon redemptions by shareholders of Class A and Class C shares, respectively, for the year ended July 31, 2021.

The Fund may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of ..20% of the portfolio’s average daily net assets and bears its own expenses. The Adviser has contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2022. In connection with the investment by the Fund in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Fund in an amount equal to the Fund’s pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the year ended July 31, 2021, such waiver amounted to $64,677.

A summary of the Fund’s transactions in AB mutual funds for the year ended July 31, 2021 is as follows:


Fund	Market Value 7/31/20 (000)			Purchases at Cost (000)		Sales Proceeds (000)		Market Value 7/31/21 (000)			Dividend Income (000)
Government Money Market Portfolio	$	110,156		$	527,627	$	556,354	$	81,429		$	27
Government Money Market Portfolio*		– 0	–		70,137		70,137		– 0	–		1

Total								$	81,429		$	28

*	Investments of cash collateral for securities lending transactions (see Note E).

During the second quarter of 2018, AXA S.A. (“AXA”), a French holding company for the AXA Group, completed the sale of a minority stake in its subsidiary, AXA Equitable Holdings, Inc. (now named Equitable Holdings, Inc.)(“Equitable”), through an initial public offering. Equitable is the holding company for a diverse group of financial services companies, including an approximate 65% economic interest in the Adviser and a 100% interest in



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NOTES TO FINANCIAL STATEMENTS (continued)

AllianceBernstein Corporation, the general partner of the Adviser. Since the initial sale, AXA has completed additional offerings (and related transactions). As a result, as of May 20, 2021, AXA no longer owns shares of Equitable.

Sales that were completed on November 13, 2019 resulted in the indirect transfer of a “controlling block” of voting securities of the Adviser (a “Change of Control Event”) and may have been deemed to have been an “assignment” causing a termination of the Fund’s investment advisory agreement. In order to ensure that investment advisory services could continue uninterrupted in the event of a Change of Control Event, the Board previously approved a new investment advisory agreement with the Adviser, and shareholders of the Fund subsequently approved the new investment advisory agreement. The agreement became effective on November 13, 2019.

NOTE C

Distribution Services Agreement

The Fund has adopted a Distribution Services Agreement (the “Agreement”) pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Agreement, the Fund pays distribution and servicing fees to the Distributor at an annual rate of up to .30% of the Fund’s average daily net assets attributable to Class A shares, 1% of the Fund’s average daily net assets attributable to Class C shares, .50% of the Fund’s average daily net assets attributable to Class R shares and .25% of the Fund’s average daily net assets attributable to Class K shares. There are no distribution and servicing fees on the Advisor Class, Class I and Class Z shares. The fees are accrued daily and paid monthly. Payments under the Agreement in respect of Class A shares are currently limited to an annual rate of .25% of Class A shares’ average daily net assets. The Agreement provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities. Since the commencement of the Fund’s operations, the Distributor has incurred expenses in excess of the distribution costs reimbursed by the Fund in the amounts of $8,405,556, $306,596 and $91,987 for Class C, Class R and Class K shares, respectively. While such costs may be recovered from the Fund in future periods so long as the Agreement is in effect, the rate of the distribution and servicing fees payable under the Agreement may not be increased without a shareholder vote. In accordance with the Agreement, there is no provision for recovery of unreimbursed distribution costs incurred by the Distributor beyond the current fiscal year for Class A shares. The Agreement also provides that the Adviser may use its own resources to finance the distribution of the Fund’s shares.



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NOTES TO FINANCIAL STATEMENTS (continued)

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended July 31, 2021 were as follows:


	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	1,127,219,448		$	624,375,295
U.S. government securities		– 0	–		– 0	–

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:


Cost	$	1,625,430,924

Gross unrealized appreciation	$	761,921,951
Gross unrealized depreciation		(24,448,129	)

Net unrealized appreciation	$	737,473,822

1. Derivative Financial Instruments

The Fund may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

The principal type of derivative utilized by the Fund, as well as the methods in which they may be used are:

•

Forward Currency Exchange Contracts

The Fund may enter into forward currency exchange contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to hedge certain firm purchase and sale commitments denominated in foreign currencies and for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under “Currency Transactions”.

A forward currency exchange contract is a commitment to purchase or sell a 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 would be included in net realized gain or loss on forward currency exchange contracts. Fluctuations in the value of open forward currency exchange contracts are recorded for financial reporting purposes as unrealized appreciation and/or depreciation by the Fund. 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 U.S. dollar.



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During the year ended July 31, 2021, the Fund held forward currency exchange contracts for hedging purposes.

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to OTC counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the OTC counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. In the event of a default by an OTC counterparty, the return of collateral with market value in excess of the Fund’s net liability, held by the defaulting party, may be delayed or denied.

The Fund’s ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Fund decline below specific levels (“net asset contingent features”). If these levels are triggered, the Fund’s OTC counterparty has the right to terminate such transaction and require the Fund to pay or receive a settlement amount in connection with the terminated transaction. If OTC derivatives were held at period end, please refer to netting arrangements by the OTC counterparty table below for additional details.

During the year ended July 31, 2021, the Fund had entered into the following derivatives:


	Asset Derivatives			Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts	$	7,403,899	Unrealized depreciation on forward currency exchange contracts	$	6,291,490

Total		$	7,403,899		$	6,291,490



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NOTES TO FINANCIAL STATEMENTS (continued)


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts	$	(3,287,420	)	$	9,061,336

Total		$	(3,287,420	)	$	9,061,336

The following table represents the average monthly volume of the Fund’s derivative transactions during the year ended July 31, 2021:


Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	424,851,593
Average principal amount of sale contracts	$	436,143,983

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the statement of assets and liabilities.

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Fund’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Fund as of July 31, 2021. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

Counterparty

Derivative
Assets
Subject
to a MA

Derivatives
Available
for Offset

Cash
Collateral
Received*

Security
Collateral
Received*

Net Amount
of Derivative
Assets

Bank of America, NA

68,044

(68,044

)

– 0

–

– 0

–

– 0

–

Barclays Bank PLC

5,270,094

(44,360

)

– 0

–

– 0

–

5,225,734

BNP Paribas SA

289,714

(289,714

)

– 0

–

– 0

–

– 0

–

Citibank, NA

265,076

(265,076

)

– 0

–

– 0

–

– 0

–

Deutsche Bank AG

202,253

(202,253

)

– 0

–

– 0

–

– 0

–

Goldman Sachs Bank USA

86,116

(86,116

)

– 0

–

– 0

–

– 0

–

JPMorgan Chase Bank, NA

10,031

(10,031

)

– 0

–

– 0

–

– 0

–

Morgan Stanley Capital Services, Inc.

1,050,255

(709,741

)

– 0

–

– 0

–

340,514

Standard Chartered Bank

26,279

– 0

–

– 0

–

– 0

–

26,279

State Street Bank & Trust Co.

