Summary Prospectus by Investment Company - Form 497K

AB Trust - AB Large Cap Value Fund

		SUMMARY PROSPECTUS February 28, 2024, as revised October 1, 2024

AB Large Cap Value Fund

(formerly, AB Value Fund)

Ticker: Class A-ABVAX; Class C-ABVCX; Advisor Class-ABVYX; Class I-ABVIX; Class Z-ABVZX

Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and its risks. The Fund's Prospectus and Statement of Additional Information ("SAI"), both dated February 28, 2024, as revised October 1, 2024, as may be amended or supplemented, are incorporated by reference into this Summary Prospectus. For free paper or electronic copies of the Fund's Prospectus, reports to shareholders and other information about the Fund, go to www.abfunds.com/go/prospectus, email a request to [email protected], call (800) 227-4618, or ask any financial advisor, bank, or broker-dealer who offers shares of the Fund. The Fund's reports to shareholders are also available at www.abfunds.com/go/VF.

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INVESTMENT OBJECTIVE

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

FEES AND EXPENSES OF THE FUND

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Advisor Class shares, which are not reflected in the tables or the examples below. You may qualify for sales charge reductions if you and members of your family invest, or agree to invest in the future, at least $100,000 in AB Mutual Funds. More information about these and other discounts is available from your financial intermediary and in Investing in the Fund-Sales Charge Reduction Programs for Class A Shares on page 25 of the Fund's Prospectus, in Appendix B-Financial Intermediary Waivers of the Fund's Prospectus and in Purchase of Shares-Sales Charge Reduction Programs for Class A Shares on page 136 of the Fund's SAI.

Shareholder Fees (fees paid directly from your investment)

		Class A Shares		Class C Shares		Advisor Class Shares		Class I and Z Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)		4.25%		None		None		None
Maximum Deferred Sales Charge (Load) (as a percentage of offering price or redemption proceeds, whichever is lower)		None(a)		1.00%(b)		None		None
Exchange Fee		None		None		None		None

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

		Class A			Class C			Advisor Class			Class I			Class Z
Management Fees(c)			.50%				.50%				.50%				.50%				.50%
Fee Waiver(d)			(.02)%				(.02)%				(.02)%				(.02)%				(.02)%
Net Management Fees			.48%				.48%				.48%				.48%				.48%
Distribution and/or Service (12b-1) Fees			.25%				1.00%				None				None				None
Other Expenses:
Transfer Agent			.04%				.05%				.04%				.06%				.02%
Other Expenses			.10%				.10%				.10%				.10%				.10%
Total Other Expenses(e)			.14%				.15%				.14%				.16%				.12%
Total Annual Fund Operating Expenses			.87%				1.63%				.62%				.64%				.60%

(a)	Purchases of Class A shares in amounts of $1,000,000 or more, or by certain group retirement plans, may be subject to a 1%, 1-year contingent deferred sales charge, or CDSC, which may be subject to waiver in certain circumstances.

(b)	For Class C shares, the CDSC is 0% after the first year. Class C shares automatically convert to Class A shares after eight years.

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(c)	Management Fees have been restated to reflect a contractual reduction in management fees effective August 1, 2024.

(d)	Effective August 1, 2024, the Adviser has contractually agreed to waive .025% of its management fee from the Fund until February 28, 2026. This waiver agreement may be terminated or changed only with the consent of the Board of Trustees.

(e)	Other Expenses have been restated to reflect current expenses for Class A, Class C, Advisor Class and Class I shares. Other Expenses are estimated for Class Z shares, which will be offered on or about October 2, 2024.

Examples

The Examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Examples also assume that your investment has a 5% return each year, that the Fund's operating expenses stay the same and that any fee waiver and/or expense limitation is in effect through the date indicated above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

		Class A			Class C			Advisor Class			Class I			Class Z
After 1 Year		$	510			$	266	*		$	63			$	65			$	61
After 3 Years		$	694			$	517			$	202			$	208			$	195
After 5 Years		$	894			$	894			$	354			$	365			$	343
After 10 Years		$	1,472			$	1,749			$	795			$	820			$	771

*	If you did not redeem your shares at the end of the period, your expenses would be decreased by approximately $100.

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys or sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These transaction costs, which are not reflected in the Annual Fund Operating Expenses or in the Examples, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 45% of the average value of its portfolio.

PRINCIPAL STRATEGIES

The Fund invests in a diversified portfolio of equity securities of large capitalization companies that the Adviser believes are undervalued. The Fund invests in companies that are determined by the Adviser to be undervalued using the fundamental value approach of the Adviser. The fundamental value approach seeks to identify a universe of securities that are considered to be undervalued because they are attractively priced relative to their future earnings power and dividend-paying capability.

Under normal circumstances, the Fund invests at least 80% of its net assets, including any borrowings for investment purposes, in equity securities of large capitalization companies. For these purposes, "large capitalization companies" are those that, at the time of investment, have market capitalizations within the range of market capitalizations of companies appearing in the Russell 1000^® Value Index. While the market capitalization of companies in the Russell 1000^® Value Index ranged from approximately $0.3 billion to $490 billion as of May 31, 2024, the Fund normally invests in equity securities of companies with market capitalizations of at least $5 billion at the time of purchase. The Fund invests primarily in U.S. companies but also invests in non-U.S. companies.

In selecting securities for the Fund's portfolio, the Adviser uses its fundamental and quantitative research to identify companies whose long-term earnings power and dividend-paying capability are not fully reflected in the current market price of their securities.

