Index: branches/version-2_12-dev/data/class/pages/products/LC_Page_Products_List.php
===================================================================
--- branches/version-2_12-dev/data/class/pages/products/LC_Page_Products_List.php	(revision 21957)
+++ branches/version-2_12-dev/data/class/pages/products/LC_Page_Products_List.php	(revision 21975)
@@ -452,5 +452,5 @@
         // 在庫無し商品の非表示
         if (NOSTOCK_HIDDEN) {
-            $searchCondition['where'] .= ' AND (stock >= 1 OR stock_unlimited = 1)';
+            $searchCondition['where'] .= ' AND EXISTS(SELECT * FROM dtb_products_class WHERE product_id = alldtl.product_id AND del_flg = 0 AND (stock >= 1 OR stock_unlimited = 1))';
             $searchCondition['where_for_count'] .= ' AND EXISTS(SELECT * FROM dtb_products_class WHERE product_id = alldtl.product_id AND del_flg = 0 AND (stock >= 1 OR stock_unlimited = 1))';
         }