136,037

(23,997

)

– 0

–

– 0

–

112,040

Total

7,403,899

(1,699,332

)

– 0

–

– 0

–

5,704,567



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NOTES TO FINANCIAL STATEMENTS (continued)


Counterparty	Derivative Liabilities Subject to a MA		Derivatives Available for Offset			Cash Collateral Pledged*			Security Collateral Pledged*			Net Amount of Derivative Liabilities
Bank of America, NA	$	428,394	$	(68,044	)	$	(250,000	)	$	– 0	–	$	110,350
Barclays Bank PLC		44,360		(44,360	)		– 0	–		– 0	–		– 0	–
BNP Paribas SA		2,519,135		(289,714	)		– 0	–		– 0	–		2,229,421
Citibank, NA		733,959		(265,076	)		– 0	–		– 0	–		468,883
Deutsche Bank AG		609,726		(202,253	)		(270,000	)		– 0	–		137,473
Goldman Sachs Bank USA		1,142,771		(86,116	)		– 0	–		– 0	–		1,056,655
JPMorgan Chase Bank, NA		21,187		(10,031	)		– 0	–		– 0	–		11,156
Morgan Stanley Capital Services, Inc.		709,741		(709,741	)		– 0	–		– 0	–		– 0	–
Natwest Markets PLC		51,043		– 0	–		– 0	–		– 0	–		51,043
State Street Bank & Trust Co.		23,997		(23,997	)		– 0	–		– 0	–		– 0	–
UBS AG		7,177		– 0	–		– 0	–		– 0	–		7,177

Total	$	6,291,490	$	(1,699,332	)	$	(520,000	)	$	– 0	–	$	4,072,158	^

*	The actual collateral received/pledged may be more than the amount reported due to over-collateralization.

^	Net amount represents the net receivable/payable that would be due from/to the counterparty in the event of default or termination. The net amount from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same counterparty.

2. Currency Transactions

The Fund may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Fund may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The Fund may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Fund and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The Fund may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

NOTE E

Securities Lending

The Fund may enter into securities lending transactions. Under the Fund’s securities lending program, all loans of securities will be collateralized continually by cash collateral and/or non-cash collateral. Non-cash collateral will include only securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. The Fund cannot sell or repledge any



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NOTES TO FINANCIAL STATEMENTS (continued)

non-cash collateral, such collateral will not be reflected in the portfolio of investments. If a loan is collateralized by cash, the Fund will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the Fund in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. If the Fund receives non-cash collateral, the Fund will receive a fee from the borrower generally equal to a negotiated percentage of the market value of the loaned securities. The Fund will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Fund amounts equal to any dividend income or other distributions from the securities; however, these distributions will not be afforded the same preferential tax treatment as qualified dividends. The Fund will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Fund, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. The collateral will be adjusted the next business day to maintain the required collateral amount. The amounts of securities lending income from the borrowers and Government Money Market Portfolio are reflected in the statement of operations. When the Fund earns net securities lending income from Government Money Market Portfolio, the income is inclusive of a rebate expense paid to the borrower. In connection with the cash collateral investment by the Fund in Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Fund’s share of the advisory fees of Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. When the Fund lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. A principal risk of lending portfolio securities is that the borrower may fail to return the loaned securities upon termination of the loan and that the collateral will not be sufficient to replace the loaned securities. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.



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NOTES TO FINANCIAL STATEMENTS (continued)

A summary of the Fund’s transactions surrounding securities lending for the year ended July 31, 2021 is as follows:


Market Value of Securities on Loan*		Cash Collateral*		Market Value of Non-Cash Collateral*		Income from Borrowers		Government Money Market Portfolio
Market Value of Securities on Loan*		Cash Collateral*		Market Value of Non-Cash Collateral*		Income from Borrowers		Income Earned		Advisory Fee Waived
$	76,971,940	$	– 0 –	$	78,630,192	$	100,741	$	524	$	– 0 –

*	As of July 31, 2021.

NOTE F

Capital Stock

Each class consists of 3,000,000,000 authorized shares. Transactions in capital shares for each class were as follows:



	Shares						Amount
	Year Ended July 31, 2021			Year Ended July 31, 2020			Year Ended July 31, 2021			Year Ended July 31, 2020

Class A
Shares sold		332,470			171,978		$	53,639,761		$	20,721,222

Shares issued in reinvestment of distributions		331,072			141,775			50,912,236			16,903,784

Shares converted from Class B		– 0	–		60,105			– 0	–		7,173,511

Shares converted from Class C		24,145			33,927			4,026,146			4,104,521

Shares redeemed		(457,817	)		(647,799	)		(74,095,355	)		(77,274,376	)

Net increase (decrease)		229,870			(240,014	)	$	34,482,788		$	(28,371,338	)


Class B
Shares sold		– 0	–		403		$	– 0	–	$	37,972

Shares converted to Class A		– 0	–		(74,725	)		– 0	–		(7,173,511	)

Shares redeemed		– 0	–		(2,295	)		– 0	–		(213,617	)

Net decrease		– 0	–		(76,617	)	$	– 0	–	$	(7,349,156	)


Class C
Shares sold		101,945			25,478		$	13,054,354		$	2,464,418

Shares issued in reinvestment of distributions		14,516			5,974			1,745,608			572,082

Shares converted to Class A		(30,864	)		(42,136	)		(4,026,146	)		(4,104,521	)

Shares redeemed		(22,363	)		(32,688	)		(2,813,316	)		(3,050,491	)

Net increase (decrease)		63,234			(43,372	)	$	7,960,500		$	(4,118,512	)



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NOTES TO FINANCIAL STATEMENTS (continued)



	Shares						Amount
	Year Ended July 31, 2021			Year Ended July 31, 2020			Year Ended July 31, 2021			Year Ended July 31, 2020

Advisor Class
Shares sold		3,640,558			1,524,034		$	633,727,372		$	196,514,660

Shares issued in reinvestment of dividends and distributions		249,522			85,906			41,171,069			10,924,622

Shares redeemed		(749,116	)		(772,402	)		(131,380,129	)		(95,723,560	)

Net increase		3,140,964			837,538		$	543,518,312		$	111,715,722


Class R
Shares sold		2,930			4,609		$	466,382		$	547,725

Shares issued in reinvestment of distributions		1,678			823			253,068			96,768

Shares redeemed		(9,093	)		(10,218	)		(1,485,830	)		(1,178,808	)

Net decrease		(4,485	)		(4,786	)	$	(766,380	)	$	(534,315	)


Class K
Shares sold		7,454			7,935		$	1,214,509		$	987,015

Shares issued in reinvestment of distributions		2,072			895			326,199			109,162

Shares redeemed		(10,926	)		(10,161	)		(1,789,862	)		(1,297,965	)

Net decrease		(1,400	)		(1,331	)	$	(249,154	)	$	(201,788	)


Class I
Shares sold		134,984			47,446		$	22,862,192		$	6,043,215

Shares issued in reinvestment of dividends and distributions		12,076			2,683			1,999,819			342,419

Shares redeemed		(48,641	)		(22,027	)		(8,553,316	)		(2,744,947	)

Net increase		98,419			28,102		$	16,308,695		$	3,640,687


Class Z^(a)
Shares sold		56			– 0	–	$	10,016		$	– 0	–

Net increase		56			– 0	–	$	10,016		$	– 0	–

(a)	Commenced distribution on July 27, 2021.

NOTE G

Risks Involved in Investing in the Fund

Market Risk—The value of the Fund’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness), that affect large portions of the market. It includes the risk that a particular style of investing may underperform the market generally.



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NOTES TO FINANCIAL STATEMENTS (continued)

Sector Risk—The Fund may have more risk because it may invest to a significant extent in one or more particular market sectors, such as the information technology or health care sector. To the extent it does so, market or economic factors affecting the relevant sector(s) could have a major effect on the value of the Fund’s investments.

