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The Quarterly Review<br />

Q2 June 2011<br />

Searching<br />

for yield<br />

A solution for all<br />

market conditions<br />

Introducing the <strong>Standard</strong> <strong>Life</strong><br />

Tactical Income Fund<br />

Monthly<br />

summaries<br />

Your guide to all<br />

SLMF products<br />

For advisor use only.<br />

This document is not intended for public distribution.


June 2011<br />

©2011 <strong>Standard</strong> <strong>Life</strong> Mutual Funds Ltd.<br />

Effective June 15, 2011, the <strong>Standard</strong> <strong>Life</strong> Global Monthly Income Fund was reintroduced as the <strong>Standard</strong> <strong>Life</strong> Tactical<br />

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


Take advantage of<br />

income opportunities<br />

Are you looking for a higher reliable source of income than<br />

traditional investments without taking on too much risk?<br />

Introducing the <strong>Standard</strong> <strong>Life</strong> Tactical Income Fund.<br />

The fund searches the world over for income-generating investments.<br />

It is flexible, with no set asset mix (investments based on current market<br />

outlook). Furthermore, it is managed by a premier asset manager with an<br />

expanding global reach – <strong>Standard</strong> <strong>Life</strong> Investments.<br />

Potentially higher income with less risk.<br />

Isn’t that what all income investors want?<br />

Find out more<br />

Eastern region<br />

1-877-549-4665<br />

eastern@standardlife.ca<br />

slmf.ca<br />

Central region<br />

1-800-554-4947<br />

central@standardlife.ca<br />

Western region<br />

1-866-662-7345<br />

western@standardlife.ca<br />

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

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


Contents<br />

02<br />

A message from Retail<br />

03<br />

Contributors’ credits<br />

04<br />

Portfolio management team<br />

06<br />

Investment commentary<br />

08<br />

A solution for all market conditions<br />

14<br />

Searching for yield<br />

65<br />

Quick reference guide<br />

70<br />

Disclaimers<br />

Fixed Income Funds<br />

19 Money Market<br />

20 <strong>Canadian</strong> Bond<br />

21 Corporate Bond<br />

22 International Bond<br />

Monthly Income Funds<br />

23 Diversified Income<br />

24 Monthly Income<br />

25 Tactical Income<br />

Dividend Funds<br />

26 <strong>Canadian</strong> Dividend Growth<br />

27 Dividend Income<br />

28 U.S. Dividend Growth<br />

29 Global Dividend Growth<br />

<strong>Canadian</strong> <strong>Equity</strong> Funds<br />

30 Balanced<br />

31 <strong>Canadian</strong> <strong>Equity</strong><br />

32 <strong>Canadian</strong> Small Cap


Global <strong>Equity</strong> Funds<br />

33 U.S. <strong>Equity</strong><br />

34 International <strong>Equity</strong><br />

35 Global <strong>Equity</strong><br />

36 European <strong>Equity</strong><br />

37 U.S. Mid Cap<br />

Focus Funds<br />

38 <strong>Canadian</strong> <strong>Equity</strong> Focus<br />

39 U.S. <strong>Equity</strong> Focus<br />

40 Global <strong>Equity</strong> Focus<br />

41 India <strong>Equity</strong> Focus<br />

Portrait Portfolio Funds<br />

42 Conservative Portfolio<br />

43 Moderate Portfolio<br />

44 Growth Portfolio<br />

45 Dividend Growth & Income Portfolio<br />

46 Aggressive Portfolio<br />

47 Global Portfolio<br />

Corporate <strong>Class</strong> Funds<br />

Stand-alone <strong>Class</strong>es<br />

48 Short Term Yield <strong>Class</strong><br />

49 <strong>Canadian</strong> Bond <strong>Class</strong><br />

50 Corporate Bond <strong>Class</strong><br />

51 Monthly Income <strong>Class</strong><br />

52 <strong>Canadian</strong> Dividend Growth <strong>Class</strong><br />

53 Global Dividend Growth <strong>Class</strong><br />

54 <strong>Canadian</strong> <strong>Equity</strong> <strong>Class</strong><br />

55 <strong>Canadian</strong> Small Cap <strong>Class</strong><br />

56 U.S. <strong>Equity</strong> <strong>Class</strong><br />

57 International <strong>Equity</strong> <strong>Class</strong><br />

58 Global <strong>Equity</strong> <strong>Class</strong><br />

Portrait Portfolio <strong>Class</strong>es<br />

59 Conservative Portfolio <strong>Class</strong><br />

60 Moderate Portfolio <strong>Class</strong><br />

61 Growth Portfolio <strong>Class</strong><br />

62 Dividend Growth &<br />

Income Portfolio <strong>Class</strong><br />

63 Aggressive Portfolio <strong>Class</strong><br />

64 Global Portfolio <strong>Class</strong><br />

The Quarterly Review 01


02 The Quarterly Review<br />

A message from Retail<br />

You may have noticed that our magazine has a brand new look. This marks<br />

the beginning of a new era at <strong>Standard</strong> <strong>Life</strong> Mutual Funds – an era<br />

characterized by an increased focus on our advisors. We want to ensure<br />

you have the right tools to meet your clients’ needs, regardless of market<br />

conditions. A good example is the new <strong>Standard</strong> <strong>Life</strong> Tactical Income Fund.<br />

Markets were mixed in the second quarter, as investors fretted about a<br />

global economic slowdown – in both developed and emerging markets.<br />

Other issues, such as inflation in emerging markets, the sovereign debt<br />

crisis in Europe and political turmoil in the Middle East, all contributed to<br />

market volatility. At the same time, fixed-income yields remained low.<br />

Within this context, your clients are looking for income and predictable<br />

returns. This is the investment mandate of the Tactical Income Fund.<br />

The portfolio construction of the fund is based on the success of<br />

<strong>Standard</strong> <strong>Life</strong> Investments’ team-based approach to seek opportunities in<br />

all market conditions and aims to protect capital through turbulent<br />

markets, while delivering income along the way.<br />

The Tactical Income Fund has an unconstrained asset allocation, that can<br />

range from 100% fully invested in equities, to 100% fully invested in<br />

bonds or cash, and uses <strong>Standard</strong> <strong>Life</strong> Investments’ successful<br />

institutional asset allocation process to target returns that meet the<br />

expectations of investors. The fund aims to protect capital in down<br />

markets, while capturing returns in up markets. In addition, investors<br />

receive a monthly distribution as well.<br />

What does this mean for your clients? Potentially higher income with less<br />

risk. Isn’t that what all income investors want?<br />

Mick Kelly<br />

Vice-President, Sales, Retail Markets<br />

The <strong>Standard</strong> <strong>Life</strong> Assurance Company of Canada


Contributors’ credits<br />

Neil Matheson, MA, MBA, CFA<br />

Senior Vice-President, Investment Strategy,<br />

<strong>Standard</strong> <strong>Life</strong> Investments Inc.<br />

As Senior Vice-President, Investment Strategy, Neil is responsible for<br />

analysis of macroeconomic factors and its impact on asset mix,<br />

interest rates, equity and sector strategy. He chairs the Asset Mix<br />

Strategy Committee, the Investment Committee, and sits on the Fixed<br />

Income Strategy Committee. In addition, Neil is a member of the<br />

Global Investment Group for <strong>Standard</strong> <strong>Life</strong> Investments Limited in<br />

Edinburgh, which is responsible for asset mix and strategy overview<br />

for funds managed by <strong>Standard</strong> <strong>Life</strong> Investments Limited in the U.K.<br />

Carlos Da Costa Frias, MBA<br />

Senior Consultant, Investment Product Development,<br />

The <strong>Standard</strong> <strong>Life</strong> Assurance Company of Canada<br />

As Senior Consultant, Investment Product Development, Carlos<br />

is responsible for the research and development of new<br />

product ideas and for the support of existing products. His<br />

scope is primarily within the mutual fund line-up, which<br />

includes our 6 successful fund families and our increasingly<br />

popular Fund-of-Funds, the Portrait Portfolio Funds.<br />

The Quarterly Review 03


Portfolio management team<br />

04 The Quarterly Review<br />

Roger Renaud, BSc, CFA<br />

President<br />

Industry experience: 1982<br />

Jay Aizanman, BComm, CFA<br />

Senior Vice-President,<br />

Retail Investment Market<br />

Industry experience: 1990<br />

Steve Belisle, BAA, MSc, CFA<br />

Portfolio Manager, Equities<br />

Industry experience: 2005<br />

Dominic Byrne, MEng, CFA<br />

Investment Director,<br />

Global Equities<br />

Industry experience: 2000<br />

Philippe Capelle, BA, CA, CFA<br />

Vice-President, Equities<br />

Industry experience: 1989<br />

Valérie Cecchini, BBA, CGA, MSc, CFA<br />

Vice-President, Equities<br />

Industry experience: 1993<br />

Brian Chan, BComm, CFA<br />

Analyst, Equities<br />

Industry experience: 2006<br />

Jean-Pierre D’Agnillo, BBA, CFA<br />

Vice-President, Fixed Income<br />

Industry experience: 1993<br />

Susan Da Sie, BComm, CFA<br />

Vice-President, Equities<br />

Industry experience: 1984<br />

Jerry Domanus, MSc, MBA, CFA<br />

Vice-President, Fixed Income<br />

Industry experience: 1980<br />

Ivan Francis, BComm, CFA, FLMI/M<br />

Vice-President, Fixed Income<br />

Industry experience: 1976<br />

Ara Froundjian, BComm<br />

Analyst and Trader, Fixed Income<br />

Industry experience: 2007<br />

Tony Hood, MA, AIMR<br />

Investment Director,<br />

European Equities<br />

Industry experience: 1994<br />

Charles H. Jenkins, BSc, MBA, CFA<br />

Senior Vice-President, Equities<br />

Industry experience: 1988


Geir-Rune Johnskareng, MBA, MEng, CFA<br />

Portfolio Manager, Equities<br />

Industry experience: 1997<br />

Christopher Mann, BEng, MBA, CFA<br />

Analyst, Equities<br />

Industry experience: 2005<br />

Neil Matheson, MA, MBA, CFA<br />

Senior Vice-President,<br />

Investment Strategy<br />

Industry experience: 1981<br />

Michel Pelletier, BA, MSc<br />

Senior Vice-President,<br />

Fixed Income<br />

Industry experience: 1985<br />

Lance Philips, BA, MBA<br />

Head of Overseas Equities<br />

Industry experience: 1986<br />

Pasquale Posteraro, BAA, CSC<br />

Analyst, Equities<br />

Industry experience: 2003<br />

Mark Pugsley, BComm, MBA, CFA<br />

Vice-President, Equities<br />

Industry experience: 1995<br />

Marc Rouleau, BA, MA, CFA<br />

Vice-President, Fixed Income<br />

Industry experience: 1996<br />

José Manuel Saracut, BA, CFA, FRM<br />

Senior Analyst, Corporate Credit<br />

Industry experience: 2001<br />

Marie-Eve Savard, BComm, CFA<br />

Portfolio Manager, Equities<br />

Industry experience: 1998<br />

Sharron Southin, BComm, CFA<br />

Manager, Money Market<br />

Industry experience: 1991<br />

Kevin Troup, MA,<br />

ICAEW Chartered Accountant, IMC, AIMR<br />

Investment Director, Global Equities<br />

Industry experience: 1995<br />

Alistair Way, BA, IIMR<br />

Investment Director,<br />

Asia & GEM Equities<br />

Industry experience: 1993<br />

Steve Weeple, BA,<br />

Diploma in Investment Analysis, IMC<br />

Managing Director, Global Equities (USA)<br />

Industry experience: 1995<br />

Mikhail Zverev, BSc, MSc, CFA, IMC<br />

Investment Director, Global Equities<br />

Industry experience: 1998<br />

The Quarterly Review 05


Investment commentary<br />

06 The Quarterly Review<br />

Economics<br />

The slowdown in the global economy that we had<br />

expected has materialized in the second quarter.<br />

Domestic demand in the U.S. was weak, as<br />

high gasoline prices put a dent on discretionary<br />

spending, acting as a tax on consumers. The<br />

housing situation remains weak and more<br />

foreclosures are expected. Payrolls and ISM data<br />

softened. Small business confidence is eroding.<br />

Corporate profit growth is slowing down and we<br />

expect margins to peak. <strong>Canadian</strong> economic<br />

growth is also following a similar path. Consumer<br />

debt has grown, while the housing sector is<br />

slowing and mortgage conditions were tightened.<br />

Retail sales slowed down.<br />

In Asia, Japan is still recovering from March’s<br />

earthquake and tsunami. Power shortages curtail<br />

production. The Chinese economy is clearly<br />

moderating as a result of tight monetary policy<br />

over the last few months. Inflation is expected to<br />

peak. Property demand slowed. Other emerging<br />

countries also adopted a tight monetary policy to<br />

curb inflation.<br />

In Europe, the housing and retail sectors have<br />

not been spared either. Business surveys have<br />

peaked or are falling sharply, in line with the<br />

U.S. Moreover, fiscal retrenchment and debt<br />

restructuring are putting a hamper on growth.<br />

Markets have already priced in a default on<br />

Greek debt and a higher risk of default in Ireland<br />

and Portugal.<br />

Equities<br />

Major equity markets peaked in April and<br />

subsequently retreated sharply as investors<br />

became increasingly concerned about reduced<br />

demand in the U.S. and other OECD countries<br />

as well as potential slower growth in emerging<br />

markets. The S&P 500 Index fell by more than 7%<br />

from its peak before rebounding towards the end<br />

of the quarter along with other equity markets.<br />

As a result, stock markets posted mixed results<br />

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

Index lost 5.2% due to lower commodity prices<br />

and stocks, while the S&P 500 Index was down<br />

0.7% and the MSCI EAFE Index gained 1.1% in<br />

<strong>Canadian</strong> dollars and on a total return basis. For<br />

the first time since the recovery, the S&P 500<br />

Index outperformed the TSX Composite Index.<br />

Small-caps posted lower returns than large-caps.<br />

Year-to-date, the S&P 500 Index gained 2.8%,<br />

the MSCI EAFE Index is up 2.1% while the TSX<br />

Composite Index is basically unchanged.<br />

The quarter saw a rotation out of bonds into<br />

equities. However, within equities, there was a<br />

rotation out of cyclicals into defensive stocks.<br />

Consumer staples, healthcare, telecoms and<br />

utilities outperformed their respective indices,<br />

posting positive returns. Commodities lost<br />

ground in the quarter with the energy sector in<br />

Canada and the U.S. among the worst performing<br />

sectors. The materials sector underperformed as<br />

most base metal prices were down in the quarter.<br />

The price of oil and other commodities declined<br />

after the announcement that 60 million barrels of<br />

oil from strategic reserves would be released.<br />

In Canada, the information technology sector was<br />

by far the worst performer. Research in Motion<br />

lost about half of its value after the company<br />

announced poor earnings and a declining market<br />

share in North America. Following allegations<br />

that Sino-Forest inflated its assets and revenues,<br />

the stock lost over 80% of its market value. Other<br />

Chinese companies listed in Canada also suffered<br />

huge losses as investors became distrustful<br />

of these companies. The much-contested TMX<br />

Group and LSEG (London Stock Exchange)<br />

merger agreement was terminated due to lack of<br />

investor support.<br />

Financials in the U.S. continued to underperform<br />

the S&P 500 Index due to continued regulatory<br />

overhang on new capital requirements for large<br />

global banks. By the end of the quarter, more<br />

clarity emerged and things were a little better


than what had been feared. Future issues yet<br />

to be resolved include the cost of settling the<br />

foreclosure lawsuits with the state attorney<br />

generals. In June, JPMorgan Chase and Bank of<br />

America have agreed to settle with the SEC on<br />

this issue, though the state attorney generals’<br />

lawsuit could be much more severe.<br />

Japanese companies reported lower earnings due<br />

to a strong yen, business disruptions and parts<br />

shortages after the tsunami. Otherwise, corporate<br />

earnings were surprisingly strong once again, and<br />

guidance was positive. It is estimated that half<br />

of the revenues generated by the large American<br />

corporations come from overseas. Since the<br />

onslaught of the recession, companies slashed<br />

their costs to increase profitability. However,<br />

the rise in raw material costs is expected to<br />

squeeze margins. Companies continued to<br />

spend their cash making acquisitions and<br />

capital expenditures.<br />

Concerns over sovereign debt default continued<br />

to unsettle international markets. French and<br />

German banks that are heavily exposed to Greek<br />

debt have struck a deal with their respective<br />

governments to rollover a certain amount of the<br />

maturing debt they hold.<br />

Fixed Income<br />

Positive returns in the bond market were achieved<br />

in the second quarter and year-to-date, erasing<br />

the first quarter losses. As the economic data<br />

pointed towards slower global economic growth<br />

and the sovereign debt problems in Europe<br />

resurfaced, a flight to quality ensued and yields<br />

on government bonds fell. The yield on 10-year<br />

U.S. Treasury Bonds fell by approximately<br />

60 basis points since their February highs. A<br />

resolution to lift the debt ceiling in the U.S.<br />

before the August deadline has almost fallen<br />

off the radar as the focus was on Greece and<br />

Europe’s attempts to resolve the looming<br />

sovereign debt problem. Meanwhile, several<br />

emerging countries continued to raise interest<br />

rates in an attempt to curb domestic inflation.<br />

This commentary represents the opinion of <strong>Standard</strong> <strong>Life</strong> Investments Inc.<br />

Long government bonds outperformed. Extremely<br />

low rates and a limited appetite for risk kept<br />

buyers on the sidelines for provincial bonds.<br />

Spreads remained wide. The tone in the corporate<br />

bond market remained sour, particularly for U.S.<br />

financials. Demand was nevertheless strong for<br />

good quality issues with long maturities.<br />

The U.S. government’s quantitative easing<br />

program – otherwise known as QE2 in which the<br />

Treasury purchased bonds in the market – ended<br />

at the end of June and there were no plans to go<br />

into another easing program.<br />

Outlook<br />

We believe that this is a mid-cycle slowdown,<br />

much like a year ago and we expect growth to<br />

resume in the second half of this year. Headline<br />

inflation will be peak in tandem with the price<br />

of oil. In fact, it may have already peaked.<br />

Lower energy prices and stimulative monetary<br />

conditions in North America are starting to<br />

translate in some auto and business loan activity.<br />

Growth in China should resume as inflation<br />

looks to be tamed, thus generating an increase<br />

in demand for commodities. And finally, the<br />

Japanese economy should recover due to the<br />

reconstruction following last March’s earthquake<br />

and tsunami.<br />

The equity market pullback increased the<br />

attractiveness of equities. Valuations are<br />

reasonable. <strong>Equity</strong> markets should be sustained<br />

by increasing worldwide demand, solid corporate<br />

fundamentals and earnings growth, albeit at a<br />

slower pace than in the last few quarters.<br />

Interest rates are not expected to increase in the<br />

forthcoming period as growth in the developed<br />

economies is fragile and the sovereign debt<br />

problem persists. Inflation is not an issue.<br />

We expect bonds to trade within a range over<br />

the next year. Credit bonds remain attractive<br />

as yield spreads relative to government<br />

bonds remain wide.<br />

The Quarterly Review 07


08 The Quarterly Review<br />

“ The team at <strong>Standard</strong> <strong>Life</strong> Investments<br />

is proud to introduce its newest<br />

mandate from the <strong>Standard</strong> <strong>Life</strong><br />

Mutual Funds (SLMF) fund family, the<br />

Tactical Income Fund, as a solution to<br />

the current investing environment and<br />

client concerns.”


A solution<br />

for all market conditions<br />

by Neil Matheson<br />

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

rays shower the rolling countryside of stunning farmland and hill-top<br />

towns. After a visit to the historic city of Siena, the husband, who is a<br />

professional investor, switches on the T.V. to catch up with the latest<br />

news. There had been rumors swirling about the demise of Lehman<br />

Brothers and he is curious to know if anything has happened.<br />

To his amazement, something has!<br />

¬ The venerable institution, Lehman Brothers,<br />

has filed for bankruptcy<br />

¬ Merrill Lynch has flung itself into the arms of<br />

Bank of America, in desperation<br />

¬ Goldman Sachs and Morgan Stanley<br />

look threatened<br />

¬ Behemoth insurance company AIG is rumored<br />

to be in dire straits<br />

¬ Stock markets around the world are plunging<br />

as the world grimly stares into what appears<br />

to be a very, very black hole<br />

The investor, having witnessed this mayhem,<br />

switches off the T.V. and heads into the kitchen,<br />

where he reaches for a bottle of Vino Nobile de<br />

Montepulciano.<br />

He then scurries out to the<br />

porch with his wife to discuss<br />

their travel itinerary over the<br />

next few days… not back to the<br />

office, but through another part<br />

of the Tuscany landscape.<br />

Although most of his portfolio is held in bank<br />

stocks, which are being hammered in the<br />

market, he is not worried about the effects of the<br />

world turmoil on his investments as his portfolio<br />

is fully hedged by a combination of derivatives,<br />

ETFs, and extremely long-dated U.S.<br />

treasury bonds.<br />

His portfolio goes up in value. This is a<br />

true story.<br />

“ Do you like the Vino Nobile, dear?”<br />

The Quarterly Review 09


Fast forward to today. A common<br />

question coming across from our<br />

advisors and their clients is:<br />

How should we invest in today’s<br />

environment?<br />

client<br />

advisor<br />

Effectively, we have:<br />

¬ Turmoil in Greece, as it teeters with default<br />

¬ Major deleveraging in the U.S., Japan<br />

and Europe<br />

¬ Revolutions in the Middle East<br />

10 The Quarterly Review<br />

Helping a client navigate through this is a tall<br />

order in the best of circumstances, but<br />

advisors are also voicing the concerns of their<br />

clients, who have lived through a decade of<br />

tremendous turmoil, such as:<br />

¬ “ We are getting older and need our<br />

portfolios to provide income”<br />

¬ “ We want to deal with a reputable<br />

investment firm and have some<br />

predictability in returns”<br />

¬ “ We worked hard for our money and want<br />

to try to protect it on the downside while<br />

participating on the upside”<br />

This challenge is not going away anytime soon,<br />

for advisors or their clients. In an environment<br />

of low bond yields, even on corporate credit,<br />

security comes with a price…low returns!<br />

At <strong>Standard</strong> <strong>Life</strong> Investments, our team is<br />

renowned for developing and managing leading<br />

solutions to deal with various investing<br />

environments. Such is the case surrounding<br />

investing in dividends, with our <strong>Canadian</strong> and<br />

Global Dividend mandates for example, which<br />

have attractive yields relative to bonds at the<br />

present time. The problem with this strategy in<br />

the current context is that it does not<br />

completely offset client concerns expressed<br />

¬ Policy shifts in China<br />

¬ Volatile markets reflecting<br />

uncertainty over inflation, doubledips,<br />

credit events, etc.<br />

above, as the strategy retains a level of volatility<br />

due to its correlation with the various stock<br />

markets. Somewhere between these two<br />

options, advisors have come to depend upon<br />

tried and true balanced approaches, such as the<br />

<strong>Standard</strong> <strong>Life</strong> Mutual Funds Monthly Income<br />

Fund – but even these solutions cannot answer<br />

all of the above client concerns.<br />

The team at <strong>Standard</strong> <strong>Life</strong> Investments is proud<br />

to introduce its newest mandate from the<br />

<strong>Standard</strong> <strong>Life</strong> Mutual Funds (SLMF) fund family,<br />

the Tactical Income Fund, as a solution to the<br />

current investing environment and<br />

client concerns.<br />

The fund is designed with the proven talents of<br />

<strong>Standard</strong> <strong>Life</strong> Investments’ team-based<br />

approach in order to:<br />

¬ Seek opportunities in all market conditions<br />

¬ Aim to protect capital through<br />

turbulent markets<br />

¬ Deliver income along the way


1.<br />

2.<br />

3.<br />

The following key elements<br />

outline the approach the<br />

Tactical Income Fund will<br />

base itself upon:<br />

Manage overall volatility:<br />

The fund will utilize an active asset allocation<br />

policy to dynamically aim to protect against<br />

down markets, while opportunistically<br />

investing in positive market conditions<br />

by seeking any yield producing security<br />

or market, based upon its projected<br />

return profile.<br />

Produce income:<br />

By investing in dividend-paying stocks and<br />

higher yielding interest-bearing bonds,<br />

the fund will seek to produce a total return<br />

sufficient to fund the stated monthly<br />

distributions with excess returns contributing<br />

to future portfolio growth.<br />

Rely upon a trusted and proven<br />

investment platform:<br />

<strong>Standard</strong> <strong>Life</strong> Investments will be combining<br />

its broad and seasoned expertise to manage<br />

the solution for your clients:<br />

a. Corporate bonds (previously Corporate<br />

High Yield Bond) and duration strategy:<br />

Utilizing the investment strategies<br />

underlying the Corporate Bond Fund, the<br />

fixed income component of the Tactical<br />

Income Fund will be invested in higher<br />

yielding, investment grade corporate<br />

bonds and will be managed with an<br />

unconstrained duration management<br />

guideline to manage and profit from<br />

swings in bond yields.<br />

b. Dividend equity strategy:<br />

We originally pioneered dividend investing<br />

in 1994, and will feature higher-yielding<br />

dividend-paying securities in the Tactical<br />

Income Fund – evaluated to deliver income<br />

and dividend growth over an entire cycle,<br />

similar to the strategy currently employed in<br />

the Monthly and Diversified Income Funds.<br />

c. Dynamic asset allocation:<br />

As part of the <strong>Standard</strong> <strong>Life</strong> Investments<br />

culture, focusing on both return and risk,<br />

the Tactical Income Fund will benefit from a<br />

long history of successful active asset<br />

allocation decision making. With an<br />

unconstrained asset allocation – that can<br />

run from 100% fully invested in equities, to<br />

100% fully invested in bonds or cash – the<br />

strategy is based on our proven<br />

institutional asset allocation process, so as<br />

to produce returns that meet the<br />

expectations of investors, with a particular<br />

focus on aiming to protect capital in down<br />

markets, while allowing returns to be<br />

captured in up markets.<br />

The Quarterly Review 11


Portfolio manager<br />

philosophy<br />

The fund design and construction<br />

is based upon the following<br />

principles and philosophies:<br />

12 The Quarterly Review<br />

1. Yield and dividend growth drive<br />

total return<br />

Over a longer time period, the major drivers of<br />

equity total returns are dividend yields<br />

followed by the growth in dividends. We<br />

understand this well, as this philosophy has<br />

underpinned our dividend fund strategies<br />

since we created them in 1994. We aim to<br />

balance the return from yield with that of<br />

growth. Too much yield and you risk sacrificing<br />

growth, while too much growth with too little<br />

yield and you get the increased volatility of the<br />

equity market.<br />

2. Yield is not always where you are<br />

looking<br />

In different phases of the market cycle, yield<br />

can be found in different asset classes. For<br />

example, at the height of the tech boom in<br />

2000, dividend yields were minuscule, while<br />

yields on corporate and government bonds<br />

were deemed attractive by <strong>Standard</strong> <strong>Life</strong><br />

Investments – but almost entirely shunned by<br />

investors, as it was “different this time.” A<br />

decade later, bond returns have trumped<br />

stocks in most markets. Interestingly, today<br />

we see the reverse, as Government bond<br />

yields are lower than almost any time in the<br />

past 50 years; Corporate yields are more<br />

attractive, but back to their pre-crisis lows and<br />

equity yields are at their highest levels in<br />

absolute terms in over 30 years and relative to<br />

bonds, dating back to the 1950s.<br />

Yields across asset classes<br />

9<br />

8<br />

7<br />

6<br />

5<br />

4<br />

3<br />

96 99 02 05 08 11<br />

Earnings Yield S&P 500 BAA US30<br />

Source: Thomson Reuters Datastream


3. Maximize agility to take advantage<br />

of opportunities<br />

Utilizing <strong>Standard</strong> <strong>Life</strong> Investment’s distinctive<br />

Focus on Change investment philosophy<br />

implemented by a global team of investment<br />

professionals, innovative strategies will be<br />

evaluated for application to achieve the fund’s<br />

objectives, for example:<br />

a. Hedging currency risk with U.S. Treasuries:<br />

Although counter-intuitive, as can be seen<br />

below, one of the best ways to hedge an<br />

underlying <strong>Canadian</strong> equity position is to<br />

buy long U.S. bonds. The diversification<br />

comes from duration, with long rates<br />

typically falling (and prices rising) when<br />

equities fall (and vice-versa). As well, the<br />

U.S. dollar typically has acted as a “flight to<br />

safety” and appreciated during periods of<br />

stress vs. the loonie.<br />

Treasury bonds hedge <strong>Canadian</strong> equities<br />

170<br />

150<br />

120<br />

90<br />

60 2006 2007 2008 2009 2010 2011<br />

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

BofAML US Treasury 10+y ($) – Tot return ind (~ C$)<br />

DEX Capital Overall Universe – Tot return ind (~ C$)<br />

Source: Thomson Reuters Datastream<br />

b. Supplement equity returns with Corporate<br />

and High Yield Bonds:<br />

In 2008, witnessing the liquidity<br />

meltdown’s effects on corporate bonds as<br />

spreads to governments widened to levels<br />

not seen in decades, we used more<br />

corporate bonds in all of our portfolios to<br />

achieve a better risk-reward trade-off for<br />

our clients. With a Global Credit Team in the<br />

U.S. and U.K., the fund will benefit from a<br />

wide range of Fixed Income options at<br />

opportune times such as this.<br />

Barclays BAA intermediate corp spread over<br />

7-10 yr+ treasury<br />

8<br />

7<br />

6<br />

5<br />

4<br />

3<br />

2<br />

1<br />

0<br />

91 95 00 05 10<br />

(LHI BAAI (RY)-LHT7T10(RY))<br />

Source: Thomson Reuters Datastream<br />

c. Overlay the <strong>Standard</strong> <strong>Life</strong> Investments Asset<br />

Mix views onto the fund:<br />

Utilizing the established and successful<br />

approach implemented for Institutional and<br />

Retail clients, the fund will apply Asset Mix<br />

decisions to the strategic weighting, thus<br />

attempting to reduce the impact of the<br />

downturn on your clients. The Tactical Income<br />

Fund will benefit the most from asset<br />

allocation calls as it will implement Asset Mix<br />

decisions without constraint.<br />

<strong>Canadian</strong> asset classes<br />

160<br />

150<br />

140<br />

130<br />

120<br />

110<br />

100<br />

90<br />

J S D M J S D M J<br />

S&P 500 Composite – Tot return ind<br />

DEX Capital Overall Universe – Tot return ind<br />

S&P/TSX Composite Index – Tot return ind<br />

Source: Thomson Reuters Datastream<br />

The Tactical Income Fund is<br />

designed to take advantage of<br />

the <strong>Standard</strong> <strong>Life</strong> Investments<br />

investment process combining<br />

asset allocation, stock selection,<br />

portfolio construction, risk<br />

management and timely trading.<br />

With its distinctive Focus On<br />

Change Investment Philosophy<br />

the fund is designed to:<br />

¬ Focus on absolute returns over<br />

market cycles<br />

¬ Deliver income to support a<br />

steady monthly distribution<br />

¬ Take advantage of the<br />

professional, institutional<br />

management style of<br />

<strong>Standard</strong> <strong>Life</strong> Investments<br />

“<br />

Oh, would you like another glass of<br />

Vino Nobile?<br />

The Quarterly Review 13<br />


14 The Quarterly Review


Searching<br />

for yield<br />

by Carlos Da Costa Frias<br />

Coming out of the<br />

credit crisis<br />

in 2009<br />

a clear need for higher income and<br />

lower volatility emerged from<br />

investors within the mutual fund<br />

industry. Funds that could<br />

generate income, such as Monthly<br />

Income Funds, became even more<br />

popular than before. Despite<br />

certain portfolio constraints, most<br />

Monthly Income Funds gave<br />

investors a balanced approach to<br />

the markets – providing both<br />

equity exposure and income<br />

generation within their portfolio.<br />

The year 2010 provided attractive<br />

capital gains and, as stock prices<br />

rose, equity yields consequently<br />

declined, resulting in lower overall<br />

dividend income. Let’s take a quick<br />

look at how markets have been<br />

performing for the first half of the<br />

year. The year 2011 got off to a<br />

good start for the major <strong>Canadian</strong><br />

and U.S. indices; but since then, we<br />

have seen recent volatility pare<br />

down almost all of those gains. On<br />

a year-to-date basis, we are looking<br />

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

Composite index and a 2.8% return<br />

for the S&P 500 (CAD) index.<br />

<strong>Canadian</strong> & U.S. YTD Index Returns<br />

5.00%<br />

4.00%<br />

3.00%<br />

2.00%<br />

1.00%<br />

0.00%<br />

-1.00%<br />

-2.00%<br />

-3.00%<br />

-4.00% Jan Feb Mar Apr May Jun YTD<br />

Source: PALTrak, June 2011<br />

S&P/TSX Composite S&P 500<br />

The Quarterly Review 15


hile neither market has taken a<br />

strong direction upwards nor<br />

downwards, 2011 has shown there are<br />

lingering concerns throughout the<br />

globe that may cause more volatility,<br />

and perhaps, more concerns for<br />

investors. Investors have not yet<br />

forgotten about the difficult year that<br />

was 2009.<br />

16 The Quarterly Review<br />

The Tactical Income Fund versus a<br />

Monthly Income Fund<br />

As stated earlier, Monthly Income Funds have<br />

become very popular for investors seeking a<br />

balanced approach to investing – to generate<br />

income and a stable distribution. While this is<br />

great for investors seeking a balanced approach,<br />

it also means that most investors of Monthly<br />

Income Funds are subject to considerable equity<br />

exposure within their portfolio. For example, the<br />

very successful <strong>Standard</strong> <strong>Life</strong> Monthly Income<br />

Fund falls into the <strong>Canadian</strong> Neutral Balanced<br />

category within Morningstar, where most<br />

Monthly Income Funds are found.<br />

Within the first 6 months of 2011, we have<br />

experienced sovereign debt difficulties within<br />

European countries, a Japanese earthquake, a<br />

<strong>Canadian</strong> election, high U.S. government debt<br />

levels with the risk of default, and a rapidly<br />

rising <strong>Canadian</strong> dollar causing concerns for<br />

exporters, among other issues.<br />

Average <strong>Canadian</strong> Neutral Balanced Mutual Fund<br />

Source: PALTrak, June 2011<br />

<strong>Canadian</strong> Equities<br />

(38.6%)<br />

U.S. Equities (9.0%)<br />

International Equities<br />

(5.9%)<br />

Cash (8.4%)<br />

Preferred Equities<br />

(1.4%)<br />

Fixed Income (34.8%)<br />

Investment Fund<br />

(0.9%)<br />

Other (1.0%)<br />

By looking at the pie chart above, we can see<br />

that the average mutual fund within this category<br />

holds approximately 60% in equities. For those<br />

investors whose first priority has become income<br />

generation, this may not be ideal.


