Standard Life Canadian Equity Class

The Quarterly Review 

Q2 June 2011 

Searching 

for yield 

A solution for all 

market conditions 

Introducing the Standard Life 

Tactical Income Fund 

Monthly 

summaries 

Your guide to all 

SLMF products 

For advisor use only. 

This document is not intended for public distribution.

June 2011 

©2011 Standard Life Mutual Funds Ltd. 

Effective June 15, 2011, the Standard Life Global Monthly Income Fund was reintroduced as the Standard Life Tactical 

Income Fund to reflect the change in its investment objectives – to focus on long-term capital growth and generating income.

Take advantage of 

income opportunities 

Are you looking for a higher reliable source of income than 

traditional investments without taking on too much risk? 

Introducing the Standard Life Tactical Income Fund. 

The fund searches the world over for income-generating investments. 

It is flexible, with no set asset mix (investments based on current market 

outlook). Furthermore, it is managed by a premier asset manager with an 

expanding global reach – Standard Life Investments. 

Potentially higher income with less risk. 

Isn’t that what all income investors want? 

Find out more 

Eastern region 

1-877-549-4665 

eastern@standardlife.ca 

slmf.ca 

Central region 

1-800-554-4947 

central@standardlife.ca 

Western region 

1-866-662-7345 

western@standardlife.ca 

Commissions, trailing commissions, management fees and expenses may all be associated with mutual fund investments. Please read the simplified prospectus before investing. 

Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

Contents 

02 

A message from Retail 

03 

Contributors’ credits 

04 

Portfolio management team 

06 

Investment commentary 

08 

A solution for all market conditions 

14 

Searching for yield 

65 

Quick reference guide 

70 

Disclaimers 

Fixed Income Funds 

19 Money Market 

20 Canadian Bond 

21 Corporate Bond 

22 International Bond 

Monthly Income Funds 

23 Diversified Income 

24 Monthly Income 

25 Tactical Income 

Dividend Funds 

26 Canadian Dividend Growth 

27 Dividend Income 

28 U.S. Dividend Growth 

29 Global Dividend Growth 

Canadian Equity Funds 

30 Balanced 

31 Canadian Equity 

32 Canadian Small Cap

Global Equity Funds 

33 U.S. Equity 

34 International Equity 

35 Global Equity 

36 European Equity 

37 U.S. Mid Cap 

Focus Funds 

38 Canadian Equity Focus 

39 U.S. Equity Focus 

40 Global Equity Focus 

41 India Equity Focus 

Portrait Portfolio Funds 

42 Conservative Portfolio 

43 Moderate Portfolio 

44 Growth Portfolio 

45 Dividend Growth & Income Portfolio 

46 Aggressive Portfolio 

47 Global Portfolio 

Corporate Class Funds 

Stand-alone Classes 

48 Short Term Yield Class 

49 Canadian Bond Class 

50 Corporate Bond Class 

51 Monthly Income Class 

52 Canadian Dividend Growth Class 

53 Global Dividend Growth Class 

54 Canadian Equity Class 

55 Canadian Small Cap Class 

56 U.S. Equity Class 

57 International Equity Class 

58 Global Equity Class 

Portrait Portfolio Classes 

59 Conservative Portfolio Class 

60 Moderate Portfolio Class 

61 Growth Portfolio Class 

62 Dividend Growth & 

Income Portfolio Class 

63 Aggressive Portfolio Class 

64 Global Portfolio Class 

The Quarterly Review 01

02 The Quarterly Review 

A message from Retail 

You may have noticed that our magazine has a brand new look. This marks 

the beginning of a new era at Standard Life Mutual Funds – an era 

characterized by an increased focus on our advisors. We want to ensure 

you have the right tools to meet your clients’ needs, regardless of market 

conditions. A good example is the new Standard Life Tactical Income Fund. 

Markets were mixed in the second quarter, as investors fretted about a 

global economic slowdown – in both developed and emerging markets. 

Other issues, such as inflation in emerging markets, the sovereign debt 

crisis in Europe and political turmoil in the Middle East, all contributed to 

market volatility. At the same time, fixed-income yields remained low. 

Within this context, your clients are looking for income and predictable 

returns. This is the investment mandate of the Tactical Income Fund. 

The portfolio construction of the fund is based on the success of 

Standard Life Investments’ team-based approach to seek opportunities in 

all market conditions and aims to protect capital through turbulent 

markets, while delivering income along the way. 

The Tactical Income Fund has an unconstrained asset allocation, that can 

range from 100% fully invested in equities, to 100% fully invested in 

bonds or cash, and uses Standard Life Investments’ successful 

institutional asset allocation process to target returns that meet the 

expectations of investors. The fund aims to protect capital in down 

markets, while capturing returns in up markets. In addition, investors 

receive a monthly distribution as well. 

What does this mean for your clients? Potentially higher income with less 

risk. Isn’t that what all income investors want? 

Mick Kelly 

Vice-President, Sales, Retail Markets 

The Standard Life Assurance Company of Canada

Contributors’ credits 

Neil Matheson, MA, MBA, CFA 

Senior Vice-President, Investment Strategy, 

Standard Life Investments Inc. 

As Senior Vice-President, Investment Strategy, Neil is responsible for 

analysis of macroeconomic factors and its impact on asset mix, 

interest rates, equity and sector strategy. He chairs the Asset Mix 

Strategy Committee, the Investment Committee, and sits on the Fixed 

Income Strategy Committee. In addition, Neil is a member of the 

Global Investment Group for Standard Life Investments Limited in 

Edinburgh, which is responsible for asset mix and strategy overview 

for funds managed by Standard Life Investments Limited in the U.K. 

Carlos Da Costa Frias, MBA 

Senior Consultant, Investment Product Development, 

The Standard Life Assurance Company of Canada 

As Senior Consultant, Investment Product Development, Carlos 

is responsible for the research and development of new 

product ideas and for the support of existing products. His 

scope is primarily within the mutual fund line-up, which 

includes our 6 successful fund families and our increasingly 

popular Fund-of-Funds, the Portrait Portfolio Funds. 


Portfolio management team 


Roger Renaud, BSc, CFA 

President 

Industry experience: 1982 

Jay Aizanman, BComm, CFA 

Senior Vice-President, 

Retail Investment Market 


Steve Belisle, BAA, MSc, CFA 

Portfolio Manager, Equities 


Dominic Byrne, MEng, CFA 

Investment Director, 

Global Equities 


Philippe Capelle, BA, CA, CFA 

Vice-President, Equities 


Valérie Cecchini, BBA, CGA, MSc, CFA 



Brian Chan, BComm, CFA 

Analyst, Equities 


Jean-Pierre D’Agnillo, BBA, CFA 

Vice-President, Fixed Income 


Susan Da Sie, BComm, CFA 



Jerry Domanus, MSc, MBA, CFA 



Ivan Francis, BComm, CFA, FLMI/M 



Ara Froundjian, BComm 

Analyst and Trader, Fixed Income 


Tony Hood, MA, AIMR 


European Equities 


Charles H. Jenkins, BSc, MBA, CFA 

Senior Vice-President, Equities 

Industry experience: 1988

Geir-Rune Johnskareng, MBA, MEng, CFA 



Christopher Mann, BEng, MBA, CFA 



Neil Matheson, MA, MBA, CFA 


Investment Strategy 


Michel Pelletier, BA, MSc 


Fixed Income 


Lance Philips, BA, MBA 

Head of Overseas Equities 


Pasquale Posteraro, BAA, CSC 



Mark Pugsley, BComm, MBA, CFA 



Marc Rouleau, BA, MA, CFA 



José Manuel Saracut, BA, CFA, FRM 

Senior Analyst, Corporate Credit 


Marie-Eve Savard, BComm, CFA 



Sharron Southin, BComm, CFA 

Manager, Money Market 


Kevin Troup, MA, 

ICAEW Chartered Accountant, IMC, AIMR 

Investment Director, Global Equities 


Alistair Way, BA, IIMR 


Asia & GEM Equities 


Steve Weeple, BA, 

Diploma in Investment Analysis, IMC 

Managing Director, Global Equities (USA) 


Mikhail Zverev, BSc, MSc, CFA, IMC 

Investment Director, Global Equities 



Investment commentary 


Economics 

The slowdown in the global economy that we had 

expected has materialized in the second quarter. 

Domestic demand in the U.S. was weak, as 

high gasoline prices put a dent on discretionary 

spending, acting as a tax on consumers. The 

housing situation remains weak and more 

foreclosures are expected. Payrolls and ISM data 

softened. Small business confidence is eroding. 

Corporate profit growth is slowing down and we 

expect margins to peak. Canadian economic 

growth is also following a similar path. Consumer 

debt has grown, while the housing sector is 

slowing and mortgage conditions were tightened. 

Retail sales slowed down. 

In Asia, Japan is still recovering from March’s 

earthquake and tsunami. Power shortages curtail 

production. The Chinese economy is clearly 

moderating as a result of tight monetary policy 

over the last few months. Inflation is expected to 

peak. Property demand slowed. Other emerging 

countries also adopted a tight monetary policy to 

curb inflation. 

In Europe, the housing and retail sectors have 

not been spared either. Business surveys have 

peaked or are falling sharply, in line with the 

U.S. Moreover, fiscal retrenchment and debt 

restructuring are putting a hamper on growth. 

Markets have already priced in a default on 

Greek debt and a higher risk of default in Ireland 

and Portugal. 

Equities 

Major equity markets peaked in April and 

subsequently retreated sharply as investors 

became increasingly concerned about reduced 

demand in the U.S. and other OECD countries 

as well as potential slower growth in emerging 

markets. The S&P 500 Index fell by more than 7% 

from its peak before rebounding towards the end 

of the quarter along with other equity markets. 

As a result, stock markets posted mixed results 

in the second quarter. The S&P/TSX Composite 

Index lost 5.2% due to lower commodity prices 

and stocks, while the S&P 500 Index was down 

0.7% and the MSCI EAFE Index gained 1.1% in 

Canadian dollars and on a total return basis. For 

the first time since the recovery, the S&P 500 

Index outperformed the TSX Composite Index. 

Small-caps posted lower returns than large-caps. 

Year-to-date, the S&P 500 Index gained 2.8%, 

the MSCI EAFE Index is up 2.1% while the TSX 

Composite Index is basically unchanged. 

The quarter saw a rotation out of bonds into 

equities. However, within equities, there was a 

rotation out of cyclicals into defensive stocks. 

Consumer staples, healthcare, telecoms and 

utilities outperformed their respective indices, 

posting positive returns. Commodities lost 

ground in the quarter with the energy sector in 

Canada and the U.S. among the worst performing 

sectors. The materials sector underperformed as 

most base metal prices were down in the quarter. 

The price of oil and other commodities declined 

after the announcement that 60 million barrels of 

oil from strategic reserves would be released. 

In Canada, the information technology sector was 

by far the worst performer. Research in Motion 

lost about half of its value after the company 

announced poor earnings and a declining market 

share in North America. Following allegations 

that Sino-Forest inflated its assets and revenues, 

the stock lost over 80% of its market value. Other 

Chinese companies listed in Canada also suffered 

huge losses as investors became distrustful 

of these companies. The much-contested TMX 

Group and LSEG (London Stock Exchange) 

merger agreement was terminated due to lack of 

investor support. 

Financials in the U.S. continued to underperform 

the S&P 500 Index due to continued regulatory 

overhang on new capital requirements for large 

global banks. By the end of the quarter, more 

clarity emerged and things were a little better

than what had been feared. Future issues yet 

to be resolved include the cost of settling the 

foreclosure lawsuits with the state attorney 

generals. In June, JPMorgan Chase and Bank of 

America have agreed to settle with the SEC on 

this issue, though the state attorney generals’ 

lawsuit could be much more severe. 

Japanese companies reported lower earnings due 

to a strong yen, business disruptions and parts 

shortages after the tsunami. Otherwise, corporate 

earnings were surprisingly strong once again, and 

guidance was positive. It is estimated that half 

of the revenues generated by the large American 

corporations come from overseas. Since the 

onslaught of the recession, companies slashed 

their costs to increase profitability. However, 

the rise in raw material costs is expected to 

squeeze margins. Companies continued to 

spend their cash making acquisitions and 

capital expenditures. 

Concerns over sovereign debt default continued 

to unsettle international markets. French and 

German banks that are heavily exposed to Greek 

debt have struck a deal with their respective 

governments to rollover a certain amount of the 

maturing debt they hold. 

Fixed Income 

Positive returns in the bond market were achieved 

in the second quarter and year-to-date, erasing 

the first quarter losses. As the economic data 

pointed towards slower global economic growth 

and the sovereign debt problems in Europe 

resurfaced, a flight to quality ensued and yields 

on government bonds fell. The yield on 10-year 

U.S. Treasury Bonds fell by approximately 

60 basis points since their February highs. A 

resolution to lift the debt ceiling in the U.S. 

before the August deadline has almost fallen 

off the radar as the focus was on Greece and 

Europe’s attempts to resolve the looming 

sovereign debt problem. Meanwhile, several 

emerging countries continued to raise interest 

rates in an attempt to curb domestic inflation. 

This commentary represents the opinion of Standard Life Investments Inc. 

Long government bonds outperformed. Extremely 

low rates and a limited appetite for risk kept 

buyers on the sidelines for provincial bonds. 

Spreads remained wide. The tone in the corporate 

bond market remained sour, particularly for U.S. 

financials. Demand was nevertheless strong for 

good quality issues with long maturities. 

The U.S. government’s quantitative easing 

program – otherwise known as QE2 in which the 

Treasury purchased bonds in the market – ended 

at the end of June and there were no plans to go 

into another easing program. 

Outlook 

We believe that this is a mid-cycle slowdown, 

much like a year ago and we expect growth to 

resume in the second half of this year. Headline 

inflation will be peak in tandem with the price 

of oil. In fact, it may have already peaked. 

Lower energy prices and stimulative monetary 

conditions in North America are starting to 

translate in some auto and business loan activity. 

Growth in China should resume as inflation 

looks to be tamed, thus generating an increase 

in demand for commodities. And finally, the 

Japanese economy should recover due to the 

reconstruction following last March’s earthquake 

and tsunami. 

The equity market pullback increased the 

attractiveness of equities. Valuations are 

reasonable. Equity markets should be sustained 

by increasing worldwide demand, solid corporate 

fundamentals and earnings growth, albeit at a 

slower pace than in the last few quarters. 

Interest rates are not expected to increase in the 

forthcoming period as growth in the developed 

economies is fragile and the sovereign debt 

problem persists. Inflation is not an issue. 

We expect bonds to trade within a range over 

the next year. Credit bonds remain attractive 

as yield spreads relative to government 

bonds remain wide. 



“ The team at Standard Life Investments 

is proud to introduce its newest 

mandate from the Standard Life 

Mutual Funds (SLMF) fund family, the 

Tactical Income Fund, as a solution to 

the current investing environment and 

client concerns.”

A solution 

for all market conditions 

by Neil Matheson 

September 2008. It is a warm evening in Tuscany as the setting sun’s 

rays shower the rolling countryside of stunning farmland and hill-top 

towns. After a visit to the historic city of Siena, the husband, who is a 

professional investor, switches on the T.V. to catch up with the latest 

news. There had been rumors swirling about the demise of Lehman 

Brothers and he is curious to know if anything has happened. 

To his amazement, something has! 