ESG Risk—Applying ESG and sustainability criteria to the investment process may exclude securities of certain issuers for non-investment reasons and, therefore, the Fund may forgo some market opportunities available to funds that do not use ESG or sustainability criteria. Securities of companies with ESG practices may shift into and out of favor depending on market and economic conditions, and the Fund’s performance may at times be better or worse than the performance of funds that do not use ESG or sustainability criteria.

Foreign (Non-U.S.) Risk—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.

Emerging Market Risk—Investments in emerging market countries may have more risk because the markets are less developed and less liquid as well as being subject to increased economic, political, regulatory, or other uncertainties.

Currency Risk—Fluctuations in currency exchange rates may negatively affect the value of the Fund’s investments or reduce its returns.

Capitalization Risk—Investments in mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in mid-capitalization companies may have additional risks because these companies may have limited product lines, markets or financial resources.

Derivatives Risk—The Fund may enter into derivative transactions such as forwards, options, futures and swaps. Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Fund, and subject to counterparty risk to a greater degree than more traditional investments. Derivatives may result in significant losses, including losses that are far greater than the value of the derivatives reflected on the statement of assets and liabilities.

Focused Portfolio Risk—Investments in a limited number of companies may have more risk because changes in the value of a single security may have a more significant effect, either negative or positive, on the Fund’s net asset value, or NAV.



abfunds.com		AB SUSTAINABLE GLOBAL THEMATIC FUND ^\| 39

NOTES TO FINANCIAL STATEMENTS (continued)

LIBOR Transition and Associated Risk—A Fund may invest in debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. The United Kingdom Financial Conduct Authority, which regulates LIBOR, will cease publishing certain LIBOR benchmarks at the end of 2021. Although certain LIBOR rates are intended to be published until June 2023, banks are strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. Although financial regulators and industry working groups have suggested alternative reference rates, such as the European Interbank Offer Rate, the Sterling Overnight Interbank Average Rate and the Secured Overnight Financing Rate, global consensus on alternative rates is lacking and the process for amending existing contracts or instruments to transition away from LIBOR is underway but remains incomplete. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect a Fund’s performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition away from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, potentially adversely affecting a Fund’s performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021.

Indemnification Risk—In the ordinary course of business, the Fund enters into contracts that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Fund has not accrued any liability in connection with these indemnification provisions.

Management Risk—The Fund is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Fund, but there is no guarantee that its techniques will produce the



40 ^\| AB SUSTAINABLE GLOBAL THEMATIC FUND		abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

NOTE H

Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Fund, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing related to redemptions and other short term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Fund did not utilize the Facility during the year ended July 31, 2021.

NOTE I

Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended July 31, 2021 and July 31, 2020 were as follows:


	2021		2020
Distributions paid from:
Ordinary income	$	14,370,777	$	– 0	–
Net long-term capital gains		101,282,410		31,853,638

Total taxable distributions paid	$	115,653,187	$	31,853,638

As of July 31, 2021, the components of accumulated earnings/(deficit) on a tax basis were as follows:


Undistributed capital gains	$	181,986,550
Other losses		(3,782,747	)^(a)
Unrealized appreciation/(depreciation)		735,681,932	^(b)

Total accumulated earnings/(deficit)	$	913,885,735

(a)	As of July 31, 2021, the Fund had a qualified late-year ordinary loss deferral of $3,782,747.

(b)	The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to the recognition for tax purposes of unrealized gains/losses on certain derivative instruments and the tax deferral of losses on wash sales.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of July 31, 2021, the Fund did not have any capital loss carryforwards.

During the current fiscal year, there were no permanent differences that resulted in adjustments to distributable earnings or additional paid-in capital.



abfunds.com		AB SUSTAINABLE GLOBAL THEMATIC FUND ^\| 41

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE J

Recent Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2020-04, “Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU 2020-04 provides optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates. ASU 2020-04 is effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU 2020-04.

NOTE K

Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Fund’s financial statements through this date.



42 ^\| AB SUSTAINABLE GLOBAL THEMATIC FUND		abfunds.com

FINANCIAL HIGHLIGHTS

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	Class A
	Year Ended July 31,
	2021			2020			2019			2018			2017


Net asset value, beginning of period		$ 142.42			$ 118.20			$ 120.08			$ 107.51			$ 91.49

Income From Investment Operations

Net investment income (loss)^(a)(b)		(.92	)		(.46	)		(.03	)		.07			(.16	)^†

Net realized and unrealized gain on investment and foreign currency transactions		49.90			28.37			6.33			11.63			19.65

Capital contributions		– 0	–		– 0	–		– 0	–		.87			– 0	–

Net increase in net asset value from operations		48.98			27.91			6.30			12.57			19.49

Less: Dividends and Distributions

Dividends from net investment income		– 0	–		– 0	–		(.97	)		– 0	–		(3.46	)

Distributions from net realized gain on investment transactions		(11.52	)		(3.69	)		(7.21	)		– 0	–		– 0	–

Return of capital		– 0	–		– 0	–		– 0	–		– 0	–		(.01	)

Total dividends and distributions		(11.52	)		(3.69	)		(8.18	)		– 0	–		(3.47	)

Net asset value, end of period		$ 179.88			$ 142.42			$ 118.20			$ 120.08			$ 107.51


Total Return

Total investment return based on net asset value^(c)*		35.76	%		24.22	%		6.48	%		11.69	%		22.26	%^†

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$925,129			$699,723			$609,083			$627,185			$600,512

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(d)‡		1.18	%		1.25	%		1.26	%		1.29	%		1.41	%

Expenses, before waivers/reimbursements^(d)‡		1.18	%		1.26	%		1.26	%		1.30	%		1.43	%

Net investment income (loss)^(b)		(.57	)%		(.38	)%		(.03	)%		.06	%		(.17	)%^†

Portfolio turnover rate		35	%		37	%		42	%		23	%		65	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.00	%		.01	%		.01	%		.01	%		.01	%

See footnote summary on page 49.



abfunds.com		AB SUSTAINABLE GLOBAL THEMATIC FUND ^\| 43

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	Class C
	Year Ended July 31,
	2021			2020			2019			2018			2017


Net asset value, beginning of period		$ 113.84			$ 95.89			$ 99.07			$ 89.37			$ 76.67

Income From Investment Operations

Net investment loss^(a)(b)		(1.65	)		(1.10	)		(.73	)		(.66	)		(.74	)^†

Net realized and unrealized gain on investment and foreign currency transactions		39.31			22.74			5.04			9.64			16.37

Capital contributions		– 0	–		– 0	–		– 0	–		.72			– 0	–

Net increase in net asset value from operations		37.66			21.64			4.31			9.70			15.63

Less: Dividends and Distributions

Dividends from net investment income		– 0	–		– 0	–		(.28	)		– 0	–		(2.92	)

Distributions from net realized gain on investment transactions		(11.52	)		(3.69	)		(7.21	)		– 0	–		– 0	–

Return of capital		– 0	–		– 0	–		– 0	–		– 0	–		(.01	)

Total dividends and distributions		(11.52	)		(3.69	)		(7.49	)		– 0	–		(2.93	)

Net asset value, end of period		$ 139.98			$ 113.84			$ 95.89			$ 99.07			$ 89.37


Total Return

Total investment return based on net asset value^(c)*		34.73	%		23.29	%		5.67	%		10.85	%		21.34	%^†

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$30,293			$17,436			$18,846			$24,636			$22,709

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(d)‡		1.93	%		2.01	%		2.01	%		2.04	%		2.19	%

Expenses, before waivers/reimbursements^(d)‡		1.93	%		2.01	%		2.02	%		2.05	%		2.21	%

Net investment loss^(b)		(1.29	)%		(1.14	)%		(.80	)%		(.69	)%		(.95	)%^†

Portfolio turnover rate		35	%		37	%		42	%		23	%		65	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.00	%		.01	%		.01	%		.01	%		.01	%

See footnote summary on page 49.