In light of these investor concerns, the need<br />

for equity exposure has taken a back seat to a<br />

more pressing need for income generation for<br />

retirement and other needs for their portfolio.<br />

Let’s now turn our focus to the <strong>Standard</strong> <strong>Life</strong><br />

Tactical Income Fund.<br />

How is the <strong>Standard</strong> <strong>Life</strong> Tactical<br />

Income Fund different?<br />

The <strong>Standard</strong> <strong>Life</strong> Tactical Income Fund aims to<br />

provide you with a higher predictable income<br />

stream than most traditional investments. How<br />

so? The secret is in the fund’s flexibility. Most<br />

Monthly Income Funds and Balanced Funds have<br />

a predetermined asset mix with asset class<br />

ranges for some flexibility. The <strong>Standard</strong> <strong>Life</strong><br />

Tactical Income Fund is designed to have fewer<br />

asset class restrictions and more flexibility with<br />

regards to global sources of income and yield.<br />

Potential Tactical Income Fund asset allocation<br />

Fixed Income<br />

allocation Global<br />

0-100% investment<br />

opportunities<br />

<strong>Equity</strong><br />

allocation<br />

0-100%<br />

As per the above visual, the asset allocation<br />

ranges for the fund vary from 0-100% in fixed<br />

income or 0-100% in equity exposure. This<br />

allows our portfolio manager to adjust<br />

investments based on the current market<br />

outlook at any given time.<br />

<strong>Standard</strong> <strong>Life</strong> Investments: A<br />

responsible portfolio manager<br />

<strong>Standard</strong> <strong>Life</strong> Investments (SLI), our portfolio<br />

manager for the <strong>Standard</strong> <strong>Life</strong> Tactical<br />

Income Fund, manages the fund with the<br />

appropriate asset mix – given market<br />

conditions – by searching globally for<br />

income, yield and investment opportunities.<br />

SLI uses a rigorous investment process<br />

backed by solid risk-management controls.<br />

Research analysts from<br />

across the globe feed<br />

the management team<br />

valuable information so<br />

they can make sense<br />

of markets and<br />

potential investments.<br />

The Quarterly Review 17


i<br />

18 The Quarterly Review<br />

The <strong>Standard</strong> <strong>Life</strong> Tactical Income Fund<br />

Effective June 15, 2011, the <strong>Standard</strong> <strong>Life</strong> Global<br />

Monthly Income Fund was reintroduced as the<br />

<strong>Standard</strong> <strong>Life</strong> Tactical Income Fund to reflect its<br />

transition towards a fund seeking yield. While<br />

our portfolio manager has looked at various<br />

investment vehicles to populate the fund, two<br />

major asset classes currently dominate:<br />

Corporate bonds: While there are numerous<br />

benefits of investing in bonds, there are two<br />

main benefits derived from investing in<br />

corporate bonds.<br />

1. Attractive yields: With money market yields,<br />

interest rates, and Guaranteed Investment<br />

Certificates offering very low historical rates,<br />

investors have to search elsewhere for higher<br />

yield. Corporate bonds offer opportunity with<br />

significantly less risk than equity investments.<br />

2. Diversification: While government bonds<br />

provide generally a higher degree of safety,<br />

the returns are lower than equities because<br />

they don’t provide full access to the market.<br />

With corporate bonds, you can choose from a<br />

variety of sectors, structures, and credit<br />

qualities. Although high yield corporate bonds<br />

are considered riskier investments than their<br />

government counterpart, their addition to a<br />

portfolio can increase diversification – and<br />

they may actually reduce overall portfolio risk<br />

in a balanced portfolio.<br />

For more information about corporate<br />

bonds, their risks, and <strong>Standard</strong> <strong>Life</strong> Mutual<br />

Funds, you can refer to an earlier article from<br />

our March 2009 edition, “Corporate Bonds<br />

and the <strong>Standard</strong> <strong>Life</strong> Corporate High Yield<br />

Bond Fund.” It’s important to note that the<br />

<strong>Standard</strong> <strong>Life</strong> Corporate Bond Fund (formerly<br />

<strong>Standard</strong> <strong>Life</strong> Corporate High Yield Bond Fund)<br />

has not experienced a default since its inception<br />

in 2000.<br />

Dividends: While the fund has the ability to buy<br />

dividend paying companies anywhere in the<br />

world, the <strong>Canadian</strong> market provides a good<br />

example of the benefits of dividend paying<br />

companies. Yes, at <strong>Standard</strong> <strong>Life</strong> Mutual Funds,<br />

we have written numerous articles on the<br />

benefits of dividend investing. Dividend paying<br />

companies provide income. They generally<br />

provide lower volatility. And even more, they<br />

have provided higher returns. In the search for<br />

yield, dividend paying companies are not a bad<br />

place to look.<br />

10 Year Risk/Return Report at June 30, 2011<br />

Return (%)<br />

6.5<br />

6.0<br />

Risk Low<br />

Return<br />

High<br />

Risk High<br />

Return<br />

High<br />

5.5<br />

Risk Low<br />

Risk High<br />

Return<br />

Return<br />

5 Low<br />

low<br />

10 11 12 13 14 15<br />

Risk (% Annualized standard<br />

deviation of monthly return)<br />

Average <strong>Canadian</strong> Dividend & Income <strong>Equity</strong><br />

Average <strong>Canadian</strong> <strong>Equity</strong><br />

Source: PALTrak, June 2011<br />

The visual above illustrates our point. The<br />

Average <strong>Canadian</strong> Dividend & Income <strong>Equity</strong><br />

Fund in Morningstar has provided higher returns<br />

with lower risk over the past 10 years, when<br />

compared to the Average <strong>Canadian</strong> <strong>Equity</strong> Fund.<br />

In quantifiable terms, the Average <strong>Canadian</strong><br />

Dividend & Income <strong>Equity</strong> Fund provided<br />

approximately 1% more over 10 years, with close<br />

to 25% lower volatility!<br />

The search for yield<br />

The search for income and yield is on. There are<br />

concerns on the horizon within Canada, U.S.,<br />

Europe, and beyond. Investors have begun<br />

searching for mutual funds whose primary focus<br />

is to generate income with lower volatility. <strong>Equity</strong><br />

exposure is not a must. Income is a must. The<br />

<strong>Standard</strong> <strong>Life</strong> Tactical Income Fund will search<br />

the globe, through corporate bonds, dividend<br />

paying companies and other investments for<br />

income and yield. Furthermore, this search for<br />

yield is in the hands of a reputable<br />

portfolio manager.


<strong>Standard</strong> <strong>Life</strong> Money Market Fund<br />

Category<br />

<strong>Canadian</strong> Money Market<br />

Investment Objective<br />

The investment objective of the fund is to preserve<br />

capital and provide liquidity and a competitive rate of<br />

short-term interest income. The Fund invests in cash and<br />

money market securities of <strong>Canadian</strong> issuers.<br />

Volatility Analysis<br />

Investment<br />

Low<br />

Category<br />

Moderate High<br />

Operations<br />

Series Load Structure Fund Code<br />

A Defer Sales Charge SLM053<br />

A Front End Charge SLM253<br />

A Low Load Charge SLM153<br />

E No Sales or Redem SLM853<br />

L No Sales or Redem SLM453<br />

A Inception 10-01-1992<br />

E Inception 07-02-2003<br />

L Inception 07-03-2002<br />

A Management Fee 0.90%<br />

E Management Fee 0.90%<br />

L Management Fee 0.90%<br />

Disclaimer<br />

** Not annualized<br />

For advisor use only. This document is not<br />

intended for public distribution.<br />

Note: This page is not complete without<br />

disclaimers. Please refer to the end of this<br />

document for details.<br />

<strong>Standard</strong> <strong>Life</strong> Mutual Funds Ltd.<br />

Benchmark<br />

DEX 91-Day T-Bill Index<br />

Performance Analysis as of 06-30-2011<br />

Published: 07-20-2011 | PC 5687<br />

15 Growth $10,000<br />

14<br />

Series A<br />

13<br />

Benchmark<br />

12<br />

11<br />

10<br />

9<br />

©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<br />

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. ?<br />

10.0<br />

7.5<br />

5.0<br />

2.5<br />

0.0<br />

Calendar<br />

Year Returns %<br />

Series A<br />

Benchmark<br />

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD Calendar Year<br />

3.9 1.5 2.1 1.4 1.7 3.1 3.6 2.7 0.5 0.2 0.2 Series A %<br />

4.7 2.5 2.9 2.3 2.6 4.0 4.4 3.3 0.6 0.5 0.5 Benchmark %<br />

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

Series A 0.1 0.3 0.6 1.8 1.9 3.1<br />

Series E 0.1 0.3 0.6 1.8 — 1.8<br />

Series L 0.1 0.3 0.6 1.8 — 1.8<br />

Index 0.2 0.9 1.1 2.3 2.6 3.8<br />

Portfolio Analysis<br />

Composition % Assets<br />

Cash<br />

Fixed Income<br />

<strong>Canadian</strong> <strong>Equity</strong><br />

US <strong>Equity</strong><br />

International <strong>Equity</strong><br />

Other<br />

96.8<br />

3.2<br />

0.0<br />

0.0<br />

0.0<br />

0.0<br />

Top Ten Holdings % Assets<br />

Canada T-Bill 10-11-2011<br />

GE Capital Canada Funding C<br />

Manitoba Prov Cda MTN Cds 02-05-2012<br />

Canada T-Bill 27-10-2011<br />

Transcanada Pipelines Ltd.<br />

CIBC 4.35% 01-11-2011<br />

Canada T-Bill 15-09-2011<br />

Canada T-Bill 13-10-2011<br />

Inter Pipeline Corridor<br />

HSBC Bk Canada Bankers Accep Cds- (ST)<br />

Total Number of Portfolio Holdings<br />

Total Number of Underlying Holdings<br />

Total Number of Stock Holdings<br />

Total Number of Bond Holdings<br />

6.5<br />

4.8<br />

4.7<br />

4.5<br />

3.5<br />

3.0<br />

3.0<br />

2.8<br />

2.7<br />

2.5<br />

57<br />

57<br />

0<br />

2<br />

Fixed Income Breakdown % Net Assets<br />

Government Bonds 0.0<br />

Corporate Bonds 3.2<br />

Other Bonds 0.0<br />

Mortgage Backed Securities 0.0<br />

ST Investments (Cash & Other) 96.8<br />

Asset Backed Securities 0.0<br />

Top 10 Countries % Assets<br />

Canada 100.0<br />

The Quarterly Review 19


<strong>Standard</strong> <strong>Life</strong> <strong>Canadian</strong> Bond Fund<br />

Category<br />

<strong>Canadian</strong> Fixed Income<br />

Investment Objective<br />

The objective of the fund is to provide a relatively high<br />

level of current income while protecting capital. The<br />

Fund invests primarily in liquid, high-quality federal and<br />

provincial government and corporate bonds and<br />

debentures.<br />

Volatility Analysis<br />

Investment<br />

Low<br />

Category<br />

Moderate High<br />

Operations<br />

Series Load Structure Fund Code<br />

A Defer Sales Charge SLM052<br />

A Front End Charge SLM252<br />

A Low Load Charge SLM152<br />

E No Sales or Redem SLM852<br />

L No Sales or Redem SLM452<br />

A Inception 10-01-1992<br />

E Inception 07-02-2003<br />

L Inception 07-03-2002<br />

A Management Fee 1.50%<br />

E Management Fee 1.50%<br />

L Management Fee 1.15%<br />

Disclaimer<br />

** Not annualized<br />

For advisor use only. This document is not<br />

intended for public distribution.<br />

Note: This page is not complete without<br />

disclaimers. Please refer to the end of this<br />

document for details.<br />

<strong>Standard</strong> <strong>Life</strong> Mutual Funds Ltd.<br />

Benchmark<br />

DEX Universe Bond Index<br />

Performance Analysis as of 06-30-2011<br />

Published: 07-20-2011 | PC 5685<br />

20 Growth $10,000<br />

18<br />

Series A<br />

16<br />

Benchmark<br />

14<br />

12<br />

10<br />

8<br />

©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<br />

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. ?<br />

20 The Quarterly Review<br />

10.0<br />

7.5<br />

5.0<br />

2.5<br />

0.0<br />

Calendar<br />

Year Returns %<br />

Series A<br />

Benchmark<br />

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD Calendar Year<br />

5.9 6.3 4.3 4.8 4.7 2.7 1.9 3.2 6.7 5.5 1.6 Series A %<br />

8.1 8.7 6.7 7.1 6.5 4.1 3.7 6.4 5.4 6.7 2.2 Benchmark %<br />

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

Series A 2.3 3.7 5.1 4.8 4.7 5.8<br />

Series E 2.3 3.7 5.1 4.8 — 4.1<br />

Series L 2.4 4.1 5.5 5.2 — 4.9<br />

Index 2.5 4.7 6.2 6.0 6.4 7.3<br />

Portfolio Analysis<br />

Composition % Assets<br />

Cash<br />

Fixed Income<br />

<strong>Canadian</strong> <strong>Equity</strong><br />

US <strong>Equity</strong><br />

International <strong>Equity</strong><br />

Other<br />

2.5<br />

97.5<br />

0.0<br />

0.0<br />

0.0<br />

0.0<br />

Top Ten Holdings % Assets<br />

Canada Hsg Tr No 1 2.2% 15-03-2014<br />

Canada Hsg Tr No 1 2.75% 15-06-2016<br />

Canada Hsg Tr No 1 4.55% 15-12-2012<br />

Ontario Prov Cda 4% 02-06-2021<br />

Canada Govt 4% 01-06-2041<br />

Ontario Prov Cda 4.65% 02-06-2041<br />

Quebec Prov Cda 5% 01-12-2041<br />

Montreal Que 4.5% 01-12-2021<br />

Montreal Que 5% 01-12-2018<br />

Ontario Prov Cda 6.5% 08-03-2029<br />

Total Number of Portfolio Holdings<br />

Total Number of Underlying Holdings<br />

Total Number of Stock Holdings<br />

Total Number of Bond Holdings<br />

7.9<br />

5.6<br />

4.8<br />

4.3<br />

3.2<br />

2.9<br />

2.8<br />

2.6<br />

1.9<br />

1.9<br />

127<br />

127<br />

0<br />

123<br />

Fixed Income Breakdown % Net Assets<br />

Government Bonds 47.9<br />

Corporate Bonds 47.2<br />

Other Bonds 0.8<br />

Mortgage Backed Securities 0.0<br />

ST Investments (Cash & Other) 2.5<br />

Asset Backed Securities 1.6<br />

Top 10 Countries % Assets<br />

Canada 98.2<br />

United States 1.8


<strong>Standard</strong> <strong>Life</strong> Corporate Bond Fund<br />

Category<br />

<strong>Canadian</strong> Fixed Income<br />

Investment Objective<br />

The investment objective of the fund is to provide a bond<br />

portfolio offering superior income to traditional bond<br />

funds, primarily in corporate bonds of <strong>Canadian</strong><br />

Companies. The Fund may also invest in corporate bonds<br />

of foreign issuers.<br />

Volatility Analysis<br />

Investment<br />

Low<br />

Category<br />

Moderate High<br />

Operations<br />

Series Load Structure Fund Code<br />

A Defer Sales Charge SLM065<br />

A Front End Charge SLM265<br />

A Low Load Charge SLM165<br />

E No Sales or Redem SLM865<br />

F No Sales or Redem SLM965<br />

L No Sales or Redem SLM465<br />

A Inception 01-10-2000<br />

E Inception 07-02-2003<br />

F Inception 07-06-2006<br />

L Inception 07-02-2003<br />

A Management Fee 2.00%<br />

E Management Fee 1.50%<br />

F Management Fee 1.00%<br />

L Management Fee 1.15%<br />

Disclaimer<br />

For advisor use only. This document is not<br />

intended for public distribution.<br />

Note: This page is not complete without<br />

disclaimers. Please refer to the end of this<br />

document for details.<br />

<strong>Standard</strong> <strong>Life</strong> Mutual Funds Ltd.<br />

Benchmark<br />

DEX Universe Bond Index<br />

Performance Analysis as of 06-30-2011<br />

Published: 07-20-2011 | PC 5314<br />

20 Growth $10,000<br />

18<br />

Series A<br />

16<br />

Benchmark<br />

14<br />

12<br />

10<br />

8<br />

©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<br />

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. ?<br />

30<br />

20<br />

10<br />

0<br />

-10<br />

Calendar<br />

Year Returns %<br />

Series A<br />

Benchmark<br />

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD Calendar Year<br />

5.1 6.7 11.1 6.6 5.1 3.6 -2.4 -5.9 15.8 6.7 1.8 Series A %<br />

8.1 8.7 6.7 7.1 6.5 4.1 3.7 6.4 5.4 6.7 2.2 Benchmark %<br />

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

Series A 1.9 3.9 6.6 4.3 5.2 5.3<br />

Series E 2.0 4.4 7.2 4.9 — 4.9<br />

Series F 2.2 5.0 7.7 — — 5.4<br />

Series L 2.1 4.8 7.5 5.2 — 5.4<br />

Index 2.5 4.7 6.2 6.0 6.4 6.7<br />

Portfolio Analysis<br />

Composition % Assets<br />

Cash<br />

Fixed Income<br />

<strong>Canadian</strong> <strong>Equity</strong><br />

US <strong>Equity</strong><br />

International <strong>Equity</strong><br />

Other<br />

4.8<br />

95.2<br />

0.0<br />

0.0<br />

0.0<br />

0.0<br />

Top Ten Holdings % Assets<br />

Toronto Dominion Bank Cds FRN 14-12-2105<br />

Royal Bank Of Canada FRN 15-06-2020<br />

Investors Grp 6.58% 07-03-2018<br />

Amer Express Cda Cr 4.853% 03-10-2014<br />

Loblaw Cos 6.05% 09-06-2034<br />

Canada Govt 3.25% 01-06-2021<br />

Laurentian Bk Cda FRN 02-11-2020<br />

Sobeys Inc Mtn Cds- 7.16% 26-02-2018<br />

Toronto Dominion Bank Cds FRN 18-12-2106<br />

Citigroup Fin Cda 6.75% 22-09-2014<br />

Total Number of Portfolio Holdings<br />

Total Number of Underlying Holdings<br />

Total Number of Stock Holdings<br />

Total Number of Bond Holdings<br />

1.9<br />

1.8<br />

1.8<br />

1.7<br />

1.5<br />

1.5<br />

1.5<br />

1.4<br />

1.4<br />

1.4<br />

129<br />

129<br />

0<br />

123<br />

Fixed Income Breakdown % Net Assets<br />

Government Bonds 2.3<br />

Corporate Bonds 89.9<br />

Other Bonds 3.0<br />

Mortgage Backed Securities 0.0<br />

ST Investments (Cash & Other) 4.8<br />

Asset Backed Securities 0.0<br />

Top 10 Countries % Assets<br />

Canada 94.8<br />

United States 5.2<br />

The Quarterly Review 21


<strong>Standard</strong> <strong>Life</strong> International Bond Fund<br />

Category<br />

Global Fixed Income<br />

Investment Objective<br />

To provide superior income returns and currency<br />

diversification. The Fund invests primarily in the foreign<br />

currency debt securities of high-quality issuers. The<br />

fundamental investment objective of the Fund may only<br />

be changed with the approval of a majority of unitholders<br />

at a meeting called for that purpose.<br />

Volatility Analysis<br />

Investment<br />

Low<br />

Category<br />

Moderate High<br />

Operations<br />

Series Load Structure Fund Code<br />

A Defer Sales Charge SLM056<br />

A Front End Charge SLM256<br />

A Low Load Charge SLM156<br />

E No Sales or Redem SLM856<br />

L No Sales or Redem SLM456<br />

A Inception 11-08-1994<br />

E Inception 07-02-2003<br />

L Inception 07-03-2002<br />

A Management Fee 2.00%<br />

E Management Fee 1.50%<br />

L Management Fee 1.15%<br />

Disclaimer<br />

** Not annualized<br />

For advisor use only. This document is not<br />

intended for public distribution.<br />

Note: This page is not complete without<br />

disclaimers. Please refer to the end of this<br />

document for details.<br />

<strong>Standard</strong> <strong>Life</strong> Mutual Funds Ltd.<br />

Benchmark<br />

JP Morgan Global Government Bond Index (CA$)<br />

Performance Analysis as of 06-30-2011<br />

Published: 07-20-2011 | PC 5313<br />

15 Growth $10,000<br />

14<br />

Series A<br />

13<br />

Benchmark<br />

12<br />

11<br />

10<br />

9<br />

©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<br />

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. ?<br />

22 The Quarterly Review<br />

45<br />

30<br />

15<br />

0<br />

-15<br />

Calendar<br />

Year Returns %<br />

Series A<br />

Benchmark<br />

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD Calendar Year<br />

9.4 15.7 -8.9 -0.9 -7.6 6.3 -7.2 31.3 -12.0 0.9 0.7 Series A %<br />

5.4 18.4 -6.6 2.0 -9.2 5.6 -6.2 40.7 -13.7 0.8 0.9 Benchmark %<br />

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

Series A 2.4 -0.5 3.4 3.6 2.0 3.7<br />

Series E 2.6 0.0 4.0 4.2 — 1.3<br />

Series L 2.7 0.3 4.4 4.6 — 2.0<br />

Index 2.5 0.0 4.6 4.6 3.2 4.4<br />

Portfolio Analysis<br />

Composition % Assets<br />

Cash<br />

Fixed Income<br />

<strong>Canadian</strong> <strong>Equity</strong><br />

US <strong>Equity</strong><br />

International <strong>Equity</strong><br />

Other<br />

6.8<br />

93.2<br />

0.0<br />

0.0<br />

0.0<br />

0.0<br />

Top Ten Holdings % Assets<br />

Japan 0.5% 20-12-2014<br />

UK Treasury 4.75% 07-03-2020<br />

Province of Quebec 3.625% 10-02-2015<br />

US Treasury Note 1.375% 15-09-2012<br />

US Treasury Bond 4.375% 15-05-2041<br />

Quebec Prov Cda 1.6% 09-05-2013<br />

US Treasury Bond 4.25% 15-11-2040<br />

Government of France 4% 25-10-2038<br />

Quebec Prov Cda 7.5% 15-09-2029<br />

Government Of France 2.5%<br />

Total Number of Portfolio Holdings<br />

Total Number of Underlying Holdings<br />

Total Number of Stock Holdings<br />

Total Number of Bond Holdings<br />

8.2<br />

6.5<br />

6.0<br />

6.0<br />

5.8<br />

5.8<br />

5.2<br />

4.0<br />

3.5<br />

3.1<br />

39<br />

39<br />

0<br />

35<br />

Fixed Income Breakdown % Net Assets<br />

Government Bonds 93.2<br />

Corporate Bonds 0.0<br />

Other Bonds 0.0<br />

Mortgage Backed Securities 0.0<br />

ST Investments (Cash & Other) 6.8<br />

Asset Backed Securities 0.0<br />

Top 10 Countries % Assets<br />

Canada 41.6<br />

United States 25.6<br />

Japan 9.2<br />

France 7.1<br />

United Kingdom 6.5<br />

Germany 5.4<br />

Norway 1.9<br />

Australia 1.6<br />

Luxembourg 1.2


<strong>Standard</strong> <strong>Life</strong> Diversified Income Fund<br />

Category<br />

<strong>Canadian</strong> Fixed Income Balanced<br />

Investment Objective<br />

To provide a regular flow of income. The Fund invests<br />

primarily in a diversified portfolio composed of debt and/<br />

or debt-like securities and equity and/or equity-type<br />

securities.<br />

Volatility Analysis<br />

Investment<br />

Low<br />

Category<br />

Moderate High<br />

Operations<br />

Series Load Structure Fund Code<br />

A Defer Sales Charge SLM071<br />

A Front End Charge SLM271<br />

A Low Load Charge SLM171<br />

E No Sales or Redem SLM871<br />

L No Sales or Redem SLM471<br />

A Inception 07-07-2005<br />

E Inception 07-07-2005<br />

L Inception 07-07-2005<br />

A Management Fee 2.00%<br />

E Management Fee 1.50%<br />

L Management Fee 1.15%<br />

Disclaimer<br />

** Not annualized<br />

For advisor use only. This document is not<br />

intended for public distribution.<br />

Note: This page is not complete without<br />

disclaimers. Please refer to the end of this<br />

document for details.<br />

<strong>Standard</strong> <strong>Life</strong> Mutual Funds Ltd.<br />

Published: 07-20-2011 | PC 5696<br />

Benchmark<br />

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<br />

<strong>Equity</strong> TR; 5% DEX 91-Day T-Bill<br />

Performance Analysis as of 06-30-2011<br />

20 Growth $10,000<br />

18<br />

Series A<br />

16<br />

Benchmark<br />

14<br />

12<br />

10<br />

8<br />

©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<br />

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. ?<br />

20<br />

10<br />

0<br />

-10<br />

-20<br />

Calendar<br />

Year Returns %<br />

Series A<br />

Benchmark<br />

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD Calendar Year<br />

— — — — — 1.6 1.5 -12.5 16.3 8.0 2.7 Series A %<br />

— — — — — 3.1 4.4 -8.8 21.1 13.1 5.5 Benchmark %<br />

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

Series A 1.0 9.4 4.3 3.5 — 3.3<br />

Series E 1.2 10.1 4.8 4.1 — 3.9<br />

Series L 1.3 10.8 5.6 4.8 — 4.6<br />

Index 0.8 15.6 6.6 7.0 — 6.9<br />

Portfolio Analysis<br />

Composition % Assets<br />

Cash<br />

Fixed Income<br />

<strong>Canadian</strong> <strong>Equity</strong><br />

US <strong>Equity</strong><br />

International <strong>Equity</strong><br />

Other<br />

6.5<br />

54.9<br />

32.8<br />

5.8<br />

0.0<br />

0.0<br />

Top Ten Holdings % Assets<br />

Ontario Prov Cda 5.85% 08-03-2033<br />

Quebec Prov Cda 5% 01-12-2041<br />

The Toronto-Dominion Bank<br />

Bank of Nova Scotia<br />

Ontario Prov Cda 4.65% 02-06-2041<br />

Canada Hsg Tr No 1 2.2% 15-03-2014<br />

Royal Bank of Canada<br />

<strong>Canadian</strong> Imperial Bank of Commerce<br />

Canada Govt 4% 01-06-2041<br />

Canada Govt 4% 01-06-2017<br />

Total Number of Portfolio Holdings<br />

Total Number of Underlying Holdings<br />

Total Number of Stock Holdings<br />

Total Number of Bond Holdings<br />

4.9<br />

3.2<br />

2.6<br />

2.5<br />

2.4<br />

2.2<br />

2.0<br />

1.9<br />

1.6<br />

1.5<br />

165<br />

165<br />

53<br />

106<br />

Fixed Income Breakdown % Net Assets<br />

Government Bonds 24.9<br />

Corporate Bonds 29.1<br />

Other Bonds 0.9<br />

Mortgage Backed Securities 0.0<br />

ST Investments (Cash & Other) 6.5<br />

Asset Backed Securities 0.0<br />

Top 5 Global <strong>Equity</strong> Sectors % Net Assets<br />

Financials 17.8<br />

Energy 7.5<br />

Telecommunication Services 4.1<br />

Utilities 2.2<br />

Health Care 2.2<br />

Top 5 Countries % Assets<br />

Canada<br />

United States<br />

93.4<br />

6.6<br />

The Quarterly Review 23


<strong>Standard</strong> <strong>Life</strong> Monthly Income Fund<br />

Category<br />

<strong>Canadian</strong> Neutral Balanced<br />

Investment Objective<br />

To provide a regular flow of monthly revenue by<br />

investing primarily in equities and fixed income<br />

investments. These securities can be <strong>Canadian</strong> or<br />

foreign.<br />

Volatility Analysis<br />

Investment<br />

Low Moderate High<br />

Category<br />

Operations<br />

Series Load Structure Fund Code<br />

A Defer Sales Charge SLM069<br />

A Front End Charge SLM269<br />

A Low Load Charge SLM169<br />

E No Sales or Redem SLM869<br />

F No Sales or Redem SLM969<br />

L No Sales or Redem SLM469<br />

T Defer Sales Charge SLM069T<br />

T Front End Charge SLM269T<br />

T Low Load Charge SLM169T<br />

A Inception 07-03-2002<br />

E Inception 07-02-2003<br />

F Inception 07-07-2005<br />

L Inception 07-03-2002<br />

T Inception 07-08-2008<br />

A Management Fee 2.00%<br />

E Management Fee 1.50%<br />

F Management Fee 1.00%<br />

L Management Fee 1.15%<br />

T Management Fee 2.00%<br />

Disclaimer<br />

** Not annualized<br />

For advisor use only. This document is not<br />

intended for public distribution.<br />

Note: This page is not complete without<br />

disclaimers. Please refer to the end of this<br />

document for details.<br />

<strong>Standard</strong> <strong>Life</strong> Mutual Funds Ltd.<br />

Published: 07-20-2011 | PC 5311<br />

Benchmark<br />

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

TR (CA$); 5% DEX 91-Day T-Bill<br />

Performance Analysis as of 06-30-2011<br />

25 Growth $10,000<br />

22<br />

Series A<br />

19<br />

Benchmark<br />

16<br />

13<br />

10<br />

7<br />

©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<br />

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. ?<br />

24 The Quarterly Review<br />

30<br />

15<br />

0<br />

-15<br />

-30<br />

Calendar<br />

Year Returns %<br />

Series A<br />

Benchmark<br />

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD Calendar Year<br />

— — 12.2 11.5 14.1 7.4 2.2 -15.9 15.9 8.4 2.7 Series A %<br />

— — 16.2 10.6 15.3 9.4 4.6 -16.4 21.2 14.2 3.4 Benchmark %<br />

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

Series A 0.2 11.4 4.0 3.9 — 6.1<br />

Series E 0.3 12.0 4.5 4.4 — 7.1<br />

Series F 0.4 12.6 5.1 5.0 — 5.1<br />

Series L 0.5 12.8 5.3 5.2 — 7.5<br />

Series T 0.2 11.5 — — — 4.3<br />

Index -0.8 16.4 4.6 6.2 — 8.6<br />

Portfolio Analysis<br />

Composition % Assets<br />

Cash<br />

Fixed Income<br />

<strong>Canadian</strong> <strong>Equity</strong><br />

US <strong>Equity</strong><br />

International <strong>Equity</strong><br />

Other<br />

8.7<br />

29.4<br />

49.5<br />

12.1<br />

0.3<br />

0.0<br />

Top Ten Holdings % Assets<br />

The Toronto-Dominion Bank<br />

<strong>Canadian</strong> Imperial Bank of Commerce<br />

Bank of Nova Scotia<br />

Royal Bank of Canada<br />

Ontario Prov Cda 5.85% 08-03-2033<br />

Cenovus Energy, Inc.<br />

Enbridge, Inc.<br />

<strong>Canadian</strong> Pacific Railway Ltd<br />

Quebec Prov Cda 5% 01-12-2041<br />

<strong>Canadian</strong> National Railway Co<br />

Total Number of Portfolio Holdings<br />

Total Number of Underlying Holdings<br />

Total Number of Stock Holdings<br />

Total Number of Bond Holdings<br />

3.6<br />

3.4<br />

3.0<br />

2.9<br />

2.3<br />

2.0<br />

1.9<br />

1.7<br />

1.7<br />

1.7<br />

174<br />

698<br />

585<br />

102<br />

Fixed Income Breakdown % Net Assets<br />

Government Bonds 13.5<br />

Corporate Bonds 14.9<br />

Other Bonds 0.9<br />

Mortgage Backed Securities 0.0<br />

ST Investments (Cash & Other) 8.7<br />

Asset Backed Securities 0.0<br />

Top 5 Global <strong>Equity</strong> Sectors % Net Assets<br />

Financials 24.2<br />

Energy 10.6<br />

Industrials 8.3<br />

Telecommunication Services 4.0<br />

Consumer Discretionary 3.5<br />

Top 5 Countries % Assets<br />

Canada<br />

United States<br />

Switzerland<br />

86.7<br />

13.0<br />

0.3


<strong>Standard</strong> <strong>Life</strong> Tactical Income Fund<br />

Category<br />

Tactical Balanced<br />

Investment Objective<br />

To generate income with the potential for long term<br />

capital growth. The Fund invests primarily in fixed<br />

Category income and equity securities of <strong>Canadian</strong> and foreign<br />