¬ The venerable institution, Lehman Brothers, 

has filed for bankruptcy 

¬ Merrill Lynch has flung itself into the arms of 

Bank of America, in desperation 

¬ Goldman Sachs and Morgan Stanley 

look threatened 

¬ Behemoth insurance company AIG is rumored 

to be in dire straits 

¬ Stock markets around the world are plunging 

as the world grimly stares into what appears 

to be a very, very black hole 

The investor, having witnessed this mayhem, 

switches off the T.V. and heads into the kitchen, 

where he reaches for a bottle of Vino Nobile de 

Montepulciano. 

He then scurries out to the 

porch with his wife to discuss 

their travel itinerary over the 

next few days… not back to the 

office, but through another part 

of the Tuscany landscape. 

Although most of his portfolio is held in bank 

stocks, which are being hammered in the 

market, he is not worried about the effects of the 

world turmoil on his investments as his portfolio 

is fully hedged by a combination of derivatives, 

ETFs, and extremely long-dated U.S. 

treasury bonds. 

His portfolio goes up in value. This is a 

true story. 

“ Do you like the Vino Nobile, dear?” 


Fast forward to today. A common 

question coming across from our 

advisors and their clients is: 

How should we invest in today’s 

environment? 

client 

advisor 

Effectively, we have: 

¬ Turmoil in Greece, as it teeters with default 

¬ Major deleveraging in the U.S., Japan 

and Europe 

¬ Revolutions in the Middle East 


Helping a client navigate through this is a tall 

order in the best of circumstances, but 

advisors are also voicing the concerns of their 

clients, who have lived through a decade of 

tremendous turmoil, such as: 

¬ “ We are getting older and need our 

portfolios to provide income” 

¬ “ We want to deal with a reputable 

investment firm and have some 

predictability in returns” 

¬ “ We worked hard for our money and want 

to try to protect it on the downside while 

participating on the upside” 

This challenge is not going away anytime soon, 

for advisors or their clients. In an environment 

of low bond yields, even on corporate credit, 

security comes with a price…low returns! 

At Standard Life Investments, our team is 

renowned for developing and managing leading 

solutions to deal with various investing 

environments. Such is the case surrounding 

investing in dividends, with our Canadian and 

Global Dividend mandates for example, which 

have attractive yields relative to bonds at the 

present time. The problem with this strategy in 

the current context is that it does not 

completely offset client concerns expressed 

¬ Policy shifts in China 

¬ Volatile markets reflecting 

uncertainty over inflation, doubledips, 

credit events, etc. 

above, as the strategy retains a level of volatility 

due to its correlation with the various stock 

markets. Somewhere between these two 

options, advisors have come to depend upon 

tried and true balanced approaches, such as the 

Standard Life Mutual Funds Monthly Income 

Fund – but even these solutions cannot answer 

all of the above client concerns. 

The team at Standard Life Investments is proud 

to introduce its newest mandate from the 

Standard Life Mutual Funds (SLMF) fund family, 

the Tactical Income Fund, as a solution to the 

current investing environment and 

client concerns. 

The fund is designed with the proven talents of 

Standard Life Investments’ team-based 

approach in order to: 

¬ Seek opportunities in all market conditions 

¬ Aim to protect capital through 

turbulent markets 

¬ Deliver income along the way

1. 

2. 

3. 

The following key elements 

outline the approach the 

Tactical Income Fund will 

base itself upon: 

Manage overall volatility: 

The fund will utilize an active asset allocation 

policy to dynamically aim to protect against 

down markets, while opportunistically 

investing in positive market conditions 

by seeking any yield producing security 

or market, based upon its projected 

return profile. 

Produce income: 

By investing in dividend-paying stocks and 

higher yielding interest-bearing bonds, 

the fund will seek to produce a total return 

sufficient to fund the stated monthly 

distributions with excess returns contributing 

to future portfolio growth. 

Rely upon a trusted and proven 

investment platform: 

Standard Life Investments will be combining 

its broad and seasoned expertise to manage 

the solution for your clients: 

a. Corporate bonds (previously Corporate 

High Yield Bond) and duration strategy: 

Utilizing the investment strategies 

underlying the Corporate Bond Fund, the 

fixed income component of the Tactical 

Income Fund will be invested in higher 

yielding, investment grade corporate 

bonds and will be managed with an 

unconstrained duration management 

guideline to manage and profit from 

swings in bond yields. 

b. Dividend equity strategy: 

We originally pioneered dividend investing 

in 1994, and will feature higher-yielding 

dividend-paying securities in the Tactical 

Income Fund – evaluated to deliver income 

and dividend growth over an entire cycle, 

similar to the strategy currently employed in 

the Monthly and Diversified Income Funds. 

c. Dynamic asset allocation: 

As part of the Standard Life Investments 

culture, focusing on both return and risk, 

the Tactical Income Fund will benefit from a 

long history of successful active asset 

allocation decision making. With an 

unconstrained asset allocation – that can 

run from 100% fully invested in equities, to 

100% fully invested in bonds or cash – the 

strategy is based on our proven 

institutional asset allocation process, so as 

to produce returns that meet the 

expectations of investors, with a particular 

focus on aiming to protect capital in down 

markets, while allowing returns to be 

captured in up markets. 


Portfolio manager 

philosophy 

The fund design and construction 

is based upon the following 

principles and philosophies: 


1. Yield and dividend growth drive 

total return 

Over a longer time period, the major drivers of 

equity total returns are dividend yields 

followed by the growth in dividends. We 

understand this well, as this philosophy has 

underpinned our dividend fund strategies 

since we created them in 1994. We aim to 

balance the return from yield with that of 

growth. Too much yield and you risk sacrificing 

growth, while too much growth with too little 

yield and you get the increased volatility of the 

equity market. 

2. Yield is not always where you are 

looking 

In different phases of the market cycle, yield 

can be found in different asset classes. For 

example, at the height of the tech boom in 

2000, dividend yields were minuscule, while 

yields on corporate and government bonds 

were deemed attractive by Standard Life 

Investments – but almost entirely shunned by 

investors, as it was “different this time.” A 

decade later, bond returns have trumped 

stocks in most markets. Interestingly, today 

we see the reverse, as Government bond 

yields are lower than almost any time in the 

past 50 years; Corporate yields are more 

attractive, but back to their pre-crisis lows and 

equity yields are at their highest levels in 

absolute terms in over 30 years and relative to 

bonds, dating back to the 1950s. 

Yields across asset classes 

9 

8 

7 

6 

5 

4 

3 

96 99 02 05 08 11 

Earnings Yield S&P 500 BAA US30 

Source: Thomson Reuters Datastream

3. Maximize agility to take advantage 

of opportunities 

Utilizing Standard Life Investment’s distinctive 

Focus on Change investment philosophy 

implemented by a global team of investment 

professionals, innovative strategies will be 

evaluated for application to achieve the fund’s 

objectives, for example: 

a. Hedging currency risk with U.S. Treasuries: 

Although counter-intuitive, as can be seen 

below, one of the best ways to hedge an 

underlying Canadian equity position is to 

buy long U.S. bonds. The diversification 

comes from duration, with long rates 

typically falling (and prices rising) when 

equities fall (and vice-versa). As well, the 

U.S. dollar typically has acted as a “flight to 

safety” and appreciated during periods of 

stress vs. the loonie. 

Treasury bonds hedge Canadian equities 

170 

150 

120 

90 

60 2006 2007 2008 2009 2010 2011 

S&P/TSX Composite Index – Tot return ind (~ C$) 

BofAML US Treasury 10+y ($) – Tot return ind (~ C$) 

DEX Capital Overall Universe – Tot return ind (~ C$) 

Source: Thomson Reuters Datastream 

b. Supplement equity returns with Corporate 

and High Yield Bonds: 

In 2008, witnessing the liquidity 

meltdown’s effects on corporate bonds as 

spreads to governments widened to levels 

not seen in decades, we used more 

corporate bonds in all of our portfolios to 

achieve a better risk-reward trade-off for 

our clients. With a Global Credit Team in the 

U.S. and U.K., the fund will benefit from a 

wide range of Fixed Income options at 

opportune times such as this. 

Barclays BAA intermediate corp spread over 

7-10 yr+ treasury 

8 

7 

6 

5 

4 

3 

2 

1 

0 

91 95 00 05 10 

(LHI BAAI (RY)-LHT7T10(RY)) 


c. Overlay the Standard Life Investments Asset 

Mix views onto the fund: 

Utilizing the established and successful 

approach implemented for Institutional and 

Retail clients, the fund will apply Asset Mix 

decisions to the strategic weighting, thus 

attempting to reduce the impact of the 

downturn on your clients. The Tactical Income 

Fund will benefit the most from asset 

allocation calls as it will implement Asset Mix 

decisions without constraint. 

Canadian asset classes 

160 

150 

140 

130 

120 

110 

100 

90 

J S D M J S D M J 

S&P 500 Composite – Tot return ind 

DEX Capital Overall Universe – Tot return ind 

S&P/TSX Composite Index – Tot return ind 


The Tactical Income Fund is 

designed to take advantage of 

the Standard Life Investments 

investment process combining 

asset allocation, stock selection, 

portfolio construction, risk 

management and timely trading. 

With its distinctive Focus On 

Change Investment Philosophy 

the fund is designed to: 

¬ Focus on absolute returns over 

market cycles 

¬ Deliver income to support a 

steady monthly distribution 

¬ Take advantage of the 

professional, institutional 

management style of 

Standard Life Investments 

“ 

Oh, would you like another glass of 

Vino Nobile? 

The Quarterly Review 13 

“

14 The Quarterly Review

Searching 

for yield 

by Carlos Da Costa Frias 

Coming out of the 

credit crisis 

in 2009 

a clear need for higher income and 

lower volatility emerged from 

investors within the mutual fund 

industry. Funds that could 

generate income, such as Monthly 

Income Funds, became even more 

popular than before. Despite 

certain portfolio constraints, most 

Monthly Income Funds gave 

investors a balanced approach to 

the markets – providing both 

equity exposure and income 

generation within their portfolio. 

The year 2010 provided attractive 

capital gains and, as stock prices 

rose, equity yields consequently 

declined, resulting in lower overall 

dividend income. Let’s take a quick 

look at how markets have been 

performing for the first half of the 

year. The year 2011 got off to a 

good start for the major Canadian 

and U.S. indices; but since then, we 

have seen recent volatility pare 

down almost all of those gains. On 

a year-to-date basis, we are looking 

at a 0.2% return for the S&P/TSX 

Composite index and a 2.8% return 

for the S&P 500 (CAD) index. 

Canadian & U.S. YTD Index Returns 

5.00% 

4.00% 

3.00% 

2.00% 

1.00% 

0.00% 

-1.00% 

-2.00% 

-3.00% 

-4.00% Jan Feb Mar Apr May Jun YTD 

Source: PALTrak, June 2011 

S&P/TSX Composite S&P 500 


hile neither market has taken a 

strong direction upwards nor 

downwards, 2011 has shown there are 

lingering concerns throughout the 

globe that may cause more volatility, 

and perhaps, more concerns for 

investors. Investors have not yet 

forgotten about the difficult year that 

was 2009. 


The Tactical Income Fund versus a 

Monthly Income Fund 

As stated earlier, Monthly Income Funds have 

become very popular for investors seeking a 

balanced approach to investing – to generate 

income and a stable distribution. While this is 

great for investors seeking a balanced approach, 

it also means that most investors of Monthly 

Income Funds are subject to considerable equity 

exposure within their portfolio. For example, the 

very successful Standard Life Monthly Income 

Fund falls into the Canadian Neutral Balanced 

category within Morningstar, where most 

Monthly Income Funds are found. 

Within the first 6 months of 2011, we have 

experienced sovereign debt difficulties within 

European countries, a Japanese earthquake, a 

Canadian election, high U.S. government debt 

levels with the risk of default, and a rapidly 

rising Canadian dollar causing concerns for 

exporters, among other issues. 

Average Canadian Neutral Balanced Mutual Fund 


Canadian Equities 

(38.6%) 

U.S. Equities (9.0%) 

International Equities 

(5.9%) 

Cash (8.4%) 

Preferred Equities 

(1.4%) 

Fixed Income (34.8%) 

Investment Fund 

(0.9%) 

Other (1.0%) 

By looking at the pie chart above, we can see 

that the average mutual fund within this category 

holds approximately 60% in equities. For those 

investors whose first priority has become income 

generation, this may not be ideal.

In light of these investor concerns, the need 

for equity exposure has taken a back seat to a 

more pressing need for income generation for 

retirement and other needs for their portfolio. 

Let’s now turn our focus to the Standard Life 

Tactical Income Fund. 

How is the Standard Life Tactical 

Income Fund different? 

The Standard Life Tactical Income Fund aims to 

provide you with a higher predictable income 

stream than most traditional investments. How 

so? The secret is in the fund’s flexibility. Most 

Monthly Income Funds and Balanced Funds have 

a predetermined asset mix with asset class 

ranges for some flexibility. The Standard Life 

Tactical Income Fund is designed to have fewer 

asset class restrictions and more flexibility with 

regards to global sources of income and yield. 

Potential Tactical Income Fund asset allocation 

Fixed Income 

allocation Global 

0-100% investment 

opportunities 

Equity 

allocation 

0-100% 

As per the above visual, the asset allocation 

ranges for the fund vary from 0-100% in fixed 

income or 0-100% in equity exposure. This 

allows our portfolio manager to adjust 

investments based on the current market 

outlook at any given time. 

Standard Life Investments: A 

responsible portfolio manager 

Standard Life Investments (SLI), our portfolio 

manager for the Standard Life Tactical 

Income Fund, manages the fund with the 

appropriate asset mix – given market 

conditions – by searching globally for 

income, yield and investment opportunities. 

SLI uses a rigorous investment process 

backed by solid risk-management controls. 

Research analysts from 

across the globe feed 

the management team 

valuable information so 

they can make sense 

of markets and 

potential investments. 


i 


The Standard Life Tactical Income Fund 

Effective June 15, 2011, the Standard Life Global 

Monthly Income Fund was reintroduced as the 

Standard Life Tactical Income Fund to reflect its 

transition towards a fund seeking yield. While 

our portfolio manager has looked at various 

investment vehicles to populate the fund, two 

major asset classes currently dominate: 

Corporate bonds: While there are numerous 

benefits of investing in bonds, there are two 

main benefits derived from investing in 

corporate bonds. 

1. Attractive yields: With money market yields, 

interest rates, and Guaranteed Investment 

Certificates offering very low historical rates, 

investors have to search elsewhere for higher 

yield. Corporate bonds offer opportunity with 

significantly less risk than equity investments. 

2. Diversification: While government bonds 

provide generally a higher degree of safety, 

the returns are lower than equities because 

they don’t provide full access to the market. 

With corporate bonds, you can choose from a 

variety of sectors, structures, and credit 

qualities. Although high yield corporate bonds 

are considered riskier investments than their 

government counterpart, their addition to a 

portfolio can increase diversification – and 

they may actually reduce overall portfolio risk 

in a balanced portfolio. 

For more information about corporate 

bonds, their risks, and Standard Life Mutual 

Funds, you can refer to an earlier article from 

our March 2009 edition, “Corporate Bonds 

and the Standard Life Corporate High Yield 

Bond Fund.” It’s important to note that the 

Standard Life Corporate Bond Fund (formerly 

Standard Life Corporate High Yield Bond Fund) 

has not experienced a default since its inception 

in 2000. 

Dividends: While the fund has the ability to buy 

dividend paying companies anywhere in the 

world, the Canadian market provides a good 

example of the benefits of dividend paying 

companies. Yes, at Standard Life Mutual Funds, 

we have written numerous articles on the 

benefits of dividend investing. Dividend paying 

companies provide income. They generally 

provide lower volatility. And even more, they 

have provided higher returns. In the search for 

yield, dividend paying companies are not a bad 

place to look. 