44 ^\| AB SUSTAINABLE GLOBAL THEMATIC FUND		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	Advisor Class
	Year Ended July 31,
	2021			2020			2019			2018			2017


Net asset value, beginning of period		$ 152.16			$ 125.72			$ 127.20			$ 113.60			$ 96.54

Income From Investment Operations

Net investment income (loss)^(a)(b)		(.49	)		(.18	)		.29			.53			.10	^†

Net realized and unrealized gain on investment and foreign currency transactions		53.40			30.31			6.73			12.15			20.73

Capital contributions		– 0	–		– 0	–		– 0	–		.92			– 0	–

Net increase in net asset value from operations		52.91			30.13			7.02			13.60			20.83

Less: Dividends and Distributions

Dividends from net investment income		(.24	)		– 0	–		(1.29	)		– 0	–		(3.76	)

Distributions from net realized gain on investment transactions		(11.52	)		(3.69	)		(7.21	)		– 0	–		– 0	–

Return of capital		– 0	–		– 0	–		– 0	–		– 0	–		(.01	)

Total dividends and distributions		(11.76	)		(3.69	)		(8.50	)		– 0	–		(3.77	)

Net asset value, end of period		$ 193.31			$ 152.16			$ 125.72			$ 127.20			$ 113.60


Total Return

Total investment return based on net asset value^(c)*		36.11	%		24.53	%		6.75	%		11.97	%		22.56	%^†

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$1,360,500			$592,942			$384,638			$314,797			$154,499

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(d)^‡		.93	%		1.00	%		1.01	%		1.03	%		1.16	%

Expenses, before waivers/reimbursements^(d)‡		.93	%		1.01	%		1.01	%		1.04	%		1.18	%

Net investment income (loss)^(b)		(.28	)%		(.14	)%		.24	%		.43	%		.09	%^†

Portfolio turnover rate		35	%		37	%		42	%		23	%		65	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.00	%		.01	%		.01	%		.01	%		.01	%

See footnote summary on page 49.



abfunds.com		AB SUSTAINABLE GLOBAL THEMATIC FUND ^\| 45

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	Class R
	Year Ended July 31,
	2021			2020			2019			2018			2017


Net asset value, beginning of period		$ 140.03			$ 116.68			$ 118.43			$ 106.35			$ 90.58

Income From Investment Operations

Net investment loss^(a)(b)		(1.56	)		(.88	)		(.38	)		(.27	)		(.36	)^†

Net realized and unrealized gain on investment and foreign currency transactions		48.94			27.92			6.27			11.49			19.45

Capital contributions		– 0	–		– 0	–		– 0	–		.86			– 0	–

Net increase in net asset value from operations		47.38			27.04			5.89			12.08			19.09

Less: Dividends and Distributions

Dividends from net investment income		– 0	–		– 0	–		(.43	)		– 0	–		(3.31	)

Distributions from net realized gain on investment transactions		(11.52	)		(3.69	)		(7.21	)		– 0	–		– 0	–

Return of capital		– 0	–		– 0	–		– 0	–		– 0	–		(.01	)

Total dividends and distributions		(11.52	)		(3.69	)		(7.64	)		– 0	–		(3.32	)

Net asset value, end of period		$ 175.89			$ 140.03			$ 116.68			$ 118.43			$ 106.35


Total Return

Total investment return based on net asset value^(c)*		35.19	%		23.76	%		6.13	%		11.36	%		21.99	%^†

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$3,363			$3,306			$3,313			$3,365			$3,099

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(d)‡		1.58	%		1.61	%		1.59	%		1.58	%		1.64	%

Expenses, before waivers/ reimbursements^(d)‡		1.59	%		1.61	%		1.60	%		1.60	%		1.65	%

Net investment loss^(b)		(.98	)%		(.74	)%		(.34	)%		(.23	)%		(.39	)%^†

Portfolio turnover rate		35	%		37	%		42	%		23	%		65	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.00	%		.01	%		.01	%		.01	%		.01	%

See footnote summary on page 49.



46 ^\| AB SUSTAINABLE GLOBAL THEMATIC FUND		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	Class K
	Year Ended July 31,
	2021			2020			2019			2018			2017


Net asset value, beginning of period		$ 145.66			$ 120.86			$ 122.65			$ 109.83			$ 93.46

Income From Investment Operations

Net investment loss^(a)(b)		(1.11	)		(.53	)		(.02	)		(.20	)		(.07	)^†

Net realized and unrealized gain on investment and foreign currency transactions		51.07			29.02			6.45			12.13			20.07

Capital contributions		– 0	–		– 0	–		– 0	–		.89			– 0	–

Net increase in net asset value from operations		49.96			28.49			6.43			12.82			20.00

Less: Dividends and Distributions

Dividends from net investment income		– 0	–		– 0	–		(1.01	)		– 0	–		(3.62	)

Distributions from net realized gain on investment transactions		(11.52	)		(3.69	)		(7.21	)		– 0	–		– 0	–

Return of capital		– 0	–		– 0	–		– 0	–		– 0	–		(.01	)

Total dividends and distributions		(11.52	)		(3.69	)		(8.22	)		– 0	–		(3.63	)

Net asset value, end of period		$ 184.10			$ 145.66			$ 120.86			$ 122.65			$ 109.83


Total Return

Total investment return based on net asset value^(c)*		35.63	%		24.15	%		6.45	%		11.67	%		22.38	%^†

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$5,387			$4,466			$3,867			$2,803			$11,481

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(d)‡		1.28	%		1.30	%		1.28	%		1.29	%		1.33	%

Expenses, before waivers/ reimbursements^(d)‡		1.28	%		1.31	%		1.29	%		1.31	%		1.34	%

Net investment loss^(b)		(.67	)%		(.43	)%		(.02	)%		(.17	)%		(.08	)%^†

Portfolio turnover rate		35	%		37	%		42	%		23	%		65	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.00	%		.01	%		.01	%		.01	%		.01	%

See footnote summary on page 49.



abfunds.com		AB SUSTAINABLE GLOBAL THEMATIC FUND ^\| 47

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	Class I
	Year Ended July 31,
	2021			2020			2019			2018			2017


Net asset value, beginning of period		$ 152.73			$ 126.13			$ 127.62			$ 113.85			$ 96.70

Income From Investment Operations

Net investment income (loss)^(a)(b)		(.54	)		(.13	)		.54			.67			.32	^†

Net realized and unrealized gain on investment and foreign currency transactions		53.66			30.42			6.61			12.18			20.77

Capital contributions		– 0	–		– 0	–		– 0	–		.92			– 0	–

Net increase in net asset value from operations		53.12			30.29			7.15			13.77			21.09

Less: Dividends and Distributions

Dividends from net investment income		(.29	)		– 0	–		(1.43	)		– 0	–		(3.93	)

Distributions from net realized gain on investment transactions		(11.52	)		(3.69	)		(7.21	)		– 0	–		– 0	–

Return of capital		– 0	–		– 0	–		– 0	–		– 0	–		(.01	)

Total dividends and distributions		(11.81	)		(3.69	)		(8.64	)		– 0	–		(3.94	)

Net asset value, end of period		$ 194.04			$ 152.73			$ 126.13			$ 127.62			$ 113.85


Total Return

Total investment return based on net asset value^(c)*		36.12	%		24.57	%		6.85	%		12.09	%		22.86	%^†

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$38,716			$15,441			$9,208			$2,279			$802

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(d)‡		.92	%		.97	%		.93	%		.93	%		.94	%

Expenses, before waivers/reimbursements^(d)‡		.92	%		.97	%		.93	%		.95	%		.96	%

Net investment income (loss)^(b)		(.31	)%		(.10	)%		.45	%		.54	%		.32	%^†

Portfolio turnover rate		35	%		37	%		42	%		23	%		65	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.00	%		.01	%		.01	%		.01	%		.01	%

See footnote summary on page 49.