Tactical issuers. Balanced<br />

Volatility Investment Analysis Objective<br />

Benchmark<br />

Not Available<br />

<strong>Standard</strong> <strong>Life</strong> Tactical Income Fund<br />

Performance Analysis as of 06-30-2011<br />

Benchmark<br />

Not Available<br />

Performance Analysis as of 08-31-2011<br />

Published: 07-20-2011 | PC 6221<br />

Published: 09-14-2011 | PC 6221<br />

14 Growth $10,000<br />

13<br />

Series A<br />

12<br />

Benchmark<br />

11<br />

10<br />

9<br />

8<br />

To generate Investment income with the potential for long term<br />

capital<br />

Low<br />

growth. The Fund<br />

Moderate<br />

invests primarily in fixed<br />

High<br />

income and equity securities of <strong>Canadian</strong> and foreign<br />

Category<br />

issuers.<br />

15<br />

10<br />

14<br />

13 5<br />

12<br />

0<br />

11<br />

Calendar Growth $10,000<br />

Year Returns Series A%<br />

Series Benchmark A<br />

Benchmark<br />

Operations<br />

Series Load Structure<br />

A Defer Sales Charge<br />

A Front End End Charge<br />

Fund Code<br />

SLM070 SLM070<br />

SLM270 SLM270 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010<br />

10 -5<br />

9<br />

-10<br />

10.0<br />

YTD<br />

7.5<br />

Calendar<br />

Year Returns %<br />

Calendar Year<br />

Series A<br />

A<br />

EE LL Low Load Charge<br />

No Sales Sales or Redem<br />

No Sales Sales or or Redem<br />

SLM170<br />

SLM870<br />

SLM470<br />

—<br />

—<br />

—<br />

—<br />

—<br />

—<br />

—<br />

—<br />

—<br />

—<br />

—<br />

—<br />

—<br />

—<br />

-9.9<br />

—<br />

5.1<br />

—<br />

4.0<br />

—<br />

2.1<br />

—<br />

5.0<br />

2.5<br />

Series Benchmark A %<br />

Benchmark %<br />

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<br />

T Front End Charge SLM270T SLM270T Series A 0.5 11.2 1.6 — — -0.2<br />

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<br />

A<br />

E<br />

L<br />

Inception<br />

Inception<br />

Inception<br />

07-06-2007<br />

07-06-2007<br />

07-06-2007<br />

Series L<br />

—<br />

Series T<br />

—<br />

Index<br />

—<br />

—<br />

—<br />

—<br />

—<br />

—<br />

0.8<br />

— —<br />

0.5<br />

— —<br />

—<br />

12.5<br />

—<br />

11.1<br />

— 2.8<br />

—<br />

—<br />

—<br />

—<br />

—<br />

—<br />

—<br />

— — —<br />

—<br />

—<br />

—<br />

—<br />

Series A %<br />

Benchmark %<br />

1.0<br />

1.7<br />

—<br />

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<br />

A<br />

E<br />

L<br />

T<br />

Management Fee<br />

Management Fee<br />

Management Fee<br />

Management Fee<br />

2.00%<br />

1.50%<br />

1.15%<br />

2.00%<br />

Series A<br />

Composition<br />

Series E<br />

Series L<br />

Series T<br />

Index<br />

—<br />

—<br />

Cash<br />

—<br />

Fixed Income<br />

—<br />

<strong>Canadian</strong> <strong>Equity</strong><br />

—<br />

US <strong>Equity</strong><br />

—<br />

% Assets<br />

—<br />

3.8<br />

—<br />

33.9<br />

—<br />

50.6<br />

—<br />

9.7<br />

— —<br />

Fixed Income Breakdown<br />

Government<br />

—<br />

Bonds<br />

—<br />

Corporate<br />

—<br />

Bonds<br />

—<br />

Other<br />

—<br />

Bonds<br />

—<br />

Mortgage<br />

—<br />

Backed<br />

—<br />

Securities<br />

—<br />

—<br />

—<br />

—<br />

—<br />

—<br />

% Net Assets<br />

22.9<br />

—<br />

10.5<br />

—<br />

0.4<br />

—<br />

0.0<br />

—<br />

Disclaimer<br />

** Not annualized<br />

For For advisor use only. This document is not<br />

intended for public distribution. distribution.<br />

The <strong>Standard</strong> <strong>Life</strong> <strong>Life</strong> Tactical Income Fund (formerly<br />

<strong>Standard</strong> <strong>Standard</strong> <strong>Life</strong> <strong>Life</strong> Global <strong>Equity</strong> Monthly Fund) Income underwent Fund) an<br />

investment underwent an objective investment change objective effective change June 15,<br />

2011. effective This June change 15, 2011. was significant This change for was the Fund<br />

and, significant had the for change the Fund been and, in had effect the during change thebeen<br />

measurement in effect during period, the measurement it could have period, had a material it could<br />

effect have had on the a material performance. effect on the performance.<br />

Note: This page is not not complete without<br />

disclaimers. Please refer to the end of this this<br />

document document for details.<br />

Portfolio Analysis International <strong>Equity</strong> 2.0<br />

Composition Other<br />

% Assets 0.0<br />

Cash<br />

5.7<br />

Top Ten Holdings Fixed Income % Assets 35.8<br />

Canada Hsg Tr No 1 2.2% 15-03-2014 <strong>Canadian</strong> <strong>Equity</strong> 46.7 9.9<br />

The Toronto-Dominion Bank US <strong>Equity</strong> 10.2 3.6<br />

Bank of Nova Scotia International <strong>Equity</strong> 3.6 1.6<br />

Canada Govt 4.25% 01-06-2018Other<br />

3.5 0.0<br />

<strong>Canadian</strong> Imperial Bank of Commerce<br />

3.2<br />

Top Royal Ten Bank Holdings of Canada<br />

% Assets 3.0<br />

Ontario Bank of Prov Nova Cda Scotia 4.4% 02-06-2019<br />

2.1 3.4<br />

<strong>Canadian</strong> The Toronto-Dominion National Railway Bank Co<br />

2.0 3.4<br />

Cenovus <strong>Canadian</strong> Energy, Imperial Inc. Bank of Commerce<br />

1.9 3.1<br />

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

1.9 2.7<br />

Royal Total Number Bank of Canada of Portfolio Holdings<br />

163 2.2<br />

Enbridge, Total Number Inc. of Underlying Holdings<br />

204 2.0<br />

ST Investments (Cash & Other)<br />

Asset Backed Securities<br />

Fixed Income Breakdown<br />

Government Bonds<br />

Top 5 Global <strong>Equity</strong> Sectors<br />

Corporate Bonds<br />

Financials<br />

Other Bonds<br />

Energy<br />

Mortgage Backed Securities<br />

Industrials<br />

ST Investments (Cash & Other)<br />

Materials<br />

Asset Backed Securities<br />

Telecommunication Services<br />

Top 5 Global <strong>Equity</strong> Sectors<br />

Top 5 Countries<br />

Financials<br />

Canada<br />

Energy<br />

United States<br />

Industrials<br />

United Kingdom<br />

Telecommunication Services<br />

Australia<br />

Materials<br />

Top 5 Countries<br />

3.8<br />

0.0<br />

% Net Assets<br />

5.8<br />

% Net Assets<br />

29.2<br />

24.7<br />

0.8<br />

12.1<br />

0.0<br />

7.7<br />

5.7<br />

4.2<br />

0.0<br />

3.7<br />

% Net Assets<br />

% Assets<br />

23.2<br />

87.9<br />

12.9<br />

10.1<br />

7.2<br />

1.0<br />

3.8<br />

1.0<br />

3.1<br />

% Assets<br />

<strong>Standard</strong> <strong>Life</strong> Mutual Funds Funds Ltd.<br />

TELUS Total Number Corp of Stock Holdings<br />

BCE Total Inc Number of Bond Holdings<br />

1.9 91<br />

110 1.9<br />

Canada<br />

United States<br />

86.8<br />

11.7<br />

<strong>Canadian</strong> National Railway Co<br />

1.8 Australia<br />

1.1<br />

ARC Resources Ltd.<br />

1.8 United Kingdom<br />

0.5<br />

Total Number of Portfolio Holdings<br />

191<br />

Total Number of Underlying Holdings<br />

191<br />

Total Number of Stock Holdings<br />

47<br />

©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<br />

be copied or distributed; and (3) is not warranted to<br />

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. ?<br />

The Quarterly Review 25


<strong>Standard</strong> <strong>Life</strong> <strong>Canadian</strong> Dividend Growth Fund<br />

Category<br />

<strong>Canadian</strong> Dividend & Income <strong>Equity</strong><br />

Investment Objective<br />

To generate both capital growth and income. The Fund<br />

invests primarily in a diversified portfolio of dividend<br />

paying <strong>Canadian</strong> equities.<br />

Volatility Analysis<br />

Investment<br />

Low Moderate<br />

Category<br />

High<br />

Operations<br />

Series Load Structure Fund Code<br />

A Defer Sales Charge SLM055<br />

A Front End Charge SLM255<br />

A Low Load Charge SLM155<br />

E No Sales or Redem SLM855<br />

F No Sales or Redem SLM955<br />

L No Sales or Redem SLM455<br />

T Defer Sales Charge SLM055T<br />

T Front End Charge SLM255T<br />

T Low Load Charge SLM155T<br />

A Inception 11-08-1994<br />

E Inception 07-02-2003<br />

F Inception 07-07-2005<br />

L Inception 07-03-2002<br />

T Inception 07-08-2008<br />

A Management Fee 1.50%<br />

E Management Fee 1.50%<br />

F Management Fee 1.00%<br />

L Management Fee 1.15%<br />

T Management Fee 1.50%<br />

Disclaimer<br />

** Not annualized<br />

For advisor use only. This document is not<br />

intended for public distribution.<br />

Note: This page is not complete without<br />

disclaimers. Please refer to the end of this<br />

document for details.<br />

<strong>Standard</strong> <strong>Life</strong> Mutual Funds Ltd.<br />

Benchmark<br />

S&P/TSX Capped <strong>Equity</strong> TR Index<br />

Performance Analysis as of 06-30-2011<br />

Published: 07-20-2011 | PC 5315<br />

22 Growth $10,000<br />

19<br />

Series A<br />

16<br />

Benchmark<br />

13<br />

10<br />

7<br />

4<br />

©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<br />

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. ?<br />

26 The Quarterly Review<br />

40<br />

20<br />

0<br />

-20<br />

-40<br />

Calendar<br />

Year Returns %<br />

Series A<br />

Benchmark<br />

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD Calendar Year<br />

6.1 -3.6 19.3 15.4 21.4 12.0 4.2 -33.1 22.4 7.2 4.4 Series A %<br />

-12.6 -12.4 26.7 14.5 24.2 20.2 10.2 -33.9 34.5 16.9 -0.3 Benchmark %<br />

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

Series A -0.6 16.8 -2.0 1.2 5.9 11.5<br />

Series E -0.6 16.7 -2.1 1.2 — 7.1<br />

Series F -0.5 17.4 -1.5 1.7 — 3.4<br />

Series L -0.4 17.7 -1.3 2.0 — 7.2<br />

Series T -0.6 16.8 — — — -0.9<br />

Index -5.2 20.1 -0.1 5.8 8.1 9.6<br />

Portfolio Analysis<br />

Composition % Assets<br />

Cash<br />

Fixed Income<br />

<strong>Canadian</strong> <strong>Equity</strong><br />

US <strong>Equity</strong><br />

International <strong>Equity</strong><br />

Other<br />

0.9<br />

0.0<br />

96.0<br />

3.1<br />

0.0<br />

0.0<br />

Top Ten Holdings % Assets<br />

The Toronto-Dominion Bank<br />

<strong>Canadian</strong> Imperial Bank of Commerce<br />

Bank of Nova Scotia<br />

Royal Bank of Canada<br />

Enbridge, Inc.<br />

Cenovus Energy, Inc.<br />

TELUS Corp<br />

BCE Inc.<br />

National Bank of Canada<br />

<strong>Canadian</strong> Pacific Railway Ltd<br />

Total Number of Portfolio Holdings<br />

Total Number of Underlying Holdings<br />

Total Number of Stock Holdings<br />

Total Number of Bond Holdings<br />

6.1<br />

6.0<br />

5.1<br />

5.0<br />

4.6<br />

4.2<br />

4.0<br />

3.8<br />

3.5<br />

3.0<br />

48<br />

48<br />

44<br />

0<br />

Global <strong>Equity</strong> Sectors % Net Assets<br />

Utilities 4.0<br />

Energy 19.9<br />

Financials 45.0<br />

Materials 1.1<br />

Consumer Discretionary 8.0<br />

Consumer Staples 2.1<br />

Telecommunication Services 7.8<br />

Industrials 11.4<br />

Health Care 0.0<br />

Information Technology 0.0<br />

Unclassified 0.0<br />

Top 10 Countries % Assets<br />

Canada 96.9<br />

United States 3.1


<strong>Standard</strong> <strong>Life</strong> Dividend Income Fund<br />

Category<br />

<strong>Canadian</strong> Dividend & Income <strong>Equity</strong><br />

Investment Objective<br />

To generate both capital growth and income. The Fund<br />

invests primarily in a diversified portfolio of high-yielding<br />

equity and equity-type securities. The Fund may also<br />

invest in fixed income investments and money market<br />

instruments.<br />

Volatility Analysis<br />

Investment<br />

Low Moderate<br />

Category<br />

High<br />

Operations<br />

Series Load Structure Fund Code<br />

A Defer Sales Charge SLM073<br />

A Front End Charge SLM273<br />

A Low Load Charge SLM173<br />

E No Sales or Redem SLM873<br />

L No Sales or Redem SLM473<br />

A Inception 07-06-2007<br />

E Inception 07-06-2007<br />

L Inception 07-06-2007<br />

A Management Fee 2.00%<br />

E Management Fee 1.50%<br />

L Management Fee 1.15%<br />

Disclaimer<br />

** Not annualized<br />

For advisor use only. This document is not<br />

intended for public distribution.<br />

Note: This page is not complete without<br />

disclaimers. Please refer to the end of this<br />

document for details.<br />

<strong>Standard</strong> <strong>Life</strong> Mutual Funds Ltd.<br />

Benchmark<br />

S&P/TSX Capped Composite TR Index<br />

Performance Analysis as of 06-30-2011<br />

Published: 07-20-2011 | PC 6222<br />

11 Growth $10,000<br />

10<br />

Series A<br />

9<br />

Benchmark<br />

8<br />

7<br />

6<br />

5<br />

©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<br />

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. ?<br />

40<br />

20<br />

0<br />

-20<br />

-40<br />

Calendar<br />

Year Returns %<br />

Series A<br />

Benchmark<br />

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD Calendar Year<br />

— — — — — — — -28.8 16.6 7.7 4.0 Series A %<br />

-8.4 -12.4 26.7 14.5 24.1 17.3 9.8 -33.0 35.1 17.6 0.2 Benchmark %<br />

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

Series A -1.0 16.9 -1.4 — — -3.3<br />

Series E -0.8 17.5 -0.9 — — -2.8<br />

Series L -0.7 18.3 -0.2 — — -2.1<br />

Index -5.1 20.9 0.2 5.7 8.0 1.9<br />

Portfolio Analysis<br />

Composition % Assets<br />

Cash<br />

Fixed Income<br />

<strong>Canadian</strong> <strong>Equity</strong><br />

US <strong>Equity</strong><br />

International <strong>Equity</strong><br />

Other<br />

7.8<br />

0.0<br />

78.4<br />

13.8<br />

0.0<br />

0.0<br />

Top Ten Holdings % Assets<br />

Bank of Nova Scotia<br />

The Toronto-Dominion Bank<br />

Royal Bank of Canada<br />

<strong>Canadian</strong> Imperial Bank of Commerce<br />

TELUS Corp<br />

BCE Inc.<br />

Bank of Montreal<br />

Enbridge, Inc.<br />

Manulife Financial Corporation<br />

Spectra Energy Corp<br />

Total Number of Portfolio Holdings<br />

Total Number of Underlying Holdings<br />

Total Number of Stock Holdings<br />

Total Number of Bond Holdings<br />

6.0<br />

5.8<br />

4.7<br />

4.2<br />

3.3<br />

3.1<br />

2.7<br />

2.5<br />

2.1<br />

2.0<br />

59<br />

59<br />

52<br />

0<br />

Global <strong>Equity</strong> Sectors % Net Assets<br />

Utilities 5.7<br />

Energy 18.9<br />

Financials 41.5<br />

Materials 1.5<br />

Consumer Discretionary 3.5<br />

Consumer Staples 3.6<br />

Telecommunication Services 10.1<br />

Industrials 2.4<br />

Health Care 5.1<br />

Information Technology 0.0<br />

Unclassified 0.0<br />

Top 10 Countries % Assets<br />

Canada 86.2<br />

United States 13.8<br />

The Quarterly Review 27


<strong>Standard</strong> <strong>Life</strong> U.S. Dividend Growth Fund<br />

Category<br />

US <strong>Equity</strong><br />

Investment Objective<br />

To achieve a combination of capital growth and income.<br />

The Fund invests primarily in a diversified portfolio of U.<br />

S. equity and equity-type securities and other income<br />

producing investments.<br />

Volatility Analysis<br />

Investment<br />

Low Moderate<br />

Category<br />

High<br />

Operations<br />

Series Load Structure Fund Code<br />

A Defer Sales Charge SLM076<br />

A Front End Charge SLM276<br />

A Low Load Charge SLM176<br />

E No Sales or Redem SLM876<br />

L No Sales or Redem SLM476<br />

A Inception 07-06-2007<br />

E Inception 07-06-2007<br />

L Inception 07-06-2007<br />

A Management Fee 2.00%<br />

E Management Fee 1.50%<br />

L Management Fee 1.15%<br />

Disclaimer<br />

** Not annualized<br />

For advisor use only. This document is not<br />

intended for public distribution.<br />

Note: This page is not complete without<br />

disclaimers. Please refer to the end of this<br />

document for details.<br />

<strong>Standard</strong> <strong>Life</strong> Mutual Funds Ltd.<br />

Benchmark<br />

S&P 500 TR Index (CA$)<br />

Performance Analysis as of 06-30-2011<br />

Published: 07-20-2011 | PC 6223<br />

12 Growth $10,000<br />

11<br />

Series A<br />

10<br />

Benchmark<br />

9<br />

8<br />

7<br />

6<br />

©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<br />

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. ?<br />

28 The Quarterly Review<br />

30<br />

15<br />

0<br />

-15<br />

-30<br />

Calendar<br />

Year Returns %<br />

Series A<br />

Benchmark<br />

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD Calendar Year<br />

— — — — — — — -16.7 -1.9 4.4 0.4 Series A %<br />

-6.4 -22.7 5.2 3.3 1.6 15.7 -10.5 -21.9 8.1 9.3 2.8 Benchmark %<br />

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

Series A -1.8 12.1 -1.7 — — -5.8<br />

Series E -1.7 12.6 -1.2 — — -5.3<br />

Series L -1.5 13.5 -0.5 — — -4.6<br />

Index -0.7 18.8 1.5 0.0 -1.8 -2.8<br />

Portfolio Analysis<br />

Composition % Assets<br />

Cash<br />

Fixed Income<br />

<strong>Canadian</strong> <strong>Equity</strong><br />

US <strong>Equity</strong><br />

International <strong>Equity</strong><br />

Other<br />

3.0<br />

0.0<br />

0.0<br />

97.0<br />

0.0<br />

0.0<br />

Top Ten Holdings % Assets<br />

Exxon Mobil Corporation<br />

Pfizer Inc<br />

General Electric Co<br />

Verizon Communications Inc<br />

Altria Group Inc.<br />

JPMorgan Chase & Co<br />

Johnson & Johnson<br />

Chevron Corporation<br />

Merck & Co Inc<br />

Philip Morris International, Inc.<br />

Total Number of Portfolio Holdings<br />

Total Number of Underlying Holdings<br />

Total Number of Stock Holdings<br />

Total Number of Bond Holdings<br />

4.5<br />

3.9<br />

3.9<br />

3.8<br />

3.6<br />

3.5<br />

3.5<br />

3.5<br />

3.4<br />

3.0<br />

52<br />

85<br />

79<br />

0<br />

Global <strong>Equity</strong> Sectors % Net Assets<br />

Utilities 3.5<br />

Energy 12.1<br />

Financials 14.5<br />

Materials 4.3<br />

Consumer Discretionary 7.7<br />

Consumer Staples 13.3<br />

Telecommunication Services 3.8<br />

Industrials 13.1<br />

Health Care 15.0<br />

Information Technology 9.7<br />

Unclassified 0.0<br />

Top 10 Countries % Assets<br />

United States 97.0<br />

Canada 3.0


<strong>Standard</strong> <strong>Life</strong> Global Dividend Growth Fund<br />

Category<br />

Global <strong>Equity</strong><br />

Investment Objective<br />

The fund seeks to provide both capital growth and<br />

income. The fund invests primarily in a globally<br />

diversified portfolio of equity ,equity-type securities and<br />

other income producing investments.<br />

Volatility Analysis<br />

Investment<br />

Low Moderate<br />

Category<br />

High<br />

Operations<br />

Series Load Structure Fund Code<br />

A Defer Sales Charge SLM074<br />

A Front End Charge SLM274<br />

A Low Load Charge SLM174<br />

E No Sales or Redem SLM874<br />

F No Sales or Redem SLM974<br />

L No Sales or Redem SLM474<br />

T Defer Sales Charge SLM074T<br />

T Front End Charge SLM274T<br />

T Low Load Charge SLM174T<br />

A Inception 07-02-2004<br />

E Inception 07-02-2004<br />

F Inception 07-06-2006<br />

L Inception 07-02-2004<br />

T Inception 07-08-2008<br />

A Management Fee 2.00%<br />

E Management Fee 1.50%<br />

F Management Fee 1.00%<br />

L Management Fee 1.15%<br />

T Management Fee 2.00%<br />

Disclaimer<br />

** Not annualized<br />

For advisor use only. This document is not<br />

intended for public distribution.<br />

Note: This page is not complete without<br />

disclaimers. Please refer to the end of this<br />

document for details.<br />

<strong>Standard</strong> <strong>Life</strong> Mutual Funds Ltd.<br />

Benchmark<br />

MSCI World Index (CA$)<br />

Performance Analysis as of 06-30-2011<br />

Published: 07-20-2011 | PC 5695<br />

18 Growth $10,000<br />

16<br />

Series A<br />

14<br />

Benchmark<br />

12<br />

10<br />

8<br />

6<br />

©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<br />

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. ?<br />

30<br />

15<br />

0<br />

-15<br />

-30<br />

Calendar<br />

Year Returns %<br />

Series A<br />

Benchmark<br />

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD Calendar Year<br />

— — — — 5.2 16.3 -2.5 -24.0 5.4 1.1 1.9 Series A %<br />

-11.3 -20.4 9.4 6.9 7.3 20.2 -7.1 -25.4 11.1 6.5 2.6 Benchmark %<br />

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

Series A 0.7 16.8 -2.9 -1.6 — 0.0<br />

Series E 0.8 17.3 -2.4 -1.1 — 0.6<br />

Series F 1.0 18.0 -1.9 — — -0.6<br />

Series L 1.0 18.2 -1.7 -0.4 — 1.2<br />

Series T 0.7 16.8 — — — -2.4<br />

Index -0.1 19.1 -0.6 0.0 -0.1 1.7<br />

Portfolio Analysis<br />

Composition % Assets<br />

Cash<br />

Fixed Income<br />

<strong>Canadian</strong> <strong>Equity</strong><br />

US <strong>Equity</strong><br />

International <strong>Equity</strong><br />

Other<br />

0.0<br />

0.0<br />

2.2<br />

33.0<br />

64.8<br />

0.0<br />

Top Ten Holdings % Assets<br />

Apple, Inc.<br />

BHP Billiton PLC<br />

Pfizer Inc<br />

Cenovus Energy, Inc.<br />

Japan Tobacco Inc.<br />

PepsiCo, Inc.<br />

Occidental Petroleum Corporation<br />

Booker Group PLC<br />

Nippon Telegraph and Telephon<br />

AT&T, Inc.<br />

Total Number of Portfolio Holdings<br />

Total Number of Underlying Holdings<br />

Total Number of Stock Holdings<br />

Total Number of Bond Holdings<br />

2.8<br />

2.4<br />

2.2<br />

2.2<br />

2.1<br />

2.0<br />

2.0<br />

2.0<br />

1.8<br />

1.8<br />

74<br />

74<br />

73<br />

0<br />

Global <strong>Equity</strong> Sectors % Net Assets<br />

Utilities 4.8<br />

Energy 8.0<br />

Financials 19.4<br />

Materials 6.0<br />

Consumer Discretionary 15.0<br />

Consumer Staples 11.8<br />

Telecommunication Services 3.5<br />

Industrials 13.0<br />

Health Care 4.9<br />

Information Technology 10.7<br />

Unclassified 3.0<br />

Top 10 Countries % Assets<br />

United States 33.0<br />

United Kingdom 20.6<br />

Japan 8.5<br />

France 7.6<br />

Germany 6.3<br />

Switzerland 5.3<br />

Portugal 2.7<br />

Australia 2.5<br />

Netherlands 2.5<br />

Others 11.0<br />

The Quarterly Review 29


<strong>Standard</strong> <strong>Life</strong> Balanced Fund<br />

Category<br />

<strong>Canadian</strong> Neutral Balanced<br />

Investment Objective<br />

The fund is designed to provide superior capital<br />

appreciation and steady income. The Fund invests in a<br />

diversified mix of <strong>Canadian</strong> and foreign stocks,<br />

government and corporate bonds, and high-quality<br />

money market investments.<br />

Volatility Analysis<br />

Investment<br />

Low Moderate High<br />

Category<br />

Operations<br />

Series Load Structure Fund Code<br />

A Defer Sales Charge SLM050<br />

A Front End Charge SLM250<br />

A Low Load Charge SLM150<br />

A Inception 10-01-1992<br />

A Management Fee 2.00%<br />

Disclaimer<br />

** Not annualized<br />

For advisor use only. This document is not<br />

intended for public distribution.<br />

Note: This page is not complete without<br />

disclaimers. Please refer to the end of this<br />

document for details.<br />

<strong>Standard</strong> <strong>Life</strong> Mutual Funds Ltd.<br />

Published: 07-20-2011 | PC 5686<br />

Benchmark<br />

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<br />

Performance Analysis as of 06-30-2011<br />

20 Growth $10,000<br />

18<br />

Series A<br />

16<br />

Benchmark<br />

14<br />

12<br />

10<br />

8<br />

©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<br />

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. ?<br />

30 The Quarterly Review<br />

20<br />

10<br />

0<br />

-10<br />

-20<br />

Calendar<br />

Year Returns %<br />

Series A<br />

Benchmark<br />

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD Calendar Year<br />

-3.3 -5.9 10.4 5.0 11.7 9.8 3.2 -17.4 11.2 7.7 0.7 Series A %<br />

0.0 -4.1 14.0 9.5 11.9 11.9 3.4 -14.1 15.6 9.8 1.6 Benchmark %<br />

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

Series A -1.4 12.5 0.2 2.5 3.4 6.3<br />

Index -0.7 13.5 3.0 4.9 5.9 8.6<br />

Portfolio Analysis<br />

Composition % Assets<br />

Cash<br />

Fixed Income<br />

<strong>Canadian</strong> <strong>Equity</strong><br />

US <strong>Equity</strong><br />

International <strong>Equity</strong><br />

Other<br />

7.5<br />

30.7<br />

32.6<br />

18.7<br />

10.2<br />

0.4<br />

Top Ten Holdings % Assets<br />

Canada Hsg Tr No 1 2.2% 15-03-2014<br />

The Toronto-Dominion Bank<br />

Bank of Nova Scotia<br />

Suncor Energy, Inc.<br />

Royal Bank of Canada<br />

<strong>Canadian</strong> Natural Resources Ltd<br />

Canada Hsg Tr No 1 2.75% 15-06-2016<br />

Talisman Energy, Inc.<br />

Potash Corporation of Saskatchewan, Inc.<br />

Cenovus Energy, Inc.<br />

Total Number of Portfolio Holdings<br />

Total Number of Underlying Holdings<br />

Total Number of Stock Holdings<br />

Total Number of Bond Holdings<br />

2.8<br />

2.2<br />

1.8<br />

1.6<br />

1.6<br />

1.5<br />

1.4<br />

1.3<br />

1.3<br />

1.2<br />

211<br />

1,667<br />

1,537<br />

106<br />

Fixed Income Breakdown % Net Assets<br />

Government Bonds 14.5<br />

Corporate Bonds 15.5<br />

Other Bonds 0.2<br />

Mortgage Backed Securities 0.0<br />

ST Investments (Cash & Other) 7.5<br />

Asset Backed Securities 0.5<br />

Top 5 Global <strong>Equity</strong> Sectors % Net Assets<br />

Financials 12.0<br />

Energy 11.2<br />

Materials 8.9<br />

Industrials 8.0<br />

Consumer Discretionary 6.1<br />

Top 5 Countries % Assets<br />

Canada<br />

United States<br />

United Kingdom<br />

Switzerland<br />

Germany<br />

69.6<br />

19.8<br />

4.0<br />

1.6<br />

0.7


<strong>Standard</strong> <strong>Life</strong> <strong>Canadian</strong> <strong>Equity</strong> Fund<br />