10 Year Risk/Return Report at June 30, 2011 

Return (%) 

6.5 

6.0 

Risk Low 

Return 

High 

Risk High 

Return 

High 

5.5 

Risk Low 

Risk High 

Return 

Return 

5 Low 

low 

10 11 12 13 14 15 

Risk (% Annualized standard 

deviation of monthly return) 

Average Canadian Dividend & Income Equity 

Average Canadian Equity 


The visual above illustrates our point. The 

Average Canadian Dividend & Income Equity 

Fund in Morningstar has provided higher returns 

with lower risk over the past 10 years, when 

compared to the Average Canadian Equity Fund. 

In quantifiable terms, the Average Canadian 

Dividend & Income Equity Fund provided 

approximately 1% more over 10 years, with close 

to 25% lower volatility! 

The search for yield 

The search for income and yield is on. There are 

concerns on the horizon within Canada, U.S., 

Europe, and beyond. Investors have begun 

searching for mutual funds whose primary focus 

is to generate income with lower volatility. Equity 

exposure is not a must. Income is a must. The 

Standard Life Tactical Income Fund will search 

the globe, through corporate bonds, dividend 

paying companies and other investments for 

income and yield. Furthermore, this search for 

yield is in the hands of a reputable 

portfolio manager.

Standard Life Money Market Fund 

Category 

Canadian Money Market 

Investment Objective 

The investment objective of the fund is to preserve 

capital and provide liquidity and a competitive rate of 

short-term interest income. The Fund invests in cash and 

money market securities of Canadian issuers. 

Volatility Analysis 

Investment 

Low 

Category 

Moderate High 

Operations 

Series Load Structure Fund Code 

A Defer Sales Charge SLM053 

A Front End Charge SLM253 

A Low Load Charge SLM153 

E No Sales or Redem SLM853 

L No Sales or Redem SLM453 

A Inception 10-01-1992 

E Inception 07-02-2003 

L Inception 07-03-2002 

A Management Fee 0.90% 

E Management Fee 0.90% 

L Management Fee 0.90% 

Disclaimer 

** Not annualized 

For advisor use only. This document is not 

intended for public distribution. 

Note: This page is not complete without 

disclaimers. Please refer to the end of this 

document for details. 

Standard Life Mutual Funds Ltd. 

Benchmark 

DEX 91-Day T-Bill Index 

Performance Analysis as of 06-30-2011 

Published: 07-20-2011 | PC 5687 

15 Growth $10,000 

14 

Series A 

13 

Benchmark 

12 

11 

10 

9 

©2011 Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to 

be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ? 

10.0 

7.5 

5.0 

2.5 

0.0 

Calendar 

Year Returns % 

Series A 

Benchmark 

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD Calendar Year 

3.9 1.5 2.1 1.4 1.7 3.1 3.6 2.7 0.5 0.2 0.2 Series A % 

4.7 2.5 2.9 2.3 2.6 4.0 4.4 3.3 0.6 0.5 0.5 Benchmark % 

Annualized Returns as of 06-30-2011 3 Month** 1 Year 3 Year 5 Year 10 Year Since Fund Inception 

Series A 0.1 0.3 0.6 1.8 1.9 3.1 

Series E 0.1 0.3 0.6 1.8 — 1.8 

Series L 0.1 0.3 0.6 1.8 — 1.8 

Index 0.2 0.9 1.1 2.3 2.6 3.8 

Portfolio Analysis 

Composition % Assets 

Cash 

Fixed Income 

Canadian Equity 

US Equity 

International Equity 

Other 

96.8 

3.2 

0.0 

0.0 

0.0 

0.0 

Top Ten Holdings % Assets 

Canada T-Bill 10-11-2011 

GE Capital Canada Funding C 

Manitoba Prov Cda MTN Cds 02-05-2012 


Transcanada Pipelines Ltd. 

CIBC 4.35% 01-11-2011 



Inter Pipeline Corridor 

HSBC Bk Canada Bankers Accep Cds- (ST) 

Total Number of Portfolio Holdings 

Total Number of Underlying Holdings 

Total Number of Stock Holdings 

Total Number of Bond Holdings 

6.5 

4.8 

4.7 

4.5 

3.5 

3.0 

3.0 

2.8 

2.7 

2.5 

57 

57 

0 

2 

Fixed Income Breakdown % Net Assets 

Government Bonds 0.0 

Corporate Bonds 3.2 

Other Bonds 0.0 

Mortgage Backed Securities 0.0 

ST Investments (Cash & Other) 96.8 

Asset Backed Securities 0.0 

Top 10 Countries % Assets 

Canada 100.0 


Standard Life Canadian Bond Fund 

Category 

Canadian Fixed Income 


The objective of the fund is to provide a relatively high 

level of current income while protecting capital. The 

Fund invests primarily in liquid, high-quality federal and 

provincial government and corporate bonds and 

debentures. 


Investment 

Low 

Category 

Moderate High 

Operations 













Disclaimer 








Benchmark 

DEX Universe Bond Index 


Published: 07-20-2011 | PC 5685 

20 Growth $10,000 

18 

Series A 

16 

Benchmark 

14 

12 

10 

8 




10.0 

7.5 

5.0 

2.5 

0.0 

Calendar 


Series A 

Benchmark 


5.9 6.3 4.3 4.8 4.7 2.7 1.9 3.2 6.7 5.5 1.6 Series A % 

8.1 8.7 6.7 7.1 6.5 4.1 3.7 6.4 5.4 6.7 2.2 Benchmark % 


Series A 2.3 3.7 5.1 4.8 4.7 5.8 

Series E 2.3 3.7 5.1 4.8 — 4.1 

Series L 2.4 4.1 5.5 5.2 — 4.9 

Index 2.5 4.7 6.2 6.0 6.4 7.3 



Cash 

Fixed Income 




Other 

2.5 

97.5 

0.0 

0.0 

0.0 

0.0 


Canada Hsg Tr No 1 2.2% 15-03-2014 



Ontario Prov Cda 4% 02-06-2021 

Canada Govt 4% 01-06-2041 

Ontario Prov Cda 4.65% 02-06-2041 

Quebec Prov Cda 5% 01-12-2041 

Montreal Que 4.5% 01-12-2021 

Montreal Que 5% 01-12-2018 






7.9 

5.6 

4.8 

4.3 

3.2 

2.9 

2.8 

2.6 

1.9 

1.9 

127 

127 

0 

123 









Canada 98.2 

United States 1.8

Standard Life Corporate Bond Fund 

Category 



The investment objective of the fund is to provide a bond 

portfolio offering superior income to traditional bond 

funds, primarily in corporate bonds of Canadian 

Companies. The Fund may also invest in corporate bonds 

of foreign issuers. 


Investment 

Low 

Category 

Moderate High 

Operations 






F No Sales or Redem SLM965 




F Inception 07-06-2006 




F Management Fee 1.00% 


Disclaimer 







Benchmark 

DEX Universe Bond Index 


Published: 07-20-2011 | PC 5314 

20 Growth $10,000 

18 

Series A 

16 

Benchmark 

14 

12 

10 

8 



30 

20 

10 

0 

-10 

Calendar 


Series A 

Benchmark 


5.1 6.7 11.1 6.6 5.1 3.6 -2.4 -5.9 15.8 6.7 1.8 Series A % 

8.1 8.7 6.7 7.1 6.5 4.1 3.7 6.4 5.4 6.7 2.2 Benchmark % 


Series A 1.9 3.9 6.6 4.3 5.2 5.3 

Series E 2.0 4.4 7.2 4.9 — 4.9 

Series F 2.2 5.0 7.7 — — 5.4 

Series L 2.1 4.8 7.5 5.2 — 5.4 

Index 2.5 4.7 6.2 6.0 6.4 6.7 



Cash 

Fixed Income 




Other 

4.8 

95.2 

0.0 

0.0 

0.0 

0.0 


Toronto Dominion Bank Cds FRN 14-12-2105 

Royal Bank Of Canada FRN 15-06-2020 

Investors Grp 6.58% 07-03-2018 

Amer Express Cda Cr 4.853% 03-10-2014 

Loblaw Cos 6.05% 09-06-2034 

Canada Govt 3.25% 01-06-2021 

Laurentian Bk Cda FRN 02-11-2020 

Sobeys Inc Mtn Cds- 7.16% 26-02-2018 


Citigroup Fin Cda 6.75% 22-09-2014 





1.9 

1.8 

1.8 

1.7 

1.5 

1.5 

1.5 

1.4 

1.4 

1.4 

129 

129 

0 

123 









Canada 94.8 

United States 5.2 


Standard Life International Bond Fund 

Category 

Global Fixed Income 


To provide superior income returns and currency 

diversification. The Fund invests primarily in the foreign 

currency debt securities of high-quality issuers. The 

fundamental investment objective of the Fund may only 

be changed with the approval of a majority of unitholders 

at a meeting called for that purpose. 


Investment 

Low 

Category 

Moderate High 

Operations 













Disclaimer 








Benchmark 

JP Morgan Global Government Bond Index (CA$) 


Published: 07-20-2011 | PC 5313 

15 Growth $10,000 

14 

Series A 

13 

Benchmark 

12 

11 

10 

9 




45 

30 

15 

0 

-15 

Calendar 


Series A 

Benchmark 


9.4 15.7 -8.9 -0.9 -7.6 6.3 -7.2 31.3 -12.0 0.9 0.7 Series A % 

5.4 18.4 -6.6 2.0 -9.2 5.6 -6.2 40.7 -13.7 0.8 0.9 Benchmark % 


Series A 2.4 -0.5 3.4 3.6 2.0 3.7 

Series E 2.6 0.0 4.0 4.2 — 1.3 

Series L 2.7 0.3 4.4 4.6 — 2.0 

Index 2.5 0.0 4.6 4.6 3.2 4.4 



Cash 

Fixed Income 




Other 

6.8 

93.2 

0.0 

0.0 

0.0 

0.0 


Japan 0.5% 20-12-2014 

UK Treasury 4.75% 07-03-2020 

Province of Quebec 3.625% 10-02-2015 

US Treasury Note 1.375% 15-09-2012 

US Treasury Bond 4.375% 15-05-2041 

Quebec Prov Cda 1.6% 09-05-2013 

US Treasury Bond 4.25% 15-11-2040 

Government of France 4% 25-10-2038 

Quebec Prov Cda 7.5% 15-09-2029 

Government Of France 2.5% 





8.2 

6.5 

6.0 

6.0 

5.8 

5.8 

5.2 

4.0 

3.5 

3.1 

39 

39 

0 

35 









Canada 41.6 


Japan 9.2 

France 7.1 

United Kingdom 6.5 

Germany 5.4 

Norway 1.9 

Australia 1.6 

Luxembourg 1.2

Standard Life Diversified Income Fund 

Category 

Canadian Fixed Income Balanced 


To provide a regular flow of income. The Fund invests 

primarily in a diversified portfolio composed of debt and/ 

or debt-like securities and equity and/or equity-type 

securities. 


Investment 

Low 

Category 

Moderate High 

Operations 













Disclaimer 








Published: 07-20-2011 | PC 5696 

Benchmark 

25% DEX ALL Corporate Bond; 25% S&P/TSX Income Trust TR; 20% DEX Universe Bond; 15% DEX Real Return Bond; 10% S&P/TSX Capped 

Equity TR; 5% DEX 91-Day T-Bill 


20 Growth $10,000 

18 

Series A 

16 

Benchmark 

14 

12 

10 

8 



20 

10 

0 

-10 

-20 

Calendar 


Series A 

Benchmark 


— — — — — 1.6 1.5 -12.5 16.3 8.0 2.7 Series A % 

— — — — — 3.1 4.4 -8.8 21.1 13.1 5.5 Benchmark % 


Series A 1.0 9.4 4.3 3.5 — 3.3 

Series E 1.2 10.1 4.8 4.1 — 3.9 

Series L 1.3 10.8 5.6 4.8 — 4.6 

Index 0.8 15.6 6.6 7.0 — 6.9 



Cash 

Fixed Income 




Other 

6.5 

54.9 

32.8 

5.8 

0.0 

0.0 




The Toronto-Dominion Bank 

Bank of Nova Scotia 



Royal Bank of Canada 

Canadian Imperial Bank of Commerce 

Canada Govt 4% 01-06-2041 

Canada Govt 4% 01-06-2017 





4.9 

3.2 

2.6 

2.5 

2.4 

2.2 

2.0 

1.9 

1.6 

1.5 

165 

165 

53 

106 








Top 5 Global Equity Sectors % Net Assets 

Financials 17.8 

Energy 7.5 

Telecommunication Services 4.1 

Utilities 2.2 

Health Care 2.2 


Canada 

United States 

93.4 

6.6 


Standard Life Monthly Income Fund 

Category 

Canadian Neutral Balanced 


To provide a regular flow of monthly revenue by 

investing primarily in equities and fixed income 

investments. These securities can be Canadian or 

foreign. 


Investment 

Low Moderate High 

Category 

Operations 








T Defer Sales Charge SLM069T 

T Front End Charge SLM269T 

T Low Load Charge SLM169T 





T Inception 07-08-2008 





T Management Fee 2.00% 

Disclaimer 








Published: 07-20-2011 | PC 5311 

Benchmark 

32% S&P/TSX Capped Equity TR; 19% DEX Long Term Govt Bond; 19% DEX All Corporate Bond; 15% S&P/TSX Income Trust; 10% S&P 500 

TR (CA$); 5% DEX 91-Day T-Bill 


25 Growth $10,000 

22 

Series A 

19 

Benchmark 

16 

13 

10 

7 




30 

15 

0 

-15 

-30 

Calendar 


Series A 

Benchmark 


— — 12.2 11.5 14.1 7.4 2.2 -15.9 15.9 8.4 2.7 Series A % 

— — 16.2 10.6 15.3 9.4 4.6 -16.4 21.2 14.2 3.4 Benchmark % 


Series A 0.2 11.4 4.0 3.9 — 6.1 

Series E 0.3 12.0 4.5 4.4 — 7.1 

Series F 0.4 12.6 5.1 5.0 — 5.1 

Series L 0.5 12.8 5.3 5.2 — 7.5 

Series T 0.2 11.5 — — — 4.3 

Index -0.8 16.4 4.6 6.2 — 8.6 



Cash 

Fixed Income 




Other 

8.7 

29.4 

49.5 

12.1 

0.3 

0.0 







Cenovus Energy, Inc. 

Enbridge, Inc. 

Canadian Pacific Railway Ltd 


Canadian National Railway Co 





3.6 

3.4 

3.0 

2.9 

2.3 

2.0 

1.9 

1.7 

1.7 

1.7 

174 

698 

585 

102 










Energy 10.6 

Industrials 8.3 


Consumer Discretionary 3.5 


Canada 

United States 

Switzerland 

86.7 

13.0 

0.3

Standard Life Tactical Income Fund 

Category 

Tactical Balanced 


To generate income with the potential for long term 

capital growth. The Fund invests primarily in fixed 

Category income and equity securities of Canadian and foreign 

Tactical issuers. Balanced 

Volatility Investment Analysis Objective 

Benchmark 

Not Available 

Standard Life Tactical Income Fund 


Benchmark 

Not Available 


Published: 07-20-2011 | PC 6221 

Published: 09-14-2011 | PC 6221 

14 Growth $10,000 

13 

Series A 

12 

Benchmark 

11 

10 

9 

8 

To generate Investment income with the potential for long term 

capital 

Low 

growth. The Fund 

Moderate 

invests primarily in fixed 

High 

income and equity securities of Canadian and foreign 

Category 

issuers. 