48 ^\| AB SUSTAINABLE GLOBAL THEMATIC FUND		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	Class Z
	July 27, 2021^(e)to July 31, 2021


Net asset value, beginning of period		$ 178.52

Income From Investment Operations

Net investment loss^(a)		(.02	)

Net realized and unrealized gain on investment and foreign currency transactions		1.39

Net increase in net asset value from operations		1.37

Net asset value, end of period		$ 179.89


Total Return

Total investment return based on net asset value^(c)		.77	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$10

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^‡		.73	%^{^}

Expenses, before waivers/reimbursements^‡		.73	%^{^}

Net investment loss		(.73	)%^{^}

Portfolio turnover rate		35	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.00	%^{^}

(a)	Based on average shares outstanding.

(b)	Net of expenses waived/reimbursed by the Adviser.

(c)

Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Initial sales charges or contingent deferred sales charges are not reflected in the calculation of total investment return. Total return does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total investment return calculated for a period of less than one year is not annualized.

(d)

In connection with the Fund’s investments in affiliated underlying portfolios, the Fund incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Fund in an amount equal to the Fund’s pro rata share of certain acquired fund fees and expenses, and for the years ended July 31, 2020, July 31, 2018 and July 31, 2017, such waiver amounted to .01%, .01% and .02%, respectively.

(e)	Commencement of distributions.

†	For the year ended July 31, 2017, the amount includes a refund for overbilling of prior years’ custody out of pocket fees as follows:


Net Investment Income Per Share	Net Investment Income Ratio	Total Return
$.02	.03%	.03%

*	Includes the impact of proceeds recorded and credited to the Fund resulting from regulatory settlement, which enhanced the Fund’s performance for the year ended July 31, 2018 by .77%.

^	Annualized.

See notes to financial statements.



abfunds.com		AB SUSTAINABLE GLOBAL THEMATIC FUND ^\| 49

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Directors of

AB Sustainable Global Thematic Fund, Inc.

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Sustainable Global Thematic Fund, Inc. (the “Fund”) (formerly AB Global Thematic Growth Fund, Inc.), including the portfolio of investments, as of July 31, 2021, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund at July 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and



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REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM (continued)

disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2021, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

LOGO

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

September 24, 2021



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2021 FEDERAL TAX INFORMATION

(unaudited)

For Federal income tax purposes, the following information is furnished with respect to the earnings of the Fund for the taxable year ended July 31, 2021. For corporate shareholders, 56.75% of dividends paid qualify for the dividends received deduction. For individual shareholders, the Fund designates 100% of dividends paid as qualified dividend income.

The Fund designates $101,282,410 of dividends paid as long-term capital gain dividends.

Shareholders should not use the above information to prepare their income tax returns. The information necessary to complete your income tax returns will be included with your Form 1099-DIV which will be sent to you separately in January 2022.



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BOARD OF DIRECTORS

Marshall C. Turner, Jr.⁽¹⁾,
Chairman

Jorge A. Bermudez⁽¹⁾

Michael J. Downey⁽¹⁾

Onur Erzan, President and Chief Executive Officer

Nancy P. Jacklin⁽¹⁾

Jeanette W. Loeb⁽¹⁾

Carol C. McMullen⁽¹⁾

Garry L. Moody⁽¹⁾

Earl D. Weiner⁽¹⁾

OFFICERS

Daniel C. Roarty⁽²⁾, Vice President

Emilie D. Wrapp, Secretary

Michael B. Reyes, Senior Analyst

Joseph J. Mantineo, Treasurer and Chief Financial Officer

Phyllis J. Clarke, Controller

Vincent S. Noto, Chief Compliance Officer

Custodian and Accounting Agent

State Street Bank and Trust Company

State Street Corporation CCB/5

1 Iron Street

Boston, MA 02210

Principal Underwriter

AllianceBernstein Investments, Inc.

501 Commerce Street

Nashville, TN 37203

Legal Counsel

Seward & Kissel LLP

One Battery Park Plaza

New York, NY 10004

Transfer Agent

AllianceBernstein Investor
Services, Inc.

P.O. Box 786003

San Antonio, TX 78278-6003

Toll-Free (800) 221-5672

Independent Registered Public Accounting Firm

Ernst & Young LLP

One Manhattan West

New York, NY 10001-8604

1	Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

2	The day-to-day management of, and investment decisions for, the Fund’s portfolio are made by the Adviser’s Sustainable Thematic Equities Investment Team. Mr. Roarty is the investment professional with the most significant responsibility for the day-to-day management of the Fund’s portfolio.



abfunds.com		AB SUSTAINABLE GLOBAL THEMATIC FUND ^\| 53

MANAGEMENT OF THE FUND

Board of Directors Information

The business and affairs of the Fund are managed under the direction of the Board of Directors. Certain information concerning the Fund’s Directors is set forth below.


NAME, ADDRESS* AND AGE (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR

Onur Erzan,^# 45 (2021)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and Head of the Global Client Group overseeing AB’s institutional and retail businesses, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. Prior to joining the firm in January 2021, he spent 20 years with McKinsey (management consulting firm), most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey’s Banking & Securities Solutions (a portfolio of data, analytics, and digital assets and capabilities) globally.		75	None



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MANAGEMENT OF THE FUND (continued)


NAME, ADDRESS* AND AGE (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS

Marshall C. Turner, Jr.,^## Chairman of the Board 79 (1992)	Private Investor since prior to 2016. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semiconductor manufacturing). He was a Director of Xilinx, Inc. (programmable logic semiconductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of the AB Funds since February 2014.		75	None



abfunds.com		AB SUSTAINABLE GLOBAL THEMATIC FUND ^\| 55

MANAGEMENT OF THE FUND (continued)


NAME, ADDRESS* AND AGE (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)

Jorge A. Bermudez,^## 70 (2020)	Private Investor since prior to 2016. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008, Chief Executive Officer of Citigroup’s Commercial Business Group in North America and Citibank Texas from 2005 to 2007, and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2018) of the Texas A&M Foundation Board of Trustees (Trustee since 2013) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016. He has served as director or trustee of the AB Funds since January 2020.		75	Moody’s Corporation since April 2011


Michael J. Downey,^## 77 (2005)	Private Investor since prior to 2016. Formerly, Chairman of the Asia Pacific Fund, Inc. (registered investment company) since prior to 2016 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005.		75	None



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MANAGEMENT OF THE FUND (continued)


NAME, ADDRESS* AND AGE (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)