Category<br />

<strong>Canadian</strong> Focused <strong>Equity</strong><br />

Investment Objective<br />

The investment objective is to provide long-term capital<br />

growth. The Fund invests in a well-diversified portfolio of<br />

<strong>Canadian</strong> and American equities.<br />

Volatility Analysis<br />

Investment<br />

Low Moderate<br />

Category<br />

High<br />

Operations<br />

Series Load Structure Fund Code<br />

A Defer Sales Charge SLM051<br />

A Front End Charge SLM251<br />

A Low Load Charge SLM151<br />

E No Sales or Redem SLM851<br />

L No Sales or Redem SLM451<br />

A Inception 10-01-1992<br />

E Inception 07-02-2003<br />

L Inception 07-03-2002<br />

A Management Fee 2.00%<br />

E Management Fee 1.50%<br />

L Management Fee 1.15%<br />

Disclaimer<br />

** Not annualized<br />

For advisor use only. This document is not<br />

intended for public distribution.<br />

Note: This page is not complete without<br />

disclaimers. Please refer to the end of this<br />

document for details.<br />

<strong>Standard</strong> <strong>Life</strong> Mutual Funds Ltd.<br />

Benchmark<br />

S&P/TSX Capped Composite TR Index<br />

Performance Analysis as of 06-30-2011<br />

Published: 07-20-2011 | PC 5684<br />

25 Growth $10,000<br />

22<br />

Series A<br />

19<br />

Benchmark<br />

16<br />

13<br />

10<br />

7<br />

©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<br />

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. ?<br />

40<br />

20<br />

0<br />

-20<br />

-40<br />

Calendar<br />

Year Returns %<br />

Series A<br />

Benchmark<br />

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD Calendar Year<br />

-3.9 -14.8 13.2 7.1 21.4 14.2 9.8 -32.9 23.7 12.1 -2.1 Series A %<br />

-8.4 -12.4 26.7 14.5 24.1 17.3 9.8 -33.0 35.1 17.6 0.2 Benchmark %<br />

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

Series A -6.2 16.3 -4.4 2.4 3.7 8.1<br />

Series E -6.1 16.8 -3.9 2.9 — 7.4<br />

Series L -5.9 17.6 -3.2 3.6 — 6.8<br />

Index -5.1 20.9 0.2 5.7 8.0 10.9<br />

Portfolio Analysis<br />

Composition % Assets<br />

Cash<br />

Fixed Income<br />

<strong>Canadian</strong> <strong>Equity</strong><br />

US <strong>Equity</strong><br />

International <strong>Equity</strong><br />

Other<br />

3.0<br />

0.0<br />

76.8<br />

18.8<br />

0.9<br />

0.4<br />

Top Ten Holdings % Assets<br />

The Toronto-Dominion Bank<br />

Royal Bank of Canada<br />

Suncor Energy, Inc.<br />

<strong>Canadian</strong> Natural Resources Ltd<br />

Potash Corporation of Saskatchewan, Inc.<br />

Bank of Nova Scotia<br />

JPMorgan Chase & Co<br />

Goldcorp, Inc.<br />

<strong>Canadian</strong> National Railway Co<br />

Barrick Gold Corporation<br />

Total Number of Portfolio Holdings<br />

Total Number of Underlying Holdings<br />

Total Number of Stock Holdings<br />

Total Number of Bond Holdings<br />

4.8<br />

4.8<br />

4.0<br />

3.7<br />

3.5<br />

3.4<br />

2.9<br />

2.9<br />

2.4<br />

2.4<br />

80<br />

80<br />

75<br />

0<br />

Global <strong>Equity</strong> Sectors % Net Assets<br />

Utilities 0.6<br />

Energy 21.1<br />

Financials 25.4<br />

Materials 18.1<br />

Consumer Discretionary 7.5<br />

Consumer Staples 1.8<br />

Telecommunication Services 2.7<br />

Industrials 11.8<br />

Health Care 3.5<br />

Information Technology 4.0<br />

Unclassified 0.0<br />

Top 10 Countries % Assets<br />

Canada 80.3<br />

United States 18.8<br />

Colombia 0.9<br />

The Quarterly Review 31


<strong>Standard</strong> <strong>Life</strong> <strong>Canadian</strong> Small Cap Fund<br />

Category<br />

<strong>Canadian</strong> Small/Mid Cap <strong>Equity</strong><br />

Investment Objective<br />

To generate superior capital growth. The Fund invests in<br />

a diversified portfolio comprised primarily of small<br />

capitalization <strong>Canadian</strong> companies.<br />

Volatility Analysis<br />

Investment<br />

Low Moderate High<br />

Category<br />

Operations<br />

Series Load Structure Fund Code<br />

A Defer Sales Charge SLM054<br />

A Front End Charge SLM254<br />

A Low Load Charge SLM154<br />

E No Sales or Redem SLM854<br />

F No Sales or Redem SLM954<br />

L No Sales or Redem SLM454<br />

A Inception 11-08-1994<br />

E Inception 07-02-2003<br />

F Inception 07-06-2006<br />

L Inception 07-03-2002<br />

A Management Fee 2.00%<br />

E Management Fee 1.50%<br />

F Management Fee 1.00%<br />

L Management Fee 1.15%<br />

Disclaimer<br />

** Not annualized<br />

For advisor use only. This document is not<br />

intended for public distribution.<br />

Note: This page is not complete without<br />

disclaimers. Please refer to the end of this<br />

document for details.<br />

<strong>Standard</strong> <strong>Life</strong> Mutual Funds Ltd.<br />

Benchmark<br />

S&P/TSX SmallCap TR Index<br />

Performance Analysis as of 06-30-2011<br />

Published: 07-20-2011 | PC 5316<br />

25 Growth $10,000<br />

22<br />

Series A<br />

19<br />

Benchmark<br />

16<br />

13<br />

10<br />

7<br />

©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<br />

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. ?<br />

32 The Quarterly Review<br />

60<br />

30<br />

0<br />

-30<br />

-60<br />

Calendar<br />

Year Returns %<br />

Series A<br />

Benchmark<br />

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD Calendar Year<br />

3.7 0.5 21.5 19.3 31.6 7.1 7.7 -42.8 43.1 19.5 -10.0 Series A %<br />

4.2 -3.5 34.4 6.5 10.6 11.6 0.9 -45.5 62.4 35.1 -4.3 Benchmark %<br />

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

Series A -12.8 17.3 -3.3 0.5 6.6 9.2<br />

Series E -12.7 17.8 -2.9 1.0 — 9.1<br />

Series F -12.6 18.5 -2.3 — — 1.5<br />

Series L -12.5 18.8 -2.1 1.8 — 8.2<br />

Index -8.2 29.2 4.7 3.9 6.8 7.2<br />

Portfolio Analysis<br />

Composition % Assets<br />

Cash<br />

Fixed Income<br />

<strong>Canadian</strong> <strong>Equity</strong><br />

US <strong>Equity</strong><br />

International <strong>Equity</strong><br />

Other<br />

1.5<br />

0.0<br />

92.2<br />

0.9<br />

5.4<br />

0.0<br />

Top Ten Holdings % Assets<br />

AuRico Gold Inc<br />

<strong>Canadian</strong> Western Bank<br />

ATS Automation Tooling Systems Inc.<br />

Stantec, Inc.<br />

Breakwater Resources, Ltd.<br />

<strong>Canadian</strong> Energy Services & Tech Corp<br />

Torex Gold Resources, Inc.<br />

C&C Energia Ltd.<br />

Major Drilling Group International Inc.<br />

Wajax Corp<br />

Total Number of Portfolio Holdings<br />

Total Number of Underlying Holdings<br />

Total Number of Stock Holdings<br />

Total Number of Bond Holdings<br />

4.3<br />

4.0<br />

3.6<br />

3.3<br />

3.2<br />

2.8<br />

2.7<br />

2.7<br />

2.7<br />

2.7<br />

55<br />

55<br />

51<br />

0<br />

Global <strong>Equity</strong> Sectors % Net Assets<br />

Utilities 0.0<br />

Energy 24.4<br />

Financials 6.5<br />

Materials 32.5<br />

Consumer Discretionary 6.6<br />

Consumer Staples 0.0<br />

Telecommunication Services 0.0<br />

Industrials 20.6<br />

Health Care 2.3<br />

Information Technology 5.6<br />

Unclassified 0.0<br />

Top 10 Countries % Assets<br />

Canada 93.7<br />

Colombia 2.2<br />

China 1.9<br />

Nicaragua 1.3<br />

United States 0.9


<strong>Standard</strong> <strong>Life</strong> U.S. <strong>Equity</strong> Fund<br />

Category<br />

US <strong>Equity</strong><br />

Investment Objective<br />

The fund seeks to provide investors with long-term<br />

capital growth and diversification by investing in a core<br />

portfolio comprised primarily of mid- to large-sized<br />

companies listed on U.S. exchanges. The portfolio is well<br />

diversified among the principal industry sectors and is<br />

fully diversified by individual equity selections.<br />

Volatility Analysis<br />

Investment<br />

Low Moderate<br />

Category<br />

High<br />

Operations<br />

Series Load Structure Fund Code<br />

A Defer Sales Charge SLM058<br />

A Front End Charge SLM258<br />

A Low Load Charge SLM158<br />

E No Sales or Redem SLM858<br />

L No Sales or Redem SLM458<br />

A Inception 11-08-1994<br />

E Inception 07-02-2003<br />

L Inception 07-03-2002<br />

A Management Fee 2.00%<br />

E Management Fee 1.50%<br />

L Management Fee 1.15%<br />

Disclaimer<br />

** Not annualized<br />

For advisor use only. This document is not<br />

intended for public distribution.<br />

Note: This page is not complete without<br />

disclaimers. Please refer to the end of this<br />

document for details.<br />

<strong>Standard</strong> <strong>Life</strong> Mutual Funds Ltd.<br />

Benchmark<br />

S&P 500 TR Index (CA$)<br />

Performance Analysis as of 06-30-2011<br />

Published: 07-20-2011 | PC 5688<br />

11 Growth $10,000<br />

10<br />

Series A<br />

9<br />

Benchmark<br />

8<br />

7<br />

6<br />

5<br />

©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<br />

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. ?<br />

30<br />

15<br />

0<br />

-15<br />

-30<br />

Calendar<br />

Year Returns %<br />

Series A<br />

Benchmark<br />

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD Calendar Year<br />

-6.5 -24.6 2.0 1.7 -1.8 12.6 -10.0 -20.1 3.8 4.5 -0.5 Series A %<br />

-6.4 -22.7 5.2 3.3 1.6 15.7 -10.5 -21.9 8.1 9.3 2.8 Benchmark %<br />

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

Series A -2.0 12.1 -2.2 -1.9 -4.0 2.5<br />

Series E -1.9 12.6 -1.7 -1.4 — 0.0<br />

Series L -1.8 13.4 -1.0 -0.7 — -0.5<br />

Index -0.7 18.8 1.5 0.0 -1.8 6.3<br />

Portfolio Analysis<br />

Composition % Assets<br />

Cash<br />

Fixed Income<br />

<strong>Canadian</strong> <strong>Equity</strong><br />

US <strong>Equity</strong><br />

International <strong>Equity</strong><br />

Other<br />

3.7<br />

0.0<br />

0.0<br />

95.6<br />

0.7<br />

0.0<br />

Top Ten Holdings % Assets<br />

Exxon Mobil Corporation<br />

JPMorgan Chase & Co<br />

Pfizer Inc<br />

International Business Machines Corp<br />

General Electric Co<br />

Apple, Inc.<br />

Schlumberger, Ltd.<br />

Microsoft Corporation<br />

Occidental Petroleum Corporation<br />

Wells Fargo & Co<br />

Total Number of Portfolio Holdings<br />

Total Number of Underlying Holdings<br />

Total Number of Stock Holdings<br />

Total Number of Bond Holdings<br />

3.9<br />

3.0<br />

2.9<br />

2.8<br />

2.8<br />

2.7<br />

2.5<br />

2.4<br />

2.1<br />

2.0<br />

77<br />

111<br />

107<br />

0<br />

Global <strong>Equity</strong> Sectors % Net Assets<br />

Utilities 1.7<br />

Energy 12.5<br />

Financials 15.8<br />

Materials 6.3<br />

Consumer Discretionary 9.3<br />

Consumer Staples 7.8<br />

Telecommunication Services 2.0<br />

Industrials 10.1<br />

Health Care 13.2<br />

Information Technology 17.7<br />

Unclassified 0.0<br />

Top 10 Countries % Assets<br />

United States 95.6<br />

Canada 3.7<br />

United Kingdom 0.7<br />

The Quarterly Review 33


<strong>Standard</strong> <strong>Life</strong> International <strong>Equity</strong> Fund<br />

Category<br />

International <strong>Equity</strong><br />

Investment Objective<br />

To provide long-term capital growth and portfolio<br />

diversification. The Fund invests primarily in a broad<br />

selection of companies based outside North America.<br />

The portfolio is diversified at three levels: by region, by<br />

industry group and by individual stocks. The portfolio<br />

advisor selects these stocks based on their respective<br />

growth potential.<br />

Volatility Analysis<br />

Investment<br />

Low Moderate<br />

Category<br />

High<br />

Operations<br />

Series Load Structure Fund Code<br />

A Defer Sales Charge SLM059<br />

A Front End Charge SLM259<br />

A Low Load Charge SLM159<br />

E No Sales or Redem SLM859<br />

L No Sales or Redem SLM459<br />

A Inception 11-08-1994<br />

E Inception 07-02-2003<br />

L Inception 07-02-2003<br />

A Management Fee 2.00%<br />

E Management Fee 1.50%<br />

L Management Fee 1.15%<br />

Disclaimer<br />

** Not annualized<br />

For advisor use only. This document is not<br />

intended for public distribution.<br />

Note: This page is not complete without<br />

disclaimers. Please refer to the end of this<br />

document for details.<br />

<strong>Standard</strong> <strong>Life</strong> Mutual Funds Ltd.<br />

Benchmark<br />

MSCI EAFE Index (CA$)<br />

Performance Analysis as of 06-30-2011<br />

Published: 07-20-2011 | PC 5689<br />

16 Growth $10,000<br />

14<br />

Series A<br />

12<br />

Benchmark<br />

10<br />

8<br />

6<br />

4<br />

©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<br />

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. ?<br />

34 The Quarterly Review<br />

40<br />

20<br />

0<br />

-20<br />

-40<br />

Calendar<br />

Year Returns %<br />

Series A<br />

Benchmark<br />

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD Calendar Year<br />

-19.0 -20.3 10.3 4.4 8.5 24.5 -1.6 -30.4 12.0 2.5 1.6 Series A %<br />

-16.3 -16.5 13.8 11.9 11.2 26.4 -5.3 -28.8 12.5 2.6 2.3 Benchmark %<br />

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

Series A 1.0 19.3 -3.4 -1.1 -0.6 1.7<br />

Series E 1.2 19.8 -2.9 -0.5 — 4.1<br />

Series L 1.3 20.7 -2.2 0.2 — 4.8<br />

Index 1.0 18.9 -2.9 -0.9 1.4 3.4<br />

Portfolio Analysis<br />

Composition % Assets<br />

Cash<br />

Fixed Income<br />

<strong>Canadian</strong> <strong>Equity</strong><br />

US <strong>Equity</strong><br />

International <strong>Equity</strong><br />

Other<br />

2.8<br />

0.0<br />

0.0<br />

0.0<br />

97.2<br />

0.0<br />

Top Ten Holdings % Assets<br />

BHP Billiton PLC<br />

HSBC Holdings PLC<br />

Novartis AG<br />

Siemens AG<br />

Sanofi<br />

BG Group PLC<br />

Safran<br />

Sumitomo Mitsui Financial Group, Inc.<br />

Daimler AG<br />

National Australia Bank Limited<br />

Total Number of Portfolio Holdings<br />

Total Number of Underlying Holdings<br />

Total Number of Stock Holdings<br />

Total Number of Bond Holdings<br />

3.1<br />

2.9<br />

2.2<br />

2.0<br />

1.9<br />

1.8<br />

1.8<br />

1.7<br />

1.7<br />

1.6<br />

83<br />

83<br />

81<br />

0<br />

Global <strong>Equity</strong> Sectors % Net Assets<br />

Utilities 1.9<br />

Energy 8.6<br />

Financials 22.2<br />

Materials 10.4<br />

Consumer Discretionary 12.3<br />

Consumer Staples 6.4<br />

Telecommunication Services 1.2<br />

Industrials 17.7<br />

Health Care 7.2<br />

Information Technology 7.1<br />

Unclassified 2.2<br />

Top 10 Countries % Assets<br />

United Kingdom 27.6<br />

Japan 15.5<br />

Germany 12.5<br />

France 10.4<br />

Switzerland 8.4<br />

Canada 2.8<br />

Australia 2.6<br />

Netherlands 2.5<br />

China 2.4<br />

Others 15.3


<strong>Standard</strong> <strong>Life</strong> Global <strong>Equity</strong> Fund<br />

Category<br />

Global <strong>Equity</strong><br />

Investment Objective<br />

To provide capital appreciation over the medium to<br />

longer term by investing primarily in equity and equitytype<br />

securities of multinational companies throughout<br />

the world. It may also invest in companies that the subadvisor<br />

expects will achieve multinational status. It is<br />

intended that income will not be a prime consideration<br />

for investors in the fund.<br />

Volatility Analysis<br />

Investment<br />

Low Moderate<br />

Category<br />

High<br />

Operations<br />

Series Load Structure Fund Code<br />

A Defer Sales Charge SLM066<br />

A Front End Charge SLM266<br />

A Low Load Charge SLM166<br />

E No Sales or Redem SLM866<br />

L No Sales or Redem SLM466<br />

A Inception 07-03-2002<br />

E Inception 07-02-2003<br />

L Inception 01-04-2001<br />

A Management Fee 2.00%<br />

E Management Fee 1.50%<br />

L Management Fee 1.15%<br />

Disclaimer<br />

** Not annualized<br />

For advisor use only. This document is not<br />

intended for public distribution.<br />

Note: This page is not complete without<br />

disclaimers. Please refer to the end of this<br />

document for details.<br />

<strong>Standard</strong> <strong>Life</strong> Mutual Funds Ltd.<br />

Benchmark<br />

MSCI World Index (CA$)<br />

Performance Analysis as of 06-30-2011<br />

Published: 07-20-2011 | PC 5312<br />

18 Growth $10,000<br />

16<br />

Series A<br />

14<br />

Benchmark<br />

12<br />

10<br />

8<br />

6<br />

©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<br />

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. ?<br />

40<br />

20<br />

0<br />

-20<br />

-40<br />

Calendar<br />

Year Returns %<br />

Series A<br />

Benchmark<br />

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD Calendar Year<br />

— — 2.6 6.8 7.2 24.7 -6.3 -33.7 19.9 12.2 0.6 Series A %<br />

-11.3 -20.4 9.4 6.9 7.3 20.2 -7.1 -25.4 11.1 6.5 2.6 Benchmark %<br />

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

Series A -0.1 25.1 -1.1 0.3 — 1.4<br />

Series E 0.1 25.8 -0.6 0.8 — 4.5<br />

Series L 0.2 26.7 0.1 1.5 — 2.7<br />

Index -0.1 19.1 -0.6 0.0 -0.1 2.2<br />

Portfolio Analysis<br />

Composition % Assets<br />

Cash<br />

Fixed Income<br />

<strong>Canadian</strong> <strong>Equity</strong><br />

US <strong>Equity</strong><br />

International <strong>Equity</strong><br />

Other<br />

2.6<br />

0.0<br />

3.3<br />

35.3<br />

58.8<br />

0.0<br />

Top Ten Holdings % Assets<br />

Apple, Inc.<br />

Ingenico<br />

Citigroup Inc<br />

The Goldman Sachs Group Inc<br />

Bayerische Motoren Werke AG BMW<br />

Siemens AG<br />

Shire PLC<br />

Pfizer Inc<br />

Denso Corporation<br />

Weir Group PLC<br />

Total Number of Portfolio Holdings<br />

Total Number of Underlying Holdings<br />

Total Number of Stock Holdings<br />

Total Number of Bond Holdings<br />

2.0<br />

1.6<br />

1.5<br />

1.5<br />

1.5<br />

1.4<br />

1.4<br />

1.4<br />

1.4<br />

1.3<br />

102<br />

102<br />

101<br />

0<br />

Global <strong>Equity</strong> Sectors % Net Assets<br />

Utilities 1.2<br />

Energy 9.1<br />

Financials 16.5<br />

Materials 9.3<br />

Consumer Discretionary 14.9<br />

Consumer Staples 8.0<br />

Telecommunication Services 2.5<br />

Industrials 14.1<br />

Health Care 5.1<br />

Information Technology 14.8<br />

Unclassified 1.9<br />

Top 10 Countries % Assets<br />

United States 35.3<br />

United Kingdom 18.2<br />

Germany 8.1<br />

France 6.6<br />

Canada 5.9<br />

Japan 5.5<br />

China 3.6<br />

Australia 2.5<br />

South Korea 2.2<br />

Others 12.1<br />

The Quarterly Review 35


<strong>Standard</strong> <strong>Life</strong> European <strong>Equity</strong> Fund<br />

Category<br />

European <strong>Equity</strong><br />

Investment Objective<br />

The fundamental investment objective of the fund is to<br />

provide capital appreciation over the medium to longer<br />

term by investing primarily in the equity markets of<br />

Europe. The investments will consist of a diversified<br />

portfolio of European equities managed with a thematic<br />

approach, focusing on sector, rather than country asset<br />

allocation. Income is not a prime consideration for<br />

investors in the fund.<br />

Volatility Analysis<br />

Investment<br />

Low Moderate High<br />

Category<br />

Operations<br />

Series Load Structure Fund Code<br />

A Defer Sales Charge SLM068<br />

A Front End Charge SLM268<br />

A Low Load Charge SLM168<br />

E No Sales or Redem SLM868<br />

L No Sales or Redem SLM468<br />

A Inception 07-03-2002<br />

E Inception 07-02-2003<br />

L Inception 01-04-2001<br />

A Management Fee 2.00%<br />

E Management Fee 1.50%<br />

L Management Fee 1.15%<br />

Disclaimer<br />

** Not annualized<br />

For advisor use only. This document is not<br />

intended for public distribution.<br />

Note: This page is not complete without<br />

disclaimers. Please refer to the end of this<br />

document for details.<br />

<strong>Standard</strong> <strong>Life</strong> Mutual Funds Ltd.<br />

Benchmark<br />

MSCI Europe Index<br />

Performance Analysis as of 06-30-2011<br />

Published: 07-20-2011 | PC 5694<br />

25 Growth $10,000<br />

22<br />

Series A<br />

19<br />

Benchmark<br />

16<br />

13<br />

10<br />

7<br />

©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<br />

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. ?<br />

36 The Quarterly Review<br />

40<br />

20<br />

0<br />

-20<br />

-40<br />

Calendar<br />

Year Returns %<br />

Series A<br />

Benchmark<br />

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD Calendar Year<br />

— — 12.3 9.1 6.6 30.4 -10.0 -38.2 16.7 -1.5 4.4 Series A %<br />

-14.6 -18.9 13.8 12.5 7.2 33.8 -3.0 -32.6 16.2 -1.0 6.4 Benchmark %<br />

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

Series A 0.8 23.1 -6.1 -4.0 — 0.3<br />

Series E 0.9 23.8 -5.6 -3.5 — 2.9<br />

Series L 1.1 24.6 -5.0 -2.9 -0.1 -2.4<br />

Index 2.0 24.3 -3.0 -0.2 2.0 4.0<br />

Portfolio Analysis<br />

Composition % Assets<br />

Cash<br />

Fixed Income<br />

<strong>Canadian</strong> <strong>Equity</strong><br />

US <strong>Equity</strong><br />

International <strong>Equity</strong><br />

Other<br />

3.5<br />

0.0<br />

0.0<br />

0.0<br />

96.5<br />

0.0<br />

Top Ten Holdings % Assets<br />

Nestle SA<br />

BP PLC<br />

Rio Tinto PLC<br />

Sanofi<br />

Telefonica, S.A.<br />

ARM Holdings PLC<br />

Tullow Oil PLC<br />

Novo Nordisk A/S<br />

BNP Paribas<br />

Storebrand ASA<br />

Total Number of Portfolio Holdings<br />

Total Number of Underlying Holdings<br />

Total Number of Stock Holdings<br />

Total Number of Bond Holdings<br />

4.6<br />

3.7<br />

3.2<br />

2.8<br />

2.7<br />

2.7<br />

2.7<br />

2.7<br />

2.5<br />

2.4<br />

50<br />

50<br />

48<br />

0<br />

Global <strong>Equity</strong> Sectors % Net Assets<br />

Utilities 1.9<br />

Energy 8.4<br />

Financials 15.2<br />

Materials 8.5<br />

Consumer Discretionary 2.0<br />

Consumer Staples 13.4<br />

Telecommunication Services 4.4<br />

Industrials 21.4<br />

Health Care 5.5<br />

Information Technology 7.7<br />

Unclassified 8.1<br />

Top 10 Countries % Assets<br />

United Kingdom 34.7<br />

France 9.1<br />

Switzerland 8.7<br />

Spain 7.1<br />

Sweden 6.9<br />

Netherlands 6.4<br />

Denmark 4.1<br />

Norway 4.0<br />

Germany 3.7<br />

Others 15.3


<strong>Standard</strong> <strong>Life</strong> U.S. Mid Cap Fund<br />

Category<br />

US Small/Mid Cap <strong>Equity</strong><br />

Investment Objective<br />

The fundamental investment objective of the fund is to<br />

provide superior capital growth by investing primarily in<br />

a diversified portfolio of small-and mid-capitalization<br />

American companies that consist of traditional growth<br />

companies. Returns will come primarily in the form of<br />

capital gains as the companies' shares in which this fund<br />

invests would not normally pay dividends.<br />

Volatility Analysis<br />

Investment<br />

Low Moderate High<br />

Category<br />

Operations<br />

Series Load Structure Fund Code<br />

A Defer Sales Charge SLM067<br />

A Front End Charge SLM267<br />

A Low Load Charge SLM167<br />

E No Sales or Redem SLM867<br />

L No Sales or Redem SLM467<br />

A Inception 07-03-2002<br />

E Inception 07-02-2003<br />

L Inception 01-04-2001<br />

A Management Fee 2.00%<br />

E Management Fee 1.50%<br />

L Management Fee 1.15%<br />

Disclaimer<br />

** Not annualized<br />

For advisor use only. This document is not<br />

intended for public distribution.<br />

Note: This page is not complete without<br />

disclaimers. Please refer to the end of this<br />

document for details.<br />

<strong>Standard</strong> <strong>Life</strong> Mutual Funds Ltd.<br />

Benchmark<br />

S&P MidCap 400 Index TR (CA$)<br />

Performance Analysis as of 06-30-2011<br />

Published: 07-20-2011 | PC 5693<br />

18 Growth $10,000<br />

16<br />

Series A<br />

14<br />

Benchmark<br />

12<br />

10<br />

8<br />

6<br />

©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<br />

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. ?<br />

30<br />

15<br />

0<br />

-15<br />

-30<br />

Calendar<br />

Year Returns %<br />

Series A<br />

Benchmark<br />

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD Calendar Year<br />

— — 6.6 7.7 4.6 11.4 -14.1 -24.6 7.0 17.1 5.0 Series A %<br />

5.6 -15.4 10.9 8.0 9.7 5.5 -7.3 -21.3 16.7 20.0 5.4 Benchmark %<br />

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

Series A 0.1 25.4 1.2 -0.7 — 0.8<br />

Series E 0.2 26.0 1.7 -0.1 — 3.3<br />

Series L 0.4 26.8 2.4 0.6 0.7 0.0<br />

Index -1.5 26.6 6.0 2.7 2.7 4.3<br />

Portfolio Analysis<br />

Composition % Assets<br />

Cash<br />

Fixed Income<br />

<strong>Canadian</strong> <strong>Equity</strong><br />

US <strong>Equity</strong><br />

International <strong>Equity</strong><br />

Other<br />

0.7<br />

0.0<br />

3.5<br />

93.4<br />

2.3<br />

0.0<br />

Top Ten Holdings % Assets<br />

Informatica Corporation<br />

Nalco Holding Co<br />

Telephone and Data Systems, Inc.<br />

Ansys, Inc.<br />

Raymond James Financial, Inc.<br />

BorgWarner, Inc.<br />

Luminex Corporation<br />

HCC Insurance Holdings Inc.<br />

ARM Holdings PLC ADR<br />

Covance, Inc.<br />

Total Number of Portfolio Holdings<br />

Total Number of Underlying Holdings<br />

Total Number of Stock Holdings<br />

Total Number of Bond Holdings<br />

2.7<br />

2.3<br />

2.2<br />

2.1<br />

2.1<br />

2.1<br />

2.1<br />

2.0<br />

2.0<br />

1.9<br />

83<br />

83<br />

81<br />

0<br />

Global <strong>Equity</strong> Sectors % Net Assets<br />

Utilities 2.1<br />

Energy 5.3<br />

Financials 13.3<br />

Materials 5.9<br />

Consumer Discretionary 15.4<br />

Consumer Staples 3.9<br />

Telecommunication Services 3.1<br />

Industrials 17.2<br />

Health Care 18.4<br />

Information Technology 14.8<br />

Unclassified 0.0<br />

Top 10 Countries % Assets<br />

United States 93.4<br />

Canada 4.3<br />

United Kingdom 2.0<br />

Israel 0.3<br />

The Quarterly Review 37


<strong>Standard</strong> <strong>Life</strong> <strong>Canadian</strong> <strong>Equity</strong> Focus Fund<br />

Category<br />

<strong>Canadian</strong> <strong>Equity</strong><br />

Investment Objective<br />

To provide long-term capital growth. The Fund invests<br />

primarily in a diversified portfolio of <strong>Canadian</strong> equity and<br />

equity-type securities. The fundamental investment<br />

objective of the Fund may only be changed with the<br />

approval of a majority of unitholders at a meeting called<br />

for that purpose.<br />

Volatility Analysis<br />

Investment<br />

Low Moderate High<br />

Category<br />

Operations<br />

Series Load Structure Fund Code<br />

A Defer Sales Charge SLM072<br />

A Front End Charge SLM272<br />

A Low Load Charge SLM172<br />

E No Sales or Redem SLM872<br />

L No Sales or Redem SLM472<br />

A Inception 07-07-2005<br />

E Inception 07-07-2005<br />

L Inception 07-07-2005<br />

A Management Fee 2.00%<br />

E Management Fee 1.50%<br />

L Management Fee 1.15%<br />

Disclaimer<br />

** Not annualized<br />

For advisor use only. This document is not<br />

intended for public distribution.<br />

Note: This page is not complete without<br />

disclaimers. Please refer to the end of this<br />

document for details.<br />

<strong>Standard</strong> <strong>Life</strong> Mutual Funds Ltd.<br />

Benchmark<br />

S&P/TSX Capped Composite TR Index<br />

Performance Analysis as of 06-30-2011<br />

Published: 07-20-2011 | PC 5697<br />

18 Growth $10,000<br />

16<br />

Series A<br />

14<br />

Benchmark<br />

12<br />

10<br />

8<br />

6<br />

©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<br />

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. ?<br />

38 The Quarterly Review<br />

40<br />

20<br />

0<br />

-20<br />

-40<br />

Calendar<br />

Year Returns %<br />

Series A<br />

Benchmark<br />

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD Calendar Year<br />

— — — — — 8.8 11.0 -37.1 31.1 17.3 -4.0 Series A %<br />

-8.4 -12.4 26.7 14.5 24.1 17.3 9.8 -33.0 35.1 17.6 0.2 Benchmark %<br />

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

Series A -7.7 18.9 -3.9 1.9 — 3.2<br />

Series E -7.6 19.5 -3.4 2.5 — 3.8<br />

Series L -7.4 20.3 -2.8 3.2 — 4.5<br />

Index -5.1 20.9 0.2 5.7 8.0 7.1<br />

Portfolio Analysis<br />

Composition % Assets<br />

Cash<br />

Fixed Income<br />

<strong>Canadian</strong> <strong>Equity</strong><br />

US <strong>Equity</strong><br />

International <strong>Equity</strong><br />

Other<br />

0.6<br />

0.0<br />

97.8<br />

0.0<br />

1.6<br />

0.0<br />

Top Ten Holdings % Assets<br />

The Toronto-Dominion Bank<br />

Bank of Nova Scotia<br />

Potash Corporation of Saskatchewan, Inc.<br />

Suncor Energy, Inc.<br />

<strong>Canadian</strong> Natural Resources Ltd<br />

Teck Resources Ltd Sub Voting Share<br />

Royal Bank of Canada<br />

Goldcorp, Inc.<br />

Cenovus Energy, Inc.<br />

<strong>Canadian</strong> Pacific Railway Ltd<br />

Total Number of Portfolio Holdings<br />

Total Number of Underlying Holdings<br />

Total Number of Stock Holdings<br />

Total Number of Bond Holdings<br />

6.6<br />

6.2<br />

5.0<br />

5.0<br />

4.6<br />

4.0<br />

3.8<br />

3.8<br />

3.6<br />

3.1<br />

42<br />

42<br />

39<br />

0<br />

Global <strong>Equity</strong> Sectors % Net Assets<br />

Utilities 0.0<br />

Energy 30.8<br />

Financials 20.5<br />

Materials 27.8<br />

Consumer Discretionary 2.4<br />

Consumer Staples 2.4<br />

Telecommunication Services 0.0<br />

Industrials 6.6<br />

Health Care 2.8<br />

Information Technology 6.2<br />

Unclassified 0.0<br />

Top 10 Countries % Assets<br />

Canada 98.4<br />

Colombia 1.6


<strong>Standard</strong> <strong>Life</strong> U.S. <strong>Equity</strong> Focus Fund<br />

Category<br />

US <strong>Equity</strong><br />

Investment Objective<br />

To achieve long-term capital growth. The Fund invests in<br />

a diversified portfolio of U.S. equity and equity-type<br />

securities.<br />

Volatility Analysis<br />

Investment<br />

Low Moderate<br />

Category<br />

High<br />

Operations<br />

Series Load Structure Fund Code<br />

A Defer Sales Charge SLM077<br />

A Front End Charge SLM277<br />

A Low Load Charge SLM177<br />

E No Sales or Redem SLM877<br />

L No Sales or Redem SLM477<br />

A Inception 07-06-2007<br />

E Inception 07-06-2007<br />

L Inception 07-06-2007<br />

A Management Fee 2.00%<br />

E Management Fee 1.50%<br />

L Management Fee 1.15%<br />

Disclaimer<br />

** Not annualized<br />

For advisor use only. This document is not<br />

intended for public distribution.<br />

Note: This page is not complete without<br />

disclaimers. Please refer to the end of this<br />

document for details.<br />

<strong>Standard</strong> <strong>Life</strong> Mutual Funds Ltd.<br />

Benchmark<br />

S&P 500 TR Index (CA$)<br />

Performance Analysis as of 06-30-2011<br />

Published: 07-20-2011 | PC 6224<br />

12 Growth $10,000<br />

11<br />

Series A<br />

10<br />

Benchmark<br />

9<br />

8<br />

7<br />

6<br />

©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<br />

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. ?<br />

30<br />

15<br />

0<br />

-15<br />

-30<br />

Calendar<br />

Year Returns %<br />

Series A<br />

Benchmark<br />

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD Calendar Year<br />

— — — — — — — -21.5 7.3 1.6 -0.3 Series A %<br />

-6.4 -22.7 5.2 3.3 1.6 15.7 -10.5 -21.9 8.1 9.3 2.8 Benchmark %<br />

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

Series A -2.1 11.5 -2.5 — — -5.8<br />

Series E -2.0 12.0 -2.0 — — -5.3<br />

Series L -1.9 12.8 -1.3 — — -4.6<br />

Index -0.7 18.8 1.5 0.0 -1.8 -2.8<br />

Portfolio Analysis<br />

Composition % Assets<br />

Cash<br />

Fixed Income<br />

<strong>Canadian</strong> <strong>Equity</strong><br />

US <strong>Equity</strong><br />

International <strong>Equity</strong><br />

Other<br />

2.7<br />

0.0<br />

0.0<br />

96.2<br />

1.1<br />

0.0<br />

Top Ten Holdings % Assets<br />

JPMorgan Chase & Co<br />

Pfizer Inc<br />

Macy's Inc<br />

Occidental Petroleum Corporation<br />

Exxon Mobil Corporation<br />

General Electric Co<br />

PepsiCo, Inc.<br />

Wells Fargo & Co<br />

Wesco International, Inc.<br />

EOG Resources<br />

Total Number of Portfolio Holdings<br />

Total Number of Underlying Holdings<br />

Total Number of Stock Holdings<br />

Total Number of Bond Holdings<br />

4.3<br />

4.2<br />

3.3<br />

3.2<br />

3.1<br />

2.9<br />

2.7<br />

2.7<br />

2.6<br />

2.5<br />

50<br />

84<br />

79<br />

0<br />

Global <strong>Equity</strong> Sectors % Net Assets<br />

Utilities 2.3<br />

Energy 13.3<br />

Financials 14.7<br />

Materials 7.5<br />

Consumer Discretionary 8.7<br />

Consumer Staples 5.8<br />

Telecommunication Services 2.1<br />

Industrials 12.9<br />

Health Care 16.2<br />

Information Technology 13.8<br />

Unclassified 0.0<br />

Top 10 Countries % Assets<br />

United States 96.2<br />

Canada 2.7<br />

United Kingdom 1.1<br />

The Quarterly Review 39


<strong>Standard</strong> <strong>Life</strong> Global <strong>Equity</strong> Focus Fund<br />

Category<br />

Global <strong>Equity</strong><br />

Investment Objective<br />

To provide long-term capital growth. The Fund invests<br />

primarily in a diversified portfolio of equity and equitytype<br />

securities of companies throughout the world. The<br />

fundamental objective of the Fund may only be changed<br />

with the approval of a majority of unit holders at a<br />

meeting called for that purpose.<br />

Volatility Analysis<br />

Investment<br />

Low Moderate<br />

Category<br />

High<br />

Operations<br />

Series Load Structure Fund Code<br />

A Defer Sales Charge SLM075<br />

A Front End Charge SLM275<br />

A Low Load Charge SLM175<br />

E No Sales or Redem SLM875<br />

L No Sales or Redem SLM475<br />

A Inception 07-06-2006<br />

E Inception 07-06-2006<br />

L Inception 07-06-2006<br />

A Management Fee 2.00%<br />

E Management Fee 1.50%<br />

L Management Fee 1.15%<br />

Disclaimer<br />

** Not annualized<br />

For advisor use only. This document is not<br />

intended for public distribution.<br />

Note: This page is not complete without<br />

disclaimers. Please refer to the end of this<br />

document for details.<br />

<strong>Standard</strong> <strong>Life</strong> Mutual Funds Ltd.<br />

Benchmark<br />

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

Performance Analysis as of 06-30-2011<br />

Published: 07-20-2011 | PC 6031<br />

12 Growth $10,000<br />

11<br />

Series A<br />

10<br />

Benchmark<br />

9<br />

8<br />

7<br />

6<br />

©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<br />

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. ?<br />

40 The Quarterly Review<br />

15<br />

0<br />

-15<br />

-30<br />

-45<br />

Calendar<br />

Year Returns %<br />

Series A<br />

Benchmark<br />

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD Calendar Year<br />

— — — — — — 1.5 -34.1 18.9 7.8 -2.9 Series A %<br />

— — — — — — -1.3 -26.3 18.8 10.8 1.6 Benchmark %<br />

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

Series A -4.9 15.5 -6.1 — — -1.2<br />

Series E -4.8 16.1 -5.6 — — -0.7<br />

Series L -4.6 16.9 -5.0 — — 0.0<br />

Index -2.0 18.8 0.4 — — 2.0<br />

Portfolio Analysis<br />

Composition % Assets<br />

Cash<br />

Fixed Income<br />

<strong>Canadian</strong> <strong>Equity</strong><br />

US <strong>Equity</strong><br />

International <strong>Equity</strong><br />

Other<br />

2.3<br />

0.0<br />

44.8<br />

34.3<br />

18.6<br />

0.0<br />

Top Ten Holdings % Assets<br />

Potash Corporation of Saskatchewan, Inc.<br />

Bank of Nova Scotia<br />

Cenovus Energy, Inc.<br />

The Toronto-Dominion Bank<br />

Royal Bank of Canada<br />

<strong>Canadian</strong> Natural Resources Ltd<br />

JPMorgan Chase & Co<br />

Suncor Energy, Inc.<br />

Pfizer Inc<br />

Teck Resources Ltd Sub Voting Share<br />

Total Number of Portfolio Holdings<br />

Total Number of Underlying Holdings<br />

Total Number of Stock Holdings<br />

Total Number of Bond Holdings<br />

3.2<br />

3.1<br />

3.0<br />

2.9<br />

2.8<br />

2.7<br />

2.5<br />

2.3<br />

2.3<br />

2.3<br />

82<br />

82<br />

81<br />

0<br />

Global <strong>Equity</strong> Sectors % Net Assets<br />

Utilities 0.6<br />

Energy 17.7<br />

Financials 20.9<br />

Materials 16.8<br />

Consumer Discretionary 3.8<br />

Consumer Staples 3.5<br />

Telecommunication Services 1.4<br />

Industrials 15.2<br />

Health Care 9.8<br />

Information Technology 7.6<br />

Unclassified 0.5<br />

Top 10 Countries % Assets<br />

Canada 47.1<br />

United States 34.3<br />

Japan 4.6<br />

United Kingdom 4.4<br />

France 1.8<br />

Germany 1.7<br />

Switzerland 1.6<br />

Colombia 0.9<br />

Portugal 0.6<br />

Others 3.0


<strong>Standard</strong> <strong>Life</strong> India <strong>Equity</strong> Focus Fund<br />

Category<br />

Miscellaneous - Geographic <strong>Equity</strong><br />

Investment Objective<br />

To achieve long-term capital growth. The Fund invests<br />

primarily in a diversified portfolio of equity and equitytype<br />

securities of companies domiciled in India.<br />

Operations<br />

Series Load Structure Fund Code<br />

A Defer Sales Charge SLM078<br />

A Front End Charge SLM278<br />

A Low Load Charge SLM178<br />

E No Sales or Redem SLM878<br />

L No Sales or Redem SLM478<br />

A Inception 07-08-2008<br />

E Inception 07-08-2008<br />

L Inception 07-08-2008<br />

A Management Fee 2.50%<br />

E Management Fee 2.00%<br />

L Management Fee 1.65%<br />

Disclaimer<br />

** Not annualized<br />

For advisor use only. This document is not<br />

intended for public distribution.<br />

Note: This page is not complete without<br />

disclaimers. Please refer to the end of this<br />

document for details.<br />

<strong>Standard</strong> <strong>Life</strong> Mutual Funds Ltd.<br />

Benchmark<br />

MSCI India CAD<br />

Performance Analysis as of 06-30-2011<br />

Published: 07-20-2011 | PC 6403<br />

18 Growth $10,000<br />

16<br />

Series A<br />

14<br />

Benchmark<br />

12<br />

10<br />

8<br />

6<br />

©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<br />

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. ?<br />

80<br />

40<br />

0<br />

-40<br />

-80<br />

Calendar<br />

Year Returns %<br />

Series A<br />

Benchmark<br />

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD Calendar Year<br />

— — — — — — — — 73.7 11.8 -15.9 Series A %<br />

-15.8 4.8 42.3 8.0 32.0 48.4 45.2 -56.3 70.3 13.2 -11.8 Benchmark %<br />

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

Series A -6.5 -8.1 — — — 2.9<br />

Series E -6.3 -7.5 — — — 3.5<br />

Series L -6.2 -6.9 — — — 4.1<br />

Index -4.9 -3.2 7.4 9.0 13.1 5.0<br />

Portfolio Analysis<br />

Composition % Assets<br />

Cash<br />

Fixed Income<br />

<strong>Canadian</strong> <strong>Equity</strong><br />

US <strong>Equity</strong><br />

International <strong>Equity</strong><br />

Other<br />

1.4<br />

0.0<br />

0.0<br />

0.0<br />

98.6<br />

0.0<br />

Top Ten Holdings % Assets<br />

Infosys Ltd<br />

ICICI Bank Ltd.<br />

Tata Motors Ltd<br />

State Bank of India<br />

Axis Bank Ltd.<br />

Bharat Heavy Electricals Ltd.<br />

Housing Development Finance Corp<br />

Tata Steel Ltd.<br />

Oil & Natural Gas<br />

Reliance Industries Ltd.<br />

Total Number of Portfolio Holdings<br />

Total Number of Underlying Holdings<br />

Total Number of Stock Holdings<br />

Total Number of Bond Holdings<br />

6.4<br />

6.1<br />

5.8<br />

5.6<br />

4.9<br />

4.7<br />

4.3<br />

4.2<br />

4.0<br />

4.0<br />

35<br />

35<br />

34<br />

0<br />

Global <strong>Equity</strong> Sectors % Net Assets<br />

Utilities 3.7<br />

Energy 8.0<br />

Financials 30.8<br />

Materials 7.5<br />

Consumer Discretionary 2.4<br />

Consumer Staples 2.6<br />

Telecommunication Services 4.5<br />

Industrials 26.0<br />

Health Care 1.8<br />

Information Technology 11.3<br />

Unclassified 0.0<br />

Top 10 Countries % Assets<br />

India 98.6<br />

Canada 1.4<br />

The Quarterly Review 41


<strong>Standard</strong> <strong>Life</strong> Conservative Portfolio<br />

Category<br />

<strong>Canadian</strong> Fixed Income Balanced<br />

Investment Objective<br />

The fund seeks to generate income and to preserve<br />

capital. The Portfolio primarily invests in a diversified mix<br />

of funds, with a focus on fixed-income funds.<br />

Volatility Analysis<br />

Investment<br />

Low<br />

Category<br />

Moderate High<br />

Operations<br />

Series Load Structure Fund Code<br />

A Defer Sales Charge SLM040<br />

A Front End Charge SLM240<br />

A Low Load Charge SLM140<br />

E No Sales or Redem SLM840<br />

L No Sales or Redem SLM440<br />

T Defer Sales Charge SLM040T<br />

T Front End Charge SLM240T<br />

T Low Load Charge SLM140T<br />

A Inception 07-02-2004<br />

E Inception 07-06-2006<br />

L Inception 07-06-2006<br />

T Inception 07-08-2008<br />

A Management Fee 1.90%<br />

E Management Fee 1.50%<br />

L Management Fee 1.15%<br />

T Management Fee 1.90%<br />

Disclaimer<br />

** Not annualized<br />

For advisor use only. This document is not<br />

intended for public distribution.<br />

Note: This page is not complete without<br />

disclaimers. Please refer to the end of this<br />

document for details.<br />

<strong>Standard</strong> <strong>Life</strong> Mutual Funds Ltd.<br />

Benchmark<br />

Not Available<br />

Performance Analysis as of 06-30-2011<br />

Published: 07-20-2011 | PC 5710<br />

15 Growth $10,000<br />

14<br />

Series A<br />

13<br />

Benchmark<br />

12<br />

11<br />

10<br />

9<br />

©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<br />

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. ?<br />

42 The Quarterly Review<br />

10<br />

5<br />

0<br />

-5<br />

-10<br />

Calendar<br />

Year Returns %<br />

Series A<br />

Benchmark<br />

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD Calendar Year<br />

— — — — 4.7 6.3 0.7 -5.8 7.5 5.3 1.3 Series A %<br />

— — — — — — — — — — — Benchmark %<br />

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

Series A 0.7 7.2 2.7 3.2 — 3.1<br />

Series E 0.8 7.7 3.1 — — 3.7<br />

Series L 1.0 8.5 3.8 — — 4.5<br />

Series T 0.7 7.3 — — — 2.9<br />

Index — — — — — —<br />

Portfolio Analysis<br />

Strategic Target Asset Mix % Assets<br />

<strong>Canadian</strong> <strong>Equity</strong> 15.0<br />

U.S. <strong>Equity</strong> 7.5<br />

International <strong>Equity</strong> 7.5<br />

Fixed Income 70.0<br />

Top Holdings % Assets<br />

<strong>Standard</strong> <strong>Life</strong> <strong>Canadian</strong> Bond A<br />

<strong>Standard</strong> <strong>Life</strong> Dividend Income A<br />

<strong>Standard</strong> <strong>Life</strong> International Bond A<br />

<strong>Standard</strong> <strong>Life</strong> <strong>Canadian</strong> <strong>Equity</strong> A<br />

<strong>Standard</strong> <strong>Life</strong> US Dividend Growth A<br />

<strong>Standard</strong> <strong>Life</strong> Diversified Income A<br />

<strong>Standard</strong> <strong>Life</strong> Global Monthly Income A<br />

<strong>Standard</strong> <strong>Life</strong> International <strong>Equity</strong> A<br />

<strong>Standard</strong> <strong>Life</strong> Global Dividend Growth A<br />

Total Number of Portfolio Holdings<br />

Total Number of Underlying Holdings<br />

Total Number of Stock Holdings<br />

Total Number of Bond Holdings<br />

52.8<br />

9.9<br />

9.0<br />

7.6<br />

6.0<br />

5.0<br />

4.6<br />

3.3<br />

2.1<br />

10<br />

539<br />

304<br />

218<br />

Fixed Income Breakdown % Net Assets<br />

Government Bonds 36.0<br />

Corporate Bonds 26.9<br />

Other Bonds 0.5<br />

Mortgage Backed Securities 0.0<br />

ST Investments (Cash & Other) 3.5<br />

Asset Backed Securities 0.9<br />

Top 5 Global <strong>Equity</strong> Sectors % Net Assets<br />

Financials 10.1<br />

Energy 5.6<br />

Industrials 3.2<br />

Materials 2.5<br />

Consumer Discretionary 2.3<br />

Top 5 Countries % Assets<br />

Canada<br />

United States<br />

United Kingdom<br />

Japan<br />

France<br />

79.0<br />

13.3<br />

2.0<br />

1.5<br />

1.1


<strong>Standard</strong> <strong>Life</strong> Moderate Portfolio<br />

Category<br />

<strong>Canadian</strong> Neutral Balanced<br />

Investment Objective<br />

The fund seeks to generate income and moderate longterm<br />

capital growth. The Portfolio primarily invests in a<br />

diversified mix of funds, with a focus on fixed-income<br />

funds.<br />

Volatility Analysis<br />

Investment<br />

Low Moderate High<br />

Category<br />

Operations<br />

Series Load Structure Fund Code<br />

A Defer Sales Charge SLM041<br />

A Front End Charge SLM241<br />

A Low Load Charge SLM141<br />

E No Sales or Redem SLM841<br />

L No Sales or Redem SLM441<br />

T Defer Sales Charge SLM041T<br />

T Front End Charge SLM241T<br />

T Low Load Charge SLM141T<br />

A Inception 07-02-2004<br />

E Inception 07-06-2006<br />

L Inception 07-06-2006<br />

T Inception 07-08-2008<br />

A Management Fee 2.00%<br />

E Management Fee 1.50%<br />

L Management Fee 1.15%<br />

T Management Fee 2.00%<br />

Disclaimer<br />

** Not annualized<br />

For advisor use only. This document is not<br />

intended for public distribution.<br />

Note: This page is not complete without<br />

disclaimers. Please refer to the end of this<br />

document for details.<br />

<strong>Standard</strong> <strong>Life</strong> Mutual Funds Ltd.<br />

Benchmark<br />

Not Available<br />

Performance Analysis as of 06-30-2011<br />

Published: 07-20-2011 | PC 5711<br />

15 Growth $10,000<br />

14<br />

Series A<br />

13<br />

Benchmark<br />

12<br />

11<br />

10<br />

9<br />

©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<br />

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. ?<br />

20<br />

10<br />

0<br />

-10<br />

-20<br />

Calendar<br />

Year Returns %<br />

Series A<br />

Benchmark<br />

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD Calendar Year<br />

— — — — 5.8 7.9 0.5 -10.0 8.8 6.0 0.6 Series A %<br />

— — — — — — — — — — — Benchmark %<br />

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

Series A -0.3 8.6 1.6 2.7 — 3.0<br />

Series E -0.2 9.1 2.1 — — 3.3<br />

Series L 0.0 9.9 2.9 — — 4.0<br />

Series T -0.3 8.7 — — — 2.0<br />

Index — — — — — —<br />

Portfolio Analysis<br />

Strategic Target Asset Mix % Assets<br />

<strong>Canadian</strong> <strong>Equity</strong> 20.0<br />

U.S. <strong>Equity</strong> 10.0<br />

International <strong>Equity</strong> 10.0<br />

Fixed Income 60.0<br />

Top Holdings % Assets<br />

<strong>Standard</strong> <strong>Life</strong> <strong>Canadian</strong> Bond A<br />

<strong>Standard</strong> <strong>Life</strong> <strong>Canadian</strong> <strong>Equity</strong> A<br />

<strong>Standard</strong> <strong>Life</strong> International Bond A<br />

<strong>Standard</strong> <strong>Life</strong> US Dividend Growth A<br />

<strong>Standard</strong> <strong>Life</strong> <strong>Canadian</strong> <strong>Equity</strong> Focus A<br />

<strong>Standard</strong> <strong>Life</strong> Dividend Income A<br />

<strong>Standard</strong> <strong>Life</strong> Diversified Income A<br />

<strong>Standard</strong> <strong>Life</strong> Global Monthly Income A<br />

<strong>Standard</strong> <strong>Life</strong> International <strong>Equity</strong> A<br />

<strong>Standard</strong> <strong>Life</strong> Global Dividend Growth A<br />

<strong>Standard</strong> <strong>Life</strong> Global <strong>Equity</strong> Focus A<br />

Total Number of Portfolio Holdings<br />

Total Number of Underlying Holdings<br />

Total Number of Stock Holdings<br />

Total Number of Bond Holdings<br />

42.5<br />

9.7<br />

8.9<br />

7.7<br />

6.1<br />

5.6<br />

5.0<br />

4.1<br />

3.8<br />

3.7<br />

3.0<br />

12<br />

553<br />

318<br />

218<br />

Fixed Income Breakdown % Net Assets<br />

Government Bonds 30.9<br />

Corporate Bonds 22.0<br />

Other Bonds 0.4<br />

Mortgage Backed Securities 0.0<br />

ST Investments (Cash & Other) 3.1<br />

Asset Backed Securities 0.7<br />

Top 5 Global <strong>Equity</strong> Sectors % Net Assets<br />

Financials 11.3<br />

Energy 8.0<br />

Materials 5.2<br />

Industrials 4.7<br />

Consumer Discretionary 3.0<br />

Top 5 Countries % Assets<br />

Canada<br />

United States<br />

United Kingdom<br />

Japan<br />

France<br />

74.1<br />

16.1<br />

2.5<br />

1.8<br />

1.4<br />

The Quarterly Review 43


<strong>Standard</strong> <strong>Life</strong> Growth Portfolio<br />

Category<br />

Global <strong>Equity</strong> Balanced<br />

Investment Objective<br />

The fund seeks to generate long-term capital growth and<br />

moderate income. The Portfolio primarily invests in a<br />

diversified mix of funds, with a focus on equity funds.<br />

Volatility Analysis<br />

Investment<br />

Low Moderate<br />

Category<br />

High<br />

Operations<br />

Series Load Structure Fund Code<br />

A Defer Sales Charge SLM042<br />

A Front End Charge SLM242<br />

A Low Load Charge SLM142<br />

E No Sales or Redem SLM842<br />

L No Sales or Redem SLM442<br />

T Defer Sales Charge SLM042T<br />

T Front End Charge SLM242T<br />

T Low Load Charge SLM142T<br />

A Inception 07-02-2004<br />

E Inception 07-06-2006<br />

L Inception 07-06-2006<br />

T Inception 07-08-2008<br />

A Management Fee 2.00%<br />

E Management Fee 1.50%<br />

L Management Fee 1.15%<br />

T Management Fee 2.00%<br />

Disclaimer<br />

** Not annualized<br />

For advisor use only. This document is not<br />

intended for public distribution.<br />

Note: This page is not complete without<br />

disclaimers. Please refer to the end of this<br />

document for details.<br />

<strong>Standard</strong> <strong>Life</strong> Mutual Funds Ltd.<br />

Benchmark<br />

Not Available<br />

Performance Analysis as of 06-30-2011<br />

Published: 07-20-2011 | PC 5712<br />

15 Growth $10,000<br />

14<br />

Series A<br />

13<br />

Benchmark<br />

12<br />

11<br />

10<br />

9<br />

©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<br />

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. ?<br />

44 The Quarterly Review<br />

20<br />

10<br />

0<br />

-10<br />

-20<br />

Calendar<br />

Year Returns %<br />

Series A<br />

Benchmark<br />

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD Calendar Year<br />

— — — — 10.3 10.2 0.0 -19.0 15.4 8.4 -1.1 Series A %<br />

— — — — — — — — — — — Benchmark %<br />

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

Series A -2.5 11.6 0.5 2.1 — 3.3<br />

Series E -2.4 12.2 1.0 — — 2.6<br />

Series L -2.2 13.0 1.7 — — 3.4<br />

Series T -2.5 11.7 — — — 1.1<br />

Index — — — — — —<br />

Portfolio Analysis<br />

Strategic Target Asset Mix % Assets<br />

<strong>Canadian</strong> <strong>Equity</strong> 30.0<br />

U.S. <strong>Equity</strong> 15.0<br />

International <strong>Equity</strong> 15.0<br />

Fixed Income 40.0<br />

Top Holdings % Assets<br />

<strong>Standard</strong> <strong>Life</strong> <strong>Canadian</strong> Bond A<br />

<strong>Standard</strong> <strong>Life</strong> <strong>Canadian</strong> Small Cap A<br />

<strong>Standard</strong> <strong>Life</strong> <strong>Canadian</strong> <strong>Equity</strong> Focus A<br />

<strong>Standard</strong> <strong>Life</strong> International Bond A<br />

<strong>Standard</strong> <strong>Life</strong> US Mid Cap A-Series<br />

<strong>Standard</strong> <strong>Life</strong> <strong>Canadian</strong> <strong>Equity</strong> A<br />

<strong>Standard</strong> <strong>Life</strong> US <strong>Equity</strong> Focus A<br />

<strong>Standard</strong> <strong>Life</strong> International <strong>Equity</strong> A<br />

<strong>Standard</strong> <strong>Life</strong> Global <strong>Equity</strong> Focus A<br />

<strong>Standard</strong> <strong>Life</strong> Dividend Income A<br />

<strong>Standard</strong> <strong>Life</strong> Global Monthly Income A<br />

<strong>Standard</strong> <strong>Life</strong> India <strong>Equity</strong> Focus A<br />

Total Number of Portfolio Holdings<br />

Total Number of Underlying Holdings<br />

Total Number of Stock Holdings<br />

Total Number of Bond Holdings<br />

26.0<br />

9.7<br />

9.7<br />

9.1<br />

8.0<br />

7.1<br />

6.7<br />

6.6<br />

6.1<br />

5.1<br />

4.0<br />

2.2<br />

13<br />

660<br />

431<br />

215<br />

Fixed Income Breakdown % Net Assets<br />

Government Bonds 21.8<br />

Corporate Bonds 12.7<br />

Other Bonds 0.2<br />

Mortgage Backed Securities 0.0<br />

ST Investments (Cash & Other) 2.6<br />

Asset Backed Securities 0.4<br />

Top 5 Global <strong>Equity</strong> Sectors % Net Assets<br />

Financials 13.0<br />

Energy 11.4<br />

Materials 10.2<br />

Industrials 8.8<br />

Information Technology 4.8<br />

Top 5 Countries % Assets<br />

Canada<br />

United States<br />

United Kingdom<br />

India<br />

Japan<br />

64.9<br />

21.3<br />

2.9<br />

2.2<br />

2.1


<strong>Standard</strong> <strong>Life</strong> Dividend Growth & Income Portfolio<br />

Category<br />

Global <strong>Equity</strong> Balanced<br />

Investment Objective<br />

The fund seeks to achieve long-term capital growth. The<br />

portfolio primarily invests in a diversified mix of funds,<br />

with a focus on dividend growth and monthly income<br />

funds.<br />

Operations<br />

Series Load Structure Fund Code<br />

A Defer Sales Charge SLM044<br />

A Front End Charge SLM244<br />

A Low Load Charge SLM144<br />

E No Sales or Redem SLM844<br />

L No Sales or Redem SLM444<br />

T Defer Sales Charge SLM044T<br />

T Front End Charge SLM244T<br />

T Low Load Charge SLM144T<br />

A Inception 07-08-2008<br />

E Inception 07-08-2008<br />

L Inception 07-08-2008<br />

T Inception 07-08-2008<br />

A Management Fee 2.00%<br />

E Management Fee 1.50%<br />

L Management Fee 1.15%<br />

T Management Fee 2.00%<br />

Disclaimer<br />

** Not annualized<br />

For advisor use only. This document is not<br />

intended for public distribution.<br />

Note: This page is not complete without<br />

disclaimers. Please refer to the end of this<br />

document for details.<br />

<strong>Standard</strong> <strong>Life</strong> Mutual Funds Ltd.<br />

Benchmark<br />

Not Available<br />

Performance Analysis as of 06-30-2011<br />

Published: 07-20-2011 | PC 6404<br />

13 Growth $10,000<br />

12<br />

Series A<br />

11<br />

Benchmark<br />

10<br />

9<br />

8<br />

7<br />

©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<br />

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. ?<br />

20<br />

15<br />

10<br />

5<br />

0<br />

Calendar<br />

Year Returns %<br />

Series A<br />

Benchmark<br />

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD Calendar Year<br />

— — — — — — — — 9.4 5.1 2.5 Series A %<br />

— — — — — — — — — — — Benchmark %<br />

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

Series A 0.0 14.2 — — — 0.8<br />

Series E 0.2 14.9 — — — 1.4<br />

Series L 0.3 15.7 — — — 2.0<br />

Series T 0.0 14.3 — — — 1.1<br />

Index — — — — — —<br />

Portfolio Analysis<br />

Strategic Target Asset Mix % Assets<br />

<strong>Canadian</strong> <strong>Equity</strong> 38.0<br />

U.S. <strong>Equity</strong> 21.0<br />

International <strong>Equity</strong> 21.0<br />

Fixed Income 20.0<br />

Top Holdings % Assets<br />

<strong>Standard</strong> <strong>Life</strong> Global Dividend Growth A<br />

<strong>Standard</strong> <strong>Life</strong> <strong>Canadian</strong> Dividend Growth A<br />

<strong>Standard</strong> <strong>Life</strong> Monthly Income A-Series<br />

<strong>Standard</strong> <strong>Life</strong> Global Monthly Income A<br />

<strong>Standard</strong> <strong>Life</strong> US Dividend Growth A<br />

Total Number of Portfolio Holdings<br />

Total Number of Underlying Holdings<br />

Total Number of Stock Holdings<br />

Total Number of Bond Holdings<br />

28.8<br />

24.0<br />

24.0<br />

16.8<br />

7.1<br />

6<br />

779<br />

643<br />

123<br />

Fixed Income Breakdown % Net Assets<br />

Government Bonds 7.1<br />

Corporate Bonds 5.3<br />

Other Bonds 0.3<br />

Mortgage Backed Securities 0.0<br />

ST Investments (Cash & Other) 2.4<br />

Asset Backed Securities 0.0<br />

Top 5 Global <strong>Equity</strong> Sectors % Net Assets<br />

Financials 27.4<br />

Energy 12.5<br />

Industrials 10.7<br />

Consumer Discretionary 8.0<br />

Consumer Staples 6.0<br />

Top 5 Countries % Assets<br />

Canada<br />

United States<br />

United Kingdom<br />

Japan<br />

France<br />

59.0<br />

21.9<br />

6.1<br />

2.4<br />

2.2<br />

The Quarterly Review 45


<strong>Standard</strong> <strong>Life</strong> Aggressive Portfolio<br />

Category<br />

Global <strong>Equity</strong> Balanced<br />

Investment Objective<br />

The fund seeks to provide long-term capital growth. The<br />

Portfolio primarily invests in a diversified mix of funds,<br />

with a focus on equity funds.<br />

Volatility Analysis<br />

Investment<br />

Low Moderate<br />

Category<br />

High<br />

Operations<br />

Series Load Structure Fund Code<br />

A Defer Sales Charge SLM043<br />

A Front End Charge SLM243<br />

A Low Load Charge SLM143<br />

E No Sales or Redem SLM843<br />

L No Sales or Redem SLM443<br />

T Defer Sales Charge SLM043T<br />

T Front End Charge SLM243T<br />

T Low Load Charge SLM143T<br />

A Inception 07-02-2004<br />

E Inception 07-06-2006<br />

L Inception 07-06-2006<br />

T Inception 07-08-2008<br />

A Management Fee 2.10%<br />

E Management Fee 1.50%<br />

L Management Fee 1.15%<br />

T Management Fee 2.10%<br />

Disclaimer<br />

** Not annualized<br />

For advisor use only. This document is not<br />

intended for public distribution.<br />

Note: This page is not complete without<br />

disclaimers. Please refer to the end of this<br />

document for details.<br />

<strong>Standard</strong> <strong>Life</strong> Mutual Funds Ltd.<br />

Benchmark<br />

Not Available<br />

Performance Analysis as of 06-30-2011<br />

Published: 07-20-2011 | PC 5713<br />

15 Growth $10,000<br />

14<br />

Series A<br />

13<br />

Benchmark<br />

12<br />

11<br />

10<br />

9<br />

©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<br />

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. ?<br />

46 The Quarterly Review<br />

30<br />

15<br />

0<br />

-15<br />

-30<br />

Calendar<br />

Year Returns %<br />

Series A<br />

Benchmark<br />

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD Calendar Year<br />

— — — — 14.7 11.4 0.0 -22.9 17.0 9.1 -1.6 Series A %<br />

— — — — — — — — — — — Benchmark %<br />

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

Series A -3.4 13.6 -0.3 1.5 — 3.7<br />

Series E -3.2 14.4 0.4 — — 2.2<br />

Series L -3.0 15.1 1.0 — — 2.9<br />

Series T -3.3 13.7 — — — 0.6<br />

Index — — — — — —<br />

Portfolio Analysis<br />

Strategic Target Asset Mix % Assets<br />

<strong>Canadian</strong> <strong>Equity</strong> 35.0<br />

U.S. <strong>Equity</strong> 20.0<br />

International <strong>Equity</strong> 20.0<br />

Fixed Income 25.0<br />

Top Holdings % Assets<br />

<strong>Standard</strong> <strong>Life</strong> <strong>Canadian</strong> Bond A<br />

<strong>Standard</strong> <strong>Life</strong> International <strong>Equity</strong> A<br />

<strong>Standard</strong> <strong>Life</strong> <strong>Canadian</strong> <strong>Equity</strong> Focus A<br />

<strong>Standard</strong> <strong>Life</strong> <strong>Canadian</strong> Small Cap A<br />

<strong>Standard</strong> <strong>Life</strong> US <strong>Equity</strong> Focus A<br />

<strong>Standard</strong> <strong>Life</strong> US Mid Cap A-Series<br />

<strong>Standard</strong> <strong>Life</strong> <strong>Canadian</strong> <strong>Equity</strong> A<br />

<strong>Standard</strong> <strong>Life</strong> International Bond A<br />

<strong>Standard</strong> <strong>Life</strong> Global <strong>Equity</strong> Focus A<br />

<strong>Standard</strong> <strong>Life</strong> Dividend Income A<br />

<strong>Standard</strong> <strong>Life</strong> India <strong>Equity</strong> Focus A<br />

Total Number of Portfolio Holdings<br />

Total Number of Underlying Holdings<br />

Total Number of Stock Holdings<br />

Total Number of Bond Holdings<br />

12.9<br />

11.8<br />

11.2<br />

11.1<br />

10.6<br />

10.0<br />

9.8<br />

8.7<br />

7.0<br />

5.0<br />

2.2<br />

12<br />

574<br />

402<br />

158<br />

Fixed Income Breakdown % Net Assets<br />

Government Bonds 14.3<br />

Corporate Bonds 6.1<br />

Other Bonds 0.1<br />

Mortgage Backed Securities 0.0<br />

ST Investments (Cash & Other) 2.5<br />

Asset Backed Securities 0.2<br />

Top 5 Global <strong>Equity</strong> Sectors % Net Assets<br />

Financials 15.2<br />

Energy 13.5<br />

Materials 12.5<br />

Industrials 11.1<br />

Health Care 6.3<br />

Top 5 Countries % Assets<br />

Canada<br />

United States<br />

United Kingdom<br />

Japan<br />

India<br />

54.0<br />

27.0<br />

4.5<br />

2.9<br />

2.2


<strong>Standard</strong> <strong>Life</strong> Global Portfolio<br />

Category<br />

Global <strong>Equity</strong><br />

Investment Objective<br />

The fund seeks to achieve long-term capital growth. The<br />

portfolio primarily invests in a diversified mix of funds,<br />

with a focus on funds that offer global diversification.<br />

Operations<br />

Series Load Structure Fund Code<br />

A Defer Sales Charge SLM045<br />

A Front End Charge SLM245<br />

A Low Load Charge SLM145<br />

E No Sales or Redem SLM845<br />

L No Sales or Redem SLM445<br />

T Defer Sales Charge SLM045T<br />

T Front End Charge SLM245T<br />

T Low Load Charge SLM145T<br />

A Inception 07-08-2008<br />

E Inception 07-08-2008<br />

L Inception 07-08-2008<br />

T Inception 07-08-2008<br />

A Management Fee 2.00%<br />

E Management Fee 1.50%<br />

L Management Fee 1.15%<br />

T Management Fee 2.00%<br />

Disclaimer<br />

** Not annualized<br />

For advisor use only. This document is not<br />

intended for public distribution.<br />

Note: This page is not complete without<br />

disclaimers. Please refer to the end of this<br />

document for details.<br />

<strong>Standard</strong> <strong>Life</strong> Mutual Funds Ltd.<br />

Benchmark<br />

MSCI World Index (CA$)<br />

Performance Analysis as of 06-30-2011<br />

Published: 07-20-2011 | PC 6405<br />

12 Growth $10,000<br />

11<br />

Series A<br />

10<br />

Benchmark<br />

9<br />

8<br />

7<br />

6<br />

©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<br />

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. ?<br />

30<br />

15<br />

0<br />

-15<br />

-30<br />

Calendar<br />

Year Returns %<br />

Series A<br />

Benchmark<br />

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD Calendar Year<br />

— — — — — — — — 13.6 5.1 -0.6 Series A %<br />

-11.3 -20.4 9.4 6.9 7.3 20.2 -7.1 -25.4 11.1 6.5 2.6 Benchmark %<br />

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

Series A -1.5 16.0 — — — -2.0<br />

Series E -1.4 16.8 — — — -1.5<br />

Series L -1.2 17.5 — — — -0.8<br />

Series T -1.5 16.1 — — — -2.0<br />

Index -0.1 19.1 -0.6 0.0 -0.1 -0.2<br />

Portfolio Analysis<br />

Strategic Target Asset Mix % Assets<br />

<strong>Canadian</strong> <strong>Equity</strong> 5.6<br />

U.S. <strong>Equity</strong> 49.5<br />

European <strong>Equity</strong> 29.4<br />

Asia & other<br />

Equities<br />

15.5<br />

Top Ten Holdings % Assets<br />

<strong>Standard</strong> <strong>Life</strong> Global <strong>Equity</strong> A-Series<br />

20.4<br />

<strong>Standard</strong> <strong>Life</strong> Global Dividend Growth A 16.0<br />

<strong>Standard</strong> <strong>Life</strong> US <strong>Equity</strong> Focus A<br />

15.7<br />

<strong>Standard</strong> <strong>Life</strong> US Dividend Growth A<br />

14.6<br />

<strong>Standard</strong> <strong>Life</strong> International <strong>Equity</strong> A<br />

10.1<br />

<strong>Standard</strong> <strong>Life</strong> Global <strong>Equity</strong> Focus A<br />

8.0<br />

<strong>Standard</strong> <strong>Life</strong> European <strong>Equity</strong> A-Series<br />

6.5<br />

<strong>Standard</strong> <strong>Life</strong> India <strong>Equity</strong> Focus A<br />

4.9<br />

<strong>Standard</strong> <strong>Life</strong> <strong>Canadian</strong> <strong>Equity</strong> Focus A<br />

4.0<br />

Total Number of Portfolio Holdings<br />

10<br />

Total Number of Underlying Holdings<br />

352<br />

Total Number of Stock Holdings<br />

344<br />

Total Number of Bond Holdings<br />

0<br />

Fixed Income Breakdown % Net Assets<br />

Government Bonds 0.0<br />

Corporate Bonds 0.0<br />

Other Bonds 0.0<br />

Mortgage Backed Securities 0.0<br />

ST Investments (Cash & Other) 1.9<br />

Asset Backed Securities 0.0<br />

Top 5 Global <strong>Equity</strong> Sectors % Net Assets<br />

Financials 18.1<br />

Industrials 14.8<br />

Energy 11.5<br />

Information Technology 10.9<br />

Consumer Discretionary 9.8<br />

Top 5 Countries % Assets<br />

United States<br />

44.5<br />

United Kingdom<br />

12.6<br />

Canada<br />

10.5<br />

India<br />

4.8<br />

Japan<br />

4.4<br />

The Quarterly Review 47


<strong>Standard</strong> <strong>Life</strong> Short Term Yield <strong>Class</strong><br />

Category<br />

<strong>Canadian</strong> Synthetic Money Market<br />

Investment Objective<br />

To preserve capital and provide liquidity. The Fund<br />

primarily invests, directly or indirectly, in a portfolio of<br />

cash and money market securities. The fundamental<br />

investment objective of the Fund may only be changed<br />

with the approval of a majority of shareholders of that<br />

class at a meeting called for that purpose.<br />

Operations<br />

Series Load Structure Fund Code<br />

A Defer Sales Charge SLM053S<br />

A Front End Charge SLM253S<br />

A Low Load Charge SLM153S<br />

A Inception 01-11-2010<br />

A Management Fee 0.90%<br />

Disclaimer<br />

** Not annualized<br />

For advisor use only. This document is not<br />

intended for public distribution.<br />

Note: This page is not complete without<br />

disclaimers. Please refer to the end of this<br />

document for details.<br />

<strong>Standard</strong> <strong>Life</strong> Mutual Funds Ltd.<br />

Benchmark<br />

Not Available<br />

Performance Analysis as of 06-30-2011<br />

Published: 07-20-2011 | PC 6664<br />

15 Growth $10,000<br />

14<br />

<strong>Class</strong> A<br />

13<br />

Benchmark<br />

12<br />

11<br />

10<br />

9<br />

©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<br />

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. ?<br />

48 The Quarterly Review<br />

10.0<br />

7.5<br />

5.0<br />

2.5<br />

0.0<br />

Calendar<br />

Year Returns %<br />

<strong>Class</strong> A<br />

Benchmark<br />

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD Calendar Year<br />

— — — — — — — — — — 0.2 <strong>Class</strong> A %<br />

— — — — — — — — — — — Benchmark %<br />

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

<strong>Class</strong> A 0.1 0.2 — — — 0.1<br />

Index — — — — — —<br />

Portfolio Analysis<br />

Composition % Assets<br />

Cash<br />

Fixed Income<br />

<strong>Canadian</strong> <strong>Equity</strong><br />

US <strong>Equity</strong><br />

International <strong>Equity</strong><br />

Other<br />

96.7<br />

3.3<br />

0.0<br />

0.0<br />

0.0<br />

0.0<br />

Top Ten Holdings % Assets<br />

Canada T-Bill 10-11-2011<br />

GE Capital Canada Funding C<br />

Manitoba Prov Cda MTN Cds 02-05-2012<br />

Canada T-Bill 27-10-2011<br />

Transcanada Pipelines Ltd.<br />

CIBC 4.35% 01-11-2011<br />

Canada T-Bill 15-09-2011<br />

Canada T-Bill 13-10-2011<br />

Inter Pipeline Corridor<br />

HSBC Bk Canada Bankers Accep Cds- (ST)<br />

Total Number of Portfolio Holdings<br />

Total Number of Underlying Holdings<br />

Total Number of Stock Holdings<br />

Total Number of Bond Holdings<br />

6.5<br />

4.8<br />

4.7<br />

4.5<br />

3.5<br />

3.0<br />

3.0<br />

2.8<br />

2.7<br />

2.5<br />

2<br />

57<br />

0<br />

2<br />

Fixed Income Breakdown % Net Assets<br />

Government Bonds 0.0<br />

Corporate Bonds 3.3<br />

Other Bonds 0.0<br />

Mortgage Backed Securities 0.0<br />

ST Investments (Cash & Other) 96.7<br />

Asset Backed Securities 0.0<br />

Top 10 Countries % Assets<br />

Canada 100.0


<strong>Standard</strong> <strong>Life</strong> <strong>Canadian</strong> Bond <strong>Class</strong><br />

Category<br />

<strong>Canadian</strong> Fixed Income<br />

Investment Objective<br />

The objective of the fund is to provide a relatively high<br />

level of current income while protecting capital. The<br />

Fund invests primarily in liquid, high-quality federal and<br />

provincial government and corporate bonds and<br />

debentures.<br />

Operations<br />

Series Load Structure Fund Code<br />

A Defer Sales Charge SLM052S<br />

A Front End Charge SLM252S<br />

A Low Load Charge SLM152S<br />

A Inception 01-11-2010<br />

A Management Fee 1.50%<br />

Disclaimer<br />

** Not annualized<br />

For advisor use only. This document is not<br />

intended for public distribution.<br />

Note: This page is not complete without<br />

disclaimers. Please refer to the end of this<br />

document for details.<br />

<strong>Standard</strong> <strong>Life</strong> Mutual Funds Ltd.<br />

Benchmark<br />

Not Available<br />

Performance Analysis as of 06-30-2011<br />

Published: 07-20-2011 | PC 6665<br />

15 Growth $10,000<br />

14<br />

<strong>Class</strong> A<br />

13<br />

Benchmark<br />

12<br />

11<br />

10<br />

9<br />

©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<br />

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. ?<br />

10.0<br />

7.5<br />

5.0<br />

2.5<br />

0.0<br />

Calendar<br />

Year Returns %<br />

<strong>Class</strong> A<br />

Benchmark<br />

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD Calendar Year<br />

— — — — — — — — — — 1.5 <strong>Class</strong> A %<br />

— — — — — — — — — — — Benchmark %<br />

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

<strong>Class</strong> A 2.2 3.4 — — — 4.3<br />

Index — — — — — —<br />

Portfolio Analysis<br />

Composition % Assets<br />

Cash<br />

Fixed Income<br />

<strong>Canadian</strong> <strong>Equity</strong><br />

US <strong>Equity</strong><br />

International <strong>Equity</strong><br />

Other<br />

2.5<br />

97.5<br />

0.0<br />

0.0<br />

0.0<br />

0.0<br />

Top Ten Holdings % Assets<br />

Canada Hsg Tr No 1 2.2% 15-03-2014<br />

Canada Hsg Tr No 1 2.75% 15-06-2016<br />

Canada Hsg Tr No 1 4.55% 15-12-2012<br />

Ontario Prov Cda 4% 02-06-2021<br />

Canada Govt 4% 01-06-2041<br />

Ontario Prov Cda 4.65% 02-06-2041<br />

Quebec Prov Cda 5% 01-12-2041<br />

Montreal Que 4.5% 01-12-2021<br />

Montreal Que 5% 01-12-2018<br />

Ontario Prov Cda 6.5% 08-03-2029<br />

Total Number of Portfolio Holdings<br />

Total Number of Underlying Holdings<br />

Total Number of Stock Holdings<br />

Total Number of Bond Holdings<br />

7.9<br />

5.6<br />

4.8<br />

4.3<br />

3.2<br />

2.9<br />

2.8<br />

2.6<br />

1.9<br />

1.9<br />

1<br />

127<br />

0<br />

123<br />

Fixed Income Breakdown % Net Assets<br />

Government Bonds 47.9<br />

Corporate Bonds 47.2<br />

Other Bonds 0.8<br />

Mortgage Backed Securities 0.0<br />

ST Investments (Cash & Other) 2.5<br />

Asset Backed Securities 1.6<br />

Top 10 Countries % Assets<br />

Canada 98.2<br />

United States 1.8<br />

The Quarterly Review 49


<strong>Standard</strong> <strong>Life</strong> Corporate Bond <strong>Class</strong><br />

Category<br />

<strong>Canadian</strong> Fixed Income<br />

Investment Objective<br />

The investment objective of the fund is to provide a bond<br />

portfolio offering superior income to traditional bond<br />

funds, primarily in corporate bonds of <strong>Canadian</strong><br />

Companies. The Fund may also invest in corporate bonds<br />

of foreign issuers.<br />

Operations<br />

Series Load Structure Fund Code<br />

A Defer Sales Charge SLM065S<br />

A Front End Charge SLM265S<br />

A Low Load Charge SLM165S<br />

A Inception 01-11-2010<br />

A Management Fee 2.00%<br />

Disclaimer<br />

** Not annualized<br />

For advisor use only. This document is not<br />

intended for public distribution.<br />

Note: This page is not complete without<br />

disclaimers. Please refer to the end of this<br />

document for details.<br />

<strong>Standard</strong> <strong>Life</strong> Mutual Funds Ltd.<br />

Benchmark<br />

Not Available<br />

Performance Analysis as of 06-30-2011<br />

Published: 07-20-2011 | PC 6666<br />

15 Growth $10,000<br />

14<br />

<strong>Class</strong> A<br />

13<br />

Benchmark<br />

12<br />

11<br />

10<br />

9<br />

©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<br />

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. ?<br />

50 The Quarterly Review<br />

10.0<br />

7.5<br />

5.0<br />

2.5<br />

0.0<br />

Calendar<br />

Year Returns %<br />

<strong>Class</strong> A<br />

Benchmark<br />

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD Calendar Year<br />

— — — — — — — — — — 1.7 <strong>Class</strong> A %<br />

— — — — — — — — — — — Benchmark %<br />

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

<strong>Class</strong> A 1.9 3.6 — — — 4.9<br />

Index — — — — — —<br />

Portfolio Analysis<br />

Composition % Assets<br />

Cash<br />

Fixed Income<br />

<strong>Canadian</strong> <strong>Equity</strong><br />

US <strong>Equity</strong><br />

International <strong>Equity</strong><br />

Other<br />

4.8<br />

95.2<br />

0.0<br />

0.0<br />

0.0<br />

0.0<br />

Top Ten Holdings % Assets<br />

Toronto Dominion Bank Cds FRN 14-12-2105<br />

Royal Bank Of Canada FRN 15-06-2020<br />

Investors Grp 6.58% 07-03-2018<br />

Amer Express Cda Cr 4.853% 03-10-2014<br />

Loblaw Cos 6.05% 09-06-2034<br />

Canada Govt 3.25% 01-06-2021<br />

Laurentian Bk Cda FRN 02-11-2020<br />

Sobeys Inc Mtn Cds- 7.16% 26-02-2018<br />

Toronto Dominion Bank Cds FRN 18-12-2106<br />

Citigroup Fin Cda 6.75% 22-09-2014<br />

Total Number of Portfolio Holdings<br />

Total Number of Underlying Holdings<br />

Total Number of Stock Holdings<br />

Total Number of Bond Holdings<br />

1.9<br />

1.8<br />

1.8<br />

1.7<br />

1.5<br />

1.5<br />

1.5<br />

1.4<br />

1.4<br />

1.4<br />

1<br />

129<br />

0<br />

123<br />

Fixed Income Breakdown % Net Assets<br />

Government Bonds 2.3<br />

Corporate Bonds 89.9<br />

Other Bonds 3.0<br />

Mortgage Backed Securities 0.0<br />

ST Investments (Cash & Other) 4.8<br />

Asset Backed Securities 0.0<br />

Top 10 Countries % Assets<br />

Canada 94.8<br />

United States 5.2


<strong>Standard</strong> <strong>Life</strong> Monthly Income <strong>Class</strong><br />

Category<br />

<strong>Canadian</strong> Neutral Balanced<br />

Investment Objective<br />

To provide a regular flow of monthly revenue by<br />

investing primarily in equities and fixed income<br />

investments. These securities can be <strong>Canadian</strong> or<br />

foreign.<br />

Operations<br />

Series Load Structure Fund Code<br />

A Defer Sales Charge SLM069S<br />

A Front End Charge SLM269S<br />

A Low Load Charge SLM169S<br />

A Inception 01-11-2010<br />

A Management Fee 2.00%<br />

Disclaimer<br />

** Not annualized<br />

For advisor use only. This document is not<br />

intended for public distribution.<br />

Note: This page is not complete without<br />

disclaimers. Please refer to the end of this<br />

document for details.<br />

<strong>Standard</strong> <strong>Life</strong> Mutual Funds Ltd.<br />

Benchmark<br />

Not Available<br />

Performance Analysis as of 06-30-2011<br />

Published: 07-20-2011 | PC 6667<br />

15 Growth $10,000<br />

14<br />

<strong>Class</strong> A<br />

13<br />

Benchmark<br />

12<br />

11<br />

10<br />

9<br />

©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<br />

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. ?<br />

10.0<br />

7.5<br />

5.0<br />

2.5<br />

0.0<br />

Calendar<br />

Year Returns %<br />

<strong>Class</strong> A<br />

Benchmark<br />

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD Calendar Year<br />

— — — — — — — — — — 2.7 <strong>Class</strong> A %<br />

— — — — — — — — — — — Benchmark %<br />

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

<strong>Class</strong> A 0.2 11.3 — — — 7.5<br />

Index — — — — — —<br />

Portfolio Analysis<br />

Composition % Assets<br />

Cash<br />

Fixed Income<br />

<strong>Canadian</strong> <strong>Equity</strong><br />

US <strong>Equity</strong><br />

International <strong>Equity</strong><br />

Other<br />

8.5<br />

29.4<br />

49.6<br />

12.2<br />

0.3<br />

0.0<br />

Top Ten Holdings % Assets<br />

The Toronto-Dominion Bank<br />

<strong>Canadian</strong> Imperial Bank of Commerce<br />

Bank of Nova Scotia<br />

Royal Bank of Canada<br />

Ontario Prov Cda 5.85% 08-03-2033<br />

Cenovus Energy, Inc.<br />

Enbridge, Inc.<br />

<strong>Canadian</strong> Pacific Railway Ltd<br />

Quebec Prov Cda 5% 01-12-2041<br />

<strong>Canadian</strong> National Railway Co<br />

Total Number of Portfolio Holdings<br />

Total Number of Underlying Holdings<br />

Total Number of Stock Holdings<br />

Total Number of Bond Holdings<br />

3.6<br />

3.4<br />

3.0<br />

2.9<br />

2.3<br />

2.0<br />

1.9<br />

1.7<br />

1.7<br />

1.7<br />

2<br />

698<br />

585<br />

102<br />

Fixed Income Breakdown % Net Assets<br />

Government Bonds 13.6<br />

Corporate Bonds 14.9<br />

Other Bonds 0.9<br />

Mortgage Backed Securities 0.0<br />

ST Investments (Cash & Other) 8.5<br />

Asset Backed Securities 0.0<br />

Top 5 Global <strong>Equity</strong> Sectors % Net Assets<br />

Financials 24.2<br />

Energy 10.6<br />

Industrials 8.3<br />

Telecommunication Services 4.0<br />

Consumer Discretionary 3.5<br />

Top 5 Countries % Assets<br />

Canada<br />

United States<br />

Switzerland<br />

86.7<br />

13.0<br />

0.3<br />

The Quarterly Review 51


<strong>Standard</strong> <strong>Life</strong> <strong>Canadian</strong> Dividend Growth <strong>Class</strong><br />

Category<br />

<strong>Canadian</strong> Dividend & Income <strong>Equity</strong><br />

Investment Objective<br />

To generate both capital growth and income. The Fund<br />

invests primarily in a diversified portfolio of dividend<br />

paying <strong>Canadian</strong> equities.<br />

Operations<br />

Series Load Structure Fund Code<br />

A Defer Sales Charge SLM055S<br />

A Front End Charge SLM255S<br />

A Low Load Charge SLM155S<br />

A Inception 01-11-2010<br />

A Management Fee 2.00%<br />

Disclaimer<br />

** Not annualized<br />

For advisor use only. This document is not<br />

intended for public distribution.<br />

Note: This page is not complete without<br />

disclaimers. Please refer to the end of this<br />

document for details.<br />

<strong>Standard</strong> <strong>Life</strong> Mutual Funds Ltd.<br />

Benchmark<br />

Not Available<br />

Performance Analysis as of 06-30-2011<br />

Published: 07-20-2011 | PC 6668<br />

15 Growth $10,000<br />

14<br />

<strong>Class</strong> A<br />

13<br />

Benchmark<br />

12<br />

11<br />

10<br />

9<br />

©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<br />

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. ?<br />

52 The Quarterly Review<br />

10.0<br />

7.5<br />

5.0<br />

2.5<br />

0.0<br />

Calendar<br />

Year Returns %<br />

<strong>Class</strong> A<br />

Benchmark<br />

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD Calendar Year<br />

— — — — — — — — — — 4.1 <strong>Class</strong> A %<br />

— — — — — — — — — — — Benchmark %<br />

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

<strong>Class</strong> A -0.7 16.2 — — — 8.1<br />

Index — — — — — —<br />

Portfolio Analysis<br />

Composition % Assets<br />

Cash<br />

Fixed Income<br />

<strong>Canadian</strong> <strong>Equity</strong><br />

US <strong>Equity</strong><br />

International <strong>Equity</strong><br />

Other<br />

0.8<br />

0.0<br />

96.2<br />

3.1<br />

0.0<br />

0.0<br />

Top Ten Holdings % Assets<br />

The Toronto-Dominion Bank<br />

<strong>Canadian</strong> Imperial Bank of Commerce<br />

Bank of Nova Scotia<br />

Royal Bank of Canada<br />

Enbridge, Inc.<br />

Cenovus Energy, Inc.<br />

TELUS Corp<br />

BCE Inc.<br />

National Bank of Canada<br />

<strong>Canadian</strong> Pacific Railway Ltd<br />

Total Number of Portfolio Holdings<br />

Total Number of Underlying Holdings<br />

Total Number of Stock Holdings<br />

Total Number of Bond Holdings<br />

6.1<br />

6.0<br />

5.2<br />

5.0<br />

4.6<br />

4.2<br />

4.0<br />

3.8<br />

3.5<br />

3.0<br />

2<br />

48<br />

44<br />

0<br />

Global <strong>Equity</strong> Sectors % Net Assets<br />

Utilities 4.0<br />

Energy 19.9<br />

Financials 45.0<br />

Materials 1.1<br />

Consumer Discretionary 8.0<br />

Consumer Staples 2.1<br />

Telecommunication Services 7.8<br />

Industrials 11.4<br />

Health Care 0.0<br />

Information Technology 0.0<br />

Unclassified 0.0<br />

Top 10 Countries % Assets<br />

Canada 96.9<br />

United States 3.1


<strong>Standard</strong> <strong>Life</strong> Global Dividend Growth <strong>Class</strong><br />

Category<br />

Global <strong>Equity</strong><br />

Investment Objective<br />

The fund seeks to provide both capital growth and<br />

income. The fund invests primarily in a globally<br />

diversified portfolio of equity ,equity-type securities and<br />

other income producing investments.<br />

Operations<br />

Series Load Structure Fund Code<br />

A Defer Sales Charge SLM074S<br />

A Front End Charge SLM274S<br />

A Low Load Charge SLM174S<br />

A Inception 01-11-2010<br />

A Management Fee 2.00%<br />

Disclaimer<br />

** Not annualized<br />

For advisor use only. This document is not<br />

intended for public distribution.<br />

Note: This page is not complete without<br />

disclaimers. Please refer to the end of this<br />

document for details.<br />

<strong>Standard</strong> <strong>Life</strong> Mutual Funds Ltd.<br />

Benchmark<br />

Not Available<br />

Performance Analysis as of 06-30-2011<br />

Published: 07-20-2011 | PC 6669<br />

14 Growth $10,000<br />

13<br />

<strong>Class</strong> A<br />

12<br />

Benchmark<br />

11<br />

10<br />

9<br />

8<br />

©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<br />

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. ?<br />

10.0<br />

7.5<br />

5.0<br />

2.5<br />

0.0<br />

Calendar<br />

Year Returns %<br />

<strong>Class</strong> A<br />

Benchmark<br />

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD Calendar Year<br />

— — — — — — — — — — 2.1 <strong>Class</strong> A %<br />

— — — — — — — — — — — Benchmark %<br />

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

<strong>Class</strong> A 0.7 17.2 — — — 1.2<br />

Index — — — — — —<br />

Portfolio Analysis<br />

Composition % Assets<br />

Cash<br />

Fixed Income<br />

<strong>Canadian</strong> <strong>Equity</strong><br />

US <strong>Equity</strong><br />

International <strong>Equity</strong><br />

Other<br />

-0.3<br />

0.0<br />

2.2<br />

33.1<br />

65.1<br />

0.0<br />

Top Ten Holdings % Assets<br />

Apple, Inc.<br />

BHP Billiton PLC<br />

Pfizer Inc<br />

Cenovus Energy, Inc.<br />

Japan Tobacco Inc.<br />

PepsiCo, Inc.<br />

Occidental Petroleum Corporation<br />

Booker Group PLC<br />

Nippon Telegraph and Telephon<br />

AT&T, Inc.<br />

Total Number of Portfolio Holdings<br />

Total Number of Underlying Holdings<br />

Total Number of Stock Holdings<br />

Total Number of Bond Holdings<br />

2.9<br />

2.4<br />

2.2<br />

2.2<br />

2.1<br />

2.0<br />

2.0<br />

2.0<br />

1.8<br />

1.8<br />

2<br />

75<br />

73<br />

0<br />

Global <strong>Equity</strong> Sectors % Net Assets<br />

Utilities 4.8<br />

Energy 8.0<br />

Financials 19.5<br />

Materials 6.0<br />

Consumer Discretionary 15.1<br />

Consumer Staples 11.8<br />

Telecommunication Services 3.5<br />

Industrials 13.1<br />

Health Care 4.9<br />

Information Technology 10.7<br />

Unclassified 3.0<br />

Top 10 Countries % Assets<br />

United States 33.1<br />

United Kingdom 20.6<br />

Japan 8.5<br />

France 7.6<br />

Germany 6.3<br />

Switzerland 5.4<br />

Portugal 2.7<br />

Australia 2.5<br />

Netherlands 2.5<br />

Others 10.8<br />

The Quarterly Review 53


<strong>Standard</strong> <strong>Life</strong> <strong>Canadian</strong> <strong>Equity</strong> <strong>Class</strong><br />

Category<br />

<strong>Canadian</strong> Focused <strong>Equity</strong><br />

Investment Objective<br />

The investment objective is to provide long-term capital<br />

growth. The Fund invests in a well-diversified portfolio of<br />

<strong>Canadian</strong> and American equities.<br />

Operations<br />

Series Load Structure Fund Code<br />

A Defer Sales Charge SLM051S<br />

A Front End Charge SLM251S<br />

A Low Load Charge SLM151S<br />

A Inception 01-11-2010<br />

A Management Fee 2.00%<br />

Disclaimer<br />

** Not annualized<br />

For advisor use only. This document is not<br />

intended for public distribution.<br />

Note: This page is not complete without<br />

disclaimers. Please refer to the end of this<br />

document for details.<br />

<strong>Standard</strong> <strong>Life</strong> Mutual Funds Ltd.<br />

Benchmark<br />

Not Available<br />

Performance Analysis as of 06-30-2011<br />

Published: 07-20-2011 | PC 6670<br />

15 Growth $10,000<br />

14<br />

<strong>Class</strong> A<br />

13<br />

Benchmark<br />

12<br />

11<br />

10<br />

9<br />

©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<br />

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. ?<br />

54 The Quarterly Review<br />

7.5<br />

5.0<br />

2.5<br />

0.0<br />

-2.5<br />

Calendar<br />

Year Returns %<br />

<strong>Class</strong> A<br />

Benchmark<br />

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD Calendar Year<br />

— — — — — — — — — — -2.1 <strong>Class</strong> A %<br />

— — — — — — — — — — — Benchmark %<br />

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

<strong>Class</strong> A -6.2 16.2 — — — 5.1<br />

Index — — — — — —<br />

Portfolio Analysis<br />

Composition % Assets<br />

Cash<br />

Fixed Income<br />

<strong>Canadian</strong> <strong>Equity</strong><br />

US <strong>Equity</strong><br />

International <strong>Equity</strong><br />

Other<br />

3.0<br />

0.0<br />

76.8<br />

18.8<br />

0.9<br />

0.4<br />

Top Ten Holdings % Assets<br />

The Toronto-Dominion Bank<br />

Royal Bank of Canada<br />

Suncor Energy, Inc.<br />

<strong>Canadian</strong> Natural Resources Ltd<br />

Potash Corporation of Saskatchewan, Inc.<br />

Bank of Nova Scotia<br />

JPMorgan Chase & Co<br />

Goldcorp, Inc.<br />

<strong>Canadian</strong> National Railway Co<br />

Barrick Gold Corporation<br />

Total Number of Portfolio Holdings<br />

Total Number of Underlying Holdings<br />

Total Number of Stock Holdings<br />

Total Number of Bond Holdings<br />

4.8<br />

4.8<br />

4.0<br />

3.7<br />

3.5<br />

3.4<br />

2.9<br />

2.9<br />

2.4<br />

2.4<br />

1<br />

80<br />

75<br />

0<br />

Global <strong>Equity</strong> Sectors % Net Assets<br />

Utilities 0.6<br />

Energy 21.1<br />

Financials 25.4<br />

Materials 18.1<br />

Consumer Discretionary 7.5<br />

Consumer Staples 1.8<br />

Telecommunication Services 2.7<br />

Industrials 11.8<br />

Health Care 3.5<br />

Information Technology 4.0<br />

Unclassified 0.0<br />

Top 10 Countries % Assets<br />

Canada 80.3<br />

United States 18.8<br />

Colombia 0.9


<strong>Standard</strong> <strong>Life</strong> <strong>Canadian</strong> Small Cap <strong>Class</strong><br />

Category<br />

<strong>Canadian</strong> Small/Mid Cap <strong>Equity</strong><br />

Investment Objective<br />

To generate superior capital growth. The Fund invests in<br />

a diversified portfolio comprised primarily of small<br />

capitalization <strong>Canadian</strong> companies.<br />

Operations<br />

Series Load Structure Fund Code<br />

A Defer Sales Charge SLM054S<br />

A Front End Charge SLM254S<br />

A Low Load Charge SLM154S<br />

A Inception 01-11-2010<br />

A Management Fee 2.00%<br />

Disclaimer<br />

** Not annualized<br />

For advisor use only. This document is not<br />

intended for public distribution.<br />

Note: This page is not complete without<br />

disclaimers. Please refer to the end of this<br />

document for details.<br />

<strong>Standard</strong> <strong>Life</strong> Mutual Funds Ltd.<br />

Benchmark<br />

Not Available<br />

Performance Analysis as of 06-30-2011<br />

Published: 07-20-2011 | PC 6671<br />

14 Growth $10,000<br />

13<br />

<strong>Class</strong> A<br />

12<br />

Benchmark<br />

11<br />

10<br />

9<br />

8<br />

©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<br />

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. ?<br />

5<br />

0<br />

-5<br />

-10<br />

-15<br />

Calendar<br />

Year Returns %<br />

<strong>Class</strong> A<br />

Benchmark<br />

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD Calendar Year<br />

— — — — — — — — — — -10.1 <strong>Class</strong> A %<br />

— — — — — — — — — — — Benchmark %<br />

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

<strong>Class</strong> A -12.8 17.2 — — — 3.1<br />

Index — — — — — —<br />

Portfolio Analysis<br />

Composition % Assets<br />

Cash<br />

Fixed Income<br />

<strong>Canadian</strong> <strong>Equity</strong><br />

US <strong>Equity</strong><br />

International <strong>Equity</strong><br />

Other<br />

2.6<br />

0.0<br />

91.2<br />

0.9<br />

5.3<br />

0.0<br />

Top Ten Holdings % Assets<br />

AuRico Gold Inc<br />

<strong>Canadian</strong> Western Bank<br />

ATS Automation Tooling Systems Inc.<br />

Stantec, Inc.<br />

Breakwater Resources, Ltd.<br />

<strong>Canadian</strong> Energy Services & Tech Corp<br />

Torex Gold Resources, Inc.<br />

C&C Energia Ltd.<br />

Major Drilling Group International Inc.<br />

Wajax Corp<br />

Total Number of Portfolio Holdings<br />

Total Number of Underlying Holdings<br />

Total Number of Stock Holdings<br />

Total Number of Bond Holdings<br />

4.2<br />

4.0<br />

3.6<br />

3.3<br />

3.2<br />

2.8<br />

2.7<br />

2.7<br />

2.7<br />

2.6<br />

2<br />

55<br />

51<br />

0<br />

Global <strong>Equity</strong> Sectors % Net Assets<br />

Utilities 0.0<br />

Energy 24.1<br />

Financials 6.4<br />

Materials 32.1<br />

Consumer Discretionary 6.6<br />

Consumer Staples 0.0<br />

Telecommunication Services 0.0<br />

Industrials 20.4<br />

Health Care 2.3<br />

Information Technology 5.5<br />

Unclassified 0.0<br />

Top 10 Countries % Assets<br />

Canada 93.8<br />

Colombia 2.2<br />

China 1.8<br />

Nicaragua 1.3<br />

United States 0.9<br />

The Quarterly Review 55


<strong>Standard</strong> <strong>Life</strong> U.S. <strong>Equity</strong> <strong>Class</strong><br />

Category<br />

US <strong>Equity</strong><br />

Investment Objective<br />

The fund seeks to provide investors with long-term<br />

capital growth and diversification by investing in a core<br />

portfolio comprised primarily of mid- to large-sized<br />

companies listed on U.S. exchanges. The portfolio is well<br />

diversified among the principal industry sectors and is<br />

fully diversified by individual equity selections.<br />

Operations<br />

Series Load Structure Fund Code<br />

A Defer Sales Charge SLM058S<br />

A Front End Charge SLM258S<br />

A Low Load Charge SLM158S<br />

A Inception 01-11-2010<br />

A Management Fee 2.00%<br />

Disclaimer<br />

** Not annualized<br />

For advisor use only. This document is not<br />

intended for public distribution.<br />

Note: This page is not complete without<br />

disclaimers. Please refer to the end of this<br />

document for details.<br />

<strong>Standard</strong> <strong>Life</strong> Mutual Funds Ltd.<br />

Benchmark<br />

Not Available<br />

Performance Analysis as of 06-30-2011<br />

Published: 07-20-2011 | PC 6672<br />

15 Growth $10,000<br />

14<br />

<strong>Class</strong> A<br />

13<br />

Benchmark<br />

12<br />

11<br />

10<br />

9<br />

©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<br />

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. ?<br />

56 The Quarterly Review<br />

7.5<br />

5.0<br />

2.5<br />

0.0<br />

-2.5<br />

Calendar<br />

Year Returns %<br />

<strong>Class</strong> A<br />

Benchmark<br />

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD Calendar Year<br />

— — — — — — — — — — -0.7 <strong>Class</strong> A %<br />

— — — — — — — — — — — Benchmark %<br />

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

<strong>Class</strong> A -2.2 12.2 — — — 1.4<br />

Index — — — — — —<br />

Portfolio Analysis<br />

Composition % Assets<br />

Cash<br />

Fixed Income<br />

<strong>Canadian</strong> <strong>Equity</strong><br />

US <strong>Equity</strong><br />

International <strong>Equity</strong><br />

Other<br />

3.4<br />

0.0<br />

0.0<br />

95.9<br />

0.7<br />

0.0<br />

Top Ten Holdings % Assets<br />

Exxon Mobil Corporation<br />

JPMorgan Chase & Co<br />

Pfizer Inc<br />

International Business Machines Corp<br />

General Electric Co<br />

Apple, Inc.<br />

Schlumberger, Ltd.<br />

Microsoft Corporation<br />

Occidental Petroleum Corporation<br />

Wells Fargo & Co<br />

Total Number of Portfolio Holdings<br />

Total Number of Underlying Holdings<br />

Total Number of Stock Holdings<br />

Total Number of Bond Holdings<br />

3.9<br />

3.0<br />

2.9<br />

2.8<br />

2.8<br />

2.7<br />

2.5<br />

2.4<br />

2.1<br />

2.0<br />

2<br />

111<br />

107<br />

0<br />

Global <strong>Equity</strong> Sectors % Net Assets<br />

Utilities 1.7<br />

Energy 12.5<br />

Financials 15.9<br />

Materials 6.3<br />

Consumer Discretionary 9.4<br />

Consumer Staples 7.8<br />

Telecommunication Services 2.0<br />

Industrials 10.1<br />

Health Care 13.2<br />

Information Technology 17.8<br />

Unclassified 0.0<br />

Top 10 Countries % Assets<br />

United States 95.9<br />

Canada 3.4<br />

United Kingdom 0.7


<strong>Standard</strong> <strong>Life</strong> International <strong>Equity</strong> <strong>Class</strong><br />

Category<br />

International <strong>Equity</strong><br />

Investment Objective<br />

To provide long-term capital growth and portfolio<br />

diversification. The Fund invests primarily in a broad<br />

selection of companies based outside North America.<br />

The portfolio is diversified at three levels: by region, by<br />

industry group and by individual stocks. The portfolio<br />

advisor selects these stocks based on their respective<br />

growth potential.<br />

Operations<br />

Series Load Structure Fund Code<br />

A Defer Sales Charge SLM059S<br />

A Front End Charge SLM259S<br />

A Low Load Charge SLM159S<br />

A Inception 01-11-2010<br />

A Management Fee 2.00%<br />

Disclaimer<br />

** Not annualized<br />

For advisor use only. This document is not<br />

intended for public distribution.<br />

Note: This page is not complete without<br />

disclaimers. Please refer to the end of this<br />

document for details.<br />

<strong>Standard</strong> <strong>Life</strong> Mutual Funds Ltd.<br />

Benchmark<br />

Not Available<br />

Performance Analysis as of 06-30-2011<br />

Published: 07-20-2011 | PC 6673<br />

14 Growth $10,000<br />

13<br />

<strong>Class</strong> A<br />

12<br />

Benchmark<br />

11<br />

10<br />

9<br />

8<br />

©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<br />

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. ?<br />

10.0<br />

7.5<br />

5.0<br />

2.5<br />

0.0<br />

Calendar<br />

Year Returns %<br />

<strong>Class</strong> A<br />

Benchmark<br />

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD Calendar Year<br />

— — — — — — — — — — 1.5 <strong>Class</strong> A %<br />

— — — — — — — — — — — Benchmark %<br />

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

<strong>Class</strong> A 1.0 20.1 — — — 1.9<br />

Index — — — — — —<br />

Portfolio Analysis<br />

Composition % Assets<br />

Cash<br />

Fixed Income<br />

<strong>Canadian</strong> <strong>Equity</strong><br />

US <strong>Equity</strong><br />

International <strong>Equity</strong><br />

Other<br />

2.5<br />

0.0<br />

0.0<br />

0.0<br />

97.5<br />

0.0<br />

Top Ten Holdings % Assets<br />

BHP Billiton PLC<br />

HSBC Holdings PLC<br />

Novartis AG<br />

Siemens AG<br />

Sanofi<br />

BG Group PLC<br />

Safran<br />

Sumitomo Mitsui Financial Group, Inc.<br />

Daimler AG<br />

National Australia Bank Limited<br />

Total Number of Portfolio Holdings<br />

Total Number of Underlying Holdings<br />

Total Number of Stock Holdings<br />

Total Number of Bond Holdings<br />

3.1<br />

2.9<br />

2.2<br />

2.0<br />

1.9<br />

1.8<br />

1.8<br />

1.7<br />

1.7<br />

1.6<br />

2<br />

83<br />

81<br />

0<br />

Global <strong>Equity</strong> Sectors % Net Assets<br />

Utilities 1.9<br />

Energy 8.6<br />

Financials 22.2<br />

Materials 10.4<br />

Consumer Discretionary 12.3<br />

Consumer Staples 6.4<br />

Telecommunication Services 1.2<br />

Industrials 17.7<br />

Health Care 7.2<br />

Information Technology 7.2<br />

Unclassified 2.2<br />

Top 10 Countries % Assets<br />

United Kingdom 27.7<br />

Japan 15.5<br />

Germany 12.5<br />

France 10.4<br />

Switzerland 8.4<br />

Australia 2.6<br />

Netherlands 2.5<br />

Canada 2.5<br />

China 2.5<br />

Others 15.4<br />

The Quarterly Review 57


<strong>Standard</strong> <strong>Life</strong> Global <strong>Equity</strong> <strong>Class</strong><br />

Category<br />

Global <strong>Equity</strong><br />

Investment Objective<br />

To provide capital appreciation over the medium to<br />

longer term by investing primarily in equity and equitytype<br />

securities of multinational companies throughout<br />

the world. It may also invest in companies that the subadvisor<br />

expects will achieve multinational status. It is<br />

intended that income will not be a prime consideration<br />

for investors in the fund.<br />

Operations<br />

Series Load Structure Fund Code<br />

A Defer Sales Charge SLM066S<br />

A Front End Charge SLM266S<br />

A Low Load Charge SLM166S<br />

A Inception 01-11-2010<br />

A Management Fee 2.00%<br />

Disclaimer<br />

** Not annualized<br />

For advisor use only. This document is not<br />

intended for public distribution.<br />

Note: This page is not complete without<br />

disclaimers. Please refer to the end of this<br />

document for details.<br />

Benchmark<br />

Not Available<br />

Performance Analysis as of 06-30-2011<br />

Published: 07-20-2011 | PC 6674<br />

14 Growth $10,000<br />

13<br />

<strong>Class</strong> A<br />

12<br />

Benchmark<br />

11<br />

10<br />

9<br />

8<br />

©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<br />

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. ?<br />

58 The Quarterly Review<br />

10.0<br />

7.5<br />

5.0<br />

2.5<br />

0.0<br />

Calendar<br />

Year Returns %<br />

<strong>Class</strong> A<br />

Benchmark<br />

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD Calendar Year<br />

— — — — — — — — — — 0.5 <strong>Class</strong> A %<br />

— — — — — — — — — — — Benchmark %<br />

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

<strong>Class</strong> A -0.1 25.6 — — — 7.1<br />

Index — — — — — —<br />

Portfolio Analysis<br />

Composition % Assets<br />

Cash<br />

Fixed Income<br />

<strong>Canadian</strong> <strong>Equity</strong><br />

US <strong>Equity</strong><br />

International <strong>Equity</strong><br />

Other<br />

3.0<br />

0.0<br />

3.3<br />

35.1<br />

58.6<br />

0.0<br />

Top Ten Holdings % Assets<br />

Apple, Inc.<br />

Ingenico<br />

Citigroup Inc<br />

The Goldman Sachs Group Inc<br />

Bayerische Motoren Werke AG BMW<br />

Siemens AG<br />

Shire PLC<br />

Pfizer Inc<br />

Denso Corporation<br />

Weir Group PLC<br />

Total Number of Portfolio Holdings<br />

Total Number of Underlying Holdings<br />

Total Number of Stock Holdings<br />

Total Number of Bond Holdings<br />

1.9<br />

1.6<br />

1.5<br />

1.5<br />

1.5<br />

1.4<br />

1.4<br />

1.4<br />

1.4<br />

1.3<br />

2<br />

102<br />

101<br />

0<br />

Global <strong>Equity</strong> Sectors % Net Assets<br />

Utilities 1.2<br />

Energy 9.0<br />

Financials 16.4<br />

Materials 9.3<br />

Consumer Discretionary 14.9<br />

Consumer Staples 7.9<br />

Telecommunication Services 2.5<br />

Industrials 14.0<br />

Health Care 5.0<br />

Information Technology 14.7<br />

Unclassified 1.9<br />

Top 10 Countries % Assets<br />

United States 35.1<br />

United Kingdom 18.2<br />

Germany 8.1<br />

France 6.6<br />

Canada 6.3<br />

Japan 5.5<br />

China 3.6<br />

Australia 2.5<br />

South Korea 2.2<br />

Others 11.9


<strong>Standard</strong> <strong>Life</strong> Conservative Portfolio <strong>Class</strong><br />

Category<br />

<strong>Canadian</strong> Fixed Income Balanced<br />

Investment Objective<br />

The fund seeks to generate income and to preserve<br />

capital. The Portfolio primarily invests in a diversified mix<br />

of funds, with a focus on fixed-income funds.<br />

Operations<br />

Series Load Structure Fund Code<br />

A Defer Sales Charge SLM040S<br />

A Front End Charge SLM240S<br />

A Low Load Charge SLM140S<br />

A Inception 01-11-2010<br />

A Management Fee 1.90%<br />

Disclaimer<br />

** Not annualized<br />

For advisor use only. This document is not<br />

intended for public distribution.<br />

Note: This page is not complete without<br />

disclaimers. Please refer to the end of this<br />

document for details.<br />

<strong>Standard</strong> <strong>Life</strong> Mutual Funds Ltd.<br />

Benchmark<br />

Not Available<br />

Performance Analysis as of 06-30-2011<br />

Published: 07-20-2011 | PC 6675<br />

15 Growth $10,000<br />

14<br />

<strong>Class</strong> A<br />

13<br />

Benchmark<br />

12<br />

11<br />

10<br />

9<br />

©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<br />

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. ?<br />

10.0<br />

7.5<br />

5.0<br />

2.5<br />

0.0<br />

Calendar<br />

Year Returns %<br />

<strong>Class</strong> A<br />

Benchmark<br />

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD Calendar Year<br />

— — — — — — — — — — 1.4 <strong>Class</strong> A %<br />

— — — — — — — — — — — Benchmark %<br />

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

<strong>Class</strong> A 0.8 7.3 — — — 4.2<br />

Index — — — — — —<br />

Portfolio Analysis<br />

Strategic Target Asset Mix % Assets<br />

<strong>Canadian</strong> <strong>Equity</strong> 15.0<br />

U.S. <strong>Equity</strong> 7.5<br />

International <strong>Equity</strong> 7.5<br />

Fixed Income 70.0<br />

Top Holdings % Assets<br />

<strong>Standard</strong> <strong>Life</strong> <strong>Canadian</strong> Bond A<br />

<strong>Standard</strong> <strong>Life</strong> Dividend Income A<br />

<strong>Standard</strong> <strong>Life</strong> International Bond A<br />

<strong>Standard</strong> <strong>Life</strong> <strong>Canadian</strong> <strong>Equity</strong> A<br />

<strong>Standard</strong> <strong>Life</strong> US Dividend Growth A<br />

<strong>Standard</strong> <strong>Life</strong> Diversified Income A<br />

<strong>Standard</strong> <strong>Life</strong> Global Monthly Income A<br />

<strong>Standard</strong> <strong>Life</strong> International <strong>Equity</strong> A<br />

<strong>Standard</strong> <strong>Life</strong> Global Dividend Growth A<br />

Total Number of Portfolio Holdings<br />

Total Number of Underlying Holdings<br />

Total Number of Stock Holdings<br />

Total Number of Bond Holdings<br />

53.9<br />

9.9<br />

9.1<br />

6.8<br />

5.2<br />

4.7<br />

4.4<br />

4.1<br />

2.1<br />

9<br />

539<br />

304<br />

218<br />

Fixed Income Breakdown % Net Assets<br />

Government Bonds 36.4<br />

Corporate Bonds 27.3<br />

Other Bonds 0.5<br />

Mortgage Backed Securities 0.0<br />

ST Investments (Cash & Other) 3.7<br />

Asset Backed Securities 0.9<br />

Top 5 Global <strong>Equity</strong> Sectors % Net Assets<br />

Financials 9.8<br />

Energy 5.3<br />

Industrials 3.1<br />

Materials 2.4<br />

Consumer Discretionary 2.2<br />

Top 5 Countries % Assets<br />

Canada<br />

United States<br />

United Kingdom<br />

Japan<br />

France<br />

79.2<br />

12.4<br />

2.2<br />

1.6<br />

1.2<br />

The Quarterly Review 59


<strong>Standard</strong> <strong>Life</strong> Moderate Portfolio <strong>Class</strong><br />

Category<br />

<strong>Canadian</strong> Neutral Balanced<br />

Investment Objective<br />

The fund seeks to generate income and moderate longterm<br />

capital growth. The Portfolio primarily invests in a<br />

diversified mix of funds, with a focus on fixed-income<br />

funds.<br />

Operations<br />

Series Load Structure Fund Code<br />

A Defer Sales Charge SLM041S<br />

A Front End Charge SLM241S<br />

A Low Load Charge SLM141S<br />

A Inception 01-11-2010<br />

A Management Fee 2.00%<br />

Disclaimer<br />

** Not annualized<br />

For advisor use only. This document is not<br />

intended for public distribution.<br />

Note: This page is not complete without<br />

disclaimers. Please refer to the end of this<br />

document for details.<br />

<strong>Standard</strong> <strong>Life</strong> Mutual Funds Ltd.<br />

Benchmark<br />

Not Available<br />

Performance Analysis as of 06-30-2011<br />

Published: 07-20-2011 | PC 6676<br />

15 Growth $10,000<br />

14<br />

<strong>Class</strong> A<br />

13<br />

Benchmark<br />

12<br />

11<br />

10<br />

9<br />

©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<br />

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. ?<br />

60 The Quarterly Review<br />

10.0<br />

7.5<br />

5.0<br />

2.5<br />

0.0<br />

Calendar<br />

Year Returns %<br />

<strong>Class</strong> A<br />

Benchmark<br />

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD Calendar Year<br />

— — — — — — — — — — 0.7 <strong>Class</strong> A %<br />

— — — — — — — — — — — Benchmark %<br />

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

<strong>Class</strong> A -0.3 8.6 — — — 3.8<br />

Index — — — — — —<br />

Portfolio Analysis<br />

Strategic Target Asset Mix % Assets<br />

<strong>Canadian</strong> <strong>Equity</strong> 20.0<br />

U.S. <strong>Equity</strong> 10.0<br />

International <strong>Equity</strong> 10.0<br />

Fixed Income 60.0<br />

Top Holdings % Assets<br />

<strong>Standard</strong> <strong>Life</strong> <strong>Canadian</strong> Bond A<br />

<strong>Standard</strong> <strong>Life</strong> <strong>Canadian</strong> <strong>Equity</strong> A<br />

<strong>Standard</strong> <strong>Life</strong> International Bond A<br />

<strong>Standard</strong> <strong>Life</strong> US Dividend Growth A<br />

<strong>Standard</strong> <strong>Life</strong> <strong>Canadian</strong> <strong>Equity</strong> Focus A<br />

<strong>Standard</strong> <strong>Life</strong> Dividend Income A<br />

<strong>Standard</strong> <strong>Life</strong> Diversified Income A<br />

<strong>Standard</strong> <strong>Life</strong> International <strong>Equity</strong> A<br />

<strong>Standard</strong> <strong>Life</strong> Global Monthly Income A<br />

<strong>Standard</strong> <strong>Life</strong> Global Dividend Growth A<br />

<strong>Standard</strong> <strong>Life</strong> Global <strong>Equity</strong> Focus A<br />

Total Number of Portfolio Holdings<br />

Total Number of Underlying Holdings<br />

Total Number of Stock Holdings<br />

Total Number of Bond Holdings<br />

43.4<br />

10.0<br />

8.6<br />

7.4<br />

5.6<br />

5.5<br />

4.9<br />

4.6<br />

4.0<br />

3.3<br />

2.8<br />

11<br />

553<br />

318<br />

218<br />

Fixed Income Breakdown % Net Assets<br />

Government Bonds 30.9<br />

Corporate Bonds 22.3<br />

Other Bonds 0.4<br />

Mortgage Backed Securities 0.0<br />

ST Investments (Cash & Other) 3.3<br />

Asset Backed Securities 0.7<br />

Top 5 Global <strong>Equity</strong> Sectors % Net Assets<br />

Financials 11.1<br />

Energy 7.8<br />

Materials 5.1<br />

Industrials 4.7<br />

Consumer Discretionary 3.0<br />

Top 5 Countries % Assets<br />

Canada<br />

United States<br />

United Kingdom<br />

Japan<br />

France<br />

74.3<br />

15.5<br />

2.7<br />

1.9<br />

1.4


<strong>Standard</strong> <strong>Life</strong> Growth Portfolio <strong>Class</strong><br />

Category<br />

Global <strong>Equity</strong> Balanced<br />

Investment Objective<br />

The fund seeks to generate long-term capital growth and<br />

moderate income. The Portfolio primarily invests in a<br />

diversified mix of funds, with a focus on equity funds.<br />

Operations<br />

Series Load Structure Fund Code<br />

A Defer Sales Charge SLM042S<br />

A Front End Charge SLM242S<br />

A Low Load Charge SLM142S<br />

A Inception 01-11-2010<br />

A Management Fee 2.00%<br />

Disclaimer<br />

** Not annualized<br />

For advisor use only. This document is not<br />

intended for public distribution.<br />

Note: This page is not complete without<br />

disclaimers. Please refer to the end of this<br />

document for details.<br />

<strong>Standard</strong> <strong>Life</strong> Mutual Funds Ltd.<br />

Benchmark<br />

Not Available<br />

Performance Analysis as of 06-30-2011<br />

Published: 07-20-2011 | PC 6677<br />

15 Growth $10,000<br />

14<br />

<strong>Class</strong> A<br />

13<br />

Benchmark<br />

12<br />

11<br />

10<br />

9<br />

©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<br />

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. ?<br />

7.5<br />

5.0<br />

2.5<br />

0.0<br />

-2.5<br />

Calendar<br />

Year Returns %<br />

<strong>Class</strong> A<br />

Benchmark<br />

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD Calendar Year<br />

— — — — — — — — — — -1.1 <strong>Class</strong> A %<br />

— — — — — — — — — — — Benchmark %<br />

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

<strong>Class</strong> A -2.5 11.6 — — — 3.9<br />

Index — — — — — —<br />

Portfolio Analysis<br />

Strategic Target Asset Mix % Assets<br />

<strong>Canadian</strong> <strong>Equity</strong> 30.0<br />

U.S. <strong>Equity</strong> 15.0<br />

International <strong>Equity</strong> 15.0<br />

Fixed Income 40.0<br />

Top Holdings % Assets<br />

<strong>Standard</strong> <strong>Life</strong> <strong>Canadian</strong> Bond A<br />

<strong>Standard</strong> <strong>Life</strong> <strong>Canadian</strong> <strong>Equity</strong> Focus A<br />

<strong>Standard</strong> <strong>Life</strong> <strong>Canadian</strong> Small Cap A<br />

<strong>Standard</strong> <strong>Life</strong> International Bond A<br />

<strong>Standard</strong> <strong>Life</strong> US Mid Cap A-Series<br />

<strong>Standard</strong> <strong>Life</strong> <strong>Canadian</strong> <strong>Equity</strong> A<br />

<strong>Standard</strong> <strong>Life</strong> International <strong>Equity</strong> A<br />

<strong>Standard</strong> <strong>Life</strong> US <strong>Equity</strong> Focus A<br />

<strong>Standard</strong> <strong>Life</strong> Global <strong>Equity</strong> Focus A<br />

<strong>Standard</strong> <strong>Life</strong> Dividend Income A<br />

<strong>Standard</strong> <strong>Life</strong> Global Monthly Income A<br />

<strong>Standard</strong> <strong>Life</strong> India <strong>Equity</strong> Focus A<br />

Total Number of Portfolio Holdings<br />

Total Number of Underlying Holdings<br />

Total Number of Stock Holdings<br />

Total Number of Bond Holdings<br />

26.1<br />

9.6<br />

9.3<br />

8.9<br />

7.8<br />

7.5<br />

6.9<br />

6.7<br />

6.0<br />

5.1<br />

4.0<br />

2.2<br />

13<br />

660<br />

431<br />

215<br />

Fixed Income Breakdown % Net Assets<br />

Government Bonds 21.7<br />

Corporate Bonds 12.7<br />

Other Bonds 0.2<br />

Mortgage Backed Securities 0.0<br />

ST Investments (Cash & Other) 2.6<br />

Asset Backed Securities 0.4<br />

Top 5 Global <strong>Equity</strong> Sectors % Net Assets<br />

Financials 13.1<br />

Energy 11.4<br />

Materials 10.2<br />

Industrials 8.8<br />

Information Technology 4.8<br />

Top 5 Countries % Assets<br />

Canada<br />

United States<br />

United Kingdom<br />

India<br />

Japan<br />

64.9<br />

21.2<br />

3.0<br />

2.2<br />

2.2<br />

The Quarterly Review 61


<strong>Standard</strong> <strong>Life</strong> Dividend Growth & Income Portfolio <strong>Class</strong><br />

Category<br />

Global <strong>Equity</strong> Balanced<br />

Investment Objective<br />

The fund seeks to achieve long-term capital growth. The<br />

portfolio primarily invests in a diversified mix of funds,<br />

with a focus on dividend growth and monthly income<br />

funds.<br />

Operations<br />

Series Load Structure Fund Code<br />

A Defer Sales Charge SLM044S<br />

A Front End Charge SLM244S<br />

A Low Load Charge SLM144S<br />

A Inception 01-11-2010<br />

A Management Fee 2.00%<br />

Disclaimer<br />

** Not annualized<br />

For advisor use only. This document is not<br />

intended for public distribution.<br />

Note: This page is not complete without<br />

disclaimers. Please refer to the end of this<br />

document for details.<br />

<strong>Standard</strong> <strong>Life</strong> Mutual Funds Ltd.<br />

Benchmark<br />

Not Available<br />

Performance Analysis as of 06-30-2011<br />

Published: 07-20-2011 | PC 6678<br />

15 Growth $10,000<br />

14<br />

<strong>Class</strong> A<br />

13<br />

Benchmark<br />

12<br />

11<br />

10<br />

9<br />

©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<br />

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. ?<br />

62 The Quarterly Review<br />

10.0<br />

7.5<br />

5.0<br />

2.5<br />

0.0<br />

Calendar<br />

Year Returns %<br />

<strong>Class</strong> A<br />

Benchmark<br />

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD Calendar Year<br />

— — — — — — — — — — 2.5 <strong>Class</strong> A %<br />

— — — — — — — — — — — Benchmark %<br />

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

<strong>Class</strong> A 0.0 14.1 — — — 5.0<br />

Index — — — — — —<br />

Portfolio Analysis<br />

Strategic Target Asset Mix % Assets<br />

<strong>Canadian</strong> <strong>Equity</strong> 38.0<br />

U.S. <strong>Equity</strong> 21.0<br />

International <strong>Equity</strong> 21.0<br />

Fixed Income 20.0<br />

Top Holdings % Assets<br />

<strong>Standard</strong> <strong>Life</strong> Global Dividend Growth A<br />

<strong>Standard</strong> <strong>Life</strong> <strong>Canadian</strong> Dividend Growth A<br />

<strong>Standard</strong> <strong>Life</strong> Monthly Income A-Series<br />

<strong>Standard</strong> <strong>Life</strong> Global Monthly Income A<br />

<strong>Standard</strong> <strong>Life</strong> US Dividend Growth A<br />

Total Number of Portfolio Holdings<br />

Total Number of Underlying Holdings<br />

Total Number of Stock Holdings<br />

Total Number of Bond Holdings<br />

29.0<br />

23.2<br />

23.0<br />

19.0<br />

6.1<br />

6<br />

779<br />

643<br />

123<br />

Fixed Income Breakdown % Net Assets<br />

Government Bonds 7.5<br />

Corporate Bonds 5.4<br />

Other Bonds 0.3<br />

Mortgage Backed Securities 0.0<br />

ST Investments (Cash & Other) 2.9<br />

Asset Backed Securities 0.0<br />

Top 5 Global <strong>Equity</strong> Sectors % Net Assets<br />

Financials 27.2<br />

Energy 12.4<br />

Industrials 10.6<br />

Consumer Discretionary 7.9<br />

Consumer Staples 5.9<br />

Top 5 Countries % Assets<br />

Canada<br />

United States<br />

United Kingdom<br />

Japan<br />

France<br />

59.7<br />

21.1<br />

6.1<br />

2.5<br />

2.2


<strong>Standard</strong> <strong>Life</strong> Aggressive Portfolio <strong>Class</strong><br />

Category<br />

Global <strong>Equity</strong> Balanced<br />

Investment Objective<br />

The fund seeks to provide long-term capital growth. The<br />

Portfolio primarily invests in a diversified mix of funds,<br />

with a focus on equity funds.<br />

Operations<br />

Series Load Structure Fund Code<br />

A Defer Sales Charge SLM043S<br />

A Front End Charge SLM243S<br />

A Low Load Charge SLM143S<br />

A Inception 01-11-2010<br />

A Management Fee 2.10%<br />

Disclaimer<br />

** Not annualized<br />

For advisor use only. This document is not<br />

intended for public distribution.<br />

Note: This page is not complete without<br />

disclaimers. Please refer to the end of this<br />

document for details.<br />

<strong>Standard</strong> <strong>Life</strong> Mutual Funds Ltd.<br />

Benchmark<br />

Not Available<br />

Performance Analysis as of 06-30-2011<br />

Published: 07-20-2011 | PC 6679<br />

15 Growth $10,000<br />

14<br />

<strong>Class</strong> A<br />

13<br />

Benchmark<br />

12<br />

11<br />

10<br />

9<br />

©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<br />

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. ?<br />

7.5<br />

5.0<br />

2.5<br />

0.0<br />

-2.5<br />

Calendar<br />

Year Returns %<br />

<strong>Class</strong> A<br />

Benchmark<br />

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD Calendar Year<br />

— — — — — — — — — — -1.6 <strong>Class</strong> A %<br />

— — — — — — — — — — — Benchmark %<br />

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

<strong>Class</strong> A -3.3 13.7 — — — 3.8<br />

Index — — — — — —<br />

Portfolio Analysis<br />

Strategic Target Asset Mix % Assets<br />

<strong>Canadian</strong> <strong>Equity</strong> 35.0<br />

U.S. <strong>Equity</strong> 20.0<br />

International <strong>Equity</strong> 20.0<br />

Fixed Income 25.0<br />

Top Holdings % Assets<br />

<strong>Standard</strong> <strong>Life</strong> <strong>Canadian</strong> Bond A<br />

<strong>Standard</strong> <strong>Life</strong> International <strong>Equity</strong> A<br />

<strong>Standard</strong> <strong>Life</strong> <strong>Canadian</strong> <strong>Equity</strong> Focus A<br />

<strong>Standard</strong> <strong>Life</strong> <strong>Canadian</strong> Small Cap A<br />

<strong>Standard</strong> <strong>Life</strong> US <strong>Equity</strong> Focus A<br />

<strong>Standard</strong> <strong>Life</strong> US Mid Cap A-Series<br />

<strong>Standard</strong> <strong>Life</strong> <strong>Canadian</strong> <strong>Equity</strong> A<br />

<strong>Standard</strong> <strong>Life</strong> International Bond A<br />

<strong>Standard</strong> <strong>Life</strong> Global <strong>Equity</strong> Focus A<br />

<strong>Standard</strong> <strong>Life</strong> Dividend Income A<br />

<strong>Standard</strong> <strong>Life</strong> India <strong>Equity</strong> Focus A<br />

Total Number of Portfolio Holdings<br />

Total Number of Underlying Holdings<br />

Total Number of Stock Holdings<br />

Total Number of Bond Holdings<br />

13.1<br />

11.8<br />

11.1<br />

11.0<br />

10.5<br />

9.9<br />

9.8<br />

8.6<br />

6.9<br />

5.0<br />

2.2<br />

12<br />

574<br />

402<br />

158<br />

Fixed Income Breakdown % Net Assets<br />

Government Bonds 14.3<br />

Corporate Bonds 6.2<br />

Other Bonds 0.1<br />

Mortgage Backed Securities 0.0<br />

ST Investments (Cash & Other) 2.9<br />

Asset Backed Securities 0.2<br />

Top 5 Global <strong>Equity</strong> Sectors % Net Assets<br />

Financials 15.1<br />

Energy 13.4<br />

Materials 12.4<br />

Industrials 11.0<br />

Health Care 6.2<br />

Top 5 Countries % Assets<br />

Canada<br />

United States<br />

United Kingdom<br />

Japan<br />

India<br />

54.3<br />

26.8<br />

4.4<br />

2.9<br />

2.1<br />

The Quarterly Review 63


<strong>Standard</strong> <strong>Life</strong> Global Portfolio <strong>Class</strong><br />

Category<br />

Global <strong>Equity</strong><br />

Investment Objective<br />

The fund seeks to achieve long-term capital growth. The<br />

portfolio primarily invests in a diversified mix of funds,<br />

with a focus on funds that offer global diversification.<br />

Operations<br />

Series Load Structure Fund Code<br />

A Defer Sales Charge SLM045S<br />

A Front End Charge SLM245S<br />

A Low Load Charge SLM145S<br />

A Inception 01-11-2010<br />

A Management Fee 2.00%<br />

Disclaimer<br />

** Not annualized<br />

For advisor use only. This document is not<br />

intended for public distribution.<br />

Note: This page is not complete without<br />

disclaimers. Please refer to the end of this<br />

document for details.<br />

<strong>Standard</strong> <strong>Life</strong> Mutual Funds Ltd.<br />

Benchmark<br />

Not Available<br />

Performance Analysis as of 06-30-2011<br />

Published: 07-20-2011 | PC 6680<br />

14 Growth $10,000<br />

13<br />

<strong>Class</strong> A<br />

12<br />

Benchmark<br />

11<br />

10<br />

9<br />

8<br />

©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<br />

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. ?<br />

64 The Quarterly Review<br />

7.5<br />

5.0<br />

2.5<br />

0.0<br />

-2.5<br />

Calendar<br />

Year Returns %<br />

<strong>Class</strong> A<br />

Benchmark<br />

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD Calendar Year<br />

— — — — — — — — — — -0.7 <strong>Class</strong> A %<br />

— — — — — — — — — — — Benchmark %<br />

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

<strong>Class</strong> A -1.6 16.1 — — — 2.0<br />

Index — — — — — —<br />

Portfolio Analysis<br />

Strategic Target Asset Mix % Assets<br />

<strong>Canadian</strong> <strong>Equity</strong> 5.6<br />

U.S. <strong>Equity</strong> 49.5<br />

European <strong>Equity</strong> 29.4<br />

Asia & other<br />

Equities<br />

15.5<br />

Top Ten Holdings % Assets<br />

<strong>Standard</strong> <strong>Life</strong> Global <strong>Equity</strong> A-Series<br />

20.4<br />

<strong>Standard</strong> <strong>Life</strong> Global Dividend Growth A 16.9<br />

<strong>Standard</strong> <strong>Life</strong> US <strong>Equity</strong> Focus A<br />

15.5<br />

<strong>Standard</strong> <strong>Life</strong> US Dividend Growth A<br />

15.4<br />

<strong>Standard</strong> <strong>Life</strong> Global <strong>Equity</strong> Focus A<br />

7.7<br />

<strong>Standard</strong> <strong>Life</strong> European <strong>Equity</strong> A-Series<br />

6.9<br />

<strong>Standard</strong> <strong>Life</strong> <strong>Canadian</strong> <strong>Equity</strong> Focus A<br />

6.0<br />

<strong>Standard</strong> <strong>Life</strong> International <strong>Equity</strong> A<br />

5.6<br />

<strong>Standard</strong> <strong>Life</strong> India <strong>Equity</strong> Focus A<br />

5.6<br />

Total Number of Portfolio Holdings<br />

10<br />

Total Number of Underlying Holdings<br />

352<br />

Total Number of Stock Holdings<br />

344<br />

Total Number of Bond Holdings<br />

0<br />

Fixed Income Breakdown % Net Assets<br />

Government Bonds 0.0<br />

Corporate Bonds 0.0<br />

Other Bonds 0.0<br />

Mortgage Backed Securities 0.0<br />

ST Investments (Cash & Other) 2.0<br />

Asset Backed Securities 0.0<br />

Top 5 Global <strong>Equity</strong> Sectors % Net Assets<br />

Financials 18.0<br />

Industrials 14.6<br />

Energy 11.9<br />

Information Technology 11.0<br />

Consumer Discretionary 9.5<br />

Top 5 Countries % Assets<br />

United States<br />

45.3<br />

Canada<br />

12.4<br />

United Kingdom<br />

11.7<br />

India<br />

5.5<br />

France<br />

4.0


Quick reference guide<br />

Portrait Portfolio Funds<br />

Conservative Portfolio<br />

A-Series / T-Series / Corporate <strong>Class</strong><br />

Code<br />

A-Series<br />

Strategic target mix<br />

Fixed Income: 70%<br />

Equities: 30%<br />

International <strong>Equity</strong> 7.5%<br />

U.S. <strong>Equity</strong> 7.5%<br />

Code<br />

T-Series<br />

Corporate<br />

<strong>Class</strong><br />

Trailer<br />

comm.<br />

<strong>Canadian</strong> <strong>Equity</strong> 15.0%<br />

Fixed Income 70.0%<br />

Up front<br />

comm.<br />

Mgmt<br />

fee.<br />

Inception<br />

date<br />

Distribution 1<br />

Front-end SLM240 SLM240T SLM240S 1.25% 0-5% 1.90% Jul. 2004 Annually<br />

Deferred sales charge SLM040 SLM040T SLM040S 0.40% 5% 1.90% Jul. 2004 Annually<br />

Low sales charge SLM140 SLM140T SLM140S 0.40% 3% 1.90% Jul. 2004 Annually<br />

Code Trailer<br />

comm.<br />

Professional<br />

services fee<br />

Mgmt<br />

fee.<br />

Inception<br />

date<br />

Distribution<br />

E-Series SLM840 1.00% Up to 1% 1.50% Jul. 2006 Annually<br />

Legend Series SLM440 0.50% Up to 1% 1.15% Jul. 2006 Annually<br />

Moderate Portfolio<br />

A-Series / T-Series / Corporate <strong>Class</strong><br />

Code<br />

A-Series<br />

Strategic target mix<br />

Fixed Income: 60%<br />

Equities: 40%<br />

International <strong>Equity</strong> 10.0%<br />

U.S. <strong>Equity</strong> 10.0%<br />

Code<br />

T-Series<br />

Corporate<br />

<strong>Class</strong><br />

Trailer<br />

comm.<br />

<strong>Canadian</strong> <strong>Equity</strong> 20.0%<br />

Fixed Income 60.0%<br />

Up front<br />

comm.<br />

Mgmt<br />

fee.<br />

Inception<br />

date<br />

Distribution 1<br />

Front-end SLM241 SLM241T SLM241S 1.25% 0-5% 2.00% Jul. 2004 Annually<br />

Deferred sales charge SLM041 SLM041T SLM041S 0.50% 5% 2.00% Jul. 2004 Annually<br />

Low sales charge SLM141 SLM141T SLM141S 0.50% 3% 2.00% Jul. 2004 Annually<br />

Code Trailer<br />

comm.<br />

Professional<br />

services fee<br />

Mgmt<br />

fee.<br />

Inception<br />

date<br />

Distribution<br />

E-Series SLM841 1.00% Up to 1% 1.50% Jul. 2006 Annually<br />

Legend Series SLM441 0.50% Up to 1% 1.15% Jul. 2006 Annually<br />

1 T-Series funds offer a monthly distribution and Corporate <strong>Class</strong> an annual distribution.<br />

The Quarterly Review 65


66 The Quarterly Review<br />

Quick reference guide<br />

Growth Portfolio<br />

A-Series / T-Series / Corporate <strong>Class</strong><br />

Code<br />

A-Series<br />

Strategic target mix<br />

Fixed Income: 40%<br />

Equities: 60%<br />

International <strong>Equity</strong> 15.0%<br />

U.S. <strong>Equity</strong> 15.0%<br />

Code<br />

T-Series<br />

Corporate<br />

<strong>Class</strong><br />

Trailer<br />

comm.<br />

<strong>Canadian</strong> <strong>Equity</strong> 30.0%<br />

Fixed Income 40.0%<br />

Up front<br />

comm.<br />

Mgmt<br />

fee.<br />

Inception<br />

date<br />

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

sales charge upon death on individual accounts.<br />

Distribution 1<br />

Front-end SLM242 SLM242T SLM242S 1.25% 0-5% 2.00% Jul. 2004 Annually<br />

Deferred sales charge SLM042 SLM042T SLM042S 0.50% 5% 2.00% Jul. 2004 Annually<br />

Low sales charge SLM142 SLM142T SLM142S 0.50% 3% 2.00% Jul. 2004 Annually<br />

Code Trailer<br />

comm.<br />

Professional<br />

services fee<br />

Mgmt<br />

fee.<br />

Inception<br />

date<br />

Distribution<br />

E-Series SLM842 1.00% Up to 1% 1.50% Jul. 2006 Annually<br />

Legend Series SLM442 0.50% Up to 1% 1.15% Jul. 2006 Annually<br />

Dividend Growth & Income Portfolio<br />

Strategic target mix<br />

A-Series / T-Series / Corporate <strong>Class</strong><br />

Code<br />

A-Series<br />

Fixed Income: 20%<br />

Equities: 80%<br />

International <strong>Equity</strong> 21.0%<br />

U.S. <strong>Equity</strong> 21.0%<br />

Code<br />

T-Series<br />

Corporate<br />

<strong>Class</strong><br />

Trailer<br />

comm.<br />

<strong>Canadian</strong> <strong>Equity</strong> 38.0%<br />

Fixed Income 20.0%<br />

Up front<br />

comm.<br />

Mgmt<br />

fee.<br />

Inception<br />

date<br />

Distribution 1<br />

Front-end SLM244 SLM244T SLM244S 1.25% 0-5% 2.00% Jul. 2008 Monthly<br />

Deferred sales charge SLM044 SLM044T SLM044S 0.50% 5% 2.00% Jul. 2008 Monthly<br />

Low sales charge SLM144 SLM144T SLM144S 0.50% 3% 2.00% Jul. 2008 Monthly<br />

Code Trailer<br />

comm.<br />

Professional<br />

services fee<br />

Mgmt<br />

fee.<br />

Inception<br />

date<br />

Distribution<br />

E-Series SLM844 1.00% Up to 1% 1.50% Jul. 2008 Monthly<br />

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


Quick reference guide<br />

Aggressive Portfolio<br />

A-Series / T-Series / Corporate <strong>Class</strong><br />

Code<br />

A-Series<br />

Strategic target mix<br />

Fixed Income: 25%<br />

Equities: 75%<br />

International <strong>Equity</strong> 20.0%<br />

U.S. <strong>Equity</strong> 20.0%<br />

Code<br />

T-Series<br />

Corporate<br />

<strong>Class</strong><br />

Trailer<br />

comm.<br />

1 T-Series funds offer a monthly distribution and Corporate <strong>Class</strong> an annual distribution.<br />

* Deferred sales charge and low sales charge are based on the purchase price.<br />

<strong>Canadian</strong> <strong>Equity</strong> 35.0%<br />

Fixed Income 25.0%<br />

Up front<br />

comm.<br />

Mgmt<br />

fee.<br />

Inception<br />

date<br />

Distribution 1<br />

Front-end SLM243 SLM243T SLM243S 1.25% 0-5% 2.10% Jul. 2004 Annually<br />

Deferred sales charge SLM043 SLM043T SLM043S 0.50% 5% 2.10% Jul. 2004 Annually<br />

Low sales charge SLM143 SLM143T SLM143S 0.50% 3% 2.10% Jul. 2004 Annually<br />

Code Trailer<br />

comm.<br />

Professional<br />

services fee<br />

Mgmt<br />

fee.<br />

Inception<br />

date<br />

Distribution<br />

E-Series SLM843 1.00% Up to 1% 1.50% Jul. 2006 Annually<br />

Legend Series SLM443 0.50% Up to 1% 1.15% Jul. 2006 Annually<br />

Global Portfolio<br />

A-Series / T-Series / Corporate <strong>Class</strong><br />

Code<br />

A-Series<br />

Strategic target mix<br />

Equities: 100%<br />

<strong>Canadian</strong> <strong>Equity</strong> 5.3%<br />

U.S. <strong>Equity</strong> 49.5%<br />

Code<br />

T-Series<br />

Corporate<br />

<strong>Class</strong><br />

Trailer<br />

comm.<br />

European <strong>Equity</strong> 29.9%<br />

Asia & Other Equities 15.3%<br />

Up front<br />

comm.<br />

Mgmt<br />

fee.<br />

Inception<br />

date<br />

Distribution 1<br />

Front-end SLM245 SLM245T SLM245S 1.25% 0-5% 2.00% Jul. 2008 Annually<br />

Deferred sales charge SLM045 SLM045T SLM045S 0.50% 5% 2.00% Jul. 2008 Annually<br />

Low sales charge SLM145 SLM145T SLM145S 0.50% 3% 2.00% Jul. 2008 Annually<br />

Code Trailer<br />

comm.<br />

Professional<br />

services fee<br />

Mgmt<br />

fee.<br />

Inception<br />

date<br />

Distribution<br />

E-Series SLM845 1.00% Up to 1% 1.50% Jul. 2008 Annually<br />

Legend Series SLM445 0.50% Up to 1% 1.15% Jul. 2008 Annually<br />

Deferred sales charge redemption schedule* Low sales charge redemption schedule*<br />

Year 1 Year 2 Year 3 Year 4 Year 5 After 5 years Year 1 Year 2 Year 3 After 3 years<br />

6% 5% 4% 3% 2% 0% 4% 3% 2% 0%<br />

The Quarterly Review 67


Quick reference guide<br />

Fund codes and commissions<br />

† <strong>Canadian</strong> Dividend Growth <strong>Class</strong> mgmt. fee: 2.00% Trailer comm.:<br />

Front-end: 1.00% / DSC: 0.50% / LSC: 0.50%<br />

68 The Quarterly Review<br />

A-Series / T-Series / Corporate <strong>Class</strong><br />

New Front-end Deferred sales charge Low sales charge<br />

Code<br />

A-Series<br />

Code<br />

T-Series<br />

Code Corp.<br />

<strong>Class</strong><br />

Up front<br />

comm.<br />

Trailer<br />

comm.<br />

Code<br />

A-Series<br />

Switch Commissions on Front-end,<br />

DSC and LSC: 0-2%<br />

Code<br />

T-Series<br />

Code Corp.<br />

<strong>Class</strong><br />

Up front<br />

comm.<br />

Trailer<br />

comm.<br />

Code<br />

A-Series<br />

Potential to waive the deferred sales charge and low<br />

sales charge upon death on individual accounts.<br />

Code<br />

T-Series<br />

Fixed Income Funds<br />

Money Market SLM253 0-5% 0.25% SLM053 5% 0.25% SLM153<br />

Short Term Yield <strong>Class</strong>2 SLM253S 0-5% 0.25% SLM053S 5% 0.25%<br />

<strong>Canadian</strong> Bond SLM252 SLM252S 0-5% 0.60% SLM052 SLM052S 5% 0.40% SLM152<br />

Corporate Bond3 SLM265 SLM265S 0-5% 1.00% SLM065 SLM065S 5% 0.50% SLM165<br />

International Bond<br />

Monthly Income and Balanced Funds<br />

SLM256 0-5% 1.00% SLM056 5% 0.50% SLM156<br />

Diversified Income SLM271 0-5% 1.00% SLM071 5% 0.50% SLM171<br />

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

Dividend Income SLM273 0-5% 1.00% SLM073 5% 0.50% SLM173<br />

Tactical Income4 SLM270 SLM270T 0-5% 1.00% SLM070 SLM070T 5% 0.50% SLM170 SLM170T<br />

Balanced<br />

<strong>Canadian</strong> <strong>Equity</strong> Funds<br />

SLM250 0-5% 1.00% SLM050 5% 0.50% SLM150<br />

<strong>Canadian</strong> Dividend Growth † SLM255 SLM255T SLM255S 0-5% 0.60% SLM055 SLM055T SLM055S 5% 0.40% SLM155 SLM155T<br />

<strong>Canadian</strong> <strong>Equity</strong> Value SLM203 0-5% 1.00% SLM003 5% 0.50% SLM103<br />

<strong>Canadian</strong> <strong>Equity</strong> SLM251 SLM251S 0-5% 1.00% SLM051 SLM051S 5% 0.50% SLM151<br />

<strong>Canadian</strong> <strong>Equity</strong> Growth SLM205 0-5% 1.00% SLM005 5% 0.50% SLM105<br />

<strong>Canadian</strong> Small Cap<br />

U.S. <strong>Equity</strong> Funds<br />

SLM254 SLM254S 0-5% 1.00% SLM054 SLM054S 5% 0.50% SLM154<br />

U.S. Dividend Growth SLM276 0-5% 1.00% SLM076 5% 0.50% SLM176<br />

U.S. <strong>Equity</strong> Value5 SLM258 SLM258S 0-5% 1.00% SLM058 SLM058S 5% 0.50% SLM158<br />

U.S. Mid Cap<br />

Global <strong>Equity</strong> Funds<br />

SLM267 0-5% 1.00% SLM067 5% 0.50% SLM167<br />

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

International <strong>Equity</strong> SLM259 SLM259S 0-5% 1.00% SLM059 SLM059S 5% 0.50% SLM159<br />

Global <strong>Equity</strong> Value SLM204 0-5% 1.00% SLM004 5% 0.50% SLM104<br />

Global <strong>Equity</strong> SLM266 SLM266S 0-5% 1.00% SLM066 SLM066S 5% 0.50% SLM166<br />

European <strong>Equity</strong><br />

Focus Funds<br />

SLM268 0-5% 1.00% SLM068 5% 0.50% SLM168<br />

<strong>Canadian</strong> <strong>Equity</strong> Focus SLM272 0-5% 1.00% SLM072 5% 0.50% SLM172<br />

U.S. <strong>Equity</strong> focus SLM277 0-5% 1.00% SLM077 5% 0.50% SLM177<br />

Global <strong>Equity</strong> Focus SLM275 0-5% 1.00% SLM075 5% 0.50% SLM175<br />

India <strong>Equity</strong> Focus<br />

Portrait Portfolio Funds<br />

SLM278 0-5% 1.00% SLM078 5% 0.50% SLM178<br />

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

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

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

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

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

Global Portfolio<br />

Eclipse and Legend Managed Programs<br />

Income Portfolio<br />

Conservative Portfolio<br />

Moderate Portfolio<br />

Growth Portfolio<br />

Aggressive Portfolio<br />

<strong>Equity</strong> Portfolio<br />

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


Code Corp.<br />

<strong>Class</strong><br />

Up front<br />

comm.<br />

Trailer<br />

comm.<br />

Mgmt.<br />

fee<br />

T-Series<br />

payout<br />

E-Series Legend Series F-Series Distribution 1<br />

Code<br />

Trailer<br />

comm.<br />

Professional<br />

services fee<br />

Mgmt.<br />

fee<br />

Code<br />

Trailer<br />

comm.<br />

Professional<br />

services fee<br />

3% 0.25% 0.90% SLM853 0.25% Up to 1% 0.90% SLM453 0.25% Up to 1% 0.90% Monthly<br />

SLM153S 3% 0.25% Annually<br />

SLM152S 3% 0.25% 1.50% SLM852 0.50% Up to 1% 1.50% SLM452 0.50% Up to 1% 1.15% Quarterly<br />

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<br />

3% 0.25% 2.00% SLM856 0.50% Up to 1% 1.50% SLM456 0.50% Up to 1% 1.15% Quarterly<br />

3% 0.50% 2.00% SLM871 0.50% Up to 1% 1.50% SLM471 0.50% Up to 1% 1.15% Monthly<br />

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<br />

3% 0.50% 2.00% SLM873 0.50% Up to 1% 1.50% SLM473 0.50% Up to 1% 1.15% Monthly<br />

3% 0.50% 2.00% 8.0% SLM870 0.50% Up to 1% 1.50% SLM470 0.50% Up to 1% 1.15% Monthly<br />

3% 0.50% 2.00% Quarterly<br />

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<br />

3% 0.50% 2.00% SLM803 0.50% Up to 1% 1.50% SLM403 0.50% Up to 1% 1.15% Annually<br />

SLM151S 3% 0.50% 2.00% SLM851 0.50% Up to 1% 1.50% SLM451 0.50% Up to 1% 1.15% Annually<br />

3% 0.50% 2.00% SLM805 0.50% Up to 1% 1.50% SLM405 0.50% Up to 1% 1.15% Annually<br />

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<br />

3% 0.50% 2.00% SLM876 0.50% Up to 1% 1.50% SLM476 0.50% Up to 1% 1.15% Quarterly<br />

SLM158S 3% 0.50% 2.00% SLM858 0.50% Up to 1% 1.50% SLM458 0.50% Up to 1% 1.15% Annually<br />

3% 0.50% 2.00% SLM867 0.50% Up to 1% 1.50% SLM467 0.50% Up to 1% 1.15% Annually<br />

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<br />

SLM159S 3% 0.50% 2.00% SLM859 0.50% Up to 1% 1.50% SLM459 0.50% Up to 1% 1.15% Annually<br />

3% 0.50% 2.00% SLM804 0.50% Up to 1% 1.50% SLM404 0.50% Up to 1% 1.15% Annually<br />

SLM166S 3% 0.50% 2.00% SLM866 0.50% Up to 1% 1.50% SLM466 0.50% Up to 1% 1.15% Annually<br />

3% 0.50% 2.00% SLM868 0.50% Up to 1% 1.50% SLM468 0.50% Up to 1% 1.15% Annually<br />

3% 0.50% 2.00% SLM872 0.50% Up to 1% 1.50% SLM472 0.50% Up to 1% 1.15% Annually<br />

3% 0.50% 2.00% SLM877 0.50% Up to 1% 1.50% SLM477 0.50% Up to 1% 1.15% Annually<br />

3% 0.50% 2.00% SLM875 0.50% Up to 1% 1.50% SLM475 0.50% Up to 1% 1.15% Annually<br />

3% 0.50% 2.00% SLM878 0.50% Up to 1% 2.00% SLM478 0.50% Up to 1% 1.65% Annually<br />

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<br />

SLM141S 3% 0.50% 2.00% 6.0% SLM841 1.00% Up to 1% 1.50% SLM441 0.50% Up to 1% 1.15% Annually<br />

SLM142S 3% 0.50% 2.00% 7.0% SLM842 1.00% Up to 1% 1.50% SLM442 0.50% Up to 1% 1.15% Annually<br />

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<br />

SLM143S 3% 0.50% 2.10% 8.0% SLM843 1.00% Up to 1% 1.50% SLM443 0.50% Up to 1% 1.15% Annually<br />

SLM145S 3% 0.50% 2.00% 8.0% SLM845 1.00% Up to 1% 1.50% SLM445 0.50% Up to 1% 1.15% Annually<br />

Deferred sales charge redemption schedule *<br />

Year 1 6% Year 3 4% Year 5 2%<br />

Year 2 5% Year 4 3% After 5 Years 0%<br />

Mgmt.<br />

fee<br />

Code<br />

Mgmt.<br />

fee<br />

SLM880 0.50% Up to 1% 1.50% SLM480 0.50% Up to 1% 1.15% Annually<br />

SLM881 0.50% Up to 1% 1.50% SLM481 0.50% Up to 1% 1.15% Annually<br />

SLM883 0.50% Up to 1% 1.50% SLM483 0.50% Up to 1% 1.15% Annually<br />

SLM885 0.50% Up to 1% 1.50% SLM485 0.50% Up to 1% 1.15% Annually<br />

SLM887 0.50% Up to 1% 1.50% SLM487 0.50% Up to 1% 1.15% Annually<br />

SLM886 0.50% Up to 1% 1.50% SLM486 0.50% Up to 1% 1.15% Annually<br />

Low sales charge redemption schedule *<br />

Year 1 4% Year 3 2% Year 5 0%<br />

Year 2 3% Year 4 0% After 5 Years 0%<br />

* Deferred sales charge and low sales charge are based on the purchase price.<br />

1 The T-Series offers a monthly distribution and Corporate <strong>Class</strong> an<br />

annual distribution.<br />

2 This fund is considered a specialty fund due to its possible use of derivative<br />

strategies and fund of fund structure.<br />

The Quarterly Review 69


70 The Quarterly Review<br />

Disclaimers<br />

Funds disclaimer (other than<br />

Balanced Fund, Money Market Fund<br />

and new funds)<br />

Each series’ respective performances are<br />

referable to the same portfolio of assets. The<br />

performance figures for each series will differ to<br />

the extent that management fees and other<br />

expenses may vary by series.<br />

Commissions, trailing commissions,<br />

management fees and expenses all may be<br />

associated with mutual fund investments.<br />

Please read the simplified prospectus before<br />

investing. The indicated rates of return are the<br />

historical annual compounded total returns<br />

including changes in unit value and reinvestment<br />

of all distributions and do not take into account<br />

sales, redemption, distribution or optional<br />

charges or income taxes payable by any<br />

securityholder that would have reduced returns.<br />

Mutual funds are not guaranteed, their values<br />

change frequently and past performance may<br />

not be repeated.<br />

Balanced Fund disclaimer<br />

Commissions, trailing commissions,<br />

management fees and expenses all may be<br />

associated with mutual fund investments.<br />

Please read the simplified prospectus before<br />

investing. The indicated rates of return are the<br />

historical annual compounded total returns<br />

including changes in unit value and reinvestment<br />

of all distributions and do not take into account<br />

sales, redemption, distribution or optional<br />

charges or income taxes payable by any<br />

securityholder that would have reduced returns.<br />

Mutual funds are not guaranteed, their values<br />

change frequently and past performance may<br />

not be repeated.<br />

Money Market Fund disclaimer<br />

Each series’ respective performances are<br />

referable to the same portfolio of assets. The<br />

performance figures for each series will differ to<br />

the extent that management fees and other<br />

expense may vary by series.<br />

Commissions, trailing commissions,<br />

management fees and expenses all may be<br />

associated with mutual fund investments.<br />

Please read the simplified prospectus before<br />

investing. The performance data provided<br />

assumes reinvestment of distributions only and<br />

does not take into account sales, redemption,<br />

distribution or optional charges or income taxes<br />

payable by any securityholder that would have<br />

reduced returns. Mutual fund securities are not<br />

covered by the Canada Deposit Insurance<br />

Corporation or by any other government deposit<br />

insurer. There can be no assurances that the<br />

fund will be able to maintain its net asset value<br />

per security at a constant amount or that the full<br />

amount of your investment in the fund will be<br />

returned to you. Past performance may not<br />

be repeated.<br />

Since the <strong>Standard</strong> <strong>Life</strong> Money Market Fund does<br />

not have a fixed NAVPS, the annualized current<br />

and effective yields cannot be calculated based<br />

on the previous 7 days period. The net yield<br />

presented is derived from the gross yield from<br />

which the management expense ratio is<br />

deducted and the result is then annualized. As of<br />

June 30, 2011 the net yield was 0.205%.<br />

New funds disclaimer<br />

Commissions, trailing commissions,<br />

management fees and expenses may all be<br />

associated with mutual fund investments.<br />

Please read the simplified prospectus before<br />

investing. Mutual funds are not guaranteed, their<br />

values change frequently and past performance<br />

may not be repeated.<br />

Morningstar disclaimer<br />

© 2011 Morningstar Research Inc. All Rights<br />

Reserved. The information contained herein: (1)<br />

is proprietary to Morningstar and/or its content<br />

providers; (2) may not be copied or distributed;<br />

and (3) is not warranted to be accurate, complete<br />

or timely. Neither Morningstar nor its content<br />

providers are responsible for any damages or<br />

losses arising from any use of this information.<br />

Past performance is no guarantee of<br />

future results.


Potential has the power to shape the future.<br />

Yet it is only an aspiration until it is delivered.<br />

At <strong>Standard</strong> <strong>Life</strong> Investments, we identify, nurture and convert potential.<br />

1<br />

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

of asset classes, we unlock investment potential. Balancing meticulous analysis<br />

with exceptional insight, we apply perspective and judgement to consistently<br />

deliver for our clients. Access our diligence and foresight today at<br />

standardlifeinvestments.ca<br />

P o t e n t i a l . D e l i v e r e d .<br />

Equities . Fixed Income . Real Estate . Multi-asset . Private <strong>Equity</strong><br />

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

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


Find out more<br />

Eastern region<br />

1-877-549-4665<br />

eastern@standardlife.ca<br />

slmf.ca<br />

Central region<br />

1-800-554-4947<br />

central@standardlife.ca<br />

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund<br />

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

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

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

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

not be repeated.<br />

6263M 08-2011 ©2011 <strong>Standard</strong> <strong>Life</strong> Mutual Funds Ltd. (images reproduced under license)<br />

Western region<br />

1-866-662-7345<br />

western@standardlife.ca

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