15 

10 

14 

13 5 

12 

0 

11 

Calendar Growth $10,000 

Year Returns Series A% 

Series Benchmark A 

Benchmark 

Operations 

Series Load Structure 

A Defer Sales Charge 

A Front End End Charge 

Fund Code 

SLM070 SLM070 

SLM270 SLM270 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 

10 -5 

9 

-10 

10.0 

YTD 

7.5 

Calendar 


Calendar Year 

Series A 

A 

EE LL Low Load Charge 

No Sales Sales or Redem 

No Sales Sales or or Redem 

SLM170 

SLM870 

SLM470 

— 

— 

— 

— 

— 

— 

— 

— 

— 

— 

— 

— 

— 

— 

-9.9 

— 

5.1 

— 

4.0 

— 

2.1 

— 

5.0 

2.5 

Series Benchmark A % 

Benchmark % 

T Defer Defer Sales Charge Charge SLM070T SLM070T Annualized Returns as of 06-30-2011 3 Month** 1 Year 3 Year 5 Year 10 Year 0.0 Since Fund Inception 

T Front End Charge SLM270T SLM270T Series A 0.5 11.2 1.6 — — -0.2 

T Low Low Load Charge SLM170T Series 2001E 2002 2003 2004 2005 0.62006 11.7 2007 20082.1 2009 2010 — YTD — Calendar Year 0.3 

A 

E 

L 

Inception 

Inception 

Inception 

07-06-2007 

07-06-2007 

07-06-2007 

Series L 

— 

Series T 

— 

Index 

— 

— 

— 

— 

— 

— 

0.8 

— — 

0.5 

— — 

— 

12.5 

— 

11.1 

— 2.8 

— 

— 

— 

— 

— 

— 

— 

— — — 

— 

— 

— 

— 

Series A % 

Benchmark % 

1.0 

1.7 

— 

T Inception 07-08-2008 Annualized Portfolio Returns Analysis as of 08-31-2011 3 Month** 1 Year 3 Year 5 Year 10 Year Since Fund Inception 

A 

E 

L 

T 

Management Fee 




2.00% 

1.50% 

1.15% 

2.00% 

Series A 

Composition 

Series E 

Series L 

Series T 

Index 

— 

— 

Cash 

— 

Fixed Income 

— 


— 


— 

% Assets 

— 

3.8 

— 

33.9 

— 

50.6 

— 

9.7 

— — 

Fixed Income Breakdown 

Government 

— 

Bonds 

— 

Corporate 

— 

Bonds 

— 

Other 

— 

Bonds 

— 

Mortgage 

— 

Backed 

— 

Securities 

— 

— 

— 

— 

— 

— 

% Net Assets 

22.9 

— 

10.5 

— 

0.4 

— 

0.0 

— 

Disclaimer 


For For advisor use only. This document is not 

intended for public distribution. distribution. 

The Standard Life Life Tactical Income Fund (formerly 

Standard Standard Life Life Global Equity Monthly Fund) Income underwent Fund) an 

investment underwent an objective investment change objective effective change June 15, 

2011. effective This June change 15, 2011. was significant This change for was the Fund 

and, significant had the for change the Fund been and, in had effect the during change thebeen 

measurement in effect during period, the measurement it could have period, had a material it could 

effect have had on the a material performance. effect on the performance. 

Note: This page is not not complete without 

disclaimers. Please refer to the end of this this 

document document for details. 

Portfolio Analysis International Equity 2.0 

Composition Other 

% Assets 0.0 

Cash 

5.7 

Top Ten Holdings Fixed Income % Assets 35.8 

Canada Hsg Tr No 1 2.2% 15-03-2014 Canadian Equity 46.7 9.9 

The Toronto-Dominion Bank US Equity 10.2 3.6 

Bank of Nova Scotia International Equity 3.6 1.6 

Canada Govt 4.25% 01-06-2018Other 

3.5 0.0 


3.2 

Top Royal Ten Bank Holdings of Canada 

% Assets 3.0 

Ontario Bank of Prov Nova Cda Scotia 4.4% 02-06-2019 

2.1 3.4 

Canadian The Toronto-Dominion National Railway Bank Co 

2.0 3.4 

Cenovus Canadian Energy, Imperial Inc. Bank of Commerce 

1.9 3.1 

Ontario Canada Prov Hsg Tr Cda No 5.85% 1 2.2% 08-03-2033 15-03-2014 

1.9 2.7 

Royal Total Number Bank of Canada of Portfolio Holdings 

163 2.2 

Enbridge, Total Number Inc. of Underlying Holdings 

204 2.0 

ST Investments (Cash & Other) 

Asset Backed Securities 

Fixed Income Breakdown 

Government Bonds 

Top 5 Global Equity Sectors 

Corporate Bonds 

Financials 

Other Bonds 

Energy 

Mortgage Backed Securities 

Industrials 

ST Investments (Cash & Other) 

Materials 

Asset Backed Securities 

Telecommunication Services 

Top 5 Global Equity Sectors 

Top 5 Countries 

Financials 

Canada 

Energy 

United States 

Industrials 

United Kingdom 

Telecommunication Services 

Australia 

Materials 

Top 5 Countries 

3.8 

0.0 

% Net Assets 

5.8 

% Net Assets 

29.2 

24.7 

0.8 

12.1 

0.0 

7.7 

5.7 

4.2 

0.0 

3.7 

% Net Assets 

% Assets 

23.2 

87.9 

12.9 

10.1 

7.2 

1.0 

3.8 

1.0 

3.1 

% Assets 

Standard Life Mutual Funds Funds Ltd. 

TELUS Total Number Corp of Stock Holdings 

BCE Total Inc Number of Bond Holdings 

1.9 91 

110 1.9 

Canada 

United States 

86.8 

11.7 


1.8 Australia 

1.1 

ARC Resources Ltd. 

1.8 United Kingdom 

0.5 


191 


191 


47 

©2011 Morningstar Research Inc. All Rights Reserved. The information contained herein: Total (1) Number is proprietary of Bond to Morningstar Holdings and/or its content providers; (2) may 137not 

be copied or distributed; and (3) is not warranted to 



Standard Life Canadian Dividend Growth Fund 

Category 

Canadian Dividend & Income Equity 


To generate both capital growth and income. The Fund 

invests primarily in a diversified portfolio of dividend 

paying Canadian equities. 


Investment 

Low Moderate 

Category 

High 

Operations 





















Disclaimer 








Benchmark 

S&P/TSX Capped Equity TR Index 


Published: 07-20-2011 | PC 5315 

22 Growth $10,000 

19 

Series A 

16 

Benchmark 

13 

10 

7 

4 




40 

20 

0 

-20 

-40 

Calendar 


Series A 

Benchmark 


6.1 -3.6 19.3 15.4 21.4 12.0 4.2 -33.1 22.4 7.2 4.4 Series A % 

-12.6 -12.4 26.7 14.5 24.2 20.2 10.2 -33.9 34.5 16.9 -0.3 Benchmark % 


Series A -0.6 16.8 -2.0 1.2 5.9 11.5 

Series E -0.6 16.7 -2.1 1.2 — 7.1 

Series F -0.5 17.4 -1.5 1.7 — 3.4 

Series L -0.4 17.7 -1.3 2.0 — 7.2 

Series T -0.6 16.8 — — — -0.9 

Index -5.2 20.1 -0.1 5.8 8.1 9.6 



Cash 

Fixed Income 




Other 

0.9 

0.0 

96.0 

3.1 

0.0 

0.0 








TELUS Corp 

BCE Inc. 

National Bank of Canada 






6.1 

6.0 

5.1 

5.0 

4.6 

4.2 

4.0 

3.8 

3.5 

3.0 

48 

48 

44 

0 

Global Equity Sectors % Net Assets 

Utilities 4.0 

Energy 19.9 


Materials 1.1 


Consumer Staples 2.1 




Information Technology 0.0 

Unclassified 0.0 


Canada 96.9 

United States 3.1

Standard Life Dividend Income Fund 

Category 




invests primarily in a diversified portfolio of high-yielding 

equity and equity-type securities. The Fund may also 

invest in fixed income investments and money market 

instruments. 


Investment 

Low Moderate 

Category 

High 

Operations 













Disclaimer 








Benchmark 

S&P/TSX Capped Composite TR Index 


Published: 07-20-2011 | PC 6222 

11 Growth $10,000 

10 

Series A 

9 

Benchmark 

8 

7 

6 

5 



40 

20 

0 

-20 

-40 

Calendar 


Series A 

Benchmark 


— — — — — — — -28.8 16.6 7.7 4.0 Series A % 

-8.4 -12.4 26.7 14.5 24.1 17.3 9.8 -33.0 35.1 17.6 0.2 Benchmark % 


Series A -1.0 16.9 -1.4 — — -3.3 

Series E -0.8 17.5 -0.9 — — -2.8 

Series L -0.7 18.3 -0.2 — — -2.1 

Index -5.1 20.9 0.2 5.7 8.0 1.9 



Cash 

Fixed Income 




Other 

7.8 

0.0 

78.4 

13.8 

0.0 

0.0 






TELUS Corp 

BCE Inc. 

Bank of Montreal 


Manulife Financial Corporation 

Spectra Energy Corp 





6.0 

5.8 

4.7 

4.2 

3.3 

3.1 

2.7 

2.5 

2.1 

2.0 

59 

59 

52 

0 


Utilities 5.7 

Energy 18.9 


Materials 1.5 









Canada 86.2 



Standard Life U.S. Dividend Growth Fund 

Category 



To achieve a combination of capital growth and income. 

The Fund invests primarily in a diversified portfolio of U. 

S. equity and equity-type securities and other income 

producing investments. 


Investment 

Low Moderate 

Category 

High 

Operations 













Disclaimer 








Benchmark 

S&P 500 TR Index (CA$) 


Published: 07-20-2011 | PC 6223 

12 Growth $10,000 

11 

Series A 

10 

Benchmark 

9 

8 

7 

6 




30 

15 

0 

-15 

-30 

Calendar 


Series A 

Benchmark 


— — — — — — — -16.7 -1.9 4.4 0.4 Series A % 

-6.4 -22.7 5.2 3.3 1.6 15.7 -10.5 -21.9 8.1 9.3 2.8 Benchmark % 


Series A -1.8 12.1 -1.7 — — -5.8 

Series E -1.7 12.6 -1.2 — — -5.3 

Series L -1.5 13.5 -0.5 — — -4.6 

Index -0.7 18.8 1.5 0.0 -1.8 -2.8 



Cash 

Fixed Income 




Other 

3.0 

0.0 

0.0 

97.0 

0.0 

0.0 


Exxon Mobil Corporation 

Pfizer Inc 

General Electric Co 

Verizon Communications Inc 

Altria Group Inc. 

JPMorgan Chase & Co 

Johnson & Johnson 

Chevron Corporation 

Merck & Co Inc 

Philip Morris International, Inc. 





4.5 

3.9 

3.9 

3.8 

3.6 

3.5 

3.5 

3.5 

3.4 

3.0 

52 

85 

79 

0 


Utilities 3.5 

Energy 12.1 


Materials 4.3 










Canada 3.0

Standard Life Global Dividend Growth Fund 

Category 

Global Equity 


The fund seeks to provide both capital growth and 

income. The fund invests primarily in a globally 

diversified portfolio of equity ,equity-type securities and 

other income producing investments. 


Investment 

Low Moderate 

Category 

High 

Operations 





















Disclaimer 








Benchmark 

MSCI World Index (CA$) 


Published: 07-20-2011 | PC 5695 

18 Growth $10,000 

16 

Series A 

14 

Benchmark 

12 

10 

8 

6 



30 

15 

0 

-15 

-30 

Calendar 


Series A 

Benchmark 


— — — — 5.2 16.3 -2.5 -24.0 5.4 1.1 1.9 Series A % 

-11.3 -20.4 9.4 6.9 7.3 20.2 -7.1 -25.4 11.1 6.5 2.6 Benchmark % 


Series A 0.7 16.8 -2.9 -1.6 — 0.0 

Series E 0.8 17.3 -2.4 -1.1 — 0.6 

Series F 1.0 18.0 -1.9 — — -0.6 

Series L 1.0 18.2 -1.7 -0.4 — 1.2 

Series T 0.7 16.8 — — — -2.4 

Index -0.1 19.1 -0.6 0.0 -0.1 1.7 



Cash 

Fixed Income 




Other 

0.0 

0.0 

2.2 

33.0 

64.8 

0.0 


Apple, Inc. 

BHP Billiton PLC 

Pfizer Inc 


Japan Tobacco Inc. 

PepsiCo, Inc. 

Occidental Petroleum Corporation 

Booker Group PLC 

Nippon Telegraph and Telephon 

AT&T, Inc. 





2.8 

2.4 

2.2 

2.2 

2.1 

2.0 

2.0 

2.0 

1.8 

1.8 

74 

74 

73 

0 


Utilities 4.8 

Energy 8.0 


Materials 6.0 











Japan 8.5 

France 7.6 

Germany 6.3 

Switzerland 5.3 

Portugal 2.7 

Australia 2.5 

Netherlands 2.5 

Others 11.0 


Standard Life Balanced Fund 

Category 



The fund is designed to provide superior capital 

appreciation and steady income. The Fund invests in a 

diversified mix of Canadian and foreign stocks, 

government and corporate bonds, and high-quality 

money market investments. 


Investment 


Category 

Operations 







Disclaimer 








Published: 07-20-2011 | PC 5686 

Benchmark 

35.0% DEX Universe Bond; 32.0% S&P/TSX Capped Comp. TR; 14% S&P 500 TR (CA$); 14% MSCI EAFE (CA$); 5% DEX 91-Day T-Bill 


20 Growth $10,000 

18 

Series A 

16 

Benchmark 

14 

12 

10 

8 




20 

10 

0 

-10 

-20 

Calendar 


Series A 

Benchmark 


-3.3 -5.9 10.4 5.0 11.7 9.8 3.2 -17.4 11.2 7.7 0.7 Series A % 

0.0 -4.1 14.0 9.5 11.9 11.9 3.4 -14.1 15.6 9.8 1.6 Benchmark % 


Series A -1.4 12.5 0.2 2.5 3.4 6.3 

Index -0.7 13.5 3.0 4.9 5.9 8.6 



Cash 

Fixed Income 




Other 

7.5 

30.7 

32.6 

18.7 

10.2 

0.4 





Suncor Energy, Inc. 


Canadian Natural Resources Ltd 


Talisman Energy, Inc. 

Potash Corporation of Saskatchewan, Inc. 






2.8 

2.2 

1.8 

1.6 

1.6 

1.5 

1.4 

1.3 

1.3 

1.2 

211 

1,667 

1,537 

106 










Energy 11.2 

Materials 8.9 




Canada 

United States 


Switzerland 

Germany 

69.6 

19.8 

4.0 

1.6 

0.7

Standard Life Canadian Equity Fund 

Category 

Canadian Focused Equity 


The investment objective is to provide long-term capital 

growth. The Fund invests in a well-diversified portfolio of 

Canadian and American equities. 


