BEUTEL GOODMAN MANAGED FUNDS

Beutel Goodman ■ North American Focused Equity Fund
Statements of Financial Position
As at December 31, 2014, December 31, 2013 and January 1, 2013
December 31, December 31, January 1,
2014 2013 2013
Assets
$ $ $
Current assets
Cash and cash equivalents 428,923 139,334 240,738
Financial assets at fair value through
profit or loss* 8,561,827 6,391,793 3,489,023
Accrued interest 276 92 245
Dividends receivable 7,058 9,753 3,833
Due from brokers — — 113,818
Subscriptions receivable 5,015 5,000 1,234
Total assets 9,003,099 6,545,972 3,848,891
Liabilities
Current liabilities
Management and administrative
fees payable 20,030 12,272 2,397
Due to brokers — — 140,671
Total liabilities (before net assets
attributable to holders
of redeemable units) 20,030 12,272 143,068
Net assets attributable to holders of
redeemable units 8,983,069 6,533,700 3,705,823
*Investments at average cost 6,975,814 5,109,005 3,109,845
Net assets attributable to holders of
redeemable units per class
Class B 287,950 81,499 29,494
Class D 5,316,599 3,343,079 1,717,018
Class F 914,873 691,345 274,664
Class I 2,463,647 2,417,777 1,684,647
Net assets attributable to holders of
redeemable units per unit
Class B 13.76 13.01 10.74
Class D 8.22 7.69 6.36
Class F 14.11 13.19 10.84
Class I 8.89 8.30 6.83
Number of outstanding redeemable
units (Note 6)
Class B 20,922 6,265 2,747
Class D 647,033 434,464 269,785
Class F 64,848 52,431 25,332
Class I 277,149 291,329 246,514
Statements of Comprehensive Income
For the years ended December 31
Income
Net gains (losses) on investments
2014 2013
$ $
Dividends 193,086 140,972
Interest for distribution purposes 2,827 1,475
Realized gain (loss) on sale of investments 436,279 402,072
Change in unrealized appreciation (depreciation)
in the value of investments 303,225 903,610
Net gains (losses) on investments 935,417 1,448,129
Other income
Realized gain (loss) on foreign currency transactions (77) (287)
Total income 935,340 1,447,842
Expenses
Management fees 50,473 30,894
Administrative fees 8,664 6,200
Transaction costs (Note 9) 5,131 4,057
Withholding taxes 11,802 9,138
Total expenses 76,070 50,289
Increase (decrease) in net assets attributable to
holders of redeemable units 859,270 1,397,553
Increase (decrease) in net assets attributable to
holders of redeemable units per class
Class B 12,339 14,514
Class D 440,669 687,755
Class F 88,536 166,682
Class I 317,726 528,602
Increase (decrease) in net assets attributable to
holders of redeemable units per unit*
Class B 1.27 2.83
Class D 0.84 1.83
Class F 1.60 2.79
Class I 1.15 2.05
*Based on the weighted average number of redeemable units outstanding during the year.
The accompanying notes are an integral part of these financial statements.
22 Beutel Goodman Managed Funds Annual Report as at December 31, 2014