Fund Description

The fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of large-cap companies, defined as those with market capitalizations within the range of the Russell 1000 Value Index at initial purchase. It emphasizes a value style, seeking companies viewed as undervalued versus peers with potential for improved valuations. It invests primarily in common stocks of large U.S. companies, and may also invest in midsize U.S. stocks, non-U.S. companies, and derivatives such as forward foreign currency contracts. The adviser selects and monitors sub-advisers, with the investment portfolio managed by two sub-advisers, Putnam Investment Management, LLC and T. Rowe Price Associates, Inc. Putnam may consider environmental, social, and governance (ESG) factors as part of its evaluation process, and T. Rowe Price integrates ESG factors into its research process for certain investments; ESG considerations are only one component and may not be determinative in the final investment decision.