Nancy P. Jacklin,^## 73 (2006)	Private Investor since prior to 2016. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies since (2008-2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002-May 2006); Partner, Clifford Chance (1992-2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985-1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982-1985); and Attorney Advisor, U.S. Department of the Treasury (1973-1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chair of the Governance and Nominating Committees of the AB Funds since August 2014.		75	None


Jeanette W. Loeb,^## 69 (2020)	Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to present. Director of New York City Center since 2005. She was a director of AB Multi-Manager Alternative Fund, Inc. (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020.		75	Apollo Investment Corp. (business development company) since August 2011



abfunds.com		AB SUSTAINABLE GLOBAL THEMATIC FUND ^\| 57

MANAGEMENT OF THE FUND (continued)


NAME, ADDRESS* AND AGE (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)

Carol C. McMullen,^## 66 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and a member of the Advisory Board of Butcher Box (since 2018). Formerly, member, Partners Healthcare Investment Committee (2010-2019), Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016.		75	None



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MANAGEMENT OF THE FUND (continued)


NAME, ADDRESS* AND AGE (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)

Garry L. Moody,^## 69 (2008)	Private Investor since prior to 2016. Formerly, Partner, Deloitte & Touche LLP (1995-2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993-1995) where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975-1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He is also a member of the Investment Company Institute’s Board of Governors and the Independent Directors Council’s Governing Council. He has served as a director or trustee, and as Chairman of the Audit Committees, of the AB Funds since 2008.		75	None


Earl D. Weiner,^## 82 (2007)	Senior Counsel since 2017, Of Counsel from 2007 to 2016, and Partner prior to then, of the law firm Sullivan & Cromwell LLP. He is a former member of the ABA Federal Regulation of Securities Committee Task Force to draft editions of the Fund Director’s Guidebook. He also serves as a director or trustee of various non-profit organizations and has served as Chairman or Vice Chairman of a number of them. He has served as a director or trustee of the AB Funds since 2007 and served as Chairman of the Governance and Nominating Committees of the AB Funds from 2007 until August 2014.		73	None



abfunds.com		AB SUSTAINABLE GLOBAL THEMATIC FUND ^\| 59

MANAGEMENT OF THE FUND (continued)

*	The address for each of the Fund’s disinterested Directors is c/o AllianceBernstein L.P., Attention: Legal & Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

**	There is no stated term of office for the Fund’s Directors.

***

The information above includes each Director’s principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Director’s qualifications to serve as a Director, which led to the conclusion that each Director should serve as a Director for the Fund.

#	Mr. Erzan is an “interested person” of the Fund, as defined in the 1940 Act, due to his position as a Senior Vice President of the Adviser.

##	Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.



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MANAGEMENT OF THE FUND (continued)

Officers of the Fund

Certain information concerning the Fund’s Officers is listed below.


NAME, ADDRESS* AND AGE	POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Onur Erzan 45	President and Chief Executive Officer	See biography above.

Daniel C. Roarty 49	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2016. He is also Chief Investment Officer of Sustainable Thematic Equities.

Emilie D. Wrapp 65	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI**, with which she has been associated since prior to 2016.

Michael B. Reyes 45	Senior Analyst	Vice President of the Adviser**, with which he has been associated since prior to 2016.

Joseph J. Mantineo 62	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2016.

Phyllis J. Clarke 60	Controller	Vice President of ABIS**, with which she has been associated since prior to 2016.

Vincent S. Noto 56	Chief Compliance Officer	Senior Vice President and Mutual Fund Chief Compliance Officer of the Adviser** since prior to 2016.

*	The address for each of the Fund’s Officers is 1345 Avenue of the Americas, New York, NY 10105.

**	The Adviser, ABI and ABIS are affiliates of the Fund.

The Fund’s Statement of Additional Information (“SAI”) has additional information about the Fund’s Directors and Officers and is available without charge upon request. Contact your financial representative or AB at (800)-227-4618, or visit www.abfunds.com, for a free prospectus or SAI.



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Operation and Effectiveness of the Fund’s Liquidity Risk Management Program:

In October 2016, the Securities and Exchange Commission (“SEC”) adopted the open-end fund liquidity rule (the “Liquidity Rule”). In June 2018 the SEC adopted a requirement that funds disclose information about the operation and effectiveness of their Liquidity Risk Management Program (“LRMP”) in their reports to shareholders.

One of the requirements of the Liquidity Rule is for the Fund to designate an Administrator of the Fund’s Liquidity Risk Management Program. The Administrator of the Fund’s LRMP is AllianceBernstein L.P., the Fund’s investment adviser (the “Adviser”). The Adviser has delegated the responsibility to its Liquidity Risk Management Committee (the “Committee”).

Another requirement of the Liquidity Rule is for the Fund’s Board of Trustees (the “Fund Board”) to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Fund’s LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2021, which covered the period January 1, 2020 through December 31, 2020 (the “Program Reporting Period”).

The LRMP’s principal objectives include supporting the Fund’s compliance with limits on investments in illiquid assets and mitigating the risk that the Fund will be unable to meet its redemption obligations in a timely manner.

Pursuant to the LRMP, the Fund classifies the liquidity of its portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Fund’s strategy is appropriate for an open-end structure, incorporating any holdings of less liquid and illiquid assets. If the Fund participated in derivative transactions, the exposure from such transactions were considered in the LRMP.

The Committee also performed an analysis to determine whether the Fund is required to maintain a Highly Liquid Investment Minimum (“HLIM”). The Committee also incorporated the following information when determining the Fund’s reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Fund’s concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

The Adviser informed the Fund Board that the Committee believes the Fund’s LRMP is adequately designed, has been implemented as intended,



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and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP. During the Program Reporting Period, beginning in March 2020, all financial markets experienced extreme levels of price volatility and relative illiquidity resulting from the COVID-19 impacts on the global economy. This extreme relative illiquidity resulted in significantly wider bid-ask spreads to transact in securities, including many of those securities held by the fund, and in a diminished depth of liquidity in most markets, to varying degrees. Nonetheless, there were no liquidity events that impacted the Fund or its ability to timely meet redemptions during the Program Reporting Period.



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Information Regarding the Review and Approval of Amendment to the Fund’s Advisory Agreement

At a meeting of the Board of Directors of AB Sustainable Global Thematic Fund, Inc. (the “Fund”) held by video conference on June 16, 2021, the Adviser recommended an amendment to the Fund’s Advisory Agreement with the Adviser to effect a fee reduction in respect of the Fund effective June 18, 2021.

After their review of updated comparative fee and expense information, and discussion with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards, the disinterested directors (the “directors”) unanimously approved the amendment.

The directors last approved the continuance of the Fund’s Advisory Agreement at a meeting held by video conference on May 3-5, 2021 (the “May 2021 Meeting” or the “Meeting”) and a discussion regarding the basis for the Board’s approval is set forth below. In determining to approve the amendment the directors took into account their review at the May 2021 Meeting and noted that the proposed lowering of the advisory fee would benefit the Fund and its shareholders. The directors noted that the Adviser was reducing fees for business reasons, and had assured them that there would be no diminution in the nature or quality of services to the Fund.

Board’s Approval at the May 2021 Meeting

The disinterested directors unanimously approved the continuance of the Fund’s Advisory Agreement with the Adviser at the May 2021 Meeting.

