Beutel Goodman Balanced Fund seeks long-term capital appreciation and income by investing in Canadian, U.S. and international equity securities; fixed-income securities; and cash/cash equivalents. The Fund’s equity portfolio is built using bottom-up, fundamental research to seek to invest in high-quality companies at discounts to their business value. The fixed income sleeve holds a diversified set of investment-grade debt securities of federal, provincial, municipal and corporate issuers. Allocation decisions are made based on each sleeve’s expected return. In the equity sleeves, this is based on the potential return remaining between each security’s current share price and our calculation of the stock’s intrinsic value. Expected returns for fixed income are determined based on the bond team’s outlook.