Investment 

Low Moderate 

Category 

High 

Operations 













Disclaimer 








Benchmark 



Published: 07-20-2011 | PC 5684 

25 Growth $10,000 

22 

Series A 

19 

Benchmark 

16 

13 

10 

7 



40 

20 

0 

-20 

-40 

Calendar 


Series A 

Benchmark 


-3.9 -14.8 13.2 7.1 21.4 14.2 9.8 -32.9 23.7 12.1 -2.1 Series A % 

-8.4 -12.4 26.7 14.5 24.1 17.3 9.8 -33.0 35.1 17.6 0.2 Benchmark % 


Series A -6.2 16.3 -4.4 2.4 3.7 8.1 

Series E -6.1 16.8 -3.9 2.9 — 7.4 

Series L -5.9 17.6 -3.2 3.6 — 6.8 

Index -5.1 20.9 0.2 5.7 8.0 10.9 



Cash 

Fixed Income 




Other 

3.0 

0.0 

76.8 

18.8 

0.9 

0.4 









Goldcorp, Inc. 


Barrick Gold Corporation 





4.8 

4.8 

4.0 

3.7 

3.5 

3.4 

2.9 

2.9 

2.4 

2.4 

80 

80 

75 

0 


Utilities 0.6 

Energy 21.1 


Materials 18.1 









Canada 80.3 


Colombia 0.9 


Standard Life Canadian Small Cap Fund 

Category 

Canadian Small/Mid Cap Equity 


To generate superior capital growth. The Fund invests in 

a diversified portfolio comprised primarily of small 

capitalization Canadian companies. 


Investment 


Category 

Operations 
















Disclaimer 








Benchmark 

S&P/TSX SmallCap TR Index 


Published: 07-20-2011 | PC 5316 

25 Growth $10,000 

22 

Series A 

19 

Benchmark 

16 

13 

10 

7 




60 

30 

0 

-30 

-60 

Calendar 


Series A 

Benchmark 


3.7 0.5 21.5 19.3 31.6 7.1 7.7 -42.8 43.1 19.5 -10.0 Series A % 

4.2 -3.5 34.4 6.5 10.6 11.6 0.9 -45.5 62.4 35.1 -4.3 Benchmark % 


Series A -12.8 17.3 -3.3 0.5 6.6 9.2 

Series E -12.7 17.8 -2.9 1.0 — 9.1 

Series F -12.6 18.5 -2.3 — — 1.5 

Series L -12.5 18.8 -2.1 1.8 — 8.2 

Index -8.2 29.2 4.7 3.9 6.8 7.2 



Cash 

Fixed Income 




Other 

1.5 

0.0 

92.2 

0.9 

5.4 

0.0 


AuRico Gold Inc 

Canadian Western Bank 

ATS Automation Tooling Systems Inc. 

Stantec, Inc. 

Breakwater Resources, Ltd. 

Canadian Energy Services & Tech Corp 

Torex Gold Resources, Inc. 

C&C Energia Ltd. 

Major Drilling Group International Inc. 

Wajax Corp 





4.3 

4.0 

3.6 

3.3 

3.2 

2.8 

2.7 

2.7 

2.7 

2.7 

55 

55 

51 

0 


Utilities 0.0 

Energy 24.4 











Canada 93.7 

Colombia 2.2 

China 1.9 

Nicaragua 1.3 

United States 0.9

Standard Life U.S. Equity Fund 

Category 



The fund seeks to provide investors with long-term 

capital growth and diversification by investing in a core 

portfolio comprised primarily of mid- to large-sized 

companies listed on U.S. exchanges. The portfolio is well 

diversified among the principal industry sectors and is 

fully diversified by individual equity selections. 


Investment 

Low Moderate 

Category 

High 

Operations 













Disclaimer 








Benchmark 



Published: 07-20-2011 | PC 5688 

11 Growth $10,000 

10 

Series A 

9 

Benchmark 

8 

7 

6 

5 



30 

15 

0 

-15 

-30 

Calendar 


Series A 

Benchmark 


-6.5 -24.6 2.0 1.7 -1.8 12.6 -10.0 -20.1 3.8 4.5 -0.5 Series A % 

-6.4 -22.7 5.2 3.3 1.6 15.7 -10.5 -21.9 8.1 9.3 2.8 Benchmark % 


Series A -2.0 12.1 -2.2 -1.9 -4.0 2.5 

Series E -1.9 12.6 -1.7 -1.4 — 0.0 

Series L -1.8 13.4 -1.0 -0.7 — -0.5 

Index -0.7 18.8 1.5 0.0 -1.8 6.3 



Cash 

Fixed Income 




Other 

3.7 

0.0 

0.0 

95.6 

0.7 

0.0 




Pfizer Inc 

International Business Machines Corp 


Apple, Inc. 

Schlumberger, Ltd. 

Microsoft Corporation 


Wells Fargo & Co 





3.9 

3.0 

2.9 

2.8 

2.8 

2.7 

2.5 

2.4 

2.1 

2.0 

77 

111 

107 

0 


Utilities 1.7 

Energy 12.5 


Materials 6.3 










Canada 3.7 



Standard Life International Equity Fund 

Category 



To provide long-term capital growth and portfolio 

diversification. The Fund invests primarily in a broad 

selection of companies based outside North America. 

The portfolio is diversified at three levels: by region, by 

industry group and by individual stocks. The portfolio 

advisor selects these stocks based on their respective 

growth potential. 


Investment 

Low Moderate 

Category 

High 

Operations 













Disclaimer 








Benchmark 

MSCI EAFE Index (CA$) 


Published: 07-20-2011 | PC 5689 

16 Growth $10,000 

14 

Series A 

12 

Benchmark 

10 

8 

6 

4 




40 

20 

0 

-20 

-40 

Calendar 


Series A 

Benchmark 


-19.0 -20.3 10.3 4.4 8.5 24.5 -1.6 -30.4 12.0 2.5 1.6 Series A % 

-16.3 -16.5 13.8 11.9 11.2 26.4 -5.3 -28.8 12.5 2.6 2.3 Benchmark % 


Series A 1.0 19.3 -3.4 -1.1 -0.6 1.7 

Series E 1.2 19.8 -2.9 -0.5 — 4.1 

Series L 1.3 20.7 -2.2 0.2 — 4.8 

Index 1.0 18.9 -2.9 -0.9 1.4 3.4 



Cash 

Fixed Income 




Other 

2.8 

0.0 

0.0 

0.0 

97.2 

0.0 



HSBC Holdings PLC 

Novartis AG 

Siemens AG 

Sanofi 

BG Group PLC 

Safran 

Sumitomo Mitsui Financial Group, Inc. 

Daimler AG 

National Australia Bank Limited 





3.1 

2.9 

2.2 

2.0 

1.9 

1.8 

1.8 

1.7 

1.7 

1.6 

83 

83 

81 

0 


Utilities 1.9 

Energy 8.6 












Japan 15.5 

Germany 12.5 

France 10.4 


Canada 2.8 

Australia 2.6 


China 2.4 

Others 15.3

Standard Life Global Equity Fund 

Category 



To provide capital appreciation over the medium to 

longer term by investing primarily in equity and equitytype 

securities of multinational companies throughout 

the world. It may also invest in companies that the subadvisor 

expects will achieve multinational status. It is 

intended that income will not be a prime consideration 

for investors in the fund. 


Investment 

Low Moderate 

Category 

High 

Operations 













Disclaimer 








Benchmark 



Published: 07-20-2011 | PC 5312 

18 Growth $10,000 

16 

Series A 

14 

Benchmark 

12 

10 

8 

6 



40 

20 

0 

-20 

-40 

Calendar 


Series A 

Benchmark 


— — 2.6 6.8 7.2 24.7 -6.3 -33.7 19.9 12.2 0.6 Series A % 

-11.3 -20.4 9.4 6.9 7.3 20.2 -7.1 -25.4 11.1 6.5 2.6 Benchmark % 


Series A -0.1 25.1 -1.1 0.3 — 1.4 

Series E 0.1 25.8 -0.6 0.8 — 4.5 

Series L 0.2 26.7 0.1 1.5 — 2.7 

Index -0.1 19.1 -0.6 0.0 -0.1 2.2 



Cash 

Fixed Income 




Other 

2.6 

0.0 

3.3 

35.3 

58.8 

0.0 


Apple, Inc. 

Ingenico 

Citigroup Inc 

The Goldman Sachs Group Inc 

Bayerische Motoren Werke AG BMW 

Siemens AG 

Shire PLC 

Pfizer Inc 

Denso Corporation 

Weir Group PLC 





2.0 

1.6 

1.5 

1.5 

1.5 

1.4 

1.4 

1.4 

1.4 

1.3 

102 

102 

101 

0 


Utilities 1.2 

Energy 9.1 


Materials 9.3 











Germany 8.1 

France 6.6 

Canada 5.9 

Japan 5.5 

China 3.6 

Australia 2.5 

South Korea 2.2 

Others 12.1 


Standard Life European Equity Fund 

Category 

European Equity 


The fundamental investment objective of the fund is to 

provide capital appreciation over the medium to longer 

term by investing primarily in the equity markets of 

Europe. The investments will consist of a diversified 

portfolio of European equities managed with a thematic 

approach, focusing on sector, rather than country asset 

allocation. Income is not a prime consideration for 

investors in the fund. 


Investment 


Category 

Operations 













Disclaimer 








Benchmark 

MSCI Europe Index 


Published: 07-20-2011 | PC 5694 

25 Growth $10,000 

22 

Series A 

19 

Benchmark 

16 

13 

10 

7 




40 

20 

0 

-20 

-40 

Calendar 


Series A 

Benchmark 


— — 12.3 9.1 6.6 30.4 -10.0 -38.2 16.7 -1.5 4.4 Series A % 

-14.6 -18.9 13.8 12.5 7.2 33.8 -3.0 -32.6 16.2 -1.0 6.4 Benchmark % 


Series A 0.8 23.1 -6.1 -4.0 — 0.3 

Series E 0.9 23.8 -5.6 -3.5 — 2.9 

Series L 1.1 24.6 -5.0 -2.9 -0.1 -2.4 

Index 2.0 24.3 -3.0 -0.2 2.0 4.0 



Cash 

Fixed Income 




Other 

3.5 

0.0 

0.0 

0.0 

96.5 

0.0 


Nestle SA 

BP PLC 

Rio Tinto PLC 

Sanofi 

Telefonica, S.A. 

ARM Holdings PLC 

Tullow Oil PLC 

Novo Nordisk A/S 

BNP Paribas 

Storebrand ASA 





4.6 

3.7 

3.2 

2.8 

2.7 

2.7 

2.7 

2.7 

2.5 

2.4 

50 

50 

48 

0 


Utilities 1.9 

Energy 8.4 


Materials 8.5 










France 9.1 


Spain 7.1 

Sweden 6.9 


Denmark 4.1 

Norway 4.0 

Germany 3.7 

Others 15.3

Standard Life U.S. Mid Cap Fund 

Category 

US Small/Mid Cap Equity 


The fundamental investment objective of the fund is to 

provide superior capital growth by investing primarily in 

a diversified portfolio of small-and mid-capitalization 

American companies that consist of traditional growth 

companies. Returns will come primarily in the form of 

capital gains as the companies' shares in which this fund 

invests would not normally pay dividends. 


Investment 


Category 

Operations 













Disclaimer 








Benchmark 

S&P MidCap 400 Index TR (CA$) 


Published: 07-20-2011 | PC 5693 

18 Growth $10,000 

16 

Series A 

14 

Benchmark 

12 

10 

8 

6 



30 

15 

0 

-15 

-30 

Calendar 


Series A 

Benchmark 


— — 6.6 7.7 4.6 11.4 -14.1 -24.6 7.0 17.1 5.0 Series A % 

5.6 -15.4 10.9 8.0 9.7 5.5 -7.3 -21.3 16.7 20.0 5.4 Benchmark % 


Series A 0.1 25.4 1.2 -0.7 — 0.8 

Series E 0.2 26.0 1.7 -0.1 — 3.3 

Series L 0.4 26.8 2.4 0.6 0.7 0.0 

Index -1.5 26.6 6.0 2.7 2.7 4.3 



Cash 

Fixed Income 




Other 

0.7 

0.0 

3.5 

93.4 

2.3 

0.0 


Informatica Corporation 

Nalco Holding Co 

Telephone and Data Systems, Inc. 

Ansys, Inc. 

Raymond James Financial, Inc. 

BorgWarner, Inc. 

Luminex Corporation 

HCC Insurance Holdings Inc. 

ARM Holdings PLC ADR 

Covance, Inc. 





2.7 

2.3 

2.2 

2.1 

2.1 

2.1 

2.1 

2.0 

2.0 

1.9 

83 

83 

81 

0 


Utilities 2.1 

Energy 5.3 


Materials 5.9 










Canada 4.3 


Israel 0.3 


Standard Life Canadian Equity Focus Fund 

Category 



To provide long-term capital growth. The Fund invests 

primarily in a diversified portfolio of Canadian equity and 

equity-type securities. The fundamental investment 

objective of the Fund may only be changed with the 

approval of a majority of unitholders at a meeting called 

for that purpose. 


Investment 


Category 

Operations 













Disclaimer 








Benchmark 



Published: 07-20-2011 | PC 5697 

18 Growth $10,000 

16 

Series A 

14 

Benchmark 

12 

10 

8 

6 




40 

20 

0 

-20 

-40 

Calendar 


Series A 

Benchmark 


— — — — — 8.8 11.0 -37.1 31.1 17.3 -4.0 Series A % 

-8.4 -12.4 26.7 14.5 24.1 17.3 9.8 -33.0 35.1 17.6 0.2 Benchmark % 


Series A -7.7 18.9 -3.9 1.9 — 3.2 

Series E -7.6 19.5 -3.4 2.5 — 3.8 

Series L -7.4 20.3 -2.8 3.2 — 4.5 

Index -5.1 20.9 0.2 5.7 8.0 7.1 



Cash 

Fixed Income 




Other 

0.6 

0.0 

97.8 

0.0 

1.6 

0.0 







Teck Resources Ltd Sub Voting Share 









6.6 

6.2 

5.0 

5.0 

4.6 

4.0 

3.8 

3.8 

3.6 

3.1 

42 

42 

39 

0 


Utilities 0.0 

Energy 30.8 











Canada 98.4 

Colombia 1.6

Standard Life U.S. Equity Focus Fund 

Category 



To achieve long-term capital growth. The Fund invests in 

a diversified portfolio of U.S. equity and equity-type 

securities. 


Investment 

Low Moderate 

Category 

High 

Operations 













Disclaimer 








Benchmark 



Published: 07-20-2011 | PC 6224 

12 Growth $10,000 

11 

Series A 

10 

Benchmark 

9 

8 

7 

6 



30 

15 

0 

-15 

-30 

Calendar 


Series A 

Benchmark 


— — — — — — — -21.5 7.3 1.6 -0.3 Series A % 

-6.4 -22.7 5.2 3.3 1.6 15.7 -10.5 -21.9 8.1 9.3 2.8 Benchmark % 


Series A -2.1 11.5 -2.5 — — -5.8 

Series E -2.0 12.0 -2.0 — — -5.3 

Series L -1.9 12.8 -1.3 — — -4.6 

Index -0.7 18.8 1.5 0.0 -1.8 -2.8 



Cash 

Fixed Income 




Other 

2.7 

0.0 

0.0 

96.2 

1.1 

0.0 



Pfizer Inc 

Macy's Inc 




PepsiCo, Inc. 


Wesco International, Inc. 

EOG Resources 





4.3 

4.2 

3.3 

3.2 

3.1 

2.9 

2.7 

2.7 

2.6 

2.5 

50 

84 

79 

0 


Utilities 2.3 

Energy 13.3 


Materials 7.5 










Canada 2.7 



Standard Life Global Equity Focus Fund 

Category 



To provide long-term capital growth. The Fund invests 

primarily in a diversified portfolio of equity and equitytype 

securities of companies throughout the world. The 

fundamental objective of the Fund may only be changed 

with the approval of a majority of unit holders at a 

meeting called for that purpose. 


