Strategy. The Balanced Fund invests in a combination of equity and debt securities. The Balanced Fund is primarily equity-oriented, and uses a top-down approach in seeking to provide equity-like returns but with lower volatility than a fully invested equity portfolio. Westwood Management Corp., the Balanced Funds sub-adviser (the Westwood Sub-Adviser) will typically invest 30% to 70% of the Balanced Funds assets in equity securities and 70% to 30% in debt securities, and the balance of the Balanced Funds assets in cash or cash equivalents. The actual mix of assets will vary depending on the Westwood Sub-Advisers analysis of market and economic conditions. The Balanced Fund invests in stocks of seasoned companies. Seasoned companies generally have market capitalizations of $1 billion or … Show more… The Balanced Fund invests in a combination of equity and debt securities. The Balanced Fund is primarily equity-oriented, and uses a top-down approach in seeking to provide equity-like returns but with lower volatility than a fully invested equity portfolio. Westwood Management Corp., the Balanced Funds sub-adviser (the Westwood Sub-Adviser) will typically invest 30% to 70% of the Balanced Funds assets in equity securities and 70% to 30% in debt securities, and the balance of the Balanced Funds assets in cash or cash equivalents. The actual mix of assets will vary depending on the Westwood Sub-Advisers analysis of market and economic conditions. The Balanced Fund invests in stocks of seasoned companies. Seasoned companies generally have market capitalizations of $1 billion or more and have been operating for at least three years. The Westwood Sub-Adviser chooses stocks of seasoned companies with proven records and above-average earnings growth potential. The Westwood Sub-Adviser has disciplines in place that serve as sell signals such as a security reaching a predetermined price target, a change to a companys fundamentals that make the risk/reward profile unattractive, or a need to improve the overall risk/reward profile of the Balanced Fund. The majority of the debt securities held by the Balanced Fund are investment grade securities of corporate and government issuers and commercial paper and mortgage- and asset-backed securities. Investment grade debt securities are securities rated in one of the four highest ratings categories by a Nationally Recognized Statistical Rating Organization (NRSRO). The Fund may invest up to 20% of the total fund in below investment grade bonds. A bonds credit rating is determined by using the middle rating of Moodys, S&P, and Fitch. If only two agencies rate a security, the lower rating is used. If only one rates a security, that single rating is used. The Balanced Fund may invest in fixed income securities of any maturity. The Balanced Fund may also invest up to 25% of its total assets in foreign equity securities and in European Depositary Receipts (EDRs) or American Depositary Receipts (ADRs), including in those of companies located in emerging markets. The Balanced Fund may also invest in foreign debt securities. Show less