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Analyst for the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of



64 ^\| AB SUSTAINABLE GLOBAL THEMATIC FUND		abfunds.com

which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund and the money market fund advised by the Adviser in which the Fund invests a portion of its assets.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund’s investment strategies and from time to time proposes changes intended to improve the Fund’s relative or absolute performance for the directors’ consideration. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant at the request of the directors. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.



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Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2019 and 2020 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund and the money market fund advised by the Adviser in which the Fund invests, including, but not limited to, benefits relating to soft dollar arrangements (whereby investment advisers receive brokerage and research services from brokers that execute agency transactions for their clients); 12b-1 fees and sales charges received by the Fund’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of certain classes of the Fund’s shares; brokerage commissions paid by the Fund to brokers affiliated with the Adviser; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information



66 ^\| AB SUSTAINABLE GLOBAL THEMATIC FUND		abfunds.com

prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 28, 2021. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate payable by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors compared the Fund’s contractual effective advisory fee rate with a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior Analyst and noted the differences between the Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule and the schedule of fees charged by the Adviser to any offshore funds and for services to any sub-advised funds utilizing investment strategies similar to those of the Fund, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors also compared the advisory fee rate for the Fund with those for two other funds advised by the Adviser utilizing similar investment strategies.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In this regard, the Adviser noted, among other things, that, compared to institutional and offshore or sub-advisory accounts, the Fund (i) demands considerably more portfolio management, research and trading resources due to significantly higher daily cash flows; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of



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profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

In connection with their review of the Fund’s advisory fee, the directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. The directors noted that the Fund’s expense ratio was above the medians. After reviewing and discussing the Adviser’s explanations of the reasons for this, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

The directors noted that the advisory fee schedule for the Fund contains breakpoints that reduce the fee rates on assets above specified levels. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that the Fund’s shareholders would benefit from a sharing of economies of scale in the event the Fund’s net assets exceed a breakpoint in the future.



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This page is not part of the Shareholder Report or the Financial Statements.

AB FAMILY OF FUNDS

US EQUITY

CORE

Core Opportunities Fund

Select US Equity Portfolio

Sustainable US Thematic Portfolio¹

GROWTH

Concentrated Growth Fund

Discovery Growth Fund

FlexFee^™ Large Cap Growth Portfolio

Growth Fund

Large Cap Growth Fund

Small Cap Growth Portfolio

VALUE

Discovery Value Fund

Equity Income Fund

Relative Value Fund

Small Cap Value Portfolio

Value Fund

INTERNATIONAL/ GLOBAL EQUITY

CORE

Global Core Equity Portfolio

International Strategic Core Portfolio

Sustainable Global Thematic Fund

Tax-Managed Wealth Appreciation Strategy

Wealth Appreciation Strategy

GROWTH

Concentrated International Growth Portfolio

Sustainable International Thematic Fund

VALUE

All China Equity Portfolio

International Value Fund

FIXED INCOME

MUNICIPAL

High Income Municipal Portfolio

Intermediate California Municipal Portfolio

Intermediate Diversified Municipal Portfolio

Intermediate New York Municipal Portfolio

Municipal Bond Inflation Strategy

Tax-Aware Fixed Income Opportunities Portfolio

National Portfolio

Arizona Portfolio

California Portfolio

Massachusetts Portfolio

Minnesota Portfolio

New Jersey Portfolio

New York Portfolio

Ohio Portfolio

Pennsylvania Portfolio

Virginia Portfolio

TAXABLE

Bond Inflation Strategy

Global Bond Fund

High Income Fund

High Yield Portfolio¹

Income Fund

Intermediate Duration Portfolio

Limited Duration High Income Portfolio

Short Duration Income Portfolio

Short Duration Portfolio

Sustainable Thematic Credit Portfolio

Total Return Bond Portfolio

ALTERNATIVES

All Market Real Return Portfolio

Global Real Estate Investment Fund

Select US Long/Short Portfolio

MULTI-ASSET

All Market Income Portfolio

All Market Total Return Portfolio

Conservative Wealth Strategy

Emerging Markets Multi-Asset Portfolio

Global Risk Allocation Fund

Tax-Managed All Market Income Portfolio

CLOSED-END FUNDS

AllianceBernstein Global High Income Fund

AllianceBernstein National Municipal Income Fund

We also offer Government Money Market Portfolio, which serves as the money market fund exchange vehicle for the AB mutual funds. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

1	Prior to August 23, 2021, Sustainable US Thematic Portfolio was named FlexFee^™ US Thematic Portfolio. Prior to April 30, 2021, High Yield Portfolio was named FlexFee^™ High Yield Portfolio.



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LOGO

AB SUSTAINABLE GLOBAL THEMATIC FUND

1345 Avenue of the Americas

New York, NY 10105

800 221 5672

SGT-0151-0721 LOGO

ITEM 2. CODE OF ETHICS.

(a) The registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer and principal accounting officer. A copy of the registrant’s code of ethics is filed herewith as Exhibit 12(a)(1).

(b) During the period covered by this report, no material amendments were made to the provisions of the code of ethics adopted in 2(a) above.

(c) During the period covered by this report, no implicit or explicit waivers to the provisions of the code of ethics adopted in 2(a) above were granted.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s Board of Directors has determined that independent directors Garry L. Moody, Marshall C. Turner, Jr. and Jorge A. Bermudez qualify as audit committee financial experts.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) - (c) The following table sets forth the aggregate fees billed by the independent registered public accounting firm Ernst & Young LLP, for the Fund’s last two fiscal years for professional services rendered for: (i) the audit of the Fund’s annual financial statements included in the Fund’s annual report to stockholders; (ii) assurance and related services that are reasonably related to the performance of the audit of the Fund’s financial statements and are not reported under (i), which include advice and education related to accounting and auditing issues and quarterly press release review (for those Funds which issue press releases), and preferred stock maintenance testing (for those Funds that issue preferred stock); and (iii) tax compliance, tax advice and tax return preparation.


		Audit Fees		Audit-Related Fees		Tax Fees
AB Sustainable Global Thematic Fund	2020	$	44,490	$	—	$	25,162
	2021	$	44,490	$	—	$	46,365

(d) Not applicable.

(e) (1) Beginning with audit and non-audit service contracts entered into on or after May 6, 2003, the Fund’s Audit Committee policies and procedures require the pre-approval of all audit and non-audit services provided to the Fund by the Fund’s independent registered public accounting firm. The Fund’s Audit Committee policies and procedures also require pre-approval of all audit and non-audit services provided to the Adviser and Service Affiliates to the extent that these services are directly related to the operations or financial reporting of the Fund.

(e) (2) All of the amounts for Audit Fees, Audit-Related Fees and Tax Fees in the table under Item 4 (a) – (c) are for services pre-approved by the Fund’s Audit Committee.

(f) Not applicable.

(g) The following table sets forth the aggregate non-audit services provided to the Fund, the Fund’s Adviser and entities that control, are controlled by or under common control with the Adviser that provide ongoing services to the Fund:


		All Fees for Non-Audit Services Provided to the Portfolio, the Adviser and Service Affiliates		Total Amount of Foregoing Column Pre -approved by the Audit Committee (Portion Comprised of Audit Related Fees) (Portion Comprised of Tax Fees)
AB Sustainable Global Thematic Fund	2020	$	1,058,977	$	25,162
				$	—
				$	(25,162	)
	2021	$	1,048,625	$	46,365
				$	—
				$	(46,365	)

(h) The Audit Committee of the Fund has considered whether the provision of any non-audit services not pre-approved by the Audit Committee provided by the Fund’s independent registered public accounting firm to the Adviser and Service Affiliates is compatible with maintaining the auditor’s independence.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to the registrant.