Investment 

Low Moderate 

Category 

High 

Operations 













Disclaimer 








Benchmark 

38% S&P/TSX Capped Comp. TR; 38% S&P 500 TR (CA$); 19% MSCI EAFE (CA$); 5% DEX 91-Day T-Bill 


Published: 07-20-2011 | PC 6031 

12 Growth $10,000 

11 

Series A 

10 

Benchmark 

9 

8 

7 

6 




15 

0 

-15 

-30 

-45 

Calendar 


Series A 

Benchmark 


— — — — — — 1.5 -34.1 18.9 7.8 -2.9 Series A % 

— — — — — — -1.3 -26.3 18.8 10.8 1.6 Benchmark % 


Series A -4.9 15.5 -6.1 — — -1.2 

Series E -4.8 16.1 -5.6 — — -0.7 

Series L -4.6 16.9 -5.0 — — 0.0 

Index -2.0 18.8 0.4 — — 2.0 



Cash 

Fixed Income 




Other 

2.3 

0.0 

44.8 

34.3 

18.6 

0.0 










Pfizer Inc 

Teck Resources Ltd Sub Voting Share 





3.2 

3.1 

3.0 

2.9 

2.8 

2.7 

2.5 

2.3 

2.3 

2.3 

82 

82 

81 

0 


Utilities 0.6 

Energy 17.7 











Canada 47.1 


Japan 4.6 


France 1.8 

Germany 1.7 


Colombia 0.9 

Portugal 0.6 

Others 3.0

Standard Life India Equity Focus Fund 

Category 

Miscellaneous - Geographic Equity 


To achieve long-term capital growth. The Fund invests 

primarily in a diversified portfolio of equity and equitytype 

securities of companies domiciled in India. 

Operations 













Disclaimer 








Benchmark 

MSCI India CAD 


Published: 07-20-2011 | PC 6403 

18 Growth $10,000 

16 

Series A 

14 

Benchmark 

12 

10 

8 

6 



80 

40 

0 

-40 

-80 

Calendar 


Series A 

Benchmark 


— — — — — — — — 73.7 11.8 -15.9 Series A % 

-15.8 4.8 42.3 8.0 32.0 48.4 45.2 -56.3 70.3 13.2 -11.8 Benchmark % 


Series A -6.5 -8.1 — — — 2.9 

Series E -6.3 -7.5 — — — 3.5 

Series L -6.2 -6.9 — — — 4.1 

Index -4.9 -3.2 7.4 9.0 13.1 5.0 



Cash 

Fixed Income 




Other 

1.4 

0.0 

0.0 

0.0 

98.6 

0.0 


Infosys Ltd 

ICICI Bank Ltd. 

Tata Motors Ltd 

State Bank of India 

Axis Bank Ltd. 

Bharat Heavy Electricals Ltd. 

Housing Development Finance Corp 

Tata Steel Ltd. 

Oil & Natural Gas 

Reliance Industries Ltd. 





6.4 

6.1 

5.8 

5.6 

4.9 

4.7 

4.3 

4.2 

4.0 

4.0 

35 

35 

34 

0 


Utilities 3.7 

Energy 8.0 


Materials 7.5 









India 98.6 

Canada 1.4 


Standard Life Conservative Portfolio 

Category 



The fund seeks to generate income and to preserve 

capital. The Portfolio primarily invests in a diversified mix 

of funds, with a focus on fixed-income funds. 


Investment 

Low 

Category 

Moderate High 

Operations 


















Disclaimer 








Benchmark 

Not Available 


Published: 07-20-2011 | PC 5710 

15 Growth $10,000 

14 

Series A 

13 

Benchmark 

12 

11 

10 

9 




10 

5 

0 

-5 

-10 

Calendar 


Series A 

Benchmark 


— — — — 4.7 6.3 0.7 -5.8 7.5 5.3 1.3 Series A % 

— — — — — — — — — — — Benchmark % 


Series A 0.7 7.2 2.7 3.2 — 3.1 

Series E 0.8 7.7 3.1 — — 3.7 

Series L 1.0 8.5 3.8 — — 4.5 

Series T 0.7 7.3 — — — 2.9 

Index — — — — — — 


Strategic Target Asset Mix % Assets 

Canadian Equity 15.0 

U.S. Equity 7.5 

International Equity 7.5 

Fixed Income 70.0 

Top Holdings % Assets 

Standard Life Canadian Bond A 

Standard Life Dividend Income A 

Standard Life International Bond A 

Standard Life Canadian Equity A 

Standard Life US Dividend Growth A 

Standard Life Diversified Income A 

Standard Life Global Monthly Income A 

Standard Life International Equity A 

Standard Life Global Dividend Growth A 





52.8 

9.9 

9.0 

7.6 

6.0 

5.0 

4.6 

3.3 

2.1 

10 

539 

304 

218 










Energy 5.6 


Materials 2.5 



Canada 

United States 


Japan 

France 

79.0 

13.3 

2.0 

1.5 

1.1

Standard Life Moderate Portfolio 

Category 



The fund seeks to generate income and moderate longterm 

capital growth. The Portfolio primarily invests in a 

diversified mix of funds, with a focus on fixed-income 

funds. 


Investment 


Category 

Operations 


















Disclaimer 








Benchmark 

Not Available 


Published: 07-20-2011 | PC 5711 

15 Growth $10,000 

14 

Series A 

13 

Benchmark 

12 

11 

10 

9 



20 

10 

0 

-10 

-20 

Calendar 


Series A 

Benchmark 


— — — — 5.8 7.9 0.5 -10.0 8.8 6.0 0.6 Series A % 

— — — — — — — — — — — Benchmark % 


Series A -0.3 8.6 1.6 2.7 — 3.0 

Series E -0.2 9.1 2.1 — — 3.3 

Series L 0.0 9.9 2.9 — — 4.0 

Series T -0.3 8.7 — — — 2.0 

Index — — — — — — 












Standard Life Canadian Equity Focus A 






Standard Life Global Equity Focus A 





42.5 

9.7 

8.9 

7.7 

6.1 

5.6 

5.0 

4.1 

3.8 

3.7 

3.0 

12 

553 

318 

218 










Energy 8.0 

Materials 5.2 




Canada 

United States 


Japan 

France 

74.1 

16.1 

2.5 

1.8 

1.4 


Standard Life Growth Portfolio 

Category 

Global Equity Balanced 


The fund seeks to generate long-term capital growth and 

moderate income. The Portfolio primarily invests in a 

diversified mix of funds, with a focus on equity funds. 


Investment 

Low Moderate 

Category 

High 

Operations 


















Disclaimer 








Benchmark 

Not Available 


Published: 07-20-2011 | PC 5712 

15 Growth $10,000 

14 

Series A 

13 

Benchmark 

12 

11 

10 

9 




20 

10 

0 

-10 

-20 

Calendar 


Series A 

Benchmark 


— — — — 10.3 10.2 0.0 -19.0 15.4 8.4 -1.1 Series A % 

— — — — — — — — — — — Benchmark % 


Series A -2.5 11.6 0.5 2.1 — 3.3 

Series E -2.4 12.2 1.0 — — 2.6 

Series L -2.2 13.0 1.7 — — 3.4 

Series T -2.5 11.7 — — — 1.1 

Index — — — — — — 









Standard Life Canadian Small Cap A 



Standard Life US Mid Cap A-Series 


Standard Life US Equity Focus A 





Standard Life India Equity Focus A 





26.0 

9.7 

9.7 

9.1 

8.0 

7.1 

6.7 

6.6 

6.1 

5.1 

4.0 

2.2 

13 

660 

431 

215 










Energy 11.4 





Canada 

United States 


India 

Japan 

64.9 

21.3 

2.9 

2.2 

2.1

Standard Life Dividend Growth & Income Portfolio 

Category 



The fund seeks to achieve long-term capital growth. The 

portfolio primarily invests in a diversified mix of funds, 

with a focus on dividend growth and monthly income 

funds. 

Operations 


















Disclaimer 








Benchmark 

Not Available 


Published: 07-20-2011 | PC 6404 

13 Growth $10,000 

12 

Series A 

11 

Benchmark 

10 

9 

8 

7 



20 

15 

10 

5 

0 

Calendar 


Series A 

Benchmark 


— — — — — — — — 9.4 5.1 2.5 Series A % 

— — — — — — — — — — — Benchmark % 


Series A 0.0 14.2 — — — 0.8 

Series E 0.2 14.9 — — — 1.4 

Series L 0.3 15.7 — — — 2.0 

Series T 0.0 14.3 — — — 1.1 

Index — — — — — — 









Standard Life Canadian Dividend Growth A 

Standard Life Monthly Income A-Series 







28.8 

24.0 

24.0 

16.8 

7.1 

6 

779 

643 

123 










Energy 12.5 





Canada 

United States 


Japan 

France 

59.0 

21.9 

6.1 

2.4 

2.2 


Standard Life Aggressive Portfolio 

Category 



The fund seeks to provide long-term capital growth. The 

Portfolio primarily invests in a diversified mix of funds, 

with a focus on equity funds. 


Investment 

Low Moderate 

Category 

High 

Operations 


















Disclaimer 








Benchmark 

Not Available 


Published: 07-20-2011 | PC 5713 

15 Growth $10,000 

14 

Series A 

13 

Benchmark 

12 

11 

10 

9 




30 

15 

0 

-15 

-30 

Calendar 


Series A 

Benchmark 


— — — — 14.7 11.4 0.0 -22.9 17.0 9.1 -1.6 Series A % 

— — — — — — — — — — — Benchmark % 


Series A -3.4 13.6 -0.3 1.5 — 3.7 

Series E -3.2 14.4 0.4 — — 2.2 

Series L -3.0 15.1 1.0 — — 2.9 

Series T -3.3 13.7 — — — 0.6 

Index — — — — — — 























12.9 

11.8 

11.2 

11.1 

10.6 

10.0 

9.8 

8.7 

7.0 

5.0 

2.2 

12 

574 

402 

158 










Energy 13.5 





Canada 

United States 


Japan 

India 

54.0 

27.0 

4.5 

2.9 

2.2

Standard Life Global Portfolio 

Category 





with a focus on funds that offer global diversification. 

Operations 


















Disclaimer 








Benchmark 



Published: 07-20-2011 | PC 6405 

12 Growth $10,000 

11 

Series A 

10 

Benchmark 

9 

8 

7 

6 



30 

15 

0 

-15 

-30 

Calendar 


Series A 

Benchmark 


— — — — — — — — 13.6 5.1 -0.6 Series A % 

-11.3 -20.4 9.4 6.9 7.3 20.2 -7.1 -25.4 11.1 6.5 2.6 Benchmark % 


Series A -1.5 16.0 — — — -2.0 

Series E -1.4 16.8 — — — -1.5 

Series L -1.2 17.5 — — — -0.8 

Series T -1.5 16.1 — — — -2.0 

Index -0.1 19.1 -0.6 0.0 -0.1 -0.2 





European Equity 29.4 

Asia & other 

Equities 

15.5 


Standard Life Global Equity A-Series 

20.4 

Standard Life Global Dividend Growth A 16.0 


15.7 


14.6 


10.1 


8.0 

Standard Life European Equity A-Series 

6.5 


4.9 


4.0 


10 


352 


344 


0 











Energy 11.5 




United States 

44.5 


12.6 

Canada 

10.5 

India 

4.8 

Japan 

4.4 


Standard Life Short Term Yield Class 

Category 

Canadian Synthetic Money Market 


To preserve capital and provide liquidity. The Fund 

primarily invests, directly or indirectly, in a portfolio of 

cash and money market securities. The fundamental 

investment objective of the Fund may only be changed 

with the approval of a majority of shareholders of that 

class at a meeting called for that purpose. 

Operations 


A Defer Sales Charge SLM053S 

A Front End Charge SLM253S 

A Low Load Charge SLM153S 



Disclaimer 








Benchmark 

Not Available 


Published: 07-20-2011 | PC 6664 

15 Growth $10,000 

14 

Class A 

13 

Benchmark 

12 

11 

10 

9 




10.0 

7.5 

5.0 

2.5 

0.0 

Calendar 



Benchmark 


— — — — — — — — — — 0.2 Class A % 

— — — — — — — — — — — Benchmark % 


Class A 0.1 0.2 — — — 0.1 

Index — — — — — — 



Cash 

Fixed Income 




Other 

96.7 

3.3 

0.0 

0.0 

0.0 

0.0 



GE Capital Canada Funding C 

Manitoba Prov Cda MTN Cds 02-05-2012 


Transcanada Pipelines Ltd. 

CIBC 4.35% 01-11-2011 



Inter Pipeline Corridor 

HSBC Bk Canada Bankers Accep Cds- (ST) 





6.5 

4.8 

4.7 

4.5 

3.5 

3.0 

3.0 

2.8 

2.7 

2.5 

2 

57 

0 

2 









Canada 100.0

Standard Life Canadian Bond Class 

Category 



The objective of the fund is to provide a relatively high 

level of current income while protecting capital. The 

Fund invests primarily in liquid, high-quality federal and 

provincial government and corporate bonds and 

debentures. 

Operations 







Disclaimer 








Benchmark 

Not Available 


Published: 07-20-2011 | PC 6665 

15 Growth $10,000 

14 


13 

Benchmark 

12 

11 

10 

9 



10.0 

7.5 

5.0 

2.5 

0.0 

Calendar 



Benchmark 



— — — — — — — — — — — Benchmark % 



Index — — — — — — 



Cash 

Fixed Income 




Other 

2.5 

97.5 

0.0 

0.0 

0.0 

0.0 





Ontario Prov Cda 4% 02-06-2021 

Canada Govt 4% 01-06-2041 



Montreal Que 4.5% 01-12-2021 

Montreal Que 5% 01-12-2018 






7.9 

5.6 

4.8 

4.3 

3.2 

2.9 

2.8 

2.6 

1.9 

1.9 

1 

127 

0 

123 









Canada 98.2 



Standard Life Corporate Bond Class 

Category 



The investment objective of the fund is to provide a bond 

portfolio offering superior income to traditional bond 

funds, primarily in corporate bonds of Canadian 

Companies. The Fund may also invest in corporate bonds 

of foreign issuers. 

Operations 







Disclaimer 








Benchmark 

Not Available 


Published: 07-20-2011 | PC 6666 

15 Growth $10,000 

14 


13 

Benchmark 

12 

11 

10 

9 




10.0 

7.5 

5.0 

2.5 

0.0 

Calendar 



Benchmark 



— — — — — — — — — — — Benchmark % 



Index — — — — — — 



Cash 

Fixed Income 




Other 

4.8 

95.2 

0.0 

0.0 

0.0 

0.0 



Royal Bank Of Canada FRN 15-06-2020 

Investors Grp 6.58% 07-03-2018 

Amer Express Cda Cr 4.853% 03-10-2014 

Loblaw Cos 6.05% 09-06-2034 

Canada Govt 3.25% 01-06-2021 

Laurentian Bk Cda FRN 02-11-2020 

Sobeys Inc Mtn Cds- 7.16% 26-02-2018 


Citigroup Fin Cda 6.75% 22-09-2014 





1.9 

1.8 

1.8 

1.7 

1.5 

1.5 

1.5 

1.4 

1.4 

1.4 

1 

129 

0 

123 









Canada 94.8 

United States 5.2

Standard Life Monthly Income Class 

Category 



To provide a regular flow of monthly revenue by 

investing primarily in equities and fixed income 

investments. These securities can be Canadian or 

foreign. 