The Adviser's fundamental analysis depends heavily upon its internal research staff. The research staff of company and industry analysts covers a research universe that includes the majority of the capitalization of the Russell 1000^® Value Index. The Adviser typically projects a company's financial performance over a full economic cycle, including a trough and a peak, within the context of forecasts for real economic growth, inflation and interest rate changes. The research staff focuses on the valuation implied by the current price, relative to the earnings the company will be generating five years from now, or "normalized" earnings, assuming average mid-economic cycle growth for the fifth year.

The Fund's management team and other senior investment professionals work in close collaboration to weigh each investment opportunity identified by the research staff relative to the entire portfolio and determine the timing and position size for purchases and sales. Analysts remain responsible for monitoring new developments that would affect the securities they cover.

The team will generally sell a security when it no longer meets appropriate valuation criteria, although sales may be delayed when positive return trends are favorable.

The Fund may enter into 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 exchange-traded funds ("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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The Fund may, at times, invest in shares of ETFs in lieu of making direct investments in equity securities. ETFs may provide more efficient and economical exposure to the type of companies and geographic locations in which the Fund seeks to invest than direct investments.

PRINCIPAL RISKS

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Market Risk: The value of the Fund's assets will fluctuate as the market or markets in which the Fund invests fluctuate. The value of the Fund's 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) and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing may be underperforming the market generally.

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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.

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

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Derivatives Risk: Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, reference rate or index, which could cause the Fund to suffer a potentially unlimited loss. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Fund.

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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, 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.

As with all investments, you may lose money by investing in the Fund.

BAR CHART AND PERFORMANCE INFORMATION

The bar chart and performance information provide an indication of the historical risk of an investment in the Fund by showing:

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how the Fund's performance changed from year to year over ten years; and

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how the Fund's average annual returns for one, five and ten years compare to those of a broad-based securities market index.

You may obtain updated performance information on the Fund's website at www.abfunds.com (click on "Investments-Mutual Funds").

The Fund's past performance before and after taxes, of course, does not necessarily indicate how it will perform in the future.

Bar Chart

The annual returns in the bar chart are for the Fund's Class A shares and do not reflect sales loads. If sales loads were reflected, returns would be less than those shown. Through June 30, 2024, the year-to-date unannualized return for Class A shares was 9.21%.

During the period shown in the bar chart, the Fund's:

Best Quarter was up 17.23%, 4th quarter, 2020; and Worst Quarter was down -28.11%, 1st quarter, 2020.

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Performance Table

Average Annual Total Returns

(For the periods ended December 31, 2023)

				1 Year			5 Years			10 Years
Class A*		Return Before Taxes			13.49%				10.15%				5.96%
	Return After Taxes on Distributions			12.23%				8.55%				4.96%
		Return After Taxes on Distributions and Sale of Fund Shares			8.82%				7.81%				4.60%
Class C		Return Before Taxes			16.57%				10.25%				5.63%
Advisor Class		Return Before Taxes			18.79%				11.37%				6.70%
Class I		Return Before Taxes			18.83%				11.41%				6.74%
Class Z**		Return Before Taxes			18.81%				11.41%				6.71%
S&P 500 Index*** (reflects no deduction for fees, expenses or taxes)			26.29%				15.69%				12.03%
Russell 1000® Value Index (reflects no deduction for fees, expenses or taxes)			11.46%				10.91%				8.40%

*	After-tax returns:

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Are shown for Class A shares only and will vary for the other Classes of shares because these Classes have different expense ratios;

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Are estimates based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor's tax situation and are likely to differ from those shown; and

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Are not relevant to investors who hold fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

**	Inception date for Class Z shares: October 1, 2024. Performance information for periods prior to the inception of Class Z shares is the performance of the Fund's Class A shares adjusted to reflect the expenses of the Class Z shares.

***

The primary broad-based index used for comparison with the Fund's performance changed from the Russell 1000® Value Index to the S&P 500 Index to comply with new regulations that require the Fund's primary benchmark to reflect the overall market in which the Fund may invest. The Fund's previous primary benchmark, the Russell 1000® Value Index, which more closely reflects the market segments in which the Fund invests, is the Fund's secondary benchmark.

INVESTMENT ADVISER

AllianceBernstein L.P. is the investment adviser for the Fund.

PORTFOLIO MANAGER

The following table lists the person responsible for day-to-day management of the Fund's portfolio:

Employee		Length of Service		Title
Cem Inal		Since 2016		Senior Vice President of the Adviser

PURCHASE AND SALE OF FUND SHARES

Purchase Minimums

The following table describes the initial and subsequent minimum purchase amounts for each class of shares, which are subject to waiver in certain circumstances.

		Initial		Subsequent
Class A/Class C shares, including traditional IRAs and Roth IRAs		$2,500		$50
Automatic Investment Program		None		$50 If initial minimum investment is less than $2,500, then $200 monthly until account balance reaches $2,500
Advisor Class shares (only available to fee-based programs or through other limited arrangements and certain commission-based brokerage arrangements)		None		None
Class A, Class I and Class Z shares are available at net asset value, without an initial sales charge, to 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit-sharing and money purchase pension plans, defined benefit plans, and non-qualified deferred compensation plans and, for Class Z shares, to persons participating in certain fee-based programs sponsored by a financial intermediary, where in each case plan level or omnibus accounts are held on the books of the Fund.		None		None

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You may sell (redeem) your shares each day the New York Stock Exchange is open. You may sell your shares through your financial intermediary or by mail (AllianceBernstein Investor Services, Inc., P.O. Box 786003, San Antonio, TX 78278-6003) or telephone ((800) 221-5672).

TAX INFORMATION

The Fund may pay income dividends or make capital gains distributions, which may be subject to federal income taxes and taxable as ordinary income or capital gains, and may also be subject to state and local taxes.

PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank or a group retirement plan), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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PRO-0103-LCV-1024

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