ITEM 6. INVESTMENTS.

Please see Schedule of Investments contained in the Report to Shareholders included under Item 1 of this Form N-CSR.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable to the registrant.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board of Directors since the Fund last provided disclosure in response to this item.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940, as amended) are effective at the reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) There were no changes in the registrant’s internal controls over financial reporting that occurred during the second fiscal quarter of the period that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 13. EXHIBITS.

The following exhibits are attached to this Form N-CSR:


EXHIBIT NO.		DESCRIPTION OF EXHIBIT

12 (a) (1)		Code of Ethics that is subject to the disclosure of Item 2 hereof

12 (b) (1)		Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

12 (b) (2)		Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

12 (c)		Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes —Oxley Act of 2002

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant): AB Sustainable Global Thematic Fund, Inc.

By:		/s/ Onur Erzan
		Onur Erzan
		President

Date:		September 29, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Onur Erzan
		Onur Erzan
		President

Date:		September 29, 2021

By:		/s/ Joseph J. Mantineo
		Joseph J. Mantineo
		Treasurer and Chief Financial Officer

Date:		September 29, 2021

EX-99.CODE ETH 2 d179603dex99codeeth.htm CODE OF ETHICS Code of Ethics

Exhibit 12(a) (1)

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS

I.	Covered Officers/Purpose of the Code

The AllianceBernstein Mutual Fund Complex’s code of ethics (this “Code”) for the investment companies within the complex (collectively, the “Funds” and each, a “Company”) applies to each Company’s Principal Executive Officer, Principal Financial and Accounting Officer and Controller (the “Covered Officers,” each of whom is set forth in Exhibit A) for the purpose of promoting:

•

honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

•

full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission (“SEC”) and in other public communications made by the Company;

•

compliance with applicable laws and governmental rules and regulations;

•

the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

•

accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

II.

Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

Overview. A “conflict of interest” occurs when a Covered Officer’s private interest interferes with the interests of, or his service to, the Company. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Company. For the purposes of this Code, members of the Covered Officer’s family include his or her spouse, children, stepchildren, financial dependents, parents and stepparents.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Company and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (“Investment Company Act”) and the Investment Advisers Act of 1940 (“Investment Advisers Act”). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Company because of their status as “affiliated persons” of the Company. The Company’s and the investment adviser’s compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Company and the investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company or for the adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and the Company. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Company and the adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Company. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Company’s Board of Directors or Trustees (the “Directors”) that the Covered Officers may also be officers or employees of one or more of the other Funds or of other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company.

Each Covered Officer must:

•

not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Company whereby the Covered Officer would benefit personally to the detriment of the Company;

•

not cause the Company to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Company;

•

not use material non-public knowledge of portfolio transactions made or contemplated for the Company to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

There are some conflict of interest situations, whether involving a Covered Officer directly or a member of his family, that should always be discussed with the General Counsel of Alliance Capital Management L.P. (the “General Counsel”), if material. Examples of these include:

•

service as a director on the board of directors or trustees of any public or private company (other than a not-for-profit organization);

•

the receipt of any non-nominal gifts;

•

the receipt of any entertainment from any company with which the Company has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

•

any ownership interest in, or any consulting or employment relationship with, any of the Company’s service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof;

•

a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Company for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer’s employment, such as compensation or equity ownership.

III.

Disclosure and Compliance

•

Each Covered Officer should familiarize himself with the disclosure requirements and disclosure controls and procedures generally applicable to the Company;

•

each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Company to others, whether within or outside the Company, including to the Company’s directors and auditors, and to governmental regulators and self-regulatory organizations;

•

each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Funds and the adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and

•

it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

IV.

Reporting and Accountability

Each Covered Officer must:

•

upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the General Counsel that he has received, read, and understands the Code;

•

annually thereafter affirm to the General Counsel that he has complied with the requirements of the Code;

•

complete at least annually a questionnaire relating to affiliations or other relationships that may give rise to conflicts of interest;

•

not retaliate against any other Covered Officer or any employee of the Company or their affiliated persons for reports of potential violations that are made in good faith; and

•

notify the General Counsel promptly if he knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The General Counsel is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, waivers sought by a Covered Officer will be considered by the Company’s Audit Committee (the “Committee”).

The Company will follow these procedures in investigating and enforcing this Code:

•

the General Counsel will take all appropriate action to investigate any potential violations reported to him;

•

if, after such investigation, the General Counsel believes that no material violation has occurred, the General Counsel is not required to take any further action;

•

any matter that the General Counsel believes is a material violation will be reported to the Committee;

•

if the Committee concurs that a material violation has occurred, it will inform and make a recommendation to the Directors, who will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer;

•

the Committee will be responsible for granting waivers, as appropriate; and

•

any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

V.	Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Company for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Company, the Company’s adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, it is understood that this Code is in all respects separate and apart from, and operates independently of, any such policies and procedures. In particular, the Company’s and its investment adviser’s and principal underwriter's codes of ethics under Rule 17j-l under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VI.

Amendments

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Directors, including a majority of independent directors.

VII.

Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Directors, the investment adviser, their counsel, counsel to the Company and, if deemed appropriate by the Directors of the Company, to the Directors of the other Funds.

VIII.

Internal Use

The Code is intended solely for internal use by the Funds and does not constitute an admission, by or on behalf of any Company, as to any fact, circumstance, or legal conclusion.

Date: July 22, 2003, as amended March 17, 2004

Exhibit A

Persons Covered by this Code of Ethics

Principal Executive Officer

Principal Financial and Accounting Officer

Controller

EX-99.CERT 3 d179603dex99cert.htm CERTIFICATIONS PURSUANT TO SECTION 302 Certifications Pursuant to Section 302

Exhibit 12(b)(1)

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

I, Onur Erzan, President of AB Sustainable Global Thematic Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of AB Sustainable Global Thematic Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)	designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)	designed such internal control over financial reporting to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)	evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: September 29, 2021

/s/ Onur Erzan

Onur Erzan

President

Exhibit 12(b)(2)

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

I, Joseph J. Mantineo, Treasurer and Chief Financial Officer of AB Sustainable Global Thematic Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of AB Sustainable Global Thematic Fund, Inc.;

a)	designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)	designed such internal control over financial reporting to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)	evaluated the effectiveness of the registrant’s disclosure controls and procedures presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: September 29, 2021

/s/ Joseph J. Mantineo

Joseph J. Mantineo

Treasurer and Chief Financial Officer

EX-99.906 CERT 4 d179603dex99906cert.htm CERTIFICATIONS PURSUANT TO SECTION 906 Certifications Pursuant to Section 906

EXHIBIT 12(c)

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT

Pursuant to 18 U.S.C. 1350, each of the undersigned, being the Principal Executive Officer and Principal Financial Officer of AB Sustainable Global Thematic Fund, Inc., (the “Registrant”), hereby certifies that the Registrant’s report on Form N-CSR for the period ended July 31, 2021 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: September 29, 2021


By:		/s/ Onur Erzan
		Onur Erzan
		President


By:		/s/ Joseph J. Mantineo
		Joseph J. Mantineo
		Treasurer and Chief Financial Officer

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of the Report or as a separate disclosure document.

A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

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