Operations 







Disclaimer 








Benchmark 

Not Available 


Published: 07-20-2011 | PC 6667 

15 Growth $10,000 

14 


13 

Benchmark 

12 

11 

10 

9 



10.0 

7.5 

5.0 

2.5 

0.0 

Calendar 



Benchmark 



— — — — — — — — — — — Benchmark % 



Index — — — — — — 



Cash 

Fixed Income 




Other 

8.5 

29.4 

49.6 

12.2 

0.3 

0.0 
















3.6 

3.4 

3.0 

2.9 

2.3 

2.0 

1.9 

1.7 

1.7 

1.7 

2 

698 

585 

102 










Energy 10.6 





Canada 

United States 

Switzerland 

86.7 

13.0 

0.3 


Standard Life Canadian Dividend Growth Class 

Category 




invests primarily in a diversified portfolio of dividend 

paying Canadian equities. 

Operations 







Disclaimer 








Benchmark 

Not Available 


Published: 07-20-2011 | PC 6668 

15 Growth $10,000 

14 


13 

Benchmark 

12 

11 

10 

9 




10.0 

7.5 

5.0 

2.5 

0.0 

Calendar 



Benchmark 



— — — — — — — — — — — Benchmark % 


Class A -0.7 16.2 — — — 8.1 

Index — — — — — — 



Cash 

Fixed Income 




Other 

0.8 

0.0 

96.2 

3.1 

0.0 

0.0 








TELUS Corp 

BCE Inc. 

National Bank of Canada 






6.1 

6.0 

5.2 

5.0 

4.6 

4.2 

4.0 

3.8 

3.5 

3.0 

2 

48 

44 

0 


Utilities 4.0 

Energy 19.9 


Materials 1.1 









Canada 96.9 

United States 3.1

Standard Life Global Dividend Growth Class 

Category 



The fund seeks to provide both capital growth and 

income. The fund invests primarily in a globally 

diversified portfolio of equity ,equity-type securities and 

other income producing investments. 

Operations 







Disclaimer 








Benchmark 

Not Available 


Published: 07-20-2011 | PC 6669 

14 Growth $10,000 

13 


12 

Benchmark 

11 

10 

9 

8 



10.0 

7.5 

5.0 

2.5 

0.0 

Calendar 



Benchmark 



— — — — — — — — — — — Benchmark % 



Index — — — — — — 



Cash 

Fixed Income 




Other 

-0.3 

0.0 

2.2 

33.1 

65.1 

0.0 


Apple, Inc. 


Pfizer Inc 


Japan Tobacco Inc. 

PepsiCo, Inc. 


Booker Group PLC 

Nippon Telegraph and Telephon 

AT&T, Inc. 





2.9 

2.4 

2.2 

2.2 

2.1 

2.0 

2.0 

2.0 

1.8 

1.8 

2 

75 

73 

0 


Utilities 4.8 

Energy 8.0 


Materials 6.0 











Japan 8.5 

France 7.6 

Germany 6.3 


Portugal 2.7 

Australia 2.5 


Others 10.8 


Standard Life Canadian Equity Class 

Category 

Canadian Focused Equity 


The investment objective is to provide long-term capital 

growth. The Fund invests in a well-diversified portfolio of 

Canadian and American equities. 

Operations 







Disclaimer 








Benchmark 

Not Available 


Published: 07-20-2011 | PC 6670 

15 Growth $10,000 

14 


13 

Benchmark 

12 

11 

10 

9 




7.5 

5.0 

2.5 

0.0 

-2.5 

Calendar 



Benchmark 


— — — — — — — — — — -2.1 Class A % 

— — — — — — — — — — — Benchmark % 



Index — — — — — — 



Cash 

Fixed Income 




Other 

3.0 

0.0 

76.8 

18.8 

0.9 

0.4 











Barrick Gold Corporation 





4.8 

4.8 

4.0 

3.7 

3.5 

3.4 

2.9 

2.9 

2.4 

2.4 

1 

80 

75 

0 


Utilities 0.6 

Energy 21.1 











Canada 80.3 


Colombia 0.9

Standard Life Canadian Small Cap Class 

Category 

Canadian Small/Mid Cap Equity 


To generate superior capital growth. The Fund invests in 

a diversified portfolio comprised primarily of small 

capitalization Canadian companies. 

Operations 







Disclaimer 








Benchmark 

Not Available 


Published: 07-20-2011 | PC 6671 

14 Growth $10,000 

13 


12 

Benchmark 

11 

10 

9 

8 



5 

0 

-5 

-10 

-15 

Calendar 



Benchmark 



— — — — — — — — — — — Benchmark % 



Index — — — — — — 



Cash 

Fixed Income 




Other 

2.6 

0.0 

91.2 

0.9 

5.3 

0.0 


AuRico Gold Inc 

Canadian Western Bank 

ATS Automation Tooling Systems Inc. 

Stantec, Inc. 

Breakwater Resources, Ltd. 

Canadian Energy Services & Tech Corp 

Torex Gold Resources, Inc. 

C&C Energia Ltd. 

Major Drilling Group International Inc. 

Wajax Corp 





4.2 

4.0 

3.6 

3.3 

3.2 

2.8 

2.7 

2.7 

2.7 

2.6 

2 

55 

51 

0 


Utilities 0.0 

Energy 24.1 











Canada 93.8 

Colombia 2.2 

China 1.8 

Nicaragua 1.3 



Standard Life U.S. Equity Class 

Category 



The fund seeks to provide investors with long-term 

capital growth and diversification by investing in a core 

portfolio comprised primarily of mid- to large-sized 

companies listed on U.S. exchanges. The portfolio is well 

diversified among the principal industry sectors and is 

fully diversified by individual equity selections. 

Operations 







Disclaimer 








Benchmark 

Not Available 


Published: 07-20-2011 | PC 6672 

15 Growth $10,000 

14 


13 

Benchmark 

12 

11 

10 

9 




7.5 

5.0 

2.5 

0.0 

-2.5 

Calendar 



Benchmark 



— — — — — — — — — — — Benchmark % 



Index — — — — — — 



Cash 

Fixed Income 




Other 

3.4 

0.0 

0.0 

95.9 

0.7 

0.0 




Pfizer Inc 

International Business Machines Corp 


Apple, Inc. 

Schlumberger, Ltd. 

Microsoft Corporation 







3.9 

3.0 

2.9 

2.8 

2.8 

2.7 

2.5 

2.4 

2.1 

2.0 

2 

111 

107 

0 


Utilities 1.7 

Energy 12.5 


Materials 6.3 










Canada 3.4 

United Kingdom 0.7

Standard Life International Equity Class 

Category 



To provide long-term capital growth and portfolio 

diversification. The Fund invests primarily in a broad 

selection of companies based outside North America. 

The portfolio is diversified at three levels: by region, by 

industry group and by individual stocks. The portfolio 

advisor selects these stocks based on their respective 

growth potential. 

Operations 







Disclaimer 








Benchmark 

Not Available 


Published: 07-20-2011 | PC 6673 

14 Growth $10,000 

13 


12 

Benchmark 

11 

10 

9 

8 



10.0 

7.5 

5.0 

2.5 

0.0 

Calendar 



Benchmark 



— — — — — — — — — — — Benchmark % 



Index — — — — — — 



Cash 

Fixed Income 




Other 

2.5 

0.0 

0.0 

0.0 

97.5 

0.0 



HSBC Holdings PLC 

Novartis AG 

Siemens AG 

Sanofi 

BG Group PLC 

Safran 

Sumitomo Mitsui Financial Group, Inc. 

Daimler AG 

National Australia Bank Limited 





3.1 

2.9 

2.2 

2.0 

1.9 

1.8 

1.8 

1.7 

1.7 

1.6 

2 

83 

81 

0 


Utilities 1.9 

Energy 8.6 












Japan 15.5 

Germany 12.5 

France 10.4 


Australia 2.6 


Canada 2.5 

China 2.5 

Others 15.4 


Standard Life Global Equity Class 

Category 



To provide capital appreciation over the medium to 

longer term by investing primarily in equity and equitytype 

securities of multinational companies throughout 

the world. It may also invest in companies that the subadvisor 

expects will achieve multinational status. It is 

intended that income will not be a prime consideration 

for investors in the fund. 

Operations 







Disclaimer 







Benchmark 

Not Available 


Published: 07-20-2011 | PC 6674 

14 Growth $10,000 

13 


12 

Benchmark 

11 

10 

9 

8 




10.0 

7.5 

5.0 

2.5 

0.0 

Calendar 



Benchmark 



— — — — — — — — — — — Benchmark % 



Index — — — — — — 



Cash 

Fixed Income 




Other 

3.0 

0.0 

3.3 

35.1 

58.6 

0.0 


Apple, Inc. 

Ingenico 

Citigroup Inc 

The Goldman Sachs Group Inc 

Bayerische Motoren Werke AG BMW 

Siemens AG 

Shire PLC 

Pfizer Inc 

Denso Corporation 

Weir Group PLC 





1.9 

1.6 

1.5 

1.5 

1.5 

1.4 

1.4 

1.4 

1.4 

1.3 

2 

102 

101 

0 


Utilities 1.2 

Energy 9.0 


Materials 9.3 











Germany 8.1 

France 6.6 

Canada 6.3 

Japan 5.5 

China 3.6 

Australia 2.5 

South Korea 2.2 

Others 11.9

Standard Life Conservative Portfolio Class 

Category 



The fund seeks to generate income and to preserve 

capital. The Portfolio primarily invests in a diversified mix 

of funds, with a focus on fixed-income funds. 

Operations 







Disclaimer 








Benchmark 

Not Available 


Published: 07-20-2011 | PC 6675 

15 Growth $10,000 

14 


13 

Benchmark 

12 

11 

10 

9 



10.0 

7.5 

5.0 

2.5 

0.0 

Calendar 



Benchmark 



— — — — — — — — — — — Benchmark % 



Index — — — — — — 





















53.9 

9.9 

9.1 

6.8 

5.2 

4.7 

4.4 

4.1 

2.1 

9 

539 

304 

218 










Energy 5.3 


Materials 2.4 



Canada 

United States 


Japan 

France 

79.2 

12.4 

2.2 

1.6 

1.2 


Standard Life Moderate Portfolio Class 

Category 



The fund seeks to generate income and moderate longterm 

capital growth. The Portfolio primarily invests in a 

diversified mix of funds, with a focus on fixed-income 

funds. 

Operations 







Disclaimer 








Benchmark 

Not Available 


Published: 07-20-2011 | PC 6676 

15 Growth $10,000 

14 


13 

Benchmark 

12 

11 

10 

9 




10.0 

7.5 

5.0 

2.5 

0.0 

Calendar 



Benchmark 



— — — — — — — — — — — Benchmark % 



Index — — — — — — 























43.4 

10.0 

8.6 

7.4 

5.6 

5.5 

4.9 

4.6 

4.0 

3.3 

2.8 

11 

553 

318 

218 










Energy 7.8 

Materials 5.1 




Canada 

United States 


Japan 

France 

74.3 

15.5 

2.7 

1.9 

1.4

Standard Life Growth Portfolio Class 

Category 



The fund seeks to generate long-term capital growth and 

moderate income. The Portfolio primarily invests in a 

diversified mix of funds, with a focus on equity funds. 

Operations 







Disclaimer 








Benchmark 

Not Available 


Published: 07-20-2011 | PC 6677 

15 Growth $10,000 

14 


13 

Benchmark 

12 

11 

10 

9 



7.5 

5.0 

2.5 

0.0 

-2.5 

Calendar 



Benchmark 



— — — — — — — — — — — Benchmark % 



Index — — — — — — 
























26.1 

9.6 

9.3 

8.9 

7.8 

7.5 

6.9 

6.7 

6.0 

5.1 

4.0 

2.2 

13 

660 

431 

215 










Energy 11.4 





Canada 

United States 


India 

Japan 

64.9 

21.2 

3.0 

2.2 

2.2 


Standard Life Dividend Growth & Income Portfolio Class 

Category 





with a focus on dividend growth and monthly income 

funds. 

Operations 







Disclaimer 








Benchmark 

Not Available 


Published: 07-20-2011 | PC 6678 

15 Growth $10,000 

14 


13 

Benchmark 

12 

11 

10 

9 




10.0 

7.5 

5.0 

2.5 

0.0 

Calendar 



Benchmark 



— — — — — — — — — — — Benchmark % 



Index — — — — — — 









Standard Life Canadian Dividend Growth A 

Standard Life Monthly Income A-Series 







29.0 

23.2 

23.0 

19.0 

6.1 

6 

779 

643 

123 










Energy 12.4 





Canada 

United States 


Japan 

France 

59.7 

21.1 

6.1 

2.5 

2.2

Standard Life Aggressive Portfolio Class 

Category 



The fund seeks to provide long-term capital growth. The 

Portfolio primarily invests in a diversified mix of funds, 

with a focus on equity funds. 

Operations 







Disclaimer 








Benchmark 

Not Available 


Published: 07-20-2011 | PC 6679 

15 Growth $10,000 

14 


13 

Benchmark 

12 

11 

10 

9 



7.5 

5.0 

2.5 

0.0 

-2.5 

Calendar 



Benchmark 



— — — — — — — — — — — Benchmark % 



Index — — — — — — 























13.1 

11.8 

11.1 

11.0 

10.5 

9.9 

9.8 

8.6 

6.9 

5.0 

2.2 

12 

574 

402 

158 










Energy 13.4 





Canada 

United States 


Japan 

India 

54.3 

26.8 

4.4 

2.9 

2.1 


Standard Life Global Portfolio Class 

Category 





with a focus on funds that offer global diversification. 

Operations 







Disclaimer 








Benchmark 

Not Available 


Published: 07-20-2011 | PC 6680 

14 Growth $10,000 

13 


12 

Benchmark 

11 

10 

9 

8 




7.5 

5.0 

2.5 

0.0 

-2.5 

Calendar 



Benchmark 



— — — — — — — — — — — Benchmark % 



Index — — — — — — 





European Equity 29.4 

Asia & other 

Equities 

15.5 


Standard Life Global Equity A-Series 

20.4 

Standard Life Global Dividend Growth A 16.9 


15.5 


15.4 


7.7 

Standard Life European Equity A-Series 

6.9 


6.0 


5.6 


5.6 


10 


352 


344 


0 











Energy 11.9 




United States 

45.3 

Canada 

12.4 


11.7 

India 

5.5 

France 

4.0



Conservative Portfolio 

A-Series / T-Series / Corporate Class 

Code 

A-Series 

Strategic target mix 

Fixed Income: 70% 

Equities: 30% 

International Equity 7.5% 

U.S. Equity 7.5% 

Code 

T-Series 

Corporate 

Class 

Trailer 

comm. 

Canadian Equity 15.0% 

Fixed Income 70.0% 

Up front 

comm. 

Mgmt 

fee. 

Inception 

date 

Distribution 1 

Front-end SLM240 SLM240T SLM240S 1.25% 0-5% 1.90% Jul. 2004 Annually 

Deferred sales charge SLM040 SLM040T SLM040S 0.40% 5% 1.90% Jul. 2004 Annually 

Low sales charge SLM140 SLM140T SLM140S 0.40% 3% 1.90% Jul. 2004 Annually 

Code Trailer 

comm. 

Professional 

services fee 

Mgmt 

fee. 

Inception 

date 

Distribution 

E-Series SLM840 1.00% Up to 1% 1.50% Jul. 2006 Annually 

Legend Series SLM440 0.50% Up to 1% 1.15% Jul. 2006 Annually 

Moderate Portfolio 


Code 

A-Series 



Equities: 40% 



Code 

T-Series 

Corporate 


Trailer 

comm. 



Up front 

comm. 

Mgmt 

fee. 

Inception 

date 





Code Trailer 

comm. 

Professional 

services fee 

Mgmt 

fee. 

Inception 

date 

Distribution 



1 T-Series funds offer a monthly distribution and Corporate Class an annual distribution. 




Growth Portfolio 


Code 

A-Series 



Equities: 60% 



Code 

T-Series 

Corporate 


Trailer 

comm. 



Up front 

comm. 

Mgmt 

fee. 

Inception 

date 

Switch commissions on front-end, DSC and LSC: 0-2% Potential to waive the deferred sales charge and low 

sales charge upon death on individual accounts. 





Code Trailer 

comm. 

Professional 

services fee 

Mgmt 

fee. 

Inception 

date 

Distribution 



Dividend Growth & Income Portfolio 



Code 

A-Series 


Equities: 80% 



Code 

T-Series 

Corporate 


Trailer 

comm. 



Up front 

comm. 

Mgmt 

fee. 

Inception 

date 


Front-end SLM244 SLM244T SLM244S 1.25% 0-5% 2.00% Jul. 2008 Monthly 

Deferred sales charge SLM044 SLM044T SLM044S 0.50% 5% 2.00% Jul. 2008 Monthly 

Low sales charge SLM144 SLM144T SLM144S 0.50% 3% 2.00% Jul. 2008 Monthly 

Code Trailer 

comm. 

Professional 

services fee 

Mgmt 

fee. 

Inception 

date 

Distribution 

E-Series SLM844 1.00% Up to 1% 1.50% Jul. 2008 Monthly 

Legend Series SLM844 0.50% Up to 1% 1.15% Jul. 2008 Monthly


Aggressive Portfolio 


Code 

A-Series 



Equities: 75% 



Code 

T-Series 

Corporate 


Trailer 

comm. 

1 T-Series funds offer a monthly distribution and Corporate Class an annual distribution. 

* Deferred sales charge and low sales charge are based on the purchase price. 



Up front 

comm. 

Mgmt 

fee. 

Inception 

date 





Code Trailer 

comm. 

Professional 

services fee 

Mgmt 

fee. 

Inception 

date 

Distribution 



Global Portfolio 


Code 

A-Series 


Equities: 100% 



Code 

T-Series 

Corporate 


Trailer 

comm. 

European Equity 29.9% 

Asia & Other Equities 15.3% 

Up front 

comm. 

Mgmt 

fee. 

Inception 

date 





Code Trailer 

comm. 

Professional 

services fee 

Mgmt 

fee. 

Inception 

date 

Distribution 



Deferred sales charge redemption schedule* Low sales charge redemption schedule* 

Year 1 Year 2 Year 3 Year 4 Year 5 After 5 years Year 1 Year 2 Year 3 After 3 years 

6% 5% 4% 3% 2% 0% 4% 3% 2% 0% 



Fund codes and commissions 

† Canadian Dividend Growth Class mgmt. fee: 2.00% Trailer comm.: 

Front-end: 1.00% / DSC: 0.50% / LSC: 0.50% 



New Front-end Deferred sales charge Low sales charge 

Code 

A-Series 

Code 

T-Series 

Code Corp. 


Up front 

comm. 

Trailer 

comm. 

Code 

A-Series 

Switch Commissions on Front-end, 

DSC and LSC: 0-2% 

Code 

T-Series 

Code Corp. 


Up front 

comm. 

Trailer 

comm. 

Code 

A-Series 

Potential to waive the deferred sales charge and low 

sales charge upon death on individual accounts. 

Code 

T-Series 

Fixed Income Funds 

Money Market SLM253 0-5% 0.25% SLM053 5% 0.25% SLM153 

Short Term Yield Class2 SLM253S 0-5% 0.25% SLM053S 5% 0.25% 

Canadian Bond SLM252 SLM252S 0-5% 0.60% SLM052 SLM052S 5% 0.40% SLM152 

Corporate Bond3 SLM265 SLM265S 0-5% 1.00% SLM065 SLM065S 5% 0.50% SLM165 

International Bond 

Monthly Income and Balanced Funds 

SLM256 0-5% 1.00% SLM056 5% 0.50% SLM156 

Diversified Income SLM271 0-5% 1.00% SLM071 5% 0.50% SLM171 

Monthly Income SLM269 SLM269T SLM269S 0-5% 1.00% SLM069 SLM069T SLM069S 5% 0.50% SLM169 SLM169T 

Dividend Income SLM273 0-5% 1.00% SLM073 5% 0.50% SLM173 

Tactical Income4 SLM270 SLM270T 0-5% 1.00% SLM070 SLM070T 5% 0.50% SLM170 SLM170T 

Balanced 

Canadian Equity Funds 

SLM250 0-5% 1.00% SLM050 5% 0.50% SLM150 

Canadian Dividend Growth † SLM255 SLM255T SLM255S 0-5% 0.60% SLM055 SLM055T SLM055S 5% 0.40% SLM155 SLM155T 

Canadian Equity Value SLM203 0-5% 1.00% SLM003 5% 0.50% SLM103 

Canadian Equity SLM251 SLM251S 0-5% 1.00% SLM051 SLM051S 5% 0.50% SLM151 

Canadian Equity Growth SLM205 0-5% 1.00% SLM005 5% 0.50% SLM105 

Canadian Small Cap 

U.S. Equity Funds 

SLM254 SLM254S 0-5% 1.00% SLM054 SLM054S 5% 0.50% SLM154 

U.S. Dividend Growth SLM276 0-5% 1.00% SLM076 5% 0.50% SLM176 

U.S. Equity Value5 SLM258 SLM258S 0-5% 1.00% SLM058 SLM058S 5% 0.50% SLM158 

U.S. Mid Cap 

Global Equity Funds 

SLM267 0-5% 1.00% SLM067 5% 0.50% SLM167 

Global Dividend Growth SLM274 SLM274T SLM274S 0-5% 1.00% SLM074 SLM074T SLM074S 5% 0.50% SLM174 SLM174T 

International Equity SLM259 SLM259S 0-5% 1.00% SLM059 SLM059S 5% 0.50% SLM159 

Global Equity Value SLM204 0-5% 1.00% SLM004 5% 0.50% SLM104 

Global Equity SLM266 SLM266S 0-5% 1.00% SLM066 SLM066S 5% 0.50% SLM166 

European Equity 

Focus Funds 

SLM268 0-5% 1.00% SLM068 5% 0.50% SLM168 

Canadian Equity Focus SLM272 0-5% 1.00% SLM072 5% 0.50% SLM172 

U.S. Equity focus SLM277 0-5% 1.00% SLM077 5% 0.50% SLM177 

Global Equity Focus SLM275 0-5% 1.00% SLM075 5% 0.50% SLM175 

India Equity Focus 


SLM278 0-5% 1.00% SLM078 5% 0.50% SLM178 

Conservative Portfolio SLM240 SLM240T SLM240S 0-5% 1.25% SLM040 SLM040T SLM040S 5% 0.40% SLM140 SLM140T 

Moderate Portfolio SLM241 SLM241T SLM241S 0-5% 1.25% SLM041 SLM041T SLM041S 5% 0.50% SLM141 SLM141T 

Growth Portfolio SLM242 SLM242T SLM242S 0-5% 1.25% SLM042 SLM042T SLM042S 5% 0.50% SLM142 SLM142T 

Dividend Growth & Income Portfolio SLM244 SLM244T SLM244S 0-5% 1.25% SLM044 SLM044T SLM044S 5% 0.50% SLM144 SLM144T 

Aggressive Portfolio SLM243 SLM243T SLM243S 0-5% 1.25% SLM043 SLM043T SLM043S 5% 0.50% SLM143 SLM143T 

Global Portfolio 

Eclipse and Legend Managed Programs 

Income Portfolio 

Conservative Portfolio 

Moderate Portfolio 

Growth Portfolio 

Aggressive Portfolio 

Equity Portfolio 

SLM245 SLM245T SLM245S 0-5% 1.25% SLM045 SLM045T SLM045S 5% 0.50% SLM145 SLM145T

Code Corp. 


Up front 

comm. 

Trailer 

comm. 

Mgmt. 

fee 

T-Series 

payout 

E-Series Legend Series F-Series Distribution 1 

Code 

Trailer 

comm. 

Professional 

services fee 

Mgmt. 

fee 

Code 

Trailer 

comm. 

Professional 

services fee 

3% 0.25% 0.90% SLM853 0.25% Up to 1% 0.90% SLM453 0.25% Up to 1% 0.90% Monthly 

SLM153S 3% 0.25% Annually 

SLM152S 3% 0.25% 1.50% SLM852 0.50% Up to 1% 1.50% SLM452 0.50% Up to 1% 1.15% Quarterly 

SLM165S 3% 0.25% 2.00% SLM865 0.50% Up to 1% 1.50% SLM465 0.50% Up to 1% 1.15% SLM965 1.00% Quarterly 

3% 0.25% 2.00% SLM856 0.50% Up to 1% 1.50% SLM456 0.50% Up to 1% 1.15% Quarterly 


SLM169S 3% 0.50% 2.00% 8.0% SLM869 0.50% Up to 1% 1.50% SLM469 0.50% Up to 1% 1.15% SLM969 1.00% Monthly 


3% 0.50% 2.00% 8.0% SLM870 0.50% Up to 1% 1.50% SLM470 0.50% Up to 1% 1.15% Monthly 

3% 0.50% 2.00% Quarterly 

SLM155S 3% 0.40% 1.50% 8.0% SLM855 0.50% Up to 1% 1.50% SLM455 0.50% Up to 1% 1.15% SLM955 1.00% Quarterly 

3% 0.50% 2.00% SLM803 0.50% Up to 1% 1.50% SLM403 0.50% Up to 1% 1.15% Annually 

SLM151S 3% 0.50% 2.00% SLM851 0.50% Up to 1% 1.50% SLM451 0.50% Up to 1% 1.15% Annually 


SLM154S 3% 0.50% 2.00% SLM854 0.50% Up to 1% 1.50% SLM454 0.50% Up to 1% 1.15% SLM954 1.00% Annually 

3% 0.50% 2.00% SLM876 0.50% Up to 1% 1.50% SLM476 0.50% Up to 1% 1.15% Quarterly 



SLM174S 3% 0.50% 2.00% 8.0% SLM874 0.50% Up to 1% 1.50% SLM474 0.50% Up to 1% 1.15% SLM974 1.00% Quarterly 









SLM140S 3% 0.40% 1.90% 5.0% SLM840 1.00% Up to 1% 1.50% SLM440 0.50% Up to 1% 1.15% Annually 



SLM144S 3% 0.50% 2.00% 8.0% SLM844 1.00% Up to 1% 1.50% SLM444 0.50% Up to 1% 1.15% Monthly 



Deferred sales charge redemption schedule * 

Year 1 6% Year 3 4% Year 5 2% 

Year 2 5% Year 4 3% After 5 Years 0% 

Mgmt. 

fee 

Code 

Mgmt. 

fee 

SLM880 0.50% Up to 1% 1.50% SLM480 0.50% Up to 1% 1.15% Annually 






Low sales charge redemption schedule * 

Year 1 4% Year 3 2% Year 5 0% 

Year 2 3% Year 4 0% After 5 Years 0% 

* Deferred sales charge and low sales charge are based on the purchase price. 

1 The T-Series offers a monthly distribution and Corporate Class an 

annual distribution. 

2 This fund is considered a specialty fund due to its possible use of derivative 

strategies and fund of fund structure. 



Disclaimers 

Funds disclaimer (other than 

Balanced Fund, Money Market Fund 

and new funds) 

Each series’ respective performances are 

referable to the same portfolio of assets. The 

performance figures for each series will differ to 

the extent that management fees and other 

expenses may vary by series. 

Commissions, trailing commissions, 

management fees and expenses all may be 

associated with mutual fund investments. 

Please read the simplified prospectus before 

investing. The indicated rates of return are the 

historical annual compounded total returns 

including changes in unit value and reinvestment 

of all distributions and do not take into account 

sales, redemption, distribution or optional 

charges or income taxes payable by any 

securityholder that would have reduced returns. 

Mutual funds are not guaranteed, their values 

change frequently and past performance may 

not be repeated. 

Balanced Fund disclaimer 





investing. The indicated rates of return are the 

historical annual compounded total returns 

including changes in unit value and reinvestment 

of all distributions and do not take into account 

sales, redemption, distribution or optional 

charges or income taxes payable by any 

securityholder that would have reduced returns. 

Mutual funds are not guaranteed, their values 

change frequently and past performance may 


Money Market Fund disclaimer 

Each series’ respective performances are 

referable to the same portfolio of assets. The 

performance figures for each series will differ to 

the extent that management fees and other 

expense may vary by series. 





investing. The performance data provided 

assumes reinvestment of distributions only and 

does not take into account sales, redemption, 

distribution or optional charges or income taxes 

payable by any securityholder that would have 

reduced returns. Mutual fund securities are not 

covered by the Canada Deposit Insurance 

Corporation or by any other government deposit 

insurer. There can be no assurances that the 

fund will be able to maintain its net asset value 

per security at a constant amount or that the full 

amount of your investment in the fund will be 

returned to you. Past performance may not 

be repeated. 

Since the Standard Life Money Market Fund does 

not have a fixed NAVPS, the annualized current 

and effective yields cannot be calculated based 

on the previous 7 days period. The net yield 

presented is derived from the gross yield from 

which the management expense ratio is 

deducted and the result is then annualized. As of 

June 30, 2011 the net yield was 0.205%. 

New funds disclaimer 


management fees and expenses may all be 



investing. Mutual funds are not guaranteed, their 

values change frequently and past performance 

may not be repeated. 

Morningstar disclaimer 

© 2011 Morningstar Research Inc. All Rights 

Reserved. The information contained herein: (1) 

is proprietary to Morningstar and/or its content 

providers; (2) may not be copied or distributed; 

and (3) is not warranted to be accurate, complete 

or timely. Neither Morningstar nor its content 

providers are responsible for any damages or 

losses arising from any use of this information. 

Past performance is no guarantee of 

future results.

Potential has the power to shape the future. 

Yet it is only an aspiration until it is delivered. 

At Standard Life Investments, we identify, nurture and convert potential. 

1 

With a 185 year heritage, $245.bn in client assets and deep expertise across a breadth 

of asset classes, we unlock investment potential. Balancing meticulous analysis 

with exceptional insight, we apply perspective and judgement to consistently 

deliver for our clients. Access our diligence and foresight today at 

standardlifeinvestments.ca 

P o t e n t i a l . D e l i v e r e d . 

Equities . Fixed Income . Real Estate . Multi-asset . Private Equity 

1.Source: Standard Life Investments as at 31/03/2011. The exchange rate on this date was £1 = $CAN 1.559. Standard Life Investments Inc., with offices in Calgary, Toronto and Montréal, is a wholly owned subsidiary of Standard Life Investments Limited. 

Standard Life Investments Limited is registered in Scotland (SC123321) at 1 George Street, Edinburgh EH2 2LL. © [2011] Standard Life images reproduced under licence.

Find out more 

Eastern region 

1-877-549-4665 

eastern@standardlife.ca 

slmf.ca 

Central region 

1-800-554-4947 

central@standardlife.ca 

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund 

investments. Please read the simplified prospectus before investing. The indicated rates of return are the historical 

annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take 

into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that 

would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may 


6263M 08-2011 ©2011 Standard Life Mutual Funds Ltd. (images reproduced under license) 

Western region 

1-866-662-7345 

western@standardlife.ca

Standard Life Canadian